2 Burst results for "Federal Reserve Dallas"
Bloomberg Radio New York
"federal reserve dallas" Discussed on Bloomberg Radio New York
"Manage risk at Pershing dot com Nathan Karen let's begin with a big shake up at the Federal Reserve Dallas president Robert caplan is out at the Central Bank following Boston chief Eric Rosen grannan resigning after questionable investment activity Bloomberg's John Tucker joins us live with the very latest John Good morning Nathan Robert caplan says the focus on his financial disclosures have become a distraction For that reason he's retiring October 8th both Kaplan and Rosenberg came under criticism after disclosure showed they held and traded financial assets while the fed was actively supporting markets that regs it will take out two hawkish fed officials were forecasting a rate hike next year The departures should also ease pressure on fed chair J Powell who's facing renomination Live in New York I'm John Tucker Bloomberg daybreak Very John thank you Meantime other fed presidents are back on the speaking circuit banging the drum for tapering asset purchases New York chief John Williams says the Central Bank could pull back on bond buying soon We made substantial further progress in achieving our inflation goal It's also been very good progress through its maximum employment Now assuming the economy continues to improve as I anticipate a moderation in the pace of asset purchases may soon be warned John Williams spoke at the economic club of New York fed governor Lyle brainard is making a similar case saying the labor market is nearing the point where tapering makes sense Employment is still a bit short of the Merck on what I consider to be substantial further progress But if progress continues as I hope it may soon meet that mark Fed governor brain heard expects the Central Bank to start tapering soon but says investors should not take that as a sign that rate hikes are coming to We hear from fed president Jerome Powell later today in Washington Karen along with treasury secretary Janet Yellen they will field a range of questions in testimony to the Senate Let's get more from Bloomberg's Vinny del giudice Pandemic relief is the advertised topic of the Senate banking committee hearing But Bloomberg economics says the spotlight will be on recycled yelling at that ceiling and government to fall The treasury could hit the fiscal reds on the X state no cash to pay the bills sometime in October It's more than a little nerve rattling Pal meantime it's likely to break new ground on U.S. monetary policy Any doubt Judas Bloomberg daybreak All right Vinnie thank you Elsewhere on Capitol Hill It's all about the deaths ceiling and a looming government shutdown Senate Republicans have blocked a bill that would suspend the death sailing and keep the government open Majority leader Chuck Schumer is blasting the move There's no scenario in God's green earth where it should be worth risking millions of jobs trillions in household wealth People's social security checks veterans benefits and another recession just to score short term meaningless political points That's what Republicans seem fixated on doing And senator Schumer calls Republicans reckless they refuse to back the death ceiling suspension because they don't approve of President Biden's economic plan Now Democrats need a new strategy to prevent a shutdown Zeno is a Bloomberg news contributor and a political science professor at iona college Democrats are going to pass it but they want to make sure they are making the case that Republicans are responsible for the debt we are facing in this country and the government shutdown looming so close That is a political calculation they've made just as Republicans have made the calculation not to try to help to handle it And both sides are going to stick to this to the last minute and then they will avert it Bloomberg news contributor Jeannie Sheehan Zeno expects a last minute deal to avoid a shutdown without one The government could start closing as early as Friday and the U.S. could default on its obligations in October While the debt ceiling fight is front and center Karen there is still work being done on President Biden's three and a half $1 trillion spending package and we're hearing now a change to restrictions on state and local tax deductions could be part of it Here with more is Bloomberg said Baxter It is one of the final details of the package and the House ways and means committee is working on a way to make it happen Agreement failed earlier this month but the members say now they are making progress The deduction was limited to $10,000 in the Trump tax plan large high property tax states have been fighting for the repeal while smaller have said is a handout to the more well to do Several members have suggested now that a compromise would be a temporary lift for two years with more action possible later In San Francisco I'm a Baxter Bloomberg daybreak All right and thank you Let's turn to the pandemic now where fights over a vaccine mandates continue to dominate the headlines Now New York City is one of victory on that front in a surprise court ruling and Bloomberg should eat a young joins us live with the very latest Good morning ready to good morning Karen the New York City vaccine mandate ban has been lifted and as a result the city may begin to bar thousands of unvaccinated school personnel from their jobs The court issued the ruling last night but gave no firm reasons for the decision Now practically this means that the largest school district in the U.S. now may insist that all school employees and contractors be vaccinated Department of Education spokeswoman Danielle filson says the mandate will go into effect at the end of the day on Friday Live in New York I'm ranita young Bloomberg daybreak All right we need to thank you watching equities continue to fall lead by tech this morning S&P futures down 41 points down futures down a 184 NASDAQ futures lower by 243 points That is a drop of 1.6% The ten year down 9 30 seconds yield 1.52% yield on the two year .31 Straight ahead local headlines into check of sports This is Bloomberg.
