19 Burst results for "Michael Mccabe"

"michael mccabe" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:17 min | Last week

"michael mccabe" Discussed on Bloomberg Radio New York

"We're asking about inflation, the ability of consumers and households to withstand the inflation, pay higher prices. And what roles banks might have in helping them do that. Also, the question of perhaps from further regulation in particular, what reserve requires might do in terms of lending practices. Also, we heard questions about hiring practices, promotion, as well as lending practices in a particularly what is being done to avoid discrimination in those areas. And finally, a fair amount about overdraft fees and whether we should be eliminating overdraft fees some of whom those banks actually have already done that. We'll continue to follow those hearings as they develop. And if there's any news, we'll be sure to bring it to you. But in the meantime, there's also a big news brewing right now down in Washington as we all are getting ready for the federal open market committee to come out with their decision and then to hear from chair Powell. We go now to Michael McKee Bloomberg international economics and policy correspondent in Washington covering the fed decision out, what about an hour about two hours away from right now? Mike, what are we expecting? Well, we are expecting a three quarters percentage point increase in the overnight bank lending rate, the fed's benchmark rate for the economy. That's been priced into the markets and would not be a surprise. What everybody wants to know, though, is where do the dots end up on the dot plot. Does the fed move its forecast for where they think the rate is going to be at the end of this year at the end of 2023 and in 2024, did they move it significantly higher? Do they think we need to get up into the four four and a half 5% range in order to be able to bring down inflation? And then when do they think they will be able to start lowering rates? We get our first look at the 2025 forecasts and we'll see if they think by then we might see inflation on its way down to 2% and they might be able to cut back. We will see what they forecast for inflation in the summary of economic projections. That's going to be another important document out today, not just inflation, but what do they think the acceptable limit of unemployment is? How far do they think it will go up as they start to move interest rates higher and higher? And finally, David, they will be asked about, especially Jay Powell will be asked about whether they're going to continue this 75 basis points kinds of move. Remember the next meeting is November 2nd. It is one week before, 6 days before election day, can you imagine the fed might become a political issue on some candidates campaign commercials? Boy, that would be a surprise. We wouldn't do Michael mccabe. Thank you so much for reporting from Washington. Mike McKee is going to be covering this FMC decision as it comes out right here on Bloomberg because we'll be having a special to cover all of it. In the meantime, to get his appraisal of what we are likely to see and what it would mean. Welcome to Steven Stanley. He's chief economist at Amherst Pierpont. Securities. That is a Santander company. It's even we always love to have you here. It gives us a sense of what you're expecting. Yeah, I think as Mike said, 75 for today. And I think broadly speaking, chairman Powell is going to want to try to get off of what I've called the hamster wheel of these 75 basis point moves. I think when they went to 75 basis points first in June, they were kind of forced into it by some bad CPI data. Same thing happened in July. It's happened again for September. And I think given that we're going to be looking at rates above 3%, they're not quite to where they're probably going to have to get to. But they're getting closer. And if they keep going in 75 basis point chunks, we're going to get to some awfully high rate levels soon. But Steven, listen, hindsight is always 2020, but did they put themselves on that hamster wheel a bit because they were a little bit behind. Most people thought, even if they made some hawkish noises, they didn't move very quickly. And now they actually have to do something special to convince the markets because before the markets just weren't listening. Yeah, no, that's the problem. They certainly were late to the game here. They were too easy for too long. And when they finally got going, the markets have kind of pushed them to be more and more aggressive. I think it is important that they reestablish inflation fighting credibility and you certainly heard what I would call a pretty strident tone from chairman Powell at Jackson hole on that regard. I think we'll probably hear that again today. It's not just the markets, the financial markets not listening, but I'm not sure that the labor market is listening either because it's still pretty robust and do they have to weaken that sum before they get to where they want to go on inflation. Sure, I mean, the fed's never going to come out and say, hey, we're rooting for higher unemployment rate, but the economy is overheating. It's out of balance as chairman Powell and others at the fed have said. And they need to bring it back into balance, which means cooling it off a little bit. And so they're working on that. But it takes time. Their lags with monetary policies. We've heard many for many decades. And also, I think the economy had a tremendous amount of momentum because it would just so much stimulus, both fiscal and monetary, pumped into the system during the pandemic. And it takes a while for that to work its way out. And one of the things you have pointed out is how broad in fact it tends to be broadening the inflation forces are now. It was fairly narrow at the beginning. That's part of what led to transitory, I think. Yes. I'm talking about that anymore. Goodness. Yeah, no, since last fall really, it's been the case that inflation has been broadening out. And I think that's a really troubling sign for the fed. It means that inflation is to some degree taking root. And people are getting more accepting of it. And you're starting to see wage pressures. Make their way into the inflation numbers. And so I think the fed's job is going to be difficult. I don't think that inflation is going to come down quite as quickly as what the fed in June and what private forecasters are thinking. There's a lot to talk about terminal rate where we end up and we're people talking three and a half for you're above that. Yeah, I'm a little above four and a half, which was a pretty lonely view for a long time now all of a sudden it seems like I'm starting to get a lot of company. I think that the fed is going to have, like I said, I was going to have to continue to move higher for a while. And I think we're going to get into an interesting point. Probably early next year, when the fed does think that they've done enough, they're going to the inflation numbers are still going to be way too high unemployment is still going to be very low. And in effect, the fed is going to have to say, hey, I think we think we've done enough. Trust me. And I'm just not so sure whether the markets and even the general public are going to be willing to go along with that. Yeah, that sounds like a tough time actually. It's not coming down yet. They don't want to go any farther. At the same time, what do we know about balance sheets? Corporate balance sheets and household balance sheets because last time I checked, they had a fair amount of kind of call it dry powder sitting around. That's exactly right. And in particular on the consumer side, all the fiscal stimulus and the savings that were taking place during the pandemic, very little of that has been spent, even with what I would call pretty punishing inflation for the consumer. And so consumers are sitting on several $1 trillion in liquidity above and beyond what you would have expected them to have prior to the pandemic. That money, a lot of that money is going to have to be spent before you see loss of momentum on the consumer side. And again, I think that's a big part of the reason why the fed's going to have to work pretty hard to cool the economy off. What does this all say about growth? What do you expecting? I think growth is going to hold up for a while. You know, we, of course, we had the two negative readings in the first half of the year, but I think there was a lot of quirkiness going on there. I think we're going to see decent growth in the second half of the year. Slowing as we move through 2023, I do think if the fed gets really tight, we're probably going to have a recession. But I think it just comes later than where I think

fed chairman Powell Michael McKee Washington Jay Powell Michael mccabe Mike McKee Steven Stanley Amherst Pierpont federal open market committee Mike Powell FMC Santander Bloomberg Steven
"michael mccabe" Discussed on 77WABC Radio

