35 Burst results for "Jerome Powell"
AP News Radio
Federal Reserve Chair Powell hints at a pause in rate hikes when central bank meets next month
"Federal Reserve chair Jerome Powell is hinting about a pause in interest rate hikes. The fed started raising interest rates 14 months ago to try to hold off inflation, speaking at a fed conference in Washington, Powell says interest rates are high enough to restrain borrowing, spending, and economic growth in an attempt to cool inflation. The risks of doing too much versus doing too little are becoming more balanced and our policy has adjusted to reflect that fact. Several fed officials signal support for suspending the rate increases at least at next month's meeting. Powell also noted the collapse of three large banks, which could cause banks to reduce the pace of lending, which could weaken the economy. Ed Donahue Washington
AP News Radio
US employers added a robust 253,000 jobs in April
"The labor market has been standing its ground. It made factors like high inflation, bank failures, and rising interest rates. Hiring has gradually slowed, as have wage growth and job openings. But the job market has stayed surprisingly strong, even in the face of the Federal Reserve's aggressive rate hikes. We've raised rates by 5 percentage points in 14 months. And the unemployment rate is three and a half percent, pretty much where it was even lower than it was when we started fed chair Jerome Powell earlier this week. It wasn't supposed to be possible for job openings to decline by as much as they've declined without unemployment going up. Well, that's what we've seen. Powell says it seems possible the labor market can keep cooling without big jumps in unemployment, which would buck historical trends.
AP News Radio
Fed raises interest rates another quarter point, reaching 16-year high
"The Federal Reserve has raised its key interest rate to the highest level in 16 years, while signaling it may now pause its run of ten straight rate hikes. Inflation pressures continue to run high. So chair Jerome Powell says the fed again boosted its benchmark rate by a quarter point and says, while there's no decision on suspending hikes, Powell at least confirmed the possibility. Last month, the fed said it anticipates more rate hikes. That sentence is gone from its latest statement. Instead, we're saying that in determining the extent to which additional policy may
AP News Radio
Russian Pranksters Dupe Fed Chair Into Recorded Call
"Russian pranksters were able to trick Federal Reserve chairman Jerome Powell into taking part in a lengthy phone conversation. The Federal Reserve admits that in January, chairman Jerome Powell was tricked by well-known Russian pranksters who were posing as Ukraine's president volodymyr zelensky, videos of the call have been posted on social media, in which Powell's discussing interest rates, slowing the economy, and apparently saying that a recession is almost as likely this year as very slow growth is. A fed spokesperson says the video appears to have been edited and
The Hugh Hewitt Show: Highly Concentrated
The Fed Expects a Sharp Decline in Economic Activity for 2023
"Reserve chair, Jerome Powell, and his colleagues are expecting a sharp drop off in economic activity through the rest of 2023, at least that's the implication from new economic projections. They published this week. The figures show policymakers now expect the U.S. to eke out a point for expansion this year down from the .5 growth that they penciled in at the last forecast round in December. That might not seem like a big downgrade at first blush, right, jealous. But it's important to consider that the number is in light of the economy surprising strength in the first quarter so far. As Robin Brooks, the chief economist at the international institute of finance in Washington points out. In January, the Atlanta fed GDP now tracker forecast first quarter domestic product would rise .7 at an annualized rate. By March 16, that estimate had risen to 3.2%, fed policymakers don't release official projections for quarterly growth. Detaining the latest estimates from the private forecasters in the fed economists into account, the new projections implied that the fed officials see a sharper downward trajectory for quarters two through four.
AP News Radio
Fed Walks Tightrope Between Inflation, Bank Turmoil---but for How Long?
"But that has raised a key rate by a quarter point despite bank turmoil. I'm Lisa dwyer. The Federal Reserve extended its yearlong fight against high inflation by raising its key interest rate by a quarter point despite concerns that higher borrowing rates could worsen the turmoil that has gripped the banking system. That chair Jerome Powell sought to reassure Americans that it is safe to leave money in their banks. Our banking system is sound and resilient with strong capital and liquidity. The fed chair also underscored that the Central Bank remains focused on fighting high inflation, which could require additional rate hikes. The process of getting inflation back down to 2% has a long way to go and is likely to be bumpy. Yet he also signaled that the fed might not need to impose many more increases if more banks were to reduce their lending to
Mike Gallagher Podcast
Trish Regan: Silicon Valley Bank 'Drank the Kool-Aid' by Biden Admin
"That said, in this particular case, you had a group of people that I suspect drank the Kool-Aid that the Biden administration was force feeding. They lived in their little lane with all their very woke Friends, and they heard from Janet Yellen head of our Treasury Department and they heard from Jerome Powell, head of the Federal Reserve, who used to work for Janet Yellen, and they heard from Joe Biden that inflation was just transitory. It was all going to be fine, and the fed was going to engineer this soft landing. And so they didn't have to worry about interest rates going up. I mean, I'm telling you, Mike, and I've been, I've actually hosted your show, occasionally. If anybody had listened then, or if they listened to my podcast, I mean, I have been pounding the table on this since August of 2020, saying you can't put this much money in the system. What is the Federal Reserve thinking? And what did Joe Biden do? He came in first thing he did was he issued a third stimulus check and then came through with 1.2 billion trillion forgiving dollars worth of infrastructure, which we know wasn't really infrastructure and went to actually probably a lot of those companies at SVD with their green energy ideas. It's unbelievable how many mistakes were made and it's really kind of a form of malpractice if you ask me, especially on the fed's front. But they poured all this money in, and somehow the people that were running the portfolio and trying to assess risk at this Silicon Valley bank never thought that you might get inflation never felt like they should hedge their treasury portfolio because they might not be worth as much when inflation kicked in. That's mind boggling. The government created this problem, but I'd also say, in fairness, the government did what it had to do in the 11th hour.
AP News Radio
US inflation eases but stays high, putting Fed in tough spot
"Inflation eased a bit from January to February, but is still high. The government reports consumer prices went up 0.4% last month, slightly less than January's rise, but so called core prices were up from January. The Federal Reserve pays particular attention to those prices as an inflation gauge, and the report puts the fed in a tough spot. Prices are rising much faster than it wants, and chair Jerome Powell suggested last week the Central Bank might boost its benchmark interest rate a substantial half point next week, but some economists now predict the fed will suspend its yearlong streak of boosting rates and instead focus on boosting confidence in the financial system after
AP News Radio
US inflation eases but stays high, putting Fed in tough spot
"Inflation eased a bit from January to February, but is still high. The government reports consumer prices went up 0.4% last month, slightly less than January's rise, but so called core prices were up from January. The Federal Reserve pays particular attention to those prices as an inflation gauge, and the report puts the fed in a tough spot. Prices are rising much faster than it wants, and chair Jerome Powell suggested last week the Central Bank might boost its benchmark interest rate a substantial half point next week, but some economists now predict the fed will suspend its yearlong streak of boosting rates and instead focus on boosting confidence in the financial system after
The Trish Regan Show
People May Rethink Their Ties to Smaller Banks
"I still think there is some danger as we go into this week that a lot of people are going to rethink anything they may have in a regional smaller bank that's not subject to the same kind of scrutiny as the big guys. So any small business or medium sized business that's banking with one of these regionals may say, wait a second. I don't want to go through this headache. Let me just pull my money out and put it into chase or Bank of America or Wells Fargo or one of the big guys. And I'll be more secure. We've kind of had this two tiered banking system, if you think about it, right? In a way, with the big guys being subject to all these liquidity restrictions, et cetera, all these stress tests ever since 2008, and then the regulation changing for the little ones in hopes that they had a chance to one day become one of the big ones, and yet now I think a lot of that is going to get rethought. Because of what we just saw and what we're about to see. Anyway, it's all kind of frustrating because you look at it and you say, the reason the reason this bank was in some of the trouble it was in was because the tech sector went wild. And why did the tech sector go wild and then have that bust? Because the Federal Reserve printed too much money. Joe Biden and the Democrats gave out too much money. There has been so much money in the system so much inflation that it created an environment that was ripe for these kinds of crises. I said this all along and you know, sometimes you just don't even know you can't anticipate what it's going to be. We've been thinking maybe a systemic crisis of some sort. Maybe they were making bad loans. In this case, they weren't even making bad loans. They were just treasuries. I mean, they were bad loans in the sense that they were treasuries that were trading at a lower level because they were only paying about one and a half percent interest rate and now on a two year you can get nearly 5%. So that was too bad for them and they didn't properly allocate for the risk period that they were entering. Nor did they probably even understand the inflationary period that we were going into. They're not listening to this podcast. And they were drinking the Kool-Aid with Janet Yellen and Joe Biden and Jerome Powell trying to say, oh, it's all just transitory. Don't worry, don't worry. Well, they didn't worry, and then they got caught in this really bad situation.