Bloomberg Radio New York
"federal reserve dallas" Discussed on Bloomberg Radio New York
"Street live from the Bloomberg interactive broker studios This is Bloomberg day break Let's get more now on our top story this morning The sudden shake up in the leadership of the Federal Reserve Dallas fed president rob Kaplan and Eric Rosen grant of the Boston fed both resigning following questionable stock trades leaving an unexpected number of top jobs open all at once at the U.S. Central Bank Michael McKee is with us this morning economics correspondent for Bloomberg radio and television I don't know about you Mike The one I saw those resignation notices come within hours of each other yesterday I was just kind of like okay Is there a precedent for something like this No I don't think we've seen anything like this This is truly unprecedented The two officials at regional pet banks would quit at the same time we've had lots of openings but never because they had to resign in the wake of issues about their ethical behavior There's no evidence they necessarily do anything wrong and rob Kaplan denied in his statement that he didn't run but both to taking the opportunity to leave perhaps quite the scandal though Does this raise questions for you though about whether questionable stock trades are limited to Rosenberg and Kaplan whether this is an issue across the Central Bank and whether there's going to be need for more transparency in terms of what Central Bank presidents are doing with their own portfolios There is going to be a need for more transparency in the federal already working on overhauling its ethics laws but we do have the disclosure forms from all of the fed bank presidents and members of the board of governors And these were the only two that traded anything significant The question about Jay Powell owning the municipal bonds because that was kind of what beneficials did They took especially those like Powell and capitol who came to the bank with a lot of money from their prior lives They would put it in something uncontroversial like mini bonds within the fed ended up buying mini bonds and Powell did sell He was advised by the ethics office he could keep them And now there are questions about that as well So they will make changes but I don't think it's a widespread problem throughout the bank Now that we have these two openings at Boston and Dallas this is coming right around the same time that we're going to have a couple of governor seats opening up And of course a fed chair Powell's position comes up in February Talk a little bit about how this situation could really reshape what the leadership looks like at the Central Bank Well absolutely especially from the top of Jay Powell does not win renomination for President Biden and we start with a blank slate But the two vice chairs are likely to be leaving vanilla corals like sugar to supervision leaves in October He could stay on the board as a member of the board without being vice chairman although that's considered unlikely Let's clear that the vice chairman of the fed and sort of the man who's driven the monetary policy thinking is meaning in January and he his term is a fed governor is up as a Republican He's very unlikely to be reappointed by President Biden So we will see a perhaps as many as you mentioned at three of the top leaders of the fed changing And so then that changes the dynamic in terms of what people think about what the fed should do and when they should do it when should they taper much should they taper when do they start talking about raising interest rates All questions that we have exact answers because we wouldn't know who would be making the decisions One thing you can say it's time to throw the dot thought out because people who are on the dot block may no longer be there Yeah I wanted to ask you about that a little bit with Kaplan and Rosenberg both out the door here What's the possibility that we could see a significant shift in direction in terms of where monetary policy goes from here We've got about 30 seconds left Mike Well I don't think you're going a huge change in direction because there isn't that much disagreement among the beneficials Now Kaplan and Rosenberg were both people who were seen as 2022 dots So if the dynamic of inflation changes you might see that change a little bit but it's again as Jay Powell likes to say about a forecasted 18 individual views of where policy might be So whether it changes or not may not have an effect on policy just on Wall Street's perceptions Thanks for this Mike very interesting time to be watching the Central Bank to say the very least Michael McKee with us this morning economics correspondent for Bloomberg radio and television this day after we found out that both Eric rose and grin of the Boston fed and Robert caplan in the Dallas fed are going to be leaving their positions Eric Rosenberg this week rob Kaplan in just a couple Right now S&P futures giving back 27 points staff futures down 96 NASDAQ futures lower.