77WABC Radio

08:08 min | Last month

"michael mccabe" Discussed on 77WABC Radio

"6th investigation, taxes, or anything else. You just want to get your foot in the door. And they said that this was hardly a judicious search. That is, they spent hours there, including going through the former First Lady's closet, which is really disgusting and outrageous. So routine, ladies and gentlemen, including bringing a safe cracker. To break open the president's safe, which reportedly had nothing in it. Going through his multiple offices, going through every box, every shred of paper, I don't know what they did with computers and so forth. The lawyers were not allowed to be present. There were not allowed to make copies of what the government was taking. And this is routine when you're dealing with an ex-president and this statute. Once again, I believe strongly. That this was an effort to get the foot in the door, to grab everything they could, and what is this, talk about the presidential records act or Nara, the national archives and records administration, and that act, and of course, if they could find something related to that, they'd be thrilled, but it's more than that. And so I also said the same thing the day before. Michael mccabe, who was an excellent attorney general in the Bush administration. He was on Fox a few hours ago. And he was home with Martha McCollum, who was superb, and here's how that went, cut four go. Well, there were two words that leaped out at me from his presentation. The words. Possible. He said, when possible, we try to use less intrusive methods. Measures. What was it that made it impossible to do it in this case? That doesn't require disclosure of what was in the affidavit. It simply requires a statement of what it was that made it impossible. He didn't tell us. And that that is a large gap. You don't have to disclose what else was in the affidavit in order to disclose how come they had to do it this way. So what does that what does that tell you? I mean, it would suggest that they felt that they weren't going to get cooperation, right? Okay, but they could move to compel compliance with a subpoena. There were other measures that they could have served in other subpoena or move to move to compel compliance. There was apparently something that made it a compulsory in their view for agents to be on site and to be taking the documents themselves. And as you pointed out before, there is a rule that says that if you're searching for evidence of one crime and you find evidence of another, then you're permitted to use that evidence. And it's hard to escape the belief that at least somebody hoped that there would be evidence of another crime IE something relating to January 6th. And unfortunately, although we were told, certainly, that the affidavit established probable cause to search for missing documents, we already knew that. The question is whether people at the Justice Department entertain that hope and whether they had a reason for doing it. Yes. And Martha didn't learn that on her own. Of course, I've been talking about now. This is day three. Well, my national radio show here on Fox on two appearances on Hannity. And of course, on Levin TV That. what's going on here is even worse. Then overreaching on a document or documents. This was a sleazy backdoor effort by this U.S. attorney and the attorney general of the United States and the director of the FBI, among others. Among others at the department of Politburo, to abuse the warrant process against the next president, who might be a future president, to protect their boss, Joe Biden, from a Trump candidacy to carry out the demands of Democrats in Congress and Liz Cheney and Adam king singer. They carry out the demands. Of the media. And the Democrat base. This was a sleazy, stalinist Maoist effort. To abuse the search warrant process, for 9 damn hours in that building. As if there's classified information, a Melania's closet. That's what took place here. They have nothing on Trump. Nothing related to January 6th. Nothing. And so they've turned the law upside down. They're using a warrant for a different purpose. Not the purpose they state, but a different purpose. Because they're aware of the plain view doctrine, obviously, they do this stuff every day. This was a way to get their hands on anything and everything they could at the president's home. Now that is what should infuriate you, that is what should infuriate every Republican in Congress or out of Congress. That is what should infuriate every American. That this is a grave abuse of power, a grave abuse. Of the warrant process. And let us be clear. The media are reporting that it's the Department of Justice that's gone to court to unseal the warrant. No, there are many media groups and judicial watch who've got there first. And they have said to the judge release the warrant and the judge already told the Department of Justice, they haven't told Monday to explain why he shouldn't. And so the attorney general in another sleazy PR move announces today that they are encouraging the judge to release the warrant. Now the problem is we don't know exactly what that means. You've heard them. There's an affidavit that goes with the warrant. Somebody had to swear it out. A warrant is a form. That in and of itself is not good enough. It gives us a little information not enough. The receipt is a list of what they took. As far as we know, it could be box one, two, three, four, 5, 6. I don't believe they were there. Even 9 hours long enough to have issue which documents they were looking at. We shall see. But I am telling you, this is explosive. I'll be right back. On 77 W ABC. Homeowners

Michael mccabe Martha McCollum national archives and records Nara Fox department of Politburo Liz Cheney Adam king Bush administration Melania Congress Justice Department U.S. Hannity Levin Martha Joe Biden FBI Department of Justice Trump
"michael mccabe" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:55 min | 3 months ago

"michael mccabe" Discussed on Bloomberg Radio New York

"Good morning, it's 7 30 a.m. in Singapore. I'm hustling the Armin. And I'm Brian Curtis in Hong Kong looking at markets, so mostly green numbers here. It looks like a pretty solid day shaping up for this Friday. But will it hold going into the weekend? We'll take a look at some of the conditions when we look at markets in a few moments. But for now, some of the top stories has Linda. Well, Elon Musk's acquisition of Twitter may soon fall apart thanks to spam accounts. The Washington Post says the deal has reached a stalemate over the company's bought reporting with Mars doubting the numbers. Twitter has repeatedly said that spam bots represent less than 5% of its total user base, however mastering says Twitter can not verify these figures and has stopped engaging in discussions around funding the deal. Now, Twitter shares declined about 4% in extended trading after the newspaper's report, the stock has declined 10% this year closing at $38 79 today in New York. One of the largest public pension funds in the United States sold $6 billion of its stakes in private equity. The California public employees retirement system or CalPERS made the sale to secondhand buyers. It's a move to free up cash for new wagers. Bloomberg's Brian ciabatta says that it will help them deal more directly with private companies. They're essentially trying to do it themselves and when you have $440 billion of assets you can. They don't want to pay the fees that Blackstone or Carlisle charge, for example. So they want to do it themselves. They say, hey, we can invest in public private companies. We are a large enough large enough pension. We can do it ourselves. Calipers sold its holdings. It roughly 10% in the discount to the value back in September of 2021. The U.S. jobs report to you out tomorrow and economists expect a hiring slowdown. Let's get a preview from Bloomberg's Michael McKee. The consensus view is fed officials will be pleased by the June jobs report, hiring slowing, but still strong, unemployment essentially unchanged and wage pressures easing. An on forecast result would likely leave Wall Street investors reasonably satisfied as well. The question is, what happens if we get an extremely strong or extremely weak report? Does that show inflationary pressures remain very high or does it mean the economy may be going into recession? The central bankers have suggested a strong report won't change their plans for what will likely be another three quarter percentage point increase at the end of the month. But expect volatility of weak numbers lead investors to increase bets on recession. Michael mccabe Bloomberg daybreak Asia. Creditors of sherma have voted to extend a yuan note narrowly avoiding a domestic bond default. It comes just days after the property developer failed to repay a $1 billion note. The Chinese company received approval from investors representing 54% of the notes, extending the repayment period by two years. Bondholders had until Wednesday to vote on the proposal. All right, the time is 33 minutes past the hour. Let's take a closer look at markets, so one of the themes that I mentioned earlier that seems to be happening right now is that there are some financial institutions that say recession is actually happening right now. The latest, we heard from Wells Fargo investment institute. Anyway, if it's a 2022 story, rather than a 2023 incident, then if that's the case, investors will already be positioning for recovery from recession. That means maybe tilting a little bit more to the long side. And it was also bolstered. I think the action was bolstered today by this comments from two of the fed's noted hawks that a soft landing is still possible. The fed gets a lot of data, maybe more data even than most institutions see. And if they feel as though they can slow things down to the extent to bring inflation down and not put the economy into a recession, then I guess investors are out there buying. So as fed through a little bit into the futures contracts in Asia, hang seng index futures are up one and a quarter percent. China future is up two thirds of a percent. We also have that story that we just told you about a few moments ago about stimulus coming in China, even though it's a pull forward from spending next year. It will definitely help this year, particularly as we get closer to the party Congress in the fall. Currencies right now, dalien, one 36 right on the button, the yield on the ten year treasury is 2.99%, the two year at three O one, so we still have inversion there in the treasury yield curve, WTI now, one O two 36, not all that active, but trading down about a third of 1%. Has Linda. Well, Brian, it's time for global news. Prime minister Boris Johnson remains at 10 Downing Street today after resigning at Baxter has global news ad. All right, thank you, haz, you're right. Yeah, Johnson offering no apologies as he goes. It