CoinDesk Podcast Network
Silicon Valley Bank Shut Down by State Regulators
"We just got news right before the show that the California department of financial protection and innovation shut down some common valley bank and then appointed the FDIC as a receiver. And now we have a proper bank failure in 2023. Ensured deposits will be fully accessible by Monday, they say. And then at TSC is going to try to make uninsured depositors as whole as possible. This is the 18th largest bank or was 18 largest bank in the U.S.. This is the largest bank failure since the Great Recession. Man, I love entropy. Zach, and he takes on this? Yeah, bank runs are crazy, all this is nuts. This is not so we're seeing this unfold in real time. You know, I think it's not just Peter Thiel, right? We saw pantera. We saw a bunch of other VC firms say, hey, portfolio companies, you might want to get your money out of Silicon Valley bank, go like real quick. Well, this was all unfolding Thursday night. So that may have been sort of the death knell, but it's certainly not what I think caused it. At its root, you know, you saw sort of Arthur Hayes tweeting. I think it was yesterday saying that, you know, Jay Powell, Jerome Powell, has broken the U.S. banking system. I guess arguably by curtailing sort of bond buying, right? So you have some of these macroeconomic ripples that are unfolding across. The banking sector is not just crypto in this instance. I think silver gate was rightly capturing headlines. We saw a little bit of grave dancing from the likes of Elizabeth Warren and other lawmakers who were long wary and skeptical of silver Gates involvement with crypto. Silicon Valley that's less of the story here. I think it's more tech startups rather than crypto startups. They certainly served a few crypto startups, but by and large, we're talking about one of the preeminent banks that we're serving an emerging class of web two startups in California and beyond. So yeah, pretty wild to see this really unfold against the backdrop of what had been some otherwise positive signs in the economy that were announced even earlier this morning.
AP News Radio
U.S. Employers Add a Solid 311,000 Jobs
"American employers kept hiring last month. They added 311,000 jobs in February after a stunning half million in January, the two months show hiring has surged this year after easing late last year. That's bad news from the Federal Reserve's perspective. PNC Financial Services groups Gus faucher says the fed remains under pressure to keep aggressively boosting interest rates to slow the economy and job growth since a strong jobs market typically leads to businesses raising pay and then prices fueling inflation. While President Biden's hailing the jobs report. It means our economic plan is working. Fed chair Jerome Powell told Congress this week, the Central Bank would likely ratchet up rate hikes this month if
AP News Radio
US adds a robust 311,000 jobs despite Fed's rate hikes
"The economy added a robust 311,000 jobs last month, a clear sign, the jobs market remains healthy, adding pressure on the Federal Reserve to keep aggressively boosting interest rates. After December's bombshell report of a half million jobs added, the market kept churning. The unemployment rate rose to 3.6% from a 5 decade low 3.4% as more Americans started looking for work without all finding it. The jobs gained is about three times higher than the fed would like to see as it fights stubbornly high inflation. It's the first of several reports in coming days chair Jerome Powell told Congress this week, the Central Bank will analyze before deciding on the next interest rate boost. We have not made any decision about the march meeting, though he did say the fed would boost the size of its rate hikes if the data keeps showing a robust economy and high inflation. Some economists predict a substantial half point increase in the fed's key rate, double last month's hike. Sagar Meghani, Washington.
AP News Radio
Is inflation still surging? Jobs report will provide clues
"The February jobs report comes out this morning and a strengthening economy and new hires may not be good news for everyone. Fed chair Jerome Powell has made it clear that the Federal Reserve would increase the size of its rate hikes if evidence continues to point to a robust economy, and persistently high inflation, and economists believe that would mean a substantial half point increase in its key short term interest rate at the fed's next meeting in two weeks rather than a quarter point hike as it did in its meeting in February, a month ago the government dropped a bombshell jobs report that showed employers adding a half million jobs in January that was twice the December gain. Today's jobs report will show whether the January numbers were a one time blip or some sign of a strengthening economy. John a water Washington
The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast
"jerome powell" Discussed on The Decrypt Daily: Bitcoin & Cryptocurrency News Podcast
"Gates risky, if not illegal, activity. And identified severe due diligence failures. Now customers must be made whole and regulators should step up against crypto risk. Now we're going to see that the prices are down today. And that's why I want to go into this because people are blaming today's prices on the shutdown of silver game. Also, depending on what news agency or media source that you are reading, you're going to see that they're blaming the crypto price downturn on all kinds of things. Including that the U.S. authorities just transferred $1 billion worth of Bitcoin recovered from a dark web hack to a new well address, including when owned by Queen base. And this is making investors fearful that this intense cell pressure let me just say that again, intense cell pressures could drive down the token's price. Again, these news agencies I think are kind of grasping for straws here because just let me put this in perspective. Bitcoin has a daily volume of $22 billion. 1 million Bitcoin is traded or sent every day. This $1 billion worth of Bitcoin is not going to do anything to the price, even if it was dumped on the market through an exchange that it will go down a little bit, but it's not going to really dent the price. It's a blip. It's a blip in the volume. The daily volume. Now, I could understand the reasoning that if the government is selling the U.S. government is selling this, why are they selling and that just huddling and waiting for a moon? So make more money off of this. But then again, I don't know the laws of the government or how they can handle Bitcoin. For example, if you are a political candidate, you can receive crypto, but you can not HODL it. You have to sell it for a U.S. dollars as soon as you receive it. And so there's actually companies that do that for you. You can set up a wallet. People can send you Ethereum or Bitcoin or litecoin or Dogecoin, but as soon as it hits your wallet, they will automatically transfer it to U.S. dollars and then send it to your campaign account. Because you're not allowed to hold it. So again, maybe they're selling because after they've done their investigations, they need to because that's the legal thing to do. Again, I don't know, but I think that the narrative that price is down because of these two things. Again, is just obfuscating the actual root cause and here's the bigger conversation that we need to have. Is that the economy and the lawn predicted double peak of inflation and the long predicted double dip of the markets might be playing out. The fed says that they're going to get more aggressive, there is layoffs, the housing market is in kind of flux. There is extremely low risk, high interest rate T bills out there right now, so why, if you're going to hold cash and wait for the market to dip, why wouldn't you just put it into a T Bill right now instead of buying crypto? And so I think that has much more to do with the prices than these micro headlines that say, oh, this is exactly what happened. Also, maybe not as sexy, is that we have to keep talking about the fallout of the billions and dollars of worth of crypto companies that is still the that is still the contagion that is still the Domino's falling across the space. Silvergate is one of those dominoes from the long line of dominoes that started back with Luna and FTX and Alameda, and then we saw BlockFi and Celsius and it's not sexy to keep talking about this, but that's probably more of the reason is that the contagion the crypto contagion is still happening. It's kind of like if everybody ate dinner at a bad sushi restaurant, we knew it was bad. We knew it was risky that everybody was eating sushi at this day on restaurant and then people start getting sick. First person gets sick. Oh, it's the sushi. But then somebody get sick later and we're saying, oh, I wonder what that was. It must have caught it from somebody. No, it was the damn sushi. Anyway, the time is 9 23 a.m. eastern standard time. We have Bitcoin down a percent. It's at $21,788. Ethereum's at $1542 down a half a percent. Tethers number three, binance is at two 90, up 1.3%, and USD C is number 5, rounding off the top ten. We have XRP cardano, Dogecoin, Matic, and BUSD. The total market cap just dropped below $1 trillion is down to half a percent. It's at 999.2 billion. We have a BTC dominance of 42% in F dominance of 18.9. Moving into today's headlines and I'm sorry for being very wordy and opinionated these past couple days, I'm just a cranky about some things just a cranky old man here that wants to tell you about it on his podcast. Anyway, remember yesterday I told you about mankind's mount gox was an early Bitcoin exchange and in 2014 they filed for bankruptcy and suffered a loss of 850,000 Bitcoin. 750,000 of those bitcoins were customers, a 100,000 of those Bitcoin were mount gox's. Altogether, totaled around $480 million at the time. Today it's worth around 19 billion. And I also told you that customers or former customers have until Friday to register their claims for repayment. Under the rehabilitation plan, and those creditors had the option to receive their payment in a lump sum as a cryptocurrency repayment, bank remittance or remittance through a money transfer service like Western Union, I assume. The original deadline was January 10th, then it moved I moved to the Friday, which is tomorrow, the tenth. Well, they postponed it again. And they moved it back again. So if you are somebody who was using mount gox, lost your Bitcoin and you're trying to get that back, you have until April 6th now to register your claim. You as president, president Joseph robinette Biden. Proposed a budget, and it's going to be unveiled today, which includes a provision to close tax, loss harvesting on crypto transactions. A White House official confirmed that the budget will include a tax provision, intended to reduce wash sales trading by crypto investors. Right now currently, investors can sell their cryptocurrencies at a loss, claim the loss on their taxes, and then buy the same amount of cryptocurrency. Again, so basically, and I've told you to do this before the end of the year because this is still legal. If you buy, say, those coins for a dollar and it goes down to it goes down to 80 cents, sell for 80 cents, take those losses of the 20 cents among all those coins you sell. And then buy them back for 80 cents. And so you save on your taxes and you still have the same amount of Dogecoin. In the stock market, you can't do that. I think you have to wait something like 30 days. So you can sell your stock, but 30 days later is when you can buy it back. Don't quote me on that, but I'm pretty sure that's how that works. Anyway, of the president's proposed budget, The White House officials said that this plan will lower the U.S. deficit by $3 trillion over the next ten years. Oh, that sounds pretty good, right? Not quite. Because the U.S. is on track to add $19 trillion in new debt over the next ten years, according to a story by The New York Times. And so I want to say thank you very much to the president for focusing on the elephant in the room of all of our debt. In the United States, crypto, tax, loss, harvesting. The UK on my UK friends out there, your financial conduct authority or the FCA is going to continue its crackdown on a legal Bitcoin automated tele machines or ATMs. Announcing that it has inspected several sites in East London, suspected of housing, unregistered machines, and will continue to identify and disrupt unregistered crypto ATM businesses in the UK. Similar raids already happen in Leeds earlier this year, and in west Yorkshire. According to global data from coin ATM radar, there are currently 1469 Bitcoin ATMs in the EU. Of which 18 are operational in the UK, seems like a huge problem, really happy to see that the FCA is on it. How many Bitcoin ATMs