36 Burst results for "Jerome Powell"
Fresh update on "jerome powell" discussed on WTOP 24 Hour News
"Money news at 25 and 55. Here's bank rate. How do we rate the risk of a recession? I'm Mark Hamrick with a bank rate dot com, personal finance management. As we began the year, the risks of recession were with us, but now those risks are seen substantially higher than before. Economists taking part in bank rates latest quarterly economic indicator survey collectively put the odds of recession in the next 12 to 18 months at 50 50. That's up from just three months ago when they put those odds at one in three. Recessions are a bit like an illness while the economy when we had a deep down turd associated with the great financial crisis and housing market collapse. That nearly took the U.S. financial system down with it. The official unemployment rate topped out at 10%. So if there's a recession on the horizon, we don't know exactly what it will look like this time Federal Reserve chairman Jerome Powell, leading the charge to higher interest rates to battle inflation, has said that a recession can be avoided here. But the risks have risen individuals need to think about how they might adjust their personal finances and whether they're prepared. For more, check out by great dot com. I'm Mark. Coming up after traffic and weather 8 officers and Akron Ohio are on paid leave as officials investigate the shooting death of an unarmed black man during a traffic stop. It's one 56. Carry to full term as a nonprofit that provides long-term housing to pregnant women and children experiencing homelessness. Our two year program located in haymarket, Virginia, gives families time to acquire the necessary skills to become independent and self sufficient. We do this through continuing
Fed Chief Jerome Powell Sounds Out of Touch With Reality
"Anyway, I want to get to what some of our leaders, economic leaders are saying about our economy right now because news today that the things are even worse than we thought for the first quarter. But you wouldn't believe it by listening to the tone of Jerome Powell. So the U.S. economy is actually in pretty strong shape. So if you look back a year, the U.S. economy grew more than 5 and a half percent. It was really the big reopening here. And so we had expected this year to be that growth would moderate to a more sustainable path. We also, of course, are raising interest rates in the aim of that is to slow growth down so that supply will have a chance to catch up. We hope that growth can still remain positive. But so if you look at the strength of the economy, households are in very strong financial shape, they've still got a lot of excess savings from forced saving from. Really? Jerome Powell thinks we're in pretty strong good shape. I mean, I would just point out that the loose GDP figure came in down 1.6% worse than people thought it was in the first quarter. We'll see where the second quarter winds up. You know, they revise and they revise and they revise and by the time all the revisions are done, I do believe that you may see two quarters of negative growth. And a lot of this, we can actually pin right back on Jerome Powell because in my estimation, the Federal Reserve was printing way too much money for way too long and brought a lot of this on themselves. In fact, the economists found blinder had a good piece in today's Wall Street Journal about those of course he was defending the Biden administration saying, not their fault, not their fault. I actually do believe it is in part their fault, plenty of blame to go around here, but he made the point that the fed just was too late. You know, too little too late. This is always the story with the Federal Reserve.
Desperate Dems Try to Reinvent the Reasons for Our Current Inflation
"Moment. I got to start first here with the I mean, it's unbelievable. They had an agenda, very clearly an agenda. They want the American people to know, not our fault. You know what we did what we had to do. And hey, at least we're better off than Latvia. They're going around the world and they're making all these comparisons and they just want to say, look, we're the prettiest girl at the dance. Despite the fact that we've got so much debt and we're now in an environment with so much of inflation, 8.6%, and now the fed is going to aggressively have to raise rates, raise rates, raise rates, which will cause a pullback. We're already in one. You heard me the other day. We are in a recession. Anyway, nobody wants to admit that certainly not the administration. They call it transition, as I told you yesterday, the R word is out, and this is the kind of rhetoric we got from our lawmakers, members of Congress on Capitol Hill, take a listen. Of course, during the crises that we had, we had to do certain things, you know, stimulus and other things to make sure that we kept our economy stable. Without doing those things, we would have been in trouble. So the things that we did, going through COVID, the stimulus, trying to make sure people kept their jobs or kept money coming in at the time was what we had to do, otherwise we would have been in worse shape or not have a strong economy because we have now compared to other countries. Is that not correct? Yes, I would say this way that our inflation is a consequence of very strong demand in part driven by supply by what Congress did to support activity in part driven, but also. But that helps stabilize our economy at that time, right? It did. And if we did not do those things, our economy may not be as strong as it is right now. That's right. That's correct. All right. So strong. You see, you see where this is going. He's going to get himself in trouble there, because the whole idea is we're going to lead you up to this. You have to say, not our fault, not our fault. And then Jerome Powell, our fed chairman, kind of goof, because he said yes, you know, I'd agree actually that part of the inflation we have now is because of what Congress
The Federal Reserve Blames 'Demand' for Inflation
"Gold matters right now, especially when you have a Federal Reserve that is blaming somehow, gosh, that darn American consumer and all their demand and all those supply chain crises for the problems we have now. Forget about their money printing. No, no, no. That has nothing to do with it, right? Here's Jerome Powell, speaking on Capitol Hill today. There are principally at work here. You couldn't get this kind of high inflation without strong demand and you certainly couldn't get it without the kind of supply issues that we've had. Both in the labor market reflected in high wages and then in the goods market reflected in what's happened with durable goods and cars in particular you look there, there's been this driven by semiconductor shortage. Thank you, chair, pal. Okay. So it's all that demand. Look, I get it. The demand is out there, right? We knew the demand was going to be out there. For goodness 6 people were staying home. You know, for like a year. And change. They were staying home. They weren't going anywhere, of course. They had money saved and money to spend. So you knew that demand was going to happen. Let's not kid ourselves. Inflation was never transitory. It was always starting to get baked in as I kept saying, over and over and over again. And what helped to get baked in, it helped that the Federal Reserve was artificially suppressing interest rates for so long and pumping all this money a $120 billion a month into our economy. That has consequences. So now, the chairman of the Federal Reserve is saying, well, you know, we're serious. We mean business. We are going to fight this and we're going to fight this by continuing to high grades. Well, what happens when that goes down? It means money gets sucked out of the economy. It means that you pay more for your mortgage. Already, mortgages are up over 5% right now. Biggest increase in many, many decades. Like overnight.