Twitter Brian Curtis Brian ciabatta Michael McKee Bloomberg Elon Musk Armin Michael mccabe sherma CalPERS The Washington Post
"michael mccabe" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:30 min | 8 months ago

"michael mccabe" Discussed on Bloomberg Radio New York

"Chairman Powell has brought some added importance to one particular data point We're going to talk about it in just a moment We're second to the release of the employment cost index and a host of other data points as well with futures down Three quarters to 1% on the NASDAQ on the S&P down by 8 tenths of 1% with yields bleeding a little bit higher at four basis points on ten to one 84 With that data here's Mike McKee All right John here we come in with the employment cost index for the fourth quarter December of 2001 Itself rises by 1% compensation up 4% for the 12 month period overall wages and salaries up four and a half percent Remember it was 4.2% in the third quarter and that's what Jay Powell said was the two by four that hit the fed over the head and suggested they might need to get going with tightening So for private industry they're up 5% So we are seeing accelerating wage pressures in the economy The other data out to this morning personal income and spending which also includes the PCE cost index that's the inflation measure that the fed follows And that is up four tenths on the month which was bang on with expectations down from 6 tenths the private month on a year over year basis It's up 5.8% That's a tick higher than it was the prior month The core is up half a percent And so it is up about 4.9% on a year over year basis and that is two tenths higher than the prior month So we're seeing some significant wage and inflation pressures in the economy as of December The other two numbers out this morning personal income up three tenths that's down from a 5 tenths gain in the month of November and spending fell by 6 tenths of a percent during the month I'll have to look and see what the breakdown between services and goods are but spending down 6 tenths of a month on the month and it's down 1% when you adjust it for inflation So not a good month December for spending or inflation or the fed But now they're on the job Let's look at the price action just briefly Mike yield still higher on tens by four basis points to one 84 Lisa interested to see how sensitive this equity market seems to be to that data point Yeah We recover We're off the lows a bit the S&P now down just a quarter of 1% the NASDAQ essentially unchanged Is it because there is a disappointment in there that basically inflation wasn't running as hot as people expected when it comes to the ECA or is it having to do with just this feeling that they're continuous to be strength honestly though Core PCE I just want to point this out That is the inflation metric that the fed looks at is now at the highest level since 1983 on a year over year basis That is what this new dynamic has eliminated If you're in the market though right now Kelly the question you're asking yourself is okay Here we are set up for the fed to make a move I'm here in 5 hikes I'm seeing that get priced I'm here in the likes of banks of America throw out maybe 7 And I'm wondering whether the upside surprises come from through 22 Where do they come from I think it's an excellent question John I'm not sure I have the answer but I think the wage numbers in particular are going to be critically important here As the fed thinks about inflation as it thinks about its dual mandate coinciding with the labor market with stubbornly low participation companies having to pay more to get people in the door and in the face of inflation those wage numbers are going to have particular importance I think moving forward Mike McKee just on a second look if you've got to find a word here We are seeing the major change in wages benefits were up by 9 tenths during the month but not as much as the wage pressure So it is really coming on the pocketbook side into the economy although obviously businesses have to make up those benefit costs somehow and we expect that's one reason they're raising prices Mike thank you Michael mccabe breaking down the data Toss the slot joint us now Chief economist that Apollo global management Let's start with the really big question to us and a question that I know you want to try and answer How does this fed engineer a soft landing I think what the data here is telling us is well first of all only crime in December has probably put a little bit more of a pressure both on wages and also on invasion But the big picture here is that as inflation continues to be elevated and will be for a little while longer It is very critical that the market is beginning to pricing so many hikes If the market does price in full 5 6 hikes then of course the likelihood that we will get then soft landing that the vet is trying to engineer just goes down Why do you say that torsion because we have seen a sell off with respect to equity markets but it hasn't been completely uncontrollable and frankly there hasn't been any sign of malfunctioning in the underlying mechanics of the market That's correct But remember very importantly I mean what is the goal for the fit with what they're trying to do The goal really is to try to cool down growth and that also includes to try to cool down revenue growth in corporate America And that's very important when we think about it from an equity and a credit perspective that the 5th goal is to try to cool down aggregate demand And once you do that with more aggressive rate hikes then it does raise the risk that in particular the more cyclical components of GDP such as housing where psychology plays a really important role it does become more challenging to micromanage that soft landing that they're trying to achieve George cerebellar said Deutsche Bank put out a note this morning where he was talking about longer term expectations for where the fed funds rate will be and actually has come down significantly over the past couple of years that basically people are expecting the rate hikes be baked in and then very slow growth after that He's saying the best thing that could happen is for inflation to materially slow down the labor market to actually improve and growth to pick up otherwise we could be hiking into a really weak cycle What is your opinion on that Do you sort of see things in the same way I think that is a risk but I mean the bottom line still is that the growth at the moment I mean clearly when you heard J Powell a few days ago he did not seem to worry about a slowdown at the signaling from them is clearly that when only crime begins to subside we will have stronger growth and consumption stronger growth in CAPEX more people traveling more people go to restaurants all that should be generating more growth in consumer services And with that backdrop at least from a fed perspective it seems quite clear that they do not see a worry on the Katya in terms of the slowdown While we're assessing this data we also have to keep in mind we're getting more data later with consumer confidence at 10 a.m. Eastern Time tourists and when we think about the consumer and their propensity to spend and fuel Therefore the American economy are we going to start to see some demand erosion purely because of reduced sentiment because of inflationary pressures and wages that aren't necessarily keeping up and therefore some of the work will already have been done for the fed Yeah this is very important to you I mean there's really a big difference between how the Main Street looks at inflation and the impact where Wall Street and markets look and inflation If you look at inflation expectations and break evens they are really stabilized in some of the further out of basic positions come down whereas if you look at University of Michigan consumer sentiment that is at the lowest level in ten years and if you look under the hood why that is it is because people worry about housing become out of order for unavoidable car prices for coming unaffordable filling gas on your cars becoming unavoidable So you're right Katie that at least when it comes to.

fed Mike McKee Chairman Powell Jay Powell Mike yield Michael mccabe Apollo global management Let S John George cerebellar Lisa America
"michael mccabe" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:56 min | 8 months ago