are the United States? Well, 86% of the worldwide figure or 32,164 Bitcoin ATMs in the United States. I actually have one at the convenience store up the street from me. We have a new member's only club launching in Los Angeles. It's going to be called club three. And it's going to be a collaboration between animoca and planet Hollywood. At the center of club three is going to be club ID. A new identity membership, NFT web three related. This new NFT club aims to bridge the gap between the real world and virtual memberships. Minting your new membership will give members four tiers of membership. You can be a founding member, a social member, a global member, and a corporate member. The one time membership fee for a social membership is $2500. A founding member is $7500, which you say this is an exclusive club that doesn't seem like exclusive pricing. Yes, I know it's like 2500 or $7500 for a club membership. Still, it's accessible if this is what you want to do. Club three will integrate web three mechanics including a community of voting on seasonal menus, perks, and promotions. If club three is successful, this venture now called meta Hollywood intends to expand globally with locations in New York, Miami, Tokyo, London, Paris, and Hong Kong. And finally, moving into some D.C. news, the chairman of the CFTC of the commodities and futures trading commission has taken a firm stance against the SEC by telling the Senate agriculture committee that Ethereum is a commodity. This opinion appears to directly contradict SEC chairman's Gary gensler's opinion who argue last month that everything other than Bitcoin falls under security laws, meaning that he's in charge of regulating them. Considering these two government agencies are at odds with each other, I don't see how this is going to resolve itself without congressional intervention. Now the outcome of that intervention is going to be probably which party has the majority when that outcome is being decided. And sticking with the D.C. news, U.S. congressman Steven lynch, expressed concern over the possible impact of a Central Bank digital currency or CBDC asking the fed reserve chairman Jerome Powell to ponder the potential of a CBDC or a U.S. dollar CBDC to wipe out other digital assets. He asked this question, do they go to zero when we come up with a CBDC that has the full faith and credit of the United States behind it? Let me stop here for a second. He said, do they go to zero when we come up with a CBDC? He said, when not if. I just want to make sure that everybody heard that. Powell, Jerome Powell, indicated that regardless of a CBDC release, it's unclear to him why any cryptocurrency that isn't drawing on the credibility of the dollar like a stablecoin has any value at all, referring to Bitcoin and Ethereum. He said, I never understand the evaluation of those. Don't have any intrinsic value, but nonetheless, trade for a positive number. Congressman lynch then asked Jerome Powell for an update on the fed's timeline for potentially releasing a CBDC. Drone power responded. I can't give you a date. We engage with the public on an ongoing basis. We're also doing research on policy and also technology. And then indicated that a CBDC could be rapidly rolled out to the public if it's decided upon by Congress. And he said, I think we can get this into the hands of the public very quickly. Please note that representative Tom emmer says that the fed must not create a CBDC surveillance state and has proposed a bill to block the fed from making an issuing a CBDC. Think you everyone for listening to this episode of GM. I'll be back tomorrow. And until then, happy huddling everyone.
The Breakdown
Jerome Powell Brings the Dog and Pony Show to DC
"Today we are using the occasion of fed chair Jerome Powell, semi annual report to the Senate about the state of monetary policy to check in with where things are in the macro realm. It's been an interesting few months where there has been so much crypto specific chaos that has been easy to lose sight of the fact that we are all ultimately in a risk sector that is caught up in the larger macro machinations. Now, the last time Powell testified before Congress was in June of last year. Annualized inflation was at its peak above 9%, a 40 year high, and the fed was just three meetings into what would become the fastest tightening cycle on record. The fed discount rate was at 1.75 percent, and the previous week at the June FOMC meeting, Powell had delivered the first in a string of four gigantic 75 basis point raises. Each of those represented the largest rate hike increment seen since 1994. The tone in Congress at that time was incredulous. Democrats were concerned that accelerated rate hikes would tip the economy into a sharp recession with massive unemployment. Republicans for their part took the opportunity to excoriate the fed chair for moving too slowly when inflation had begun to get out of control in late 2021. Both sides of the aisle were openly doubtful that the fed had the tools to tame inflation. Since then, inflation has come down dramatically, clocking in at 6.4% for January, and recording 7 straight months of reductions at headline inflation. The fed has taken rates all the way up to 4.75%, and forecasts that they are not yet considering an end to this hiking cycle. Now when it comes to this particular conversation on the hill right out of the gate, it was a political endeavor. Not that you'd ever really expect that it wouldn't be. Still, the talking points around inflation have clearly become more crystallized on each side of the aisle in the last year since Powell spoke to the Senate. This really showed right from the opening statements. sharad Brown, a Democrat, introduced the hearing with a long kind of weird rambling speech about increased corporate pricing power being the true driver of current inflation. He said quote, the broadening of inflation beyond commodity prices is more profit margin expansion than wage cost pressure. Brown raised concerns about the potential for fed policy to crush the working population with increased unemployment without actually addressing the root cause of inflation.
CoinDesk Podcast Network
Bitcoin Hovers Around $22K As Fed's Powell Softens Tone
"Let's go to Washington. Our friend Jay pal was out here on his day two of congressional testimony. Softening his stance a little bit, and Bitcoin responding in kind. Let's hear what he had to say a bit earlier today. We have not made any decision about the march meeting. We're not going to do that until we see the additional data, larger point, though, is that we're not on a preset path, and that we will be guided by the incoming data and evolving outlook. So there it is, the orange coin, which is meant to subvert the influence of federal governments everywhere, is responding accordingly and is north of 22,000. Yeah, that's what the orange point does these days. It responds to Jay Powell's comments about the state of the economy. So I'm going to ask this a will get historical here. What do you think about Bitcoin in the macroeconomic context, especially in the wake of these comments from Jerome Powell up on Capitol Hill? Yeah, I mean, history kind of repeated itself, right? We always seen that Bitcoin has been moving in line with any pronouncement from the Federal Reserve, and you might think that that's a recent trend, but it really isn't. So since 2010 or so, we've seen the Federal Reserve has been moving into quantitative easing. It paused doing that after the Great Recession and sort of just moved into like this 0% interest rate regime where anyone could sort of boot up a business because really cheap to get credit. There's a lot of tech startups that got hot, Bitcoin grew up in that environment. It got hot in the environment of tech stocks going to the moon. And then since 2020, when the fed moved into this very aggressive posturing due to the COVID pandemic and then the post recession fears. We've seen bitcoins be basically locked up with tech stocks also, right? So whenever the fed says we're going to raise interest rates, Bitcoin goes down. It did go down Monday, tech stocks also go down whenever the fed says they're going to pause and maybe not increase as much. We see things rally. And that's why a lot of people right now think that .2 thousand Bitcoin mark is a little bullish. Some people think it's a bear trap because the fed has sort of been saying that we're not going to raise much more. We're about 5%. It's time to pause. But then all of a sudden, the fed can pivot, right? And we have seen this right now of Jerome Powell. They said in the earlier comments, hey, we're going to go up. We're going to go up another 50 bps and have 25 bps. While he pitted it, and now he's saying, hey, we're actually probably going to increase and go even more. And that is catching a lot of these socks off track
AP News Radio
Powell says 'no decision' on the Fed's next move on rates
"The Federal Reserve's chief says the Central Bank has not yet settled on how much it will boost its key interest rate at a meeting this month. Yesterday, Jerome Powell sent stocks tumbling by telling a Senate panel. If a totality of the data were to indicate that faster tightening is warranted, we'd be prepared to increase the pace of rate hikes. This morning, he offered a caveat to a House committee. If. And I stressed that no decision has been made on this. Powell appears to be trying to knock down any assumption that the feds set for an aggressive rate hike based on recent data showing strong economic growth and still high inflation. He says there are several important reports coming and the fed will closely analyze them before meeting in two weeks. Sagar Meghani at The White House.
Tech Path Crypto
"jerome powell" Discussed on Tech Path Crypto
"It's still dormant right now, but we'd like to work with the SEC to activate that. And create a healthy market structure to trade crypto securities. Now, if the assets we've looked at at coinbase 800 of them, we've rejected. We don't think we have maybe their security is 200 or so of them. We have listed on our platform. We believe those are commodities. And so we're going to continue to build that piece of our business. We're regulated by the CFTC, for instance, and make sure we grow that piece as well. But crypto is many things. It's commodities. It's securities. It's stablecoins. It's artwork. It's decentralized identity systems. And so it's tough for people to wrap their head around, but it's ultimately going to have many different regulators. 5 years from now. So couple of things. With collaborate pause that for a second. A couple of things that he said there is they've got a brokerage brokerage dealer license that they may reactivate if they can get it reactivated. That, of course, would change the way in which crypto securities if we do see that regulation come down, coinbase would be setting in the right position for the ones that are I deemed securities of the ones that make it through. This, of course, would kill off a lot of these transitional tokens that just are what I feel are true high risk. That'll push all of that trading offshore. The other thing that plays into this that Brian talked about with coinbase is I think coinbase is positioning right now not only to work with the CFTC, but also with the SEC and being able to become the place for this. Now, could they be linking up with a bank, it's very possible they could get in bed with traditional finance to be able to make this happen and be able to integrate some sort of stablecoin regulation that would tie this into either brokerage dealer and or a commodity platform, a lot of oars in the water for coinbase right now. Good and also a little bit concerning. But at the same time, when you think about what arc is done and Kathy wood continues to pour in money, she sees the future here with what coinbase has done. And I don't know. If you guys are using coinbase, I'd love to know, drop some comments down below. Let me know over on the side. What are you using to trade right now? If you're here in the United States, I know I'm over 50% of our audience is abroad. I know you guys, of course, are using pretty much everything so you get a chance to really be in there. Watch your guru came in and said, fed chair, Jerome Powell, said many unusual factors are affecting inflation and doesn't know how this is going to play out. And I would say that what we have observed so far. This goes back to the scenario we've talked about for months, is that midyear is the real turning point either for or an extent. Think of it like Groundhog Day. By June to July, if we don't have a significant impact on how inflation is structured, it's very possible we could see that another year of these kinds of conditions. This is a very critical time that we're moving into this summer.
Tech Path Crypto
"jerome powell" Discussed on Tech Path Crypto
"We're going to talk about Jerome Powell and his testifying in front of Congress, but also a little about his opinion on where inflation might be heading. All that's going to be in today's video. My name is Paul Barron. Welcome back to the tech path. I want to thank our sponsor, and that is ledger, ledger, of course, is the place for securing your crypto. It's the one I use, and of course, it's the one you should use. This is, of course, the number one thing I talk about, I think, here on the channel, mostly is self custody. It's one of the ways that I train anybody and talk to anybody that's interested in getting crypto. This is the first thing I tell them to do. First thing, go get a wallet, and then let's start talking, getting an exchange is easy, but the process of learning how to store your own crypto is very critical. So make sure and check them out, use our link down below. It does help the channel out. You can either go with the stacks, which is getting ready to release or get one of the other devices. It's both or any or all of those are excellent. I want to cut to this first clip here. And this coming in from chair Powell, a little bit on a clip here, I think you guys might like. Although inflation has been moderating in recent months, the process of getting inflation back down to 2% has a long way to go. And is likely to be bumpy. As I mentioned, the latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated. If the totality of the data were to indicate that faster tightening is warranted, we'd be prepared to increase the pace of rate hikes. Restoring price stability will likely require that we maintain a restrictive stance of monetary policy for some time. Our overarching focus is using our tools to bring inflation back down to our 2% goal and to keep longer term inflation expectations well anchored. Restoring price stability is a essential to set the stage for achieving maximum employment and stable prices over the longer run. The historical record cautions strongly against prematurely loosening policy. We will stay the course all right, so you can kind of see his positions pretty straightforward. They're not going to come off in terms of the structure of how the fed is trying to correct the markets. Concern, of course, is going to be the death sailing. We've got to, and he's talked about that before many times on his FOMC meetings, where that might go. There's no way that that's going to get adjusted and also trying to bring down the aspect of inflation and getting into price stability, which is what he also talks about. So I think this is kind of thrown the fed into a little bit of a disarray, especially after his last FOMC meeting. And you remember the last FOMC meeting he was talking about a lot of disinflation mentions and really where the market was going. Obviously we saw the quarter, maybe we see a 50 now, which is what people are leaning to.
The Bitboy Crypto Podcast
"jerome powell" Discussed on The Bitboy Crypto Podcast
"A Bitcoin? Yeah, I think so. Oh my gosh. If you get what we're trying to work it to where we're going to do it, maybe at Bitcoin Miami, potentially this isn't guaranteed. So that's kind of what we were talking about. What you guys like that would you go down to Bitcoin Miami? I mean, that'd be huge. To maybe do a scavenger hunt and win a Bitcoin? That's fun. You got to get pre screened. So I think we'd probably take like what maybe 5 teams? Yeah. 5 teams. So if you got picked, you'd have like a 20% chance to win a Bitcoin. If you're really smart, you could hedge that against what could you hedge that against? Maybe a bunch of eggs or a bunch of chickens or something. Yeah, you could do it against soybeans. But we're going to be talking about Jerome Powell today. That's the big news going on. Drone Powell, Sam. Now, check out the new shirt here. This is one of several different new shirts we have in this kind of And this one's got 8 coin, it's got the ship. It's got SPF on it right there. Do you all hear Sam? SPF is sheba. It makes sense. I wouldn't want that shiba in you. I got chainlink. I don't really remember, I think chainlink would just kind of like an orphan. We didn't know what shirt to put it on, so we ended up on this one. Uniswap, sandbox, Dogecoin. I like this cool shirt. I don't like it. So anyways, you guys can check out hit merch dot com. You guys are interested. Do we have these on the website yet? I'm not sure. I know these are on the website. BitBoy crypto. We got some of the newer stuff. Yeah, these haven't even, these are not even out yet. And we got these in hoodies too. We got one that's got all the ISO 2002 two coins. We've got one that's got. We got rid of salon and polkadot off of the main shirt. We replaced that with polygon and BNB. There we go. Don't we have one more? Is there one more? I think that's it. Yeah, the meme coin, the algo, the main one, and.
Mark Levin
John Kennedy Grills Jerome Powell During Senate Testimony
"Senator John Kenney is one of the greats We've tried to get him on my Sunday show but apparently he travels every time we're doing it He pumped into him on a plane and he couldn't have been nicer a huge fan I went to the house listen to this He's questioning the chairman of the fed Pow cut for a go You're raising interest rates You're raising interest rates to slow the economy Are you not Yes to cool the economy off And one of the ways you measure your success other than fluctuation in gross domestic product is the unemployment rate Is it not Yes one of the measures Okay So in effect I'm not being critical when you're slowing the economy You're trying to put people out of work That's your job Is it not Not really We're trying to sort of price stability No you're trying to raise money Not wages You're trying to raise the unemployment rate And there are a lot of I know you don't like the phrase So let me strike it You're trying to raise the unemployment rate aren't you No we're not trying to We're trying to realign supply and demand which could happen through a bunch of channels Yeah but in the end I'm going to employment is necessary because you're going to have a recession And you need a recession in order to cool down inflation And when you have a recession people lose their jobs and this is on the backs again Of those who have voted for awful lot of spending include 18 or 19 Republicans in the Senate
CoinDesk Podcast Network
"jerome powell" Discussed on CoinDesk Podcast Network
"The breakdown is produced and distributed by coin desk. What's going on guys? It is Thursday, February 2nd, and today we are talking about the first FOMC rate decision of the year and whether chairman Jerome Powell is finally truly convinced that he has a chance at a soft landing. Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review or if you want to dive deeper into the conversation. Come join us on the breakers Discord. You can find the link in the show notes or go to bit LY slash breakdown pod. Welcome back everyone. I mentioned earlier in the week that this week would be the first really consequential macro week of the year. The reason of course is that the fed's first FOMC meeting was slated for Tuesday and Wednesday. Now, heading into this meeting, the markets were highly convinced that the Federal Reserve was going to continue to decrease its pace of rate hikes by increasing the federal funds target rate by 25 basis points. While this would mean that interest rates were still climbing, by and large the market was more interested in the trendline than in the specifics. In fact, coming into this meeting, the really big question wasn't so much how much rates would be raised, although of course the fed could have surprised with a larger than expected hike. Instead, it was about what other signals and communications would there be about how the fed was thinking about the economy as a whole after a few months of seemingly declining inflation and more granularly for stocks, what Powell would say about loosening financial conditions over the past few months that led to January's rally. Specifically, markets were waiting to see if Powell would seek to stamp out the enthusiasm, or would he strike a different tone. So what did we get? As expected the FOMC decided to increase their policy interest rate by 25 basis points, bringing the target range to 4.5 to 4.75%. This represents another step down in the speed of hikes, which had been moving at a blisteringly fast pace of 75 basis points per meeting across 5 consecutive meetings last year before slowing down to 50 basis points at the previous FOMC meeting in December. Chairman Powell said shifting to a slower pace will better allow the committee to assess the economy's progress towards our goals as we determine the extent to future increases that will be required to attain a sufficiently restrictive stance. Alongside this chairman Powell confirmed that quantitative tightening policy would remain steady, rolling treasury bonds off the fed's balance sheet as they mature. Now when it came to that all important question of what the tone would be, Powell's speech was definitely lacking in the sort of hawkish tone that some pundits were predicting. His prepared remarks remain pretty similar to December's speech with no additional flourishes. He had the same major notes that we've heard before. The labor market remains too tight, although wage growth appears to be moderating, the labor force participation rate has an improved. Inflation remains far too high, but longer term inflation expectations continue to be well anchored. Reducing inflation will likely require a period of quote below trend growth and some softening of labor market conditions. Now when it comes to forward guidance on future rate policy, chairman Powell again articulated the FOMC's view that ongoing rate hikes will likely be appropriate. Reiterating that, quote, the historical record caution strongly against prematurely loosening policy. We will stay the course until the job is done. Overall, chairman Powell gave the impression of a data dependent fed that is hopeful about recent data, but knows they don't have the full picture yet. So let's now dig a little deeper into the specific areas of discussion, and let's kick it off with the one that has loomed large for the last year, inflation. In the discussion, Powell clearly recognized the improving situation regarding inflation, saying, quote, the inflation data received over the past three months shows a welcome reduction in the monthly pace of increases. While recent developments are encouraging, we will need substantially more evidence to be confident that inflation is on a sustained downward path. Regarding recent data showing a looming risk of recession, Powell said that disinflationary process that you now see underway is really at an early stage. He noted that much of the moderation in inflation appears to be simply due to desirable effects like supply chains becoming more functional. Now while overall headline inflation is clearly moderating, Powell continued to point to non housing services inflation as evidence that there is still more work to do. Quote, we have a sector that represents 56% of the core inflation index where we don't see disinflation yet. We don't see it. It's not happening yet. It's still running at 4% on the 6 and 12 month basis. There's nothing happening there. Indeed, the stickiness of services inflation was the main reason Powell view that inflation fight is still ongoing. It would be very premature, he said, to declare victory or to think we've really got this. We see ourselves as having a lot of work left to do. Now, very reasonably, some people asked him then, well, how much information and what data will you need to see to be satisfied that inflation is in check. To that Powell responded, I don't think there is going to be a light switch flipped. I think it's just an accumulation of evidence. And when it comes to any sort of pivot, Powell said that the fed's base case is a slow disinflationary period, where it will not be appropriate to cut rates until at least the end of the year. Next topic, what about labor markets? Concerns about tightness in the labor markets have been at the very forefront of Powell's communications about how the fed thinks about where the economy is headed and how they might need to evolve their policies. Specifically persistent tightness has given them the confidence to stay the course with their tightening cycle and is also made them I think more convinced that there is still room for a soft landing that doesn't involve some sort of brutal recession. Yesterday morning the job openings turnover survey or jolts data was released, showing the ratio of job openings to unemployed workers had moved back to 1.9. Although this ratio has previously been used as key evidence of labor market tightness by Powell, yesterday he dismissively called the date of volatile. Instead he continued to categorize the labor market as quote too tight, citing high levels of job creation and a high rate of quitting. He did acknowledge a slowdown in wage growth as an early sign of labor market loosening.
WTOP
"jerome powell" Discussed on WTOP
"My name is U.S. economy shrank for a second straight quarter. Contracting at an annual pace of about 9 tenths of a percent. The decline in the actual gross domestic product this week in the first quarter was 1.6%. This morning, CBS News business analyst, you'll schlesinger with her take on these numbers. You know, as a little bit worse than expectations, but remember these reports about GDP they're revised two more times so we don't know if this is the number that will stick. What we do know is economic growth is slowing down. We grew by 5.7% last year. That was the fastest growth since 1984. So I think coming down from those elevated levels, which again followed a horrible 2020. I think it's very much expected that growth would slow down this year. Jill two consecutive quarters, though, of falling GDP, that's often considered an informal indicator of a recession. Does it mean we're in a recession now? I think it's hard to make that call right this second. So as you said, it's informal. So the real measure of a recession is usually months beyond when the recession actually begins. The national bureau of economic research, the MBR, has a committee called the business cycle dating committee, and they mark the beginning and the end of recessions. These a lot of different data points to determine that. Jerome Powell was asked this question in his press conference. And the fed chair said, the recession, it's a broad based decline. He said, that's not what we have now. I think that what he's really putting in front of us is this idea that it's very hard to square a recession when you have a labor market that is still solid. Over the first 6 months of the year, we've created 2.74 million jobs. Yes, job creation is tapering off. But when I talk to you next Friday, I presume we're going to be talking about a July employment report, and we're going to still see the economy creating a couple 100,000 jobs. That would be a very odd data point emit a recession. What does this tell us about the health of this economy? You know what I would do? I shrug it off because at the end of the day, does it really matter if we are technically or not technically in a recession? Here's the big picture. Everybody knows we have high prices. The fed is raising interest rates to try to beat back those high prices. In doing so, economic growth is going to slow down. So the real question that every individual says, do I have a job that's paying enough that allows me to meet these higher prices. And if the answer is yes, I'm doing okay, then you don't care about the label of a recession. And frankly, if you had not getting paid enough money and you're falling behind, even if we're not in a recession, you feel rotten. So these labels sort of have no relevance to the real impact on Americans, which is a lot of people are struggling. Many people are grumpy about high prices, but they're doing fine. So all of this is to say, take a deep breath, listen to anjil. About a weekend coming up, it's August, calm down, everyone. CBS News business analyst, just less and Jerry. You are listening to one O 3.5 FM and WTO king dot com. In honor of all those we've lost to cancer and those still fighting by basketball analyst Dick Vitale. I want to be cats. I'm going to be that's no doubt in my mind. I'm going to win this battle. Defeating cancer will take all of us
AP News
"jerome powell" Discussed on AP News
"Can feel the rush of a 400 horsepower Nissan Z or climb to new heights in the all terrain Nissan frontier Light up the road in the all electric Nissan aria that feels like a sci-fi dream come true The future will be great but today is made for thrill All you have to do is get in a Nissan and drive 2023 Arya and Z not yet available for purchase expected availability is this spring for 2023 Z and this fall for 2023 Arya Different opinions on a recession I'm surely Adler with an AP news minute Treasury secretary Janet Yellen says the economy will slow but she does not think a recession is on the way I don't think a recession is at all inevitable Yellen who spoke on ABC's this week with George Stephanopoulos says she's hoping that delicate dance being done by fed chair Jerome Powell works as interest rates rise His goal is to bring inflation down while maintaining a strong labor market that's going to take skill and luck but I believe it's possible To former treasury secretary Larry summers who served under president Clinton with a different opinion I don't think there are historical precedents for inflation at the rate we now have it coming down to the target the fed has set of 2% without a recession Which summer says he expects at the end of next year Some are spoke on NBC's meet the press Shelley antler AP news The treasury secretary addresses the possibility of a recession There it is that R word again I don't think a recession is all inevitable Treasury secretary Janet Yellen on the delicate dance being done by fed chair Jerome Powell as interest rates go up His goal is to bring inflation down while maintaining a strong labor market that's going to take skill and luck but I believe it's possible Yellen spoke on ABC's this week with George Stephanopoulos I'm Shelley Adler AP sports on day ferry in the avalanche enjoyed a 7 zero laugher over the lightning to take a two zero lead in the Stanley Cup final Bruce Morton reports Two goals came off the stick of kale With some good goals and stuff like that but at the end of the day we know next game is going to bring their best And it's always the next games the hardest The two time defending champs rarely tested as gold tender Darcy Kemper who turned away 16 shots Will zalatoris and that Fitzpatrick or co leaders at four under through three rounds of the U.S. open Get cool ball has more Zalatoris carted the low round on moving day Saturday with a three under 67 There's a.
WTOP
"jerome powell" Discussed on WTOP
"Fed chair Jerome Powell suggests more hikes could be on the way This morning Wall Street Journal personal finance reporter Julia Carpenter with her tech When the fed raises rates they're doing so to curb inflation I think a lot of people are feeling the impact of inflation It hit 8.6% in May That means that everything from air conditioners to gasoline which I think a lot of people are feeling to groceries is expensive and the fed's train to stem that What advice do you have for the average person in terms of short term finance decisions Talking with financial advisers the number one thing they recommended was paying down debt It increased in interest rates usually means credit cards are going to raise their APR their annual percentage rates So anyone carrying a credit card balance right now this is the time to pay it off Interest rates increasing will only make it more expensive to carry that credit card balance Same with people thinking about saving you know the other side of that coin is that interest rates will increase on high yield savings products so people should think about moving that money to somewhere where they'll get a little bit more an interest And what about in the long term maybe with things like mortgages things that stretch out longer Yeah the thing that makes this difficult is that a lot of people have a financial plan in mind with set dates and times When we see a move like this from the fed you might want to consider whether it makes sense to do something now or later You might postpone the house hunt for example If you think I could move this year or I could move in three years If you could move in three years then mortgage rates might dip lower Right now we're seeing them going up when the fed raises rates But if you think I have to move into our House as soon as possible then the urgency is on do so now and lock in a lower rate before in a couple of months we see rents increase And the fed chair Jerome Powell says there could be some more hikes on the way What are you expecting there I spoke with a Columbia University assistant Professor of finance And she said it's hard to predict that now The fed is doing this in order to stem inflation but they're also very wary of causing a recession as well So it's a little difficult to predict what could happen in the coming months but we definitely can expect to see another rate hike in the future We just don't know when Well do you think we're on the right track Of course we're trying to tow this line as you said we don't want to head into a recession but we want to try to tamp down inflation Do you think they're doing the right thing You know when I speak to people about this they say that the thing that they're feeling the most right now is inflation I mean rents are skyrocketing across the country Grocery bills are creeping up These things that people need in order to live their daily lives are really impacted by inflation but at the same time it's also difficult to think about the effect that the higher rates have on some of these financial products that we have in our day to today lives So it's a little bit of a tricky line and as a reporter I don't think I know necessarily what's right or what the fed should do but I think people are feeling the impact of these decisions in multiple ways Fucking interest rates as Wall Street Journal.
The Indicator from Planet Money
"jerome powell" Discussed on The Indicator from Planet Money
"So <Speech_Male> it was this road tour <Speech_Male> in 2019 <Speech_Male> called fed listens. <Speech_Male> It was this <Speech_Male> round the country, <Speech_Male> consultation with union <Speech_Male> members with small <Speech_Male> business owners, <Speech_Male> community college leaders, <Speech_Male> and now <Speech_Male> they're here <Speech_Male> essentially how America <Speech_Male> was feeling about <Speech_Male> the economy. And <Speech_Male> whether the <SpeakerChange> fed <Speech_Male> should change how it <Speech_Male> thought about it. And I think <Speech_Male> the fed has been <Speech_Male> slow <Speech_Male> to recognize that. <Speech_Male> The dynamics <Speech_Male> between inflation <Speech_Male> in the tight <Speech_Male> labor market <Speech_Male> <SpeakerChange> are not what <Speech_Male> they were in the 70s. <Speech_Male> This <Speech_Male> is Mark Levinson, <Speech_Male> chief economist <Speech_Male> at service employees <Speech_Male> international union. <Speech_Male> And <Speech_Male> he's speaking at <Speech_Male> one of these fed listens <Speech_Male> meetings in New York. <Speech_Male> <Speech_Male> And what Mark was <Speech_Male> saying was that in <Speech_Male> the past, <Speech_Male> low unemployment <Speech_Male> often <Speech_Male> meant high <Speech_Male> inflation. <Speech_Male> You know, as a <Speech_Male> hot labor market <Speech_Male> gained steam <Speech_Male> that might raise <Speech_Male> wages and put inflationary <Speech_Male> pressure on the rest <Speech_Male> of the economy, <Speech_Male> but <Speech_Male> in the years <Speech_Male> before the pandemic, <Speech_Male> unemployment was actually <Speech_Male> getting really <Speech_Male> low and <Speech_Male> inflation <Speech_Male> was also <Speech_Male> really low. <Speech_Male> And so <Speech_Male> he was <SpeakerChange> saying, maybe <Speech_Male> there isn't such <Speech_Male> a tradeoff. Maybe <Speech_Male> this could actually <Speech_Male> be a win win. <Speech_Male> Low inflation <Speech_Male> and <Speech_Male> low unemployment <Speech_Male> rates, which <Speech_Male> could also have <Speech_Male> benefits for <Speech_Male> groups of workers <Speech_Male> that have been historically <Speech_Male> marginalized. <Speech_Male> The benefits <Speech_Male> of tight labor markets, <Speech_Male> real wage <Speech_Male> gains that noticeably <Speech_Male> go to lower <Speech_Male> and middle class <Speech_Male> workers <Speech_Male> that <Speech_Male> go to <Speech_Male> African <SpeakerChange> American <Speech_Male> workers. And <Speech_Male> that year where the <Speech_Male> fed listens tour <Speech_Male> had started in <Speech_Male> 2019, <Speech_Male> the fed <Speech_Male> started lowering <Speech_Male> interest rates, making <Speech_Male> it easier for <Speech_Male> companies to borrow <Speech_Male> and hire more people. <Speech_Male> And <Speech_Male> unemployment fell <Speech_Male> so much that low <Speech_Male> wage workers, <Speech_Male> black workers, <Speech_Male> and Latino workers <Speech_Male> were getting <Speech_Male> pay rises. <Speech_Male> And for a moment, <Speech_Male> income inequality <Speech_Male> was falling. <Speech_Male> And inflation <Speech_Male> wasn't rising <Speech_Male> very much. <Speech_Male> It was another lesson <Speech_Male> for pal, which <Speech_Male> he also took <Speech_Male> into the pandemic. <Speech_Male> And here he is <Speech_Male> at a press <SpeakerChange> conference <Speech_Male> in September 2021. <Speech_Male> We also <Speech_Male> <Advertisement> said we wouldn't <Speech_Male> raise rates <Speech_Male> just in <Speech_Male> response to very low <Speech_Male> unemployment <Speech_Male> in the absence <Speech_Male> of inflation. <Speech_Male> So that was another aspect <Speech_Male> of it because we <Speech_Male> saw that that really benefited <Speech_Male> <Speech_Male> <Speech_Male> <Speech_Male> labor market participants <Speech_Male> in a broad inclusive <Speech_Male> way. Jerome <Speech_Male> Powell learned <Speech_Male> not to raise <Speech_Male> interest rates simply <Speech_Male> because unemployment <Speech_Male> was low. <Speech_Male> And <Speech_Male> that was along with learning <Speech_Male> to give the markets <Speech_Male> a long <Speech_Male> lead time before the <Speech_Male> fed makes big <Speech_Male> adjustments to its tightening <Speech_Male> policies. <Speech_Male> Those were the big lessons <Speech_Male> from the 2010s. <Speech_Male> But <Speech_Male> they weren't <Speech_Male> lessons that helped <Speech_Male> much to stem <Speech_Male> our <SpeakerChange> current <Speech_Male> inflationary <Speech_Music_Male> spiral. <Speech_Male> I think <Speech_Male> that they waited too long, <Speech_Male> Bill Nelson <Speech_Male> was high off at the <Speech_Male> fed during the taper <Speech_Male> tantrum. And <Speech_Male> today <Speech_Male> he thinks the fed <Speech_Male> has made a historic <Speech_Male> mistake. They <Speech_Male> should have realized they had such <Speech_Male> a long way to go that they <Speech_Male> really needed to get started. <Speech_Male> Bill Nelson's <Speech_Male> itemized list of <Speech_Male> why the fed <Speech_Male> was so slow to combat <Speech_Music_Male> inflation. <Speech_Music_Male> Next week. <Speech_Music_Male> <Speech_Music_Male> This <Speech_Male> episode was produced by Nikki <Speech_Male> willett and engineered <Speech_Male> by Robert Rodriguez. <Speech_Male> Catherine Yang checked <Speech_Male> the facts, our senior <Speech_Male> producer Viet Lake edited <Speech_Male> this episode. <Speech_Male> Canon is our editor <Speech_Male> and the indicator is a <Speech_Music_Male> <Advertisement> production of <SpeakerChange> NPR. <Silence> <Advertisement> <Silence> <Advertisement> <Speech_Music_Male> <Speech_Music_Male> <Speech_Male> It's Gregory Warner from <Speech_Male> the podcast rough <Speech_Male> translation. Portugal <Speech_Male> <SpeakerChange> is selling itself <Speech_Female> as a home for digital <Speech_Female> nomads. With the <Speech_Female> sun and the beaches <Speech_Male> and cheaper <Speech_Male> living. But <Speech_Male> can the country get past <Speech_Male> its own <SpeakerChange> toxic <Speech_Music_Female> workplace history? <Speech_Female> Trapped <Speech_Female> in this <SpeakerChange> dictatorship <Speech_Male> mentality. <Speech_Male> Listen to the new episode of the NPR podcast rough translation.
The Indicator from Planet Money
"jerome powell" Discussed on The Indicator from Planet Money
"To better understand the fed's thinking, we're going to start with what's called the taper tantrum. Ah, yes. The fabled taper tantrum. So bring your mind back to 2008. The height of the financial crisis, the fed had already brought short term interest rates down to zero, but the economy still needed a further nudge in the ribs, right? It needed more stimulus. And so the fed tried to do something new. It started to buy up what would eventually become trillions of dollars of assets to help drive down long-term interest rates. And this is what became known as quantitative easing or QE. So essentially the fed wanted interest rates really low. So it bought a bunch of bonds, which meant that those bonds didn't need high interest rates to attract buyers. And those low interest rates were intended to stimulate the economy. But quantitative easing was meant as a temporary measure, right? Something just to get the country through the 2008 crisis. And so several years later, by 2013, some members of the Federal Reserve board, which decides monetary policy, they were getting antsy. And one of the people on that board was Jerome Powell. So him and a couple of other buddies on the board said to Ben Bernanke, look, we got to get back to something closer to normal. We got a real in this bond buying. In a fed meeting in June 2013, drone Powell got even blinder, he acknowledged that, yes, no kind of action was risk free. But these are his actual words. We've got to jump. So he was meaning they need to get out of QE. And so that day because of that pressure that Jerome and his colleagues were putting on Bernanke, Bernanke walked over to his usual press conference in front of the reporters and the cameras. And he announced a scenario for slowing down QE purchases. For tapering off the buying of bonds. And just listen closely to this because this might be one of the most expensive sentences ever uttered in the 2010s. If the incoming data are broadly consistent with this forecast, the committee currently anticipates that it would be appropriate to moderate the monthly pace of purchases later this year. And if the sound so innocent and dull almost..
Bloomberg Radio New York
"jerome powell" Discussed on Bloomberg Radio New York
"From Bloomberg's European headquarters here in London I'm Caroline Hepburn with this Bloomberg radio business flash so it does look as if stock markets are now taking in their stride the hawkish comments of Jerome Powell yesterday that did mean that U.S. ten year treasury yields rose about three basis points and they continue to rise this morning one hour basis points on the ten year and curves remaining flatter that hawkish tilt from Powell putting aside the idea of inflation being transitory saying that perhaps it's time to retire that T word money markets now estimating a 50 50 chance of a may rate hike by the fed As for futures though this morning for the usual 50 futures they're up significantly up by 8 tenths of 1% S&P 500 even if futures also up by 9 tenths of 1% But do we just get more volatility in markets towards the end of this year with the worries around a quantum man saying the emergence of this mayor variant may hurt demand and confidence in the UK but sort of saying it's too soon to say what the Bank of England may do the remote dollar spot index though is a little bit softer the lira manages to rise this morning and gain certainly against the U.S. dollar around half of 1% despite it plunging to a new record low with Recep Tayyip Erdoğan vowing again to deliver markedly lower interest rates WTI crude futures up by 3% just over 3% and gold also bouncing higher 6 tenths of 1% That is an Uber radio business class Let's head over to glue basically and guarantee for all the latest in the world news footballing man Caroline good morning and thank you Let's start here in the UK where the house secretary believes it's likely vaccines remain effective.
The Breakdown with NLW
"jerome powell" Discussed on The Breakdown with NLW
"In tone. The transitory talk that is characterized so much of this year's discourse around inflation is all gone. Indeed, inflation features prominently at the centerpiece of the conversation now. Biden says that the nominees have the skills and tools to get it under control, and they are, quote, in a position to attack inflation from a position of strength, not weakness. To me, it seems pretty clear that the fed is using this nomination process 100% to pivot to a new narrative of anti inflation. The Bloomberg headline says as much, fed's Powell and brainerd stress U.S. inflation battle is priority. In his remarks, Powell said we know that high inflation takes a toll on families, especially those less able to meet the higher cost of essentials like food housing and transportation. We will use our tools both to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched. Stress the same thing, saying I'm committed to putting working Americans at the center of my work at the Federal Reserve. This means getting inflation down at a time when people are focused on their jobs and how far their paychecks will go. Like I said, a clear shift in narrative tone. But now to reactions on Wall Street Bloomberg rights Wall Street will head into the Thanksgiving holiday with one less worry. After president Joe Biden decided to nominate Jerome Powell for a second four year term as Federal Reserve chair. Ryan detrick, the chief marketing strategist for LPL financial said, although this decision likely wasn't an easy one for the president, this should be greeted positively for markets. We know what we will get from mister Powell. And this is one less worry now. Mark lassie, who's a billionaire hedge funder said, of course, everybody was relieved. The markets believe that he will do what is necessary to keep the markets calm and have them move forward. Keep in mind, that probably means being pretty dovish when it comes to interest rates. Still not all the signals from the markets are super clear. Alex Kruger writes yesterday, yields up Kerr flattening, inflation expectations, sharply down today, tips taking a big hit, financial strong, tech taking hit, heavy dispersion across stocks. Powell nomination reduces uncertainty which is bullish while the market is pricing in a more hawkish fed. When Kruger was asked if this was bullish or bearish, she said both, wrote ahead will be bumpy. Shallower upward slope and a bumpy ride. Nighting sponsors this podcast and they're helping banks, corporate treasuries and fintechs integrate Bitcoin into their products and balance sheets. See why Bitcoin means business at night dot com slash MLW. That's NY DIG dot com slash MLW..
Marketplace with Kai Ryssdal
"jerome powell" Discussed on Marketplace with Kai Ryssdal
"Black yard <Speech_Male> <Advertisement> farm collective. <Speech_Male> <Advertisement> I'm your Albany, <Speech_Music_Male> <Advertisement> New York. <Speech_Music_Male> <Advertisement> Thanks to I really appreciate <Speech_Music_Male> your time <SpeakerChange> and <Speech_Music_Male> your insights. Good luck on <Music> this one. <Music> Thank you. Thank you. <Music> <Advertisement> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Advertisement> <Music> <Advertisement> <Music> <Music> <Music> <Music> <Music> <SpeakerChange> <Speech_Music_Male> <Advertisement> <Speech_Music_Male> <Advertisement> This <Speech_Music_Male> <Advertisement> final note on the way out <Speech_Music_Male> <Advertisement> today in which the <Speech_Music_Male> <Advertisement> omens honestly <Speech_Music_Male> <Advertisement> are just <Speech_Male> too big to <Speech_Male> ignore. So we have told you <Speech_Male> right that El <Speech_Male> Salvador has made <Speech_Male> Bitcoin legal tender. <Speech_Male> There really <Speech_Male> leaning into crypto, <Speech_Male> so fine, they get <Speech_Male> to decide, but <Speech_Male> now there's this that <Speech_Male> country apparently is <Speech_Male> going to build a <Speech_Male> Bitcoin city <Speech_Male> to feature, <Speech_Male> said president <Speech_Male> bouquet, <Speech_Male> residential areas commercial <Speech_Male> services, museums, <Speech_Male> entertainment, bars, <Speech_Male> restaurants, airport, <Speech_Male> port rail, <Speech_Male> everything devoted <Speech_Male> to Bitcoin. <Speech_Male> That's a quote from him. And <Speech_Male> so far <Speech_Male> so good, but <Speech_Male> they're building the <Speech_Music_Male> thing at <Speech_Male> the foot of a <Silence> volcano. <Speech_Male> <Speech_Male> The what could possibly <Speech_Male> go wrong tag writes <Speech_Male> itself here, <Speech_Male> I will tell you, <Speech_Male> by the way, Bitcoin, <Speech_Male> down <Silence> 6% today, so <Speech_Male> there's that. <Speech_Male> All right, we gotta go, <Speech_Male> but here is your <Speech_Male> moment of economic <Speech_Male> context real quick <Speech_Male> on oil, <Speech_Male> West Texas intermediate, <Speech_Male> the U.S. benchmark. <Speech_Male> Down as <Speech_Male> low as 74.76 <Speech_Male> cents <Speech_Male> a barrel <Silence> today, the lowest level <Speech_Male> since <Speech_Male> way <Speech_Male> back on October <Speech_Male> the first. <Speech_Male> For the month, though, <Speech_Male> West Texas intermediate <Speech_Male> down 8%. <Speech_Music_Male> <Advertisement> <Speech_Music_Male> <Advertisement> So, <Speech_Music_Male> <Advertisement> you know, maybe <Speech_Music_Male> <Advertisement> relief at the pump? Maybe <Speech_Music_Male> <Advertisement> not? Who knows? <Speech_Male> <Advertisement> Our daily <Speech_Male> <Advertisement> production team includes <Speech_Male> uneasy. I mean, <Speech_Music_Male> <Advertisement> Andy Corbin, Richard <Speech_Music_Male> <Advertisement> Cunningham, Rihanna on <Speech_Music_Male> <Advertisement> horse, Sean mchenry, <Speech_Music_Male> <Advertisement> daisy palacios <Speech_Music_Male> <Advertisement> and minju park. <Speech_Music_Male> <Advertisement> I'm
Marketplace with Kai Ryssdal
"jerome powell" Discussed on Marketplace with Kai Ryssdal
"We'll have the details when we do the numbers..
CoinDesk Podcast Network
"jerome powell" Discussed on CoinDesk Podcast Network
"What if powell were to signal a taper. What would it actually be. It would likely be around bond purchases. I not anything having to do with interest rates but there are some on the fed that think that delta or not. that's exactly what we should be doing. Fed dallas president. Robert kaplan said that he thinks the fed should announce a taper of bond buying in september with implementation in october saint. Louis james bullard said that we should start the taper in the fall and end in q. One of twenty twenty two. Kansas city's esther george just said started this year. what's more blurred argued that the economy can handle it quote. Someone wall street seem to think. The numbers are rolling over on delta. I don't really know if we can say that yet but it will peak at some point. The main message here is the economy has learned to adapt to the pandemic. He also pointed to what he called an incipient housing bubble as a concern quote. There is some worry that we are doing more damage than helping with the asset purchases. Because there's an incipient housing bubble in the us your pricing low income people out of the market. I'm not sure that is what we want to do. We got into a lot of trouble in the mid two thousand by being too complacent about housing prices. So this was all this speculation. But powell gave his speech at ten. Am today virtually. And what did he actually say. Well it was basically exactly what the new consensus thought. Let's go through some quotes. And then what. They actually mean quote at the epilepsies recent july meeting. I was of the view as were most participants that if the economy evolved broadly as anticipated it be appropriate to start reducing the pace of asset purchases this year the intervening month has brought more progress in the form of a strong employment report for july but also the further spread of the delta variant. We will be carefully assessing incoming data and the evolving risks. So what does this actually mean. We were going to indicate that we were going to start to taper but now we're focused on delta as a reason that we might need to stay the course or at least be more cautious back to powell if a central bank titans policy in response to factors that. Turn out to be temporary. The main policy effects are likely to arrive. After the need has passed the ill-timed policy move unnecessarily slows hiring and other economic activity and pushes inflation lower than desired today with substantial slack remaining in the labor market and the pandemic continuing such a mistake could be particularly harmful. We know that extended periods of unemployment commune lasting harm to workers into the productive capacity of the economy. What does that actually mean. Well the non cynical read is that the fed is really truly obsessed and focused on the questions of the labor market and employment way more than questions of inflation. A cynical read is. Hey listen we learned our lesson from the taper tantrum. When y'all freaked out before the last time around back to powell the timing and pace of the coming reduction and asset purchases will not be intended to carry a direct signal regarding the timing of interest rate liftoff for which we have articulated at different and substantially more stringent tests even after our asset purchases and are elevated holdings of longer term securities will continue to support accommodative financial conditions. What does it mean. Even tapering won't really be a hawkish turn and tapering in the form of reduced bond purchases has implications for how fast they'll raise rates and finally one more big one around inflation quote. We've said that we will continue to hold the target range for the federal funds rate at its current level until the economy reaches conditions consistent with maximum employment and inflation has reached two percent and is on track to moderately exceed two percent. For some time. We have much ground to cover to reach. Maximum employment and time will tell whether we have reached two percent inflation on the sustainable basis. The unemployment rate has declined to five point. Four percent oppose pandemic low. But it's still much too high and the reported rate understates. The amount of labor market slack long-term unemployment remains elevated and the recovery and labor force. Participation has lagged well behind the rest of the labor market. It's worth noting that since the nineteen nineties inflation and many advanced economies has run somewhat below two percent even in good times the pattern of low inflation likely reflects sustained disinflationary forces including technology globalization and perhaps demographic factors as well as a stronger and more successful commitment by central banks to maintain price stability in the united states. Unemployment ran below four percent for about two years before the pandemic while inflation ran at or below two percent wages did move up across the spectrum a welcome development but not enough to lift price inflation consistently to two percent while the underlying global disinflationary factors are likely to evolve over time. There is little reason to think that they have suddenly reversed or abated. It seems more likely that they will continue to weigh on inflation. As the pandemic passes into history. So what does this actually mean. Well we frequently discussed on the show. The arguments about inflation or disinflation being the dominant economic modality of our time. The inflation argument rests on the idea that structurally the debts the us and other governments carry will force them to either default on those debts or inflate them away. The disinflation ideas focused on long-term structural forces such as technology demographics etc. The drive prices down over time. We spend so much time examining the day to day month to month. Language of powell. That many haven't really examined his larger belief set. It seems pretty clear that he is firmly in that structural disinflation camp. What does that mean. It means in the short term. Nothing is changing the cheap money party continues unabated at least for now moreover it means that there are multiple reasons both from the focus on unemployment and the long-term disinflation belief. That seemed to point pretty clearly to this being just business as usual regardless of the pandemic status so for those of us buying assets denominated in usd. Let the good times roll. Hope you're headed off to a great weekend guys. I appreciate you listening as always until tomorrow be safe and take care of each other piece..
WSJ What's News
"jerome powell" Discussed on WSJ What's News
"Chairman jerome powell unveiled a new strategy a year ago in which the central bank would keep interest rates lower for longer since that time. We've seen the biggest inflation. Spike in decades with consumer prices rising five point four percent in july from a year earlier. So what should we expect to hear. From fed policymakers for some insight into the thinking at the fed we're joined by our chief economics correspondent nick. Tim rose nick. It's always good to have you here. It's great to be here mark nick. This conference begins when we're starting to see the impact of the delta variant in some parts of the economy such as travel for example. What's the feds outlook for the impact of delta on the economy. That's actually going to be a big question. Perhaps that chair powell will answer in his remarks on friday. I don't think anybody expects a sweeping policy change in the meeting. But it's kind of a case in point of the impact of delta a week ago. The kansas city fed which hosts this conference was planning to do it. In person they were requiring vaccinations for all attendees and late. last week. On friday afternoon The kansas city fed announced that they would scrap the in person conference and that they would do all virtual format which they did last year. So it's going to be hard for the fed to completely dismiss the impact of delta after the july meeting of the rate-setting committee chair pal did say that. The fed thought each successive wave of virus infections was having less and less of an impact on economic activity because we are learning to live with this thing. But it'll be interesting to see whether he modifies that view at all in his remarks on friday and so from your conversations with your sources is an interest rate hike announcement even on the table. No an interest rate hike discussion is not something that the fed is having right now. It's not something that they will talk about this year It's it's something that some members of the committee want to talk about for next year but what is on the table right now is something else. The fed has been buying one hundred twenty billion dollars a month of long term assets which is a way that they provide stimulus to the economy. Once they've already pushed interest rates down to zero and the question right now is one will. They begin to reduce the monthly pace of those hundred twenty billion dollars a month in purchases. What they call tapering. Those purchases and that is alive discussion The fed in their meeting last month. Talked about reducing our tapering. The purchases at some point this year and so there's a question as to whether they will signal that more strongly their september meeting next month. That's their next scheduled meeting or whether they will do something later in the year at their meetings in november or december and along those lines. What are some of the arguments that we may hear from the kansas city meeting and even beyond to tighten policy. Well there are two general camps one that says look The economy right now is being hit by supply shocks and so that's what's slowing growth and pushing down mortgage rates and encouraging people to go buy cars when prices are going up because builders can't build enough they don't have the materials they need when there's a shortage of semiconductors that are holding back that's holding back car production we really don't need to stimulate demand right now with these asset purchases and in fact a number of officials on the committee think that the purchases may be doing more harm than good then. There's another campus says. Well no we said we would continue these purchases until the economy made substantial further progress towards our employment and inflation goals and the labor market still needs to heal. And so we need to. We need to do what we said we would do. And continue with these purchases and so the trick for chair. Powell here is to find a consensus where he keeps enough people in both camps. Happy enough with the path forward and nick. Obviously economists are weighing in on this. But what about the white house itself. Does the biden administration see. Eye to eye with the chairman's approach. I mean it's still not known if he will be asked to return for a second term so far. The fed has really stuck to this view. Chair pal stuck to the view that these inflation pressures should reverse themselves over the next year. I think the fed has probably changed. Its view that originally. They were suggesting that this might be resolved in a matter of months. And they've backed away from that and that matches what the biden administration has been saying to. So there isn't any daylight so far on the inflation outlook between the fed chair in the white house and you know the more uncertain things get in the world. You look at what's happening in afghanistan and all the other problems that vitamin nistration has to deal with that would argue probably at the margins for maintaining the status quo with the fed chair who remains popular with both parties for the most part on capitol hill and in the markets. But it's not something that has been decided and it's not clear that president biden is going to make a decision until later in the fall There's a big fight coming on the debt limit. And it's possible that that doesn't get resolved until october and so that may push any decision on the fed chair and the other open positions Into october november. Nick tim rose thank you. We'll look forward to your reporting. Thanks so much. Mark.
WSJ What's News
"jerome powell" Discussed on WSJ What's News
"No a closer look at the future of federal reserve. Chairman jerome powell. His four year term expires in february and president biden will have to decide whether to reappoint him or choose. A replacement powell. Republican shows in by president trump is viewed by some inside and outside the administration as the front runner for the job but president biden may prefer pick of his own. Let's talk about the people and the politics involved with our chief. Economics correspondent nick. Tim rose i nick. It's good to have you here. It's good to be here okay. So nick let's start with the man in the chair right now. Jerome powell tell me how is he perceived. What do people make of his time in the job. Powell is generally perceived. Well people like the way. The fed handled the response to the pandemic last year. There was a nearly a financial crisis. But we don't really realize that because the fed acted so boldly and quickly people like the way that he handled all the insults from donald trump and didn't really engage in a fight and on the left democrats like a shift. The fed has made in its rate-setting framework that emphasizes lower unemployment and has a little bit more tolerance for higher inflation. That's a change from how. The fed used to operate the main criticism. Powell doesn't come from democrats at comes from republicans who say the fed isn't concerned enough about inflation. But if you're joe biden right now. The fed is your friend and their policy of not getting overly concerned about inflation. It syncs up pretty well. With what the white house wants. So that creates less incentive for the white house to change horses with all of that said given his respect by both parties to an extent why even consider replacing him. well some democrats. Don't like powell. Some democrats think there be a more diversity across the government and that having a republican white male fed chair just isn't isn't appropriate in this in a democratic administration. He has left some people flat with his policies on bank regulation. They think he's been too weak or too easy on the banks and then there's some people in the democratic party who want the fed to play a more muscular role on climate change. Which powell really hasn't been willing to do because he thinks that is probably too far outside of the fed's mandate So for those reasons There will be some On the progressive side of the party who want biden to put somebody new at the fed so president biden could decide to bring someone in to replace. Nick who is on the list the candidate that represents the most continuity with powell's policies and that would give progressives some of the other things we've talked about would be a sitting fed governor lael brainard. She's been on the seven member board of governors of the fed's since two thousand fourteen. She's an economist. Who worked in the obama administration the treasury department and she's also very well regarded so she's at the top of the list of people to replace powell when you get past her. You run into this challenge of. You're taking a risk if you put somebody new at the fed markets usually. You're going to. It's going to take them some getting used to a new fed chair. And they're going to have questions if it's somebody who isn't who doesn't mark clear continuity with this leadership. They're going to say well as the fed changing its view about inflation as the fed changing its view about this new framework that it adopted. And so there's a risk. There and nick trade-offs aside if president biden does decide to pursue. Change there'd be obstacles. Well the other issue is that powell is popular with lawmakers so he could probably get many republicans to vote for him and the good number democrats. You need fifty senators. And most people think powell could get anywhere between sixty five and eighty votes Then there's also the issue again of having credibility in the markets and assuring markets that on the one hand you're not going to overreact to inflation But you're also not going to let it get out of control and so you know those those are the risks and there is a reason that presidents have typically reappointed a sitting fed chair Even even if that person is from the other party. Bill clinton reappointed alan greenspan. Twice barack obama reappointed been banenky. Donald trump broke that precedent in two thousand eighteen when he decided not to keep janet yellen and he put jpl in charge of the fed but markets price stability and so presidents usually make a calculus says. If the person who's there has been doing a good job you know. Let's give them a second term. Nick tim rose. I always get to talk to you. Thanks for the conversation. Thanks for having me and finally have you ever wondered why you see certain content when you're online typically it's because an algorithm has looked at a whole lot of data about you and is showing you what it things you want to see. We've been looking at one company in particular tick-tock the journals personal tech columnist. Joanna stern has been digging into this tick-tock says that shares likes follows searches. And what you watch all play a role in what the app shows you. But we found that tick-tock really just needs one of those which is how long you watch a piece of content to figure you out. And i think that is surprising to many people. There used to an app like instagram or facebook. learning more about them on what. They've searched for who they follow what apps they have on their phone. They're sort of this big tracking ecosystem but tick-tock doesn't seem to need any of that. It just needs what you watch..