Jerome Powell: Inflation Was High Before the Russia-Ukraine War
"But I give you the fed chair. This is the chairman of the Federal Reserve. This is Biden's fed chair, Jerome Powell. Talking to Tennessee Republican senator Bill haggerty. Given how inflation is escalated over the past 18 months, would you say that the war in Ukraine is the primary driver of inflation in America? No, inflation was high before certainly before the war in Ukraine broke up. I'm glad to hear you say that the Biden administration seems to be intent on deflecting blame. And as recently as just this past Sunday, spread the misinformation that Putin's invasion of Ukraine is the biggest single driver of inflation. I'm glad you agree with me that that is not the truth. It is not the truth. Thank you, Federal Reserve chairman pal for confirming that the Biden administration is lying. They are lying. This isn't these aren't political campaigns. These are people's lives.
Powell: Fed will decide on rate hikes 'meeting by meeting'
"Federal Reserve chair Jerome Powell is underscoring the fed's determination to slow inflation Price pressures have spread to a broad range of goods and services Addressing the Senate banking committee Jerome Powell says the Central Bank is keenly aware of the problems dogging the U.S. economy as it struggles to recover from the pandemic We understand the hardship that high inflation is causing We are strongly committed to bringing inflation back down Powell came under fire from both sides of the aisle senator Elizabeth Warren got the fed chair to acknowledge that raising interest rates won't reduce gas or food prices Rate hikes won't make Vladimir Putin turn his tanks around and leave Ukraine After blaming President Biden's $1.9 trillion stimulus package for exacerbating inflation senator Tom tillis is North Carolina accused Paolo of taking too long to raise rates The fed is largely boxed itself in to a menu of purely reactive policy measures Jennifer King Washington
"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.
Treasury Secretary "recession not inevitable"
"The treasury secretary addresses the possibility of a recession There it is that R word again I don't think a recession is at all it 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
The Fed Is Desperately Trying to Manage Inflation
"Let me get to this fed move that frankly is just too little too late. Typical typical typical Federal Reserve. This particular fed, however, I'm really, really, really, let me be nice. Let me just say I'm disenchanted with them. Let me not be so nice and just say I'm pretty disgusted with them because they had every opportunity in the world to fix this and they never took it. And I'm not sure why. I'm not sure why Jerome Powell would have allowed inflation to go so unchecked and tried to make a swallow this idea that it was somehow transitory. Transitory my, you know what, okay? I'm sorry. But inflation is now embedded in our economy. And yes, I get it. There's external factors going on, but let's still get back to basics. First of all, in terms of energy prices, right? And we've been through this, even though Joe, thanks. Even though the president thinks somehow it's just a conspiracy against him and everyday Americans buy big oil, the reality is he did this himself, okay? Bad policy on the energy front. And then you have other factors that went into it. He pumped so much money into the economy by the way, the $1.9 trillion stimulus. All that money. Plus his big stimulus check that one in the mail as soon as he got to office. I mean, my goodness. Meanwhile, Jerome Powell, he saw that happening. So what the heck was he doing still printing money? I mean, talking about just overkill. It was so obvious what was happening all the data was there. We saw the inflation, all the numbers were ticking higher and they sat there and said transitory transit Dory transitory. You know what I don't believe in anything these guys
Warning: Biden Threatens Venezuelan-Style Socialism
"That one plus one is two. Unbelievable hello, everyone, welcome to the Trish Regan show. We're going to talk about that today. Plus, we get to talk about the Federal Reserve and these rate hikes and what it's going to mean for the markets. What it's going to mean for the economy. I think Democrats have figured out meanwhile they can't run Joe. There's no way no how they can run Joe Biden because of the economic disaster that we are in. I also have a warning for you today because I believe we are already in recession. We're going to get to all of that a quick reminder portions of today's program were brought to you by legacy precious metals. There's never been a better time to invest in precious metals than right now given all this inflation that's here and not going away no matter what the photo reserve does. So take a look at legacy p.m. investment dot com today. Again, that's legacy p.m. investments dot com. We'll talk a little bit more about gold and investing coming up. But first of all, this news from Joe Biden because this one takes the cake. I'm sorry, I get that yes, screw that. I get that Janet Yellen who frankly should have known better as your treasury secretary. She screwed up. And I get that Jerome Powell screwed up. I mean, it's sort of amazing given the so called training these people have in economics that they didn't see the handwriting on the wall. I mean, I've been sitting here telling you for almost two years now, we would see major, major inflation double digit inflation, which of course we've gotten wholesale prices again this week and 8.6%, 8.3% now in terms of consumer prices, it is outrageous. Well, his answer to it all is to effectively just take over the oil companies, right? That's what a good socialist does, I guess. Only it hasn't worked so well in the past. I mean,
"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.
"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.
"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..
Federal Reserve raises benchmark interest rate 0.75% as it tries to calm inflation
"The Federal Reserve has approved a big interest rate hike The three quarters of a point increase is the largest in nearly three decades We thought that strong action was warranted at this meeting and today we delivered that Inflation has reached a four decade high Chair Jerome Powell says the big rate hike is a sign it struggling to curb the pace and persistence of inflation Inflation has obviously surprised to the upside over the past year and further surprises could be in store Inflation has shot to the top of voter concerns leading up to Congress midterm elections raising the likelihood of democratic losses in
What Happens When Arrogant Leaders Ruin a Stable Economy?
"Donald Trump lived as a realist. He lived in a world that was anchored by the laws of physics by the laws of mathematics by the laws of biology. Now, mind you, most of you also live in that world. Whether you are a Carpenter or a mechanic, an accountant, most of our audience, all of you have to live by certain truths. Whereas the Democrat party is ruled by people that don't have to live by those truths. Janet Yellen being one of them. Jerome Powell, being another. They don't have to live by the laws of nature and nature's God. Money is nothing more than a construct, gender is nothing more than a colonialist oppression tradition. One of the reasons why Donald Trump was able to create such a booming economies, yes, of course, he was a businessman, but he also knew bad ideas when he saw them. Like, wait a second, we can create money out of thin air. That doesn't make any sense. We keep on offshoring manufacturing in China, that doesn't make any sense. He had what is the word that defines good leaders prudence. I believe Ron DeSantis has prudence as well. Comes from a Greek word, which means prudentia now what you have right now though is a very dangerous combination running The White House. Is you have a arrogant, ignorant, ideological crusade, being basically deploying on America and America is the experiment. America right now is the experiment of how far can ideology take you. So ideology, especially if it's rooted in the belief that nature is not stable. Will very quickly and rapidly destroy your civilization. So what should concern all of us is that these radical ideas started to get inserted into the zeitgeist, which really is the spirit of the times, when our economy was booming. Now that we're getting to an unstable point, I think that we're going to start to see even more radical ideas, our job as conservatives hopefully take people back to reality and anchor them to truth,
Eurozone Inflation Hits Fresh Peak as More Energy Sanctions Loom
"Inflation is not just an American problem these days surging to a record in Europe I'm Ben Thomas with the latest numbers The European Union's statistics agency says annual inflation in the 19 countries that use the Euro hit 8.1% in May amidst surging energy and food costs It's the highest since record keeping for the Euro began in 1997 energy prices jumped more than 39% highlighting how Russia's war in Ukraine and the global energy crunch that's come with it are making life more expensive for the Eurozone's 343 million people Meantime inflation will be at the top of the agenda when President Biden and Federal Reserve chair Jerome Powell meet today their first meeting since the Senate confirmed Powell to a second term
Biden to meet Fed chair as inflation bites pocketbooks
"The president will meet with Federal Reserve chairman Jerome Powell as soaring prices take a bite out of the pandemic recovery President Biden will be meeting with the chair of the Federal Reserve system's board of governors for the first time since Jerome Powell was confirmed by the Senate for a second term The White House says they'll discuss the state of the U.S. and global economy and especially inflation which the commerce department reports was running at 6.3% in April Powell has signaled that the fed is likely to raise its key short term interest rate by a half point in both June and July to slow borrowing and pull the economy rising prices especially for gas have become a political problem for Biden and the Democrats and financial markets are worried about whether the fed can control inflation without tipping the biggest global economy into recession Jennifer King Washington
The Excessive Printing of Money Will Come Back to Haunt Us All
"So Tricia, I think what you're saying is that this is a little bit like, you know, letting your pressing down on the accelerator. That's the printing of the money. And then in the fed realizes we need to put the break on this and the way they do that is by raising interest rates, but you're saying if they do that too aggressively, the economy will plunge into a recession is that's the pain you're talking about, right? So what is called for here is a certain kind of fed discipline, but you're saying we can't trust the fed to do that because they seem to be more of a political animal than an organization that is focused merely on their economic responsibilities. Well, he got his second term, right? So hopefully he's trying to be more vigilant, hopefully he's trying to do what's right, and I'm talking about Jerome Powell for the overall economy, but look, I mean, they never should have done what they did. I give Larry summer's credit. Now, Larry summers is not exactly one to come out and criticize many Democrat administrations, considering he worked for two of them. Former treasury secretary under Clinton, former head of the national economic council, under Obama. So Larry summers actually, and he was ripped apart by his party, warned of exactly this. He said, look guys, you know what? You're printing too much money and it's going to come back to haunt you and chances are you're going to overreact as you try to rein in inflation and that will 85% chance for sure we get a recession. Here and into next, I think you're going to see more downside in the market. It's logical, people don't have as much money. They're spending it all on food and energy
The Market Recovered on Monday, But Will It Stick?
"I want to turn to the market right now because the market did recover thankfully on Monday and trading, but I'm not convinced that it's going to stick. And I'm not convinced it's going to stick in part because of all these inflationary concerns. We've got going on. Look, the Federal Reserve, a day late, a dollar short typical. They could have done more. They should have done more. I wonder if Joe Jerome Powell was just too interested in keeping his job, right? Don't forget he was up for renewal. Maybe he wanted to just get, you know, another posting and figured if I'm out there upping rates and cutting back on quantitative easing money printing, maybe I won't get renewed. Maybe they'll give it to that gal. Leo brainard, who I think probably, you know, should have gotten it. I sure as heck hope that she would have been a lot smarter than Jerome Powell, because Jerome Powell, and he's not entirely responsible. I realize it's a board of governors, but he should have been leading more because all the evidence was there. We were going to have mass inflation, and yet he allowed it to go on, maybe because of this appointment, but he will go down in history now. I suspect, as the worst fed chief
Senate confirms Powell for 2nd term as Fed fights inflation
"The the the the Senate Senate Senate Senate has has has has confirmed confirmed confirmed confirmed Jerome Jerome Jerome Jerome Powell Powell Powell Powell for for for for a a a a second second second second four four four four year year year year term term term term as as as as federal federal federal federal reserve reserve reserve reserve chair chair chair chair I'm I'm I'm I'm bad bad bad bad Thomas Thomas Thomas Thomas with with with with the the the the latest latest latest latest on on on on this this this this vote vote vote vote the the the the yeas yeas yeas yeas are are are are AT AT AT AT the the the the nays nays nays nays nineteen nineteen nineteen nineteen and and and and the the the the nomination nomination nomination nomination is is is is confirmed confirmed confirmed confirmed the the the the final final final final tally tally tally tally overwhelmingly overwhelmingly overwhelmingly overwhelmingly bipartisan bipartisan bipartisan bipartisan the the the the eighty eighty eighty eighty to to to to nineteen nineteen nineteen nineteen vote vote vote vote reflecting reflecting reflecting reflecting broad broad broad broad support support support support for for for for not not not not only only only only Jerome Jerome Jerome Jerome Powell Powell Powell Powell but but but but the the the the fence fence fence fence drive drive drive drive to to to to combat combat combat combat surging surging surging surging prices prices prices prices through through through through a a a a series series series series of of of of sharp sharp sharp sharp interest interest interest interest rate rate rate rate hikes hikes hikes hikes that that that that could could could could extend extend extend extend well well well well into into into into next next next next year year year year the the the the fed's fed's fed's fed's goal goal goal goal is is is is to to to to slow slow slow slow borrowing borrowing borrowing borrowing and and and and spending spending spending spending enough enough enough enough to to to to ease ease ease ease inflation inflation inflation inflation which which which which is is is is at at at at its its its its highest highest highest highest in in in in four four four four decades decades decades decades most most most most Republicans Republicans Republicans Republicans blame blame blame blame president president president president Biden's Biden's Biden's Biden's one one one one point point point point nine nine nine nine trillion trillion trillion trillion dollar dollar dollar dollar cope cope cope cope with with with with relief relief relief relief package package package package for for for for it it it it rather rather rather rather than than than than the the the the fed's fed's fed's fed's ultralow ultralow ultralow ultralow interest interest interest interest rates rates rates rates but but but but many many many many economists economists economists economists have have have have criticized criticized criticized criticized the the the the fed fed fed fed for for for for waiting waiting waiting waiting too too too too long long long long to to to to respond respond respond respond to to to to worsening worsening worsening worsening inflation inflation inflation inflation making making making making taming taming taming taming it it it it harder harder harder harder and and and and riskier riskier riskier riskier Ben Ben Ben Ben Thomas Thomas Thomas Thomas Washington Washington Washington Washington
Fed Raises Interest Rates by 0.50%, Largest Move Since 2000
"Okay, turning to this market right now. Absolutely slammed as investors have a chance to digest the news of the Federal Reserve raising rates. Now, in Wednesday's session, when they got the news, of course, of the half point rate hike, they figured, okay, you know, we can handle this. He did say, after all, Jerome Powell said, I'm not looking at a 75 basis point hike. I'm just looking at 50 basis points. For the foreseeable future and they rejoiced on that was a little bit of a relief rally. You know, everybody's like, okay, well, now we have some predictability. They did exactly what we thought they were going to do. And they're not going to raise at least not so far as we know by 75 basis points. So that's what happened on Wednesday. And then all of a sudden, investors had a chance to really think through everything that's going on, which is what I keep saying, and you can't continue to have such exceptional earnings for so many of these companies when the fed is pulling, pulling back, right? When you're not buying up mortgage backed securities, you're not buying treasuries to the extent that they were when you're not leaving rates so low money becomes more expensive and when money becomes more expensive, there's less of it to go around. It has more value, right? That's how you cut down on the inflation, but there's less of it out there. And when there's less of it to go around, it does increase in value, but you are going to see a pullback most likely in spending. That's if they get this
The Fed Raises Rates by Half a Percentage Point
"All right ladies and gentlemen the fed CNBC has raised rates by half of a percentage point That is the biggest hike in 20 years to fight inflation So rates are going up inflation is going up the value of money is going down The value of your salary other forms of income your pension going down the supply chain has been damaged by inflation and Biden and company You're starting to see more shortages on the shelves The war on fossil fuels and capitalism has had an effect because as we talked about the other evening fossil fuels are everywhere Not just in your vehicle not just heating your home or cooling your home Virtually all material Used to build your home packaging cardboard paper assembly lines tractors harvesting wheat on and on and on The Federal Reserve increased its benchmark interest rate by half a percentage point in line with market expectations The rate move is the largest since 2000 and is in response to burgeoning inflation pressures Federal chairman Jerome Powell the fed chair underlying the commitment to bringing inflation down but indicated that raising rates by 75 basis point at this time is not something the committee is actively considering They raised it by 50 This is a big deal
Economists See Increasing Possibility of a Recession
"Start first with this kind of schizophrenic market. I mean, I think that's the best way to describe it, right? This is like a form of schizophrenia here because the markets are suddenly higher despite a lot of the bearish signals that we've seen and both from tech companies and their earnings. You've seen bank reports, Deutsche Bank, recent one this week coming out warning of a major recession. We got the GDP report today, showing that the U.S. economy declined by 1.4%. And as I said, you get two quarters of that, and that is the definition of recession, two quarters of consecutive losses in growth, negative growth. But people seem encouraged and part of that reason may be maybe that they're thinking, well, the fed really can't do what it wants to do, right? I mean, the fed is not really going to be able to raise rates the way perhaps it had hoped in light of the negative numbers on GDP. It's also possible that they're looking at some of the consumer spending numbers and saying, well, you know, consumers seem to be holding up, okay? So maybe we'll get through this. I will say this, if Jerome Powell can pull this off, if we can avoid a recession, then he will go down as the greatest fed magician in history.
"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.
"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..
"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
"jerome powell" Discussed on Marketplace with Kai Ryssdal
"We'll have the details when we do the numbers..
"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..
"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.
"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..
"jerome powell" Discussed on KDWN 720AM
"All police departments activities. It's the country just so there where there's transparent. What's going on? I would also make sure that I elevate the Justice Department. I should be. The civil rights division have a direct office with inside the White House. Most of all, I would have an attorney general who understood his oath of office, not ajoke Attorney general his oath of office that in fact could do and move on what the professionals in the department thought had to be pursued, but I could ask the following questions. If, in fact you get elected. Would you prosecute Trump? Jude pursue prosecuting Trump. The answer is I'm not gonna pursue prosecuting anyway. I'm going to do with the Justice Department says it should be done. Biden's visit was his first to North Carolina since he campaigned there during the Democratic primary this past spring. On the stump today, Vice President Mike Pence and President Trump's daughter Ivanka traveled to Minneapolis that to show solidarity with the police union there, as the Trump campaign pushes is law and order message on the campaign trail. Fed chair Jerome Powell on Wednesday defending the reserves efforts to support the economy during the pandemic induced recession from assertions that its programs bungled aspects of its response House subcommittee releasing a staff analysis that found a program in which the Fed bought corporate bonds to try to support company struggling during the pandemic. It included buying bonds from companies that laid off more than a million workers since March of the report, concluding that 383 companies whose bonds were bought by the Fed had continued to pay dividends to shareholders with 95 of those companies also laying off workers. And as the Trump Administration moves toward anti trust action against search giant Google, it's campaigning to enlist support from sympathetic state attorneys general The president pushing his campaigning is big tech Wednesday, touting curbs on legal protections for social media platforms he denounces is biased against conservative views. Anticipated lawsuit against Google by the DOJ could be the government's biggest legal offensive to protect competition. Of the groundbreaking case against Microsoft almost two decades ago, lawmakers and consumer advocates accused Google of abusing its dominance in online search and advertising to stifle competition. I'll forget you can take us with you. Wherever you go. Download the tac stream. Live free Mobile app. Reach out to yours. Truly. Anytime on social Media, Twitter or Facebook, Matt Ray talk. Use the hashtag fn And, of course follow the show on Twitter too.
"jerome powell" Discussed on KFI AM 640
"Hand of Jerome Powell to continue cutting interest rates in twenty twenty creating more monetary stimulus for the economy and potentially helping him get reelected that Jeffrey good luck is it is not a he's a big is one of the biggest bears on Wall Street he controls about a hundred and fifty billion dollars in a bond fund has come out today and said that he had projected seventy five percent chance of recession in twenty twenty he's now dropped out to forty percent and what that tells me is going forward I think the economy is strong and club is getting what he wants from it as he heads to the twenty twenty election well a lot of people are baffled by the strength of the market overall still John so you might be right on the Japanese man it took you always been arrested after ringing a phone company twenty fourth thousand times to complain that they had violated his contract Tokyo police took the seventy one year old man into custody last week after you made hundreds of toll free calls over eight days to the customer service section of the major telephone operator out that way but this could be the tip of the iceberg with media outlets reported that he also made thousands of more calls from public pay phones to voice his displeasure with the company and insults customer staff she east well the average TV viewer will watch an astounding seventy eight thousand seven hundred hours of programming movies sports news except or in their lifetime that's a whole lot of screen time that may have been better spent on some more productive endeavors they say but on a day to day basis the average adult watches television for three and a half hours amounting to twelve twelve hundred forty eight hours every year your smartphone millions of smart TV's sitting in your living room family rooms are vulnerable to hackers around taking control and they could be tracking the households personal viewing habits much more closely than the owners realize according to a new Consumer Reports investigation what are they really want and they want to know what you're watching let's check with our expert on the internet Lauren Weinstein these things are too smart Lorne well you know we we got it back up but a little bit here first off these these hacking reports of it in my opinion our our overflow of a starting point I I know what these are I know what the warnings are that keep coming out of the vast majority of them would require an attacker on your local network which basically means in your home in most cases and while it's possible you might download that app and that that might contaminate other parts of your of your network and such if your network has that kind of order Billy you you probably have more things to worry about the the the television by and large the real controversy now is with the kind of monitoring that stuff about the it we we sort of reached the point now where a list you have just the TV that's not connected to the internet and you're just using a TV a teller watching DVDs for each something is going to know what you're watching and and that and it was the real question is not so much is that data be collected but of course collecting it what it's being collected for how long they're holding onto it what they do with it at some point though you have to realize that because we have moved into a streaming environment more and more of the cord cutting and by these systems can't work at all as well the systems know what you're watching because you have to tell them what you want to watch right that's right six you have to tell us in the west like you're saying right yeah by definition they now know you're watching that movie and so basically anytime you use streaming boxes streaming apps anything like that those services are going to know what you're watching and it's a question of what what they're gonna do with that information usually it's just for for statistical purposes of more and more now it's for targeted advertising if you have a smart TV which is part of and all of the data collection for for TV's is part of the reason that the prices of some of these big TV's has corrupt so much would you compare that with just a few years ago basically the advertisers are underwriting the cost of the television exactly the data itself is very valuable now after there was a pretty of you know pretty annoying situation occurred with one of the for TV's a few years ago where they weren't really taking care of this properly the FTC cracked down and now requires of the sexually that all the smart TV's have a way to opt out of their more advanced data collection systems typically that's the the problem is you have to know what it's called right to find it sometimes that smart TV experience usually they use something called a C. R. which is automatic content recognition that looks to see what you're watching on the HDMI AV of course so that so that's separate from the apps that are running on the TV itself there are always ways to turn most of that off but you either have to be very careful of set up time initially through to a check the right box or go through the settings to find where it is to turn it off if you're concerned about that obviously you can always plug you know turn off the wifi connection from the TV upload the internet cable but then you're back to the TV of heaven the DVDs ago so it's our usual technological trade off what you're willing to give in terms of what you're going to get lots of technology Lauren thanks so much a catastrophic asteroid impact big enough to wipe out humanity is only a matter of time according to one top scientists humanity has next to no defense against such an impact according to professor Alan Fitzsimmons which threatens to end life on earth speaking to the BBC the astro physicist warned that the planet is at risk of a deadly disaster if protective measures aren't put in place soon and sure stay up next national colonel Chris Hadfield joins us his latest work is called the national not to guide to life on earth and we're gonna be talking with a real astronaut in just a moment on coast to coast AM real.
"jerome powell" Discussed on Newsradio 1200 WOAI
"Hand of Jerome Powell to continue cutting interest rates in twenty twenty creating more monetary stimulus for the economy and potentially helping him get reelected now Jeffrey go lock is it is not a he's a big is one of the biggest bears on Wall Street he controls about a hundred and fifty billion dollars in a bond fund has come out today and said that he had projected seventy five percent chance of recession in twenty twenty he's not dropped out to forty percent and what that tells me is going forward I think the economy is strong and trump is getting what he wants from it as he heads to the twenty twenty election well a lot of people are baffled by the strength of the market overall still John so you might be right on the Japanese man it took you always been arrested after ringing of phone company twenty four thousand times to complain that they have violated his contract Tokyo police took the seventy one year old man into custody last week after you made hundreds of toll free calls over eight days to the customer service section of the major telephone operator out that way but this could be the tip of the iceberg with media outlets reported that he also made thousands of more calls from public pay phones to voice his displeasure with the company and insults customer staff chiefs well the average TV viewer will watch an astounding seventy eight thousand seven hundred hours of programming movies sports news except or in their lifetime that's a whole lot of screen time that may have been better spent on some more productive endeavors they say but on a day to day basis the average adult watches television for three and a half hours amounting to twelve twelve hundred forty eight hours every year your smartphone millions of smart TV's sitting in that you your living room family room Sir vulnerable to hackers around taking control and they could be tracking the households personal viewing habits much more closely than the owners realize according to a new Consumer Reports investigation what are they really want and they want to know what you're watching let's check with our expert on the internet Lauren Weinstein these things are too smart Lorne well you know we we got it back up.
"jerome powell" Discussed on WNYC 93.9 FM
"Jerome Powell yesterday worked hard to Warren that current low inflation might just be a temporary condition. Let's consult Diane Swonk chief economist of tax advisory firm grant Thornton good morning. Good morning inflation in a transitory phase could be is that analysis from the fed chair make sense to you. Well, it is in many ways because the fed has been surprised by inflation the past. Where measurement changes in inflation have meant all of a sudden we saw a drop in inflation that played out over time. So that disinflation that soda transitory and a bit of a head fake. And that's something that chairman Powell wanted to point out at his press conference yesterday after they made the statement today inflation is low we understand that. But there's some measurement errors things like apparel. And the way that you're charge for your brokerage account could easily play out there one time factors, and we're willing to wait it out on some parts of this. But we telling me, home prices or decelerating. That's a that's a force downward. Exactly. That's one of the things he didn't talk about. And that's been a major factor pushing prices up in inflation more generally across the rapid acceleration. We've seen in housing prices. And those are now decelerating which is good news occurs. If you're trying to buy a home, not as good news. If you're trying to sell a home, and I think that's something that could be more complicated for the fed as. As we go forward. Very briefly the big jobs report for April is tomorrow. What do you think looking at more solid gains of hundred eighty thousand or a little bit plus that in private sector job? All right. Try to confirm that tomorrow at this time, Diane Swonk at grant Thornton. Thank you so much. Thank you. Stocks London.
"jerome powell" Discussed on KOMO
"Reserve chairman Jerome Powell told an audience today that he's not bothered by President Trump's criticism of his performance Powell who was nominated by Trump said he and his colleagues would focus on the job. Congress has given them adding we don't get distracted by other things. Stocks rose for a fifth straight session. The down dossier was climbing one hundred twenty three points today. The NASDAQ was up Twenty-nine oil prices made a last-minute recovery to finish slightly higher. February crude rose twenty three cents to settle at fifty to fifty nine a barrel. That's your money. Now, the partial federal government shutdown could have an impact on food safety. The FDA says it's stopped routine safety inspections of foods at high risk of contamination. Commissioner Scott Gottlieb says that include seafood, fruits and vegetables three thousand Americans die each year. Because of food borne illness Gottlieb says bringing back for. Reload inspectors could mean they won't be able to collect unemployment to get them through the shutdown. A new study says flaw sing with oral B glide dental floss could lead to higher levels of toxic chemicals in the body. Mark Mayfield has details. The research found that women who use the floss higher levels of P F A S chemicals in their bodies than women who didn't use the floss PF AS chemicals are used for the resistance to water in Greece health problems like cancer ulcerative colitis and thyroid disease and children have been attributed to exposure to the chemicals health update. Sara Lee Kessler NBC News Radio. Americans are having fewer and fewer babies, which means this country's population is shrinking and changing ABC's Scott Goldberg reports last year, the CDC says Americans didn't have enough babies to replace ourselves. That means the native born population is getting older, and it's look is changing too. Because fragility rates vary based on race. Overall. Researchers say last year the total fertility rate or births per one thousand women of childbearing age was sixteen percent lower than the number that would be needed to keep the population stable with birth Salone immigration, the other way, the population grows among women already here. The CDC says Hispanic and black women have higher rates than whites. Scott Goldberg ABC news. Doctors who specialize in female pelvic medicine, say lawsuits by four states, including Washington and California over products used to treat pelvic floor disorders and incontinence might scare patients away from the best treatment options, sixty three Washington surgeons recently signed a letter to state attorney general Bob Ferguson, arguing his consumer protection lawsuit against Johnson and Johnson is off base. The lawsuit says the company failed to disclose risks associated with the trans vaginal mesh products for the doctors say they were never deceived that the case is based on misapprehension of how they assess risks posed by medical procedures where requested comment from Ferguson on this letter and have not yet heard back..
"jerome powell" Discussed on WAFS Biz 1190
"Samaritan ministries is a healthcare sharing ministry that takes us back to the book of acts. It's a ministry that we vetted. This is a ministry that is opened up their doors to me to make sure that it is a ministry that my wife, and I want to participating. Yes. That's who we use for healthcare. I hope you'll check them out. Thank them for supporting our ministry as well. Samaritan ministries dot org. Dan that the news about Korea. Just amazing. Isn't it? Yeah. That's that's that's big. And you mentioned Mike Pompeo say there's two people I really trust. And one of my former congressman, Mike Pompeo and the other new. Transform portfolio over to the damn plan. Thank you so much. I'm so appreciative. And God bless you for what you do. Thank you, Kathy. I appreciate you saying that. Financial issues on dance. Celia? It's great to be here. Eight four four seven zero seven fifty five thirty three eight four four seven or seven fifty five thirty three. So Q your question up, its rapid fire Friday or lines are open, by the way, Jerome Powell speaks for the first time since December nineteenth when we raise rates again. Remember that? Well, he's finding speaking. He is pledging his allegiance to the data. So some some people looking at this, particularly based on the data that came out after he did this job numbers in particular, data looking very very good. Well, what's wrong with that? That date is looking good raise rate. Nothing's wrong with it. Try to tell traders that the just can't seem to digest the notion of a stronger dollar and higher rates. I mean, I get that to a certain extent. But there are worried about all the companies that have a lot of debt. I think companies auto worry about all the debt they have. They ought to start thinking about de leveraging. And is there a better time to de leverage you when the markets are doing well or the economy is doing well, if you're gonna do de leverage, this may be the time to do it. But they won't do that. Or wait until the same thing happens that happened in two thousand and eight when two thousand and nine in two thousand and ten was mostly spent company spending most of their time on de leveraging. So that the same thing that happened to them or almost happened to him in two thousand and eight. Happen again them. What did they do? Then they leverage back up again. Now, they're thinking about de leveraging again, are they going to wait for a crash or are they going to de leverage when the market is good? I gotta tell you don't feel too sorry for them the banks or taking a hit being downgraded as a result of that. But nonetheless, so Jerome Powell pledging his allegiance to the data. I'm gonna stick to the data. That's what we're watching. And we'll see how the real economic and market metrics have gotten better or worse over the next. Couple of months. I let me go back to the phones at eight four four seven zero seven fifty five thirty three we have lines open were rapid fire Friday. At least you're trying to let me go to Mark. Mark's gone us from Virginia. Hey, Mark, good morning and happy new year. Dan. Thank you. I was just calling to see if you had updated your asset allocation models yet. No. But when I do you'll get an Email as I said, I would and a number of other people have asked me that. But I'm going gonna I will send an Email out when updated I'm gonna talk a little bit about it on a conference call. And of course, you can always go and check to see if it's been updated. That's that's an easy way to find out as well. But in case, you think you might have missed an Email, but I will send out an Email alert when the asset allocation models are updated. Okay, fantastic. I appreciate it. And look forward to a good year. All right. Thank you. Mark. I do to thank you for that eight four four seven or seven fifty five thirty three one of the things that I talked about last year where it going to upstate the asset allocation models. I am doing that. By the way, we'll do that. And if you're a partner, you don't have to worry about it. You'll get an alert, and I will say that check the asset allocation. Models. They've been updated. And in that, I will say if there are any of the asset allocation models that have not been upgraded, maybe a particular age group that I did not great. I will let you know. So you don't have to waste your time going there if I didn't change anything eight four four seven or seven fifty five thirty three eight four four seven zero seven fifty five thirty three or our board is fall. But we don't have anybody in the queue. So. Were were working on that, folks. It's rapid fire Friday. Well, our board is not four anymore. People just dropped. But folks, listen, it's not fried. He's not a good day to get in long conversations with Darlene. Try to just tell her what your question is or your comment. She'll get it in the board. We get into Q, and we keep things moving. So that's what we try to do on Fridays..