"michael mccabe" Discussed on Bloomberg Radio New York

"The brilliant Michael mccabe dropping by to get us up to speed on the economic data in America That seconds away with equity futures up 7 tenths of 1% on the NASDAQ on the S&P up a half of 1% Yield to come again a few basis points on tens They're high a few basis points on twos The curve is flatter with the economic data Here's Mike McKee Going to have to be a nimble and humble in Jay Powell's words because we got a lot of data coming out right now Let's start with jobless claims 260,000 that's a drop from last week's initial report of 286,000 so that is good news because it does suggest that perhaps there was an ocron effect and we did not see a big collapse in the labor market which of course Jay Paul has now Batman being really strong GDP comes in at 6.9% significantly higher than the 5.5% anticipated and of course a lot better than the 2.3% we saw in the prior quarter GDP is looking a lot better than it was the personal consumption price index up 3.3% but tomorrow is what we're going to really be looking at because we're going to want to see what the monthly number is And then durable goods durable goods go down 9 tenths of a percent but it looks like that's a lot of cars There's some airplanes because X transportation were up four tenths and then capital goods orders are flat for a while It's not a second month in Rome because the November numbers revised up by three tenths So overall you get a bit of a gain there but still business spending lagging consumer spending I'm going to take a look quickly while you check the markets at the breakdown of what's going on in GDP Looking at futures right now they are higher by a tenth of 1% on the S&P up by 5 or 6 tenths of 1% Yeah let's look like this on tens I was convinced you had something to say after you said oh I got a ton of stuff I never know when you jumping in We're in different rooms We're down three basis points on tens at one 83 Go on TK Mike we've got to expand the conversation What we're doing in this hour half hour I should say is McKee Carefully but John sick will join us from Oxford Ira Jersey joins us later really Arguably the conversation of the day on the balance sheet conundrum Michael once again you did it You brought the chairman to silence You asked a question There was so rude Chairman Powell said can you tell me the second part of the question again I mean you did it once again What did you learn from chairman Powell yesterday that we didn't catch Well I don't know that we didn't catch it You look at the reaction in the bond market and the equity markets And they pretty much got the message The defendant is going to be hawker more hawkish because this time is different The economy is stronger And you look at the numbers that just came in 6.9% on GDP Bruce kasmin nailed a JPMorgan Michael Gabe and brought his number up towards in the vicinity And many others as well He says GDP is going to fall off a cliff now Is it The numbers that we have initially for the first quarter have been weaker but we did get a very strong inventory number out of the retail and wholesale inventories and the change in inventories added 4.9 percentage points to GDP growth this quarter So if that continues we're seeing inventory stocks build and that should alleviate some of the supply chain problems that have been damping the market as you mentioned So it is certainly possible that things could get better than we anticipate Personal consumption up 3.3% we spent money at a reasonable rate there But again it was the business I mentioned.

Michael mccabe Mike McKee Jay Powell Jay Paul Chairman Powell chairman Powell America S Rome McKee Bruce kasmin Michael Gabe Oxford Mike Michael
"michael mccabe" Discussed on WTOP

WTOP

04:17 min | 10 months ago

"michael mccabe" Discussed on WTOP

"The under sheriff Michael mccabe says this country's latest school shooting happened just before one local time Nor a right is a junior at the school 45 minutes north of Detroit and says when she knew something was not right When we saw the people running we were just weirded out by it and then the second we heard the shots it tied together really quickly As for a suspect mccabe says they've arrested a 15 year old sophomore at the school He's already earning invoked his right to not speak So he wants an attorney He's not telling us anything at this point in time President Biden moments ago You've got to know that that whole community has to be just in a state of shock right now And appeals court decision upholding California's ban on high capacity gun magazines may be headed for the Supreme Court The 9th U.S. circuit Court of Appeals overturned two lower court judges noting that the California ban only limits the size of the magazine that can be used with firearms The majority said in the 7 to four decision that the limitation saves lives Gun rights groups have been trying to get firearms cases in front of the conservative leaning U.S. Supreme Court and are promising to seek relief from the high court Allison geese CBS News This Justin and FDA panel has endorsed mark's COVID-19 pill which if approved by the CDC would be the first at home drug for the virus Federal health officials meantime are expressing optimism that current vaccines will provide at least some effectiveness against the new omicron variant CDC director doctor Rochelle Walensky We are actively looking for the omicron variant right here in the United States Right now there is no evidence of a more crime in the United States Former Trump chief of staff Mark Meadows is quote engaging with the house January 6th committee investigating that insurrection correspondent Nicole Killian I think we shouldn't read too much into it as Meadows fully cooperating because we just don't know the extent of the cooperation but it is significant from the standpoint of the committee and Mark Meadows and his attorney really had been going back and forth for several weeks if not months Federal Reserve chair Jerome Powell signals that the U.S. Central Bank would consider speeding up its withdrawal of bond purchases as inflation risks increase CBS's Jill schlesinger Powell's comments were an acknowledgment that inflation has remained higher for longer than the Central Bank had thought This caught some market participants by surprise The down today lost 6 52 NASDAQ down two 45 as in P losing 88 This is CBS News Is finding seasonal help on your wish list You need indeed the all in one platform for interviewing screening and hiring high quality people visiting D dot com slash credit 5 O three on P on this final day of November 2021 still mild We're sitting at 50° in northwest D.C. Good afternoon I'm Sean Anderson And I'm Brendan hazelton the top local stories we're following for you this hour a former D.C. educator is now the focus of an ethics investigation He's accused of working for a school in New England while at the same time serving as assistant principal of a D.C. middle school Details now from megyn clarity A D.C. school spokesperson says as soon as it learned Kramer middle school assistant principal Michael Redmond could also be working full time at a school in Rhode Island it alerted D.C.'s board of ethics and accountability The preliminary investigation finds from July 22nd to November 30th of 2020 Redmond would arrive to work in person at E cubed academy in Providence and then sign in remotely for his position with DCP During those 17 weeks of working two jobs investigators say Redmond made $41,000 in wages from DCS the notice says he's admitted to holding both positions which violates the city's code of conduct Redman has since resigned and is now awaiting a hearing with the ethics board Meghan clarity W TOP news You may have noticed more police at the greenbelt metro station today after two carjackings in that area and only the last two days Police are still looking for the suspects in both cases The first carjacking was early Sunday morning here at the metro station and that incident came shortly after someone was shot at an.

Mark Meadows Michael mccabe President Biden U.S. circuit Court of Appeals Rochelle Walensky Supreme Court Former Trump CDC CBS News Nicole Killian Jerome Powell U.S. Central Bank mccabe California Jill schlesinger Powell D.C. Detroit United States Sean Anderson Brendan hazelton
"michael mccabe" Discussed on WABE 90.1 FM

WABE 90.1 FM

04:59 min | 10 months ago

"michael mccabe" Discussed on WABE 90.1 FM

"For a year ago That is very rare Among all the other coronavirus variants what makes oma cron so unusual Today is Tuesday November 30th And this is all things considered from NPR news I'm Ari Shapiro And I'm Mary Louise Kelly the sour how might justice Amy Coney Barrett shaped the blockbuster abortion case that the Supreme Court hears this week It makes it seem that there is a kind of consensus view across gender among conservatives at least that abortion rights need to be limited Also how do our purchases affect the earth Consumption is the leading driver of our environmental problems around the world today Later a new pill shows promise for treating COVID-19 and will remember a man who is renowned as a disease detective First these headlines Live from NPR news on Janine herbst in Michigan at least three people are dead believed to be students and 6 others including a teacher were wounded after a 15 year old sophomore opened fire at Oxford high school about 30 miles north of Detroit Oakland county under share of Michael mccabe's as the suspected shooter was arrested and a handgun recovered Multiple shots were fired He did not give us any resistance when he was taken into custody The alleged gunman is awaiting a lawyer before talking with police mccabe says the motive for the attack isn't known President Biden sent his condolences to the families of the victims Meanwhile Biden is in Minnesota today visiting a community college once again highlighting his $1 trillion infrastructure package and the jobs and training it will create This State Department's point person for international vaccine distribution and the COVID-19 response is leaving the job as empires Michelle Kellerman reports the news comes as the world grapples with a new variant and new travel restrictions Secretary of State Antony Blinken says the coordinator for the global COVID-19 response Gail Smith is returning to her job as president of the one campaign It's a nonprofit that's been pushing for more equitable vaccine distribution Smith's departure was expected but it has come at a time when the UN secretary general and others are raising concerns about new travel restrictions on southern African countries over a new coronavirus variant Antonio Guterres says the people of Africa can not be blamed for the immorally low level of vaccinations that are available there and should not be penalized for identifying and sharing crucial health information Michelle Kellerman and PR news the State Department Officials in New York City say they've approved the first safe consumption sites for illegal drugs in the U.S. as impairs Brian man reports its part of an effort to reduce fatal drug overdoses Cities around the U.S. have tried to open similar supervised drug use sites for years but faced lawsuits and challenges from police New York City mayor Bill de Blasio said in a statement he hopes this project will serve as a national model for helping people with addiction survive Two overdose prevention centers will be operated in Manhattan by a group called on point NYC that will also offer counseling and clean needles Some of the city's local prosecutors support the effort but it's unclear whether it will face challenges This comes as overdoses have reached record levels with the U.S. seeing more than a 100,000 drug deaths in a 12 month period according to data gathered earlier this year by the Centers for Disease Control and Prevention Brian Mann NPR news Wall Street closed sharply lower on worries about the omicron variant and the fed chair's comments about speeding up the bond buying taper That I was down 652 points at 1.8% the NASDAQ down 245 S&P 500 down 88 This is NPR news From W ABE news in Atlanta good afternoon I'm Jim burris for time now is 5 O four The man accused of accidentally firing his gun at Atlanta's Hartsfield–Jackson airport earlier this month has turned himself in to the Clayton county jail this afternoon In a statement Atlanta police say Kenny wells junior is charged with carrying a weapon at a commercial airport reckless conduct discharging a firearm on the property of another and possession of a firearm by convicted felon A TSA agent pulled wells bag aside for a secondary search wells then allegedly went for the firearm in the bag causing it to go off Officials say wells then fled the airport with the gun in hand there were no serious injuries the incident did cause major security delays and air traffic was grounded for nearly two hours Voters in Atlanta are choosing a new mayor today city council president Felicia Moore is competing with council member Andre Dickens in a runoff election to Diane Williams the need for a new mayor is urgent She says crime has become the biggest issue for her in this election And we have.

NPR news COVID Michelle Kellerman oma cron Ari Shapiro Mary Louise Kelly Amy Coney Barrett Janine herbst Oxford high school Michael mccabe President Biden Antony Blinken Gail Smith Antonio Guterres State Department Oakland county mccabe Supreme Court
"michael mccabe" Discussed on WABE 90.1 FM

WABE 90.1 FM

04:44 min | 10 months ago

"michael mccabe" Discussed on WABE 90.1 FM

"Outside Detroit Under sheriff Michael mccabe says three Oxford high school students are dead A 15 year old suspects in custody Deputies took a suspect into custody within 5 minutes of the original 9-1-1 call They recovered a handgun from the suspect 6 people including a teacher were reportedly injured A scientist raced to learn more about the new home Macron varying of coronavirus including how contagious it is Japan and France are now reporting their first cases They're also new indications of the highly mutated strain had already reached Europe nearly a week before South Africa reported on cases to the World Health Organization reports of over crime may emerge in the U.S. in a matter of days and Pierre's rap Stein has the latest on new steps The Centers for Disease Control and Prevention is taking to spot a Macron CDC director Rochelle Walensky says the agency has expanded an enhanced testing program at U.S. airports to four of the busiest in the country New York San Francisco Newark and Atlanta This program allows for increased COVID testing for specific international arrivals increasing our capacity to identify those with COVID-19 on arrival to the United States And enhancing our surveillance for the overcrowded variant He says the U.S. has also sharply increased genetic testing of samples of the virus from around the country rob Stein NPR news Today on Capitol Hill Federal Reserve chairman Jerome pal talked about the potential impact on the economy The recent rising COVID-19 cases and the emergence of the amaron variant pose downside risks to the employment and economic activity and increased uncertainty for inflation But treasury secretary Janet Yellen told lawmakers that so far the economy is moving in the right direction where averaging half a million new jobs per month since January In GDP now exceeds its pre-pandemic levels Our unemployment rate is at its lowest level since the start of the pandemic Meanwhile Congress faces a Friday deadline to avoid a government shutdown A federal appeals court heard arguments today in former president Donald Trump's legal fight to block the release of his White House records to Congress Here's NPR's Ryan Lucas For more than three and a half hours a three judge panel questioned attorneys representing Trump at the House of Representatives and the national archives on the former president's efforts to stop the house January 6th committee from getting his White House records Trump's lawyers say the documents are covered by executive privilege President Biden however decided that disclosure was in the national interest and declined to invoke executive privilege over them Lawyers for the house say Biden's decision as sitting president overrides Trump's objections The hearing comes after Trump appealed a lower court ruling that a tranche of the former president's White House materials could be turned over to the committee Ryan Lucas NPR news Washington This is NPR news From W ABE news in Atlanta good afternoon I'm Jim beret Her time now is four O four Turnout at the polls has been generally slow on this election day but there were some early risers in Atlanta casting their votes in the runoffs Oh my kabi was at the Ponce de Leon library branch in northeast Atlanta She said she waited in line around the block during the 2020 election Today I just think it's really important that especially in these runoff elections are like fewer people vote to make sure that your voice gets counted And I just thought you know get it over with earlier in the morning not let other things distract me later on But she said she was in and out Now all city of Atlanta polling locations are open until 8 p.m. 7 o'clock for other municipalities Atlanta's will elect a new mayor today in a runoff that pits two city council members against each other And susannah capaldo reports crime and affordable housing are major issues in this race Atlanta city council president Felicia Moore finished first in the November 2nd election but didn't get a majority She's facing city council member Andre Dickens and Atlanta native who did get the endorsement of the current mayor kishan's bottoms to combat an increase in violent crime both candidates said they would hire more police and boost training They also vowed to build more affordable housing on city on land both candidates are Democrats but the mayoral election in Atlanta is non partisan voted turnout for the first round was about 30% It is expected to be even lower for the runoff Susanne capelluto W a B E news and the W ABE news team is out in full force on this election day and will be here tonight when the polls close Join us for special election coverage that's starting at 8 o'clock tonight with rose Scott.

Michael mccabe Oxford high school Ryan Lucas Atlanta U.S. Trump Rochelle Walensky New York San Francisco Centers for Disease Control an COVID NPR rob Stein Capitol Hill Federal Reserve Jerome pal Janet Yellen President Biden World Health Organization White House Stein NPR news
"michael mccabe" Discussed on WLS-AM 890

WLS-AM 890

05:35 min | 10 months ago

"michael mccabe" Discussed on WLS-AM 890

"Specifically for our Michigan audience We have some bigger stations over there So there were some injuries reported in the shooting at Oxford high school in suburban Detroit This is being reported by NBC a suspected shooter is in custody according to Michael mccabe under sheriff with the Oakland county sheriff's office And this is NBC News story A handgun is located He said shooting happened just before one p.m. four to 6 people have been injured no confirmed fatalities at this time I'll keep you updated if we get anything new on that But that just came over just a few Just a few seconds before I came on the air So yeah said story out of Michigan I will keep you updated I got a lot more to get to I got a little sidetracked on that last segment I was talking about my own battle here with COVID because it's just becomes it's I've never seen a disease so politicized in my life It's just revolting I mean I can't imagine if people who came down with say another infectious disease is tuberculosis If you come down with tuberculosis and you had a doctor I mean take coronavirus out of it for a minute because it's become such a political flashpoint for no good reason other than the liberals efforts to try to attack conservatives There is no moral or ethical reason that a virus should become a political flashpoint It's a virus It doesn't vote It doesn't have a political affiliation It's a freaking virus man So think about a disease like tuberculosis right It was a big concern for me When I was a police officer and we were you know when I was on the NYPD back in the day you know safety measures just weren't like they are now I mean I remember they would do these they'd call them sweeps They do these prostitution sweeps And you'd get a bunch of people get arrested And because they would the operation would go on all night they'd have a big van and we'd put all either the Johns or the prostitutes they'd be in the back of a van And you know all these people were sick they'd be called you'd be back in a van with him Sitting there in a van people would be coughing all over you and everything like that And I remember had a lot of concerns It's the first thing that came to mind here tuberculosis but I can't imagine tuberculosis being like a political issue I mean can you imagine you go to your doctor My gosh I got a positive TV title or whatever they call it They prick you with that thing And you say to your doctor you know hey Doc I've been doing some homework and I saw somewhere that there's this new treatment and may provide some marginal benefit but I just really don't feel good I'd you know I'd love to give it a look and your doctor going get out of my office Get outta here immediately heretic What are you with Trump supporter Like what kind of craziness is that I have never seen anything in my life like what has happened with coronavirus And you know what really changed me to death of Herman Cain I have never seen such depraved grotesque disgusting behavior in my life after Herman Cain pass a guy I knew Pretty well And the dec celebratory tone on social media by these depraved lunatics on the left who thought this was funny Again people in the medical profession I once wanted to be a doctor I took the MCATs I didn't get into medical school I wound up going to business school instead But I really wanted to be a doctor My entire life I loved human biology It was my favorite course But doctors I see so many of them now Just eager to just shut you down and emit you send them research credible research you've seen From entities oh that research My research is better Maybe it is But it's funny how I'm willing to read your research and you're not willing to read mine What does that say about you Who's the real scientist here I have never seen anything like this in my life Think about this I just it's just occurred to me Jim process this one for a moment There is no data at all Systemically countrywide showing us that there is a correlation between mask mandates right And significant decreases in coronavirus infections None There is no data on that That is going to conclusively show there's data all over There's some data showing you There's that Kentucky studies have no control group There's some data around showing there may be some mild effect to a mask If you're spewing droplets in your contagious but there's almost no data If you are not contagious showing that the mask will provide protection for you against coronavirus None And yet these very same doctors don't you dare talk about Ivermectin Don't you dare You shut your mouth You don't tell me what to talk about What are you a freaking communist Shut your mouth I'll talk about what I want I'm a free man It's used to say growing up into New York City I'm a grown ass man You don't tell me what to talk about You can shut your own pie hole Take the cotton out of your ears and jam it in your own mouth You're the same guy telling me you wear a mask It'll save you You have no data at all to back that up none And yet.

tuberculosis Oxford high school Michael mccabe Oakland county sheriff's offic Michigan NBC News Herman Cain infectious disease NBC Detroit NYPD Trump Jim Kentucky New York City
"michael mccabe" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:55 min | 1 year ago

"michael mccabe" Discussed on Bloomberg Radio New York

"Concern among central bankers is if we see inflation continue to rise then at some point people are going to expect inflation to keep rising and therefore go to their bosses and ask for more money And that starts a wage price spiral That's what we saw in the 1970s Now we don't have unions with the same kind of power they used to have and big pattern bargaining So it's less of a risk but that's the concern that they would start to put some pressure on the wage side We know that wages have been going up because companies are trying to attract workers as they try to reopen But for now it appears to be a one off That's why we'll keep an eye on the jobs report and the earnings numbers to see if continues to increase I think it was Paul Volcker the former one of the former fed chairs he used to have in his breast pocket a printout of the latest labor agreements That's how important the wage pressures were in making decisions at the Central Bank as opposed Yeah you used to have all of the major unions the steel workers the auto workers and many others who would engage in pattern bargaining where they would go into one company and reach an agreement and then all the other companies in the industry basically had to match it Now you have still have that in the auto industry but contracts are for three to 5 years and the other industries don't follow the same pattern as much and are much smaller as manufacturing jobs have gone away So it's less of an issue When you and I got our jobs we were asked about qualifications Nowadays when somebody goes in for a job interview I suspect the first questions do you have a pulse It is very hard to attract workers these days A lot of people left the labor force during the coronavirus pandemic's worst months and they've been much slower than people anticipated coming back In part because they maybe still worried about COVID exposure in part because a lot of people who were of retirement age the baby boomer boomers just decided well if I'm gonna be out of work I'm just gonna take my social security and take my pension if I have one and retire And so that's left us with a big hole in the labor market that companies are struggling to fill Are you seeing that reflected in different industries like if I'm in the service industry of a waiter waitress or a job like that That's the hardest job to fill in part because it's consumer facing You're in people's face all day and if you're worried about COVID that's a concern It's also hard work and low pay And so a lot of people who were in those jobs may be found something else to do during the pandemic when everybody was locked down in the restaurants were closed and don't want to go back They may have gone back to school or they may just be sitting out right now There was a thought that maybe the generous unemployment benefits were keeping people sidelined That'll be something we'll watch for in the September payrolls report We get a big jump in some of the areas in which people would have made as much or more on unemployment than they would at their job and restaurants are a key part of that So if you were a single mom and you're trying to find child care and those jobs aren't filled people who would normally take care of your kids while you're at work that also has got a figure into these numbers as well Some situation like that Yeah and child care workers as you mentioned have been slow to come back as well again It's another exposure question And so for parents of young children it's particularly hard If your child is in elementary school or higher you may be okay except that there's still a lot of concern about whether schools are going to end up having to go virtual if we get an outbreak of cases so maybe the mothers are still somewhat reluctant to go back The impact of this jobs report on the fed's decision on the tapering back its extraordinary stimulus What is it Well the fed of course has two goals They wanted substantial additional progress on inflation Over their target and Jay Powell said last week that they had reached that they believe that with inflation where it is that has been satisfied and the other question is maximum employment we had three and a half percent unemployment before the crisis and they'd like to get back closer to that We come into the September jobs report with unemployment at 5.2% It's definitely going down but not there yet So we want to see how far unemployment falls but Powell said they have made enough progress that a moderately good jobs report payrolls report would be enough to trigger tapering My thanks for stopping by today Appreciate it Michael mccabe Bloomberg economics editor.

Paul Volcker fed Central Bank labor force Jay Powell Powell Michael mccabe Bloomberg
"michael mccabe" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:36 min | 1 year ago

"michael mccabe" Discussed on Bloomberg Radio New York

"Seen joining us now to talk about it Bloomberg economic senator Mike McKee Mike when introducing the jobs report I would always say it's the mother of all economic reports Is that still the case That's still the case although it's adopted a step sister in the past couple of months The CPI report has the fed worries about both inflation and unemployment But unemployment is still their target So this is why the jaws report gets all the attention it does Okay you brought up inflation so I'll inject this question how important are jobs to the inflation picture IE wages Well the concern among central bankers is if we see inflation continue to rise then at some point people are going to expect inflation to keep rising and therefore go to their bosses and ask for more money and that starts a wage price spiral That's what we saw in the 1970s Now we don't have unions with the same kind of power they used to have and big pattern bargaining So it's less of a risk but that's the concern that they would start to put some pressure on the wage side We know that wages have been going up because companies are trying to attract workers as they try to reopen But for now it appears to be a one off That's why we'll keep an eye on the jobs report and the earnings numbers to see if continues to increase I think it was Paul Volcker the former one of the former fed chairs he used to have in his breast pocket a printout of the latest labor agreements That's how important the wage pressures were in making decisions at the Central Bank as opposed Yeah you used to have all of the major unions the steel workers the auto workers and many others who would engage in pattern bargaining where they would go into one company and reach an agreement and then all the other companies in the industry basically had to match it Now you have still have that in the auto industry but contracts for three to 5 years and the other industries don't follow the same pattern as much and are much smaller as manufacturing jobs have gone away So it's less of an issue When you and I got our jobs we were asked about qualifications Nowadays when somebody goes in for a job interview I suspect the first questions do you have a pulse It is very hard to attract workers these days A lot of people left the labor force during the coronavirus pandemic's worst months and they've been much slower than people anticipating coming back In part because they maybe still worried about COVID exposure in part because a lot of people who were of retirement age the baby boomer boomers just decided well if I'm gonna be out of work I'm just gonna take my social security and take my pension if I have one and retire And so that's left us with a big hole in the labor market that companies are struggling to fill Are you seeing that reflected in different industries like if I'm in the service industry a waiter waitress or a job like that That's the hardest job to fill in part because it's consumer facing You're in people's faces all day and if you're worried about COVID that's a concern It's also hard work and low pay And so a lot of people who were in those jobs may be found something else to do during the pandemic when everybody was locked down in the restaurants were closed and don't want to go back They may have gone back to school or they may just be sitting out right now There was a thought that maybe the generous unemployment benefits were keeping people sidelined That'll be something we'll watch for in the September payrolls report We get a big jump in some of the areas in which people would have made as much or more on unemployment than they would at their job and restaurants are a key part of that So if you were a single mom and you're trying to find child care and those jobs aren't filled people who would normally take care of your kids while you're at work that also has got a figure into these numbers as well right Some situation like that Yeah and child care workers as you mentioned have been slow to come back as well again It's another exposure question And so for parents of young children it's particularly hard If your child is in elementary school or higher you may be okay except that there's still a lot of concern about whether schools are going to end up having to go virtual if we get an outbreak of cases so maybe the mothers are still somewhat reluctant to go back The impact of this jobs report on the fed's decision on the tapering back its extraordinary stimulus What is it Well the fed of course has two goals They wanted substantial additional progress on inflation Over their target and Jay Powell said last week that they had reached that they believe that with inflation where it is that has been satisfied and the other question is maximum employment we had three and a half percent unemployment before the crisis and they'd like to get back closer to that We come into the September jobs report with unemployment at 5.2% It's definitely going down but not there yet So we want to see how far unemployment falls but Powell said they have made enough progress that a moderately good jobs report payrolls report would be enough to trigger tapering Mike thanks for stopping by today Appreciate it Michael mccabe Bloomberg economics editor.

senator Mike McKee Mike fed Paul Volcker Bloomberg Central Bank Jay Powell Powell Michael mccabe Bloomberg Mike
"michael mccabe" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:41 min | 1 year ago

"michael mccabe" Discussed on Bloomberg Radio New York

"Wage price spiral That's what we saw in the 1970s Now we don't have unions with the same kind of power they used to have and big pattern bargaining So it's less of a risk but that's the concern that they would start to put some pressure on the wage side We know that wages have been going up because companies are trying to attract workers as they try to reopen But for now it appears to be a one off That's why we'll keep an eye on the jobs report and the earnings numbers to see if continues to increase I think it was Paul Volcker the former one of the former fed chairs he used to have in his breast pocket a printout of the latest labor agreements That's how important the wage pressures were in making decisions at the Central Bank as opposed Yeah you used to have all of the major unions the steel workers the auto workers and many others who would engage in pattern bargaining where they would go into one company and reach an agreement and then all the other companies in the industry basically had to match it Now you have still have that in the auto industry but contracts are for three to 5 years and the other industries don't follow the same pattern as much and are much smaller as manufacturing jobs have gone away So it's less of an issue When you and I got our jobs we were asked about qualifications Nowadays when somebody goes in for a job interview I suspect the first questions do you have a pulse It is very hard to attract workers these days A lot of people left the labor force during the coronavirus pandemic's worst months and they've been much slower than people anticipated coming back in part because they maybe still worried about COVID exposure in part because a lot of people who were of retirement age the baby boomer boomers just decided well if I'm gonna be out of work I'm just gonna take my social security and take my pension if I have one and retire And so that's left us with a big hole in the labor market that the companies are struggling to fill Are you seeing that reflected in different industries like if I'm in the service industry a waiter waitress or a job like that That's the hardest job to fill in part because it's consumer facing You're in people's face all day and if you're worried about COVID that's a concern It's also hard work and low pay And so a lot of people who were in those jobs may be found something else to do during the pandemic when everybody was locked down in the restaurants were closed and don't want to go back They may have gone back to school or they may just be sitting out right now There was a thought that maybe the generous unemployment benefits were keeping people sidelined That'll be something we'll watch for in the September payrolls report We get a big jump in some of the areas in which people would have made as much or more on unemployment than they would at their job and restaurants are a key part of that So if you were a single mom and you're trying to find child care and those jobs aren't filled people who would normally take care of your kids while you're at work that also has a figure into these numbers as well right A situation like that Yeah and child care workers as you mentioned have been slow to come back as well again it's another exposure question And so for parents of young children it's particularly hard If your child is in elementary school or higher you may be okay except that there's still a lot of concern about whether schools are going to end up having to go virtual if we get an outbreak of cases so maybe the mothers are still somewhat reluctant to go back The impact of this jobs report on the fed's decision on tapering back its extraordinary stimulus What is it Well the fed of course has two goals They wanted substantial additional progress on inflation over their target and Jay Powell said last week that they had reached that They believed that with inflation where it is that has been satisfied and the other question is maximum employment we had three and a half percent unemployment before the crisis and they'd like to get back closer to that We come into the September jobs report with unemployment at 5.2% It's definitely going down but not there yet So we want to see how far unemployment falls but Powell said they have made enough progress that a moderately good jobs report payrolls report would be enough to trigger tapering Mike thanks for stopping by today Michael mccabe Bloomberg.

Paul Volcker fed Central Bank Jay Powell Powell Mike Michael mccabe Bloomberg
"michael mccabe" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:48 min | 2 years ago

"michael mccabe" Discussed on Bloomberg Radio New York

"Michael McCabe will be with us. Just a second equity futures down. 39 were negative. 1% with your data is Mike lot of data today, John. Let's start with jobless claims. That's everybody's focused these days. Even though I will explain in a moment, the numbers aren't necessarily accurate. Initial claims coming in 898,000. That's a significant increase from last week. 840,000. It's way above 825,000 that we had that consensus Survey said. We would get its an increased with 53,000 seasonally adjusted basis. A non seasonally adjusted We go up to 80 85. That's an increase of 77,000 and you look at the pandemic unemployment insurance that would drop to 3 72. It's a down by 91,000. So this is all basically knew. One in unemployment insurance claims total number of claims out there right now, 25,290 down 215,000 as people start to drop off the rolls because they've used up They're they're unemployment compensation after 26 weeks, other numbers out this morning empire manufacturing. This is starting to tell us the same story. Maybe his claims that we do see a slowing in the economy for the most recent month. This is an October number comes out a 10.5 last month in September, it was 17. We also got the Philly fed today. Philly fed goes the other direction. A significant increase their 32 3 for the headline number That was 15 last month. So make of it what you will. The employment index is for the Philly Fed drops to 12.7. But the employment index for the Empire Manufacturing rises a little bit so make of those regional indicators What you will And then let's just quickly note that import prices rose 3/10 percent, which is bang on the consensus estimate, but 9/10 percent last month, so we saw import prices slow somewhat. We've seen the dollar gyrating around, and it is probably related to that. But Mike really, the focus is on jobs, he said. Everyone's looking at jobs, and that really is the stand out here, much worse than expected in terms of the labor market picture. And the revisions also coming in weaker than expected, in other words, revising downwards giving more people on the unemployment rolls over time. The one bright spot is that continuing claims ticked a little bit below where people were expecting. Can you talk a little bit? How about how reliable this data is about the potential distortions and what we can hang on to In these numbers, You know, The big distortion is in California because California a couple of weeks ago shut down its claims processing in order to try to weed out fraud and try to get through a big backlog. They were shut down for two weeks. They've come back online, but the Labor Department says their numbers are still out of whack. And so for the next two or three weeks They're using the same numbers that they've used for the past four weeks now, which is 226,179 jobless claims. That's about a quarter of all the jobless claims that suggests that maybe it is a little bit off there, so we really don't know what the total number of claims is. However, the change in direction is something that has got to be somewhat worrisome. And then we're keeping an eye on The idea of 26 weeks is how long you get in most states for unemployment benefits. People are running out of those. They're starting to move to the extended benefits that were put into the cares package. And so we should see. Continuing claims continued to fall, but extended benefits or rise. And they did this last week. Michael McKey one foreign a question to you. I look. Att Export Price Index folks. I don't look it import price export price that's like a Maquis thing. Until it matters And right now it really matters. We havea disinflation in our export price index. What is that signal? Michael McKee. Well, the export price index up six tents better than it was. And so on a year of your bases your negative 1.8 that's also rising. But it's basically a function of the fact that there isn't a lot of demand. The U. S exports yet as the global economy recovers, Import and export prices are a small part of the overall inflation picture for the United States, But it does give you On idea of sort of where we're seeing currency alignments at this point. Very good. Michael McKee. Thank you so much greatly appreciate that. Our international economics and policy correspondent right now joining us, Lindsey Piegza steeple chief economist Lindsay on the back end of the GDP equation is Mike and I were just talking his exported import. What is the view, 12 months forward of how our exports could advantage Just or is that a pipe dream? I think at this point, it's going to be a very minimal contribution to the U. S economy going forward for quite some time, as we do expect the global economy to remain very tepid, translating into very tepid demand for products whether they're produced domestically or internationally. So I do think that trade right now is going to reflect the ongoing saga of weak global GDP, which we do expect to carry not only into 2021 but potentially much further. 2022 are beyond you know, I look Lindsay at the basics. So now I got to get some numbers out of 12. Months forward. What is your call on Judy P. I think we're going to struggle to get back to a 2% sustainable rate. And remember, 2% is not only where we were going into the pandemic, but this is the bare minimum that you should expect from a developed economy 1% from productivity's gains 1% from population growth, There's your 2%, and I do think that going forward over the next 12 24 months That's gonna be our target and we are going to struggle to reach that level of growth. Lindsey, Let's talk about the regional divergent spin a story for us all this morning Asia doing better China, specifically Europe doing worth somewhere in the middle of the United States. Do you see any of those regions reconcile in one way or another? Well, it depends on the virus. Remember, this isn't a market crisis. This is a health crisis, so it depends on how we're able to control the spread of the virus and get the economy. The local economy be that China Europe back into some sort of semblance of normal. Now we have seen a resurgence of cases in Europe, which have led to further restrictions for their shutdowns. And, of course, then by extension, this will continue to downplay any kind of recovery. From a GDP or employment stand board standpoint. And, of course, that translates over to the U. S as well. If we see a resurgence in the virus as weather turns cold in the fall and towards the end of the year into the winter, it's very likely that we will see further restrictions or further safety measures imposed here in the U..

Mike Michael McKee Philly Lindsey Piegza Michael McCabe United States Lindsay Europe California fed 898,000 John Empire Manufacturing Michael McKey China Europe Labor Department
"michael mccabe" Discussed on AP News

AP News

01:32 min | 2 years ago

"michael mccabe" Discussed on AP News

"Thing we heard was gun shop sound like a shot gun type gunshot then we heard rapid fire gun shot after that the suspect who shot the officers is thought to be dead along with two women after that house caught fire the blaze itself destroyed seven homes and left others damaged this is a P. news hundreds of gun rights advocates a demonstrate outside the state capitol in Richmond Virginia as of now majority Democrats in both legislative houses planned act on gun restrictions including limits on how many firearms can be bought in a single month there were fears of violence compatible to what happened in twenty seventeen in Charlottesville Virginia to Santiago Helmick the issue is gun rights he says the new democratic majority wants to take those rights away to keep because I have to be able to protect myself from people like governor north you know he thinks he can come in here and just say whatever he wants to do that's not how it's gonna work Michael McCabe with the group March for our lives says confrontation won't solve anything a really here to be present in the legislature make our voices heard underscore majority and also for the moral just say that we have is our generation under effective I got some gun rights protesters waved flags with messages of support for president trump that's the AP's at Donnie who reporting I'm to McGuire AP news more news right after this farmers insurance we know that a bundle of joy you can sound like many different things but to also bundle.

Richmond Virginia Virginia Santiago Helmick Michael McCabe Donnie Charlottesville president McGuire AP
"michael mccabe" Discussed on AP News

AP News

13:39 min | 2 years ago

"michael mccabe" Discussed on AP News

"A rally by gun rights supporters in Richmond Virginia ended peacefully there were fears of violence compatible to what happened in 2017 in Charlottesville Virginia to Santiago Helmick the issue is gun rights he says the new democratic majority wants to take those rights away to keep because I have to be able to protect myself from people like governor nor his you know he thinks he can come in here and just say whatever he wants to do that's not how it's gonna work Michael McCabe with the group March for our lives says confrontation won't solve anything a really here to be present in the legislature make our voices heard to _ majority and also for the moral just say that we have is our generation under some gun rights protesters waved flags with messages of support for president trump the president in turn tweeted support for their goals I'm a Donahue

Richmond Virginia Virginia Santiago Helmick Michael McCabe president Donahue Charlottesville
Pro-gun rally by thousands in Virginia ends peacefully

AP News Radio

00:49 sec | 2 years ago

Pro-gun rally by thousands in Virginia ends peacefully

"A rally by gun rights supporters in Richmond Virginia ended peacefully there were fears of violence compatible to what happened in twenty seventeen in Charlottesville Virginia to Santiago Helmick the issue is gun rights he says the new democratic majority wants to take those rights away to keep because I have to be able to protect myself from people like governor nor his you know he thinks he can come in here and just say whatever he wants to do that's not how it's gonna work Michael McCabe with the group March for our lives says confrontation won't solve anything a really here to be present in the legislature make our voices heard to underscore majority and also for the moral just say that we have is our generation under some gun rights protesters waved flags with messages of support for president trump the president in turn tweeted support for their goals I'm a Donahue

Richmond Virginia Virginia Santiago Helmick Michael Mccabe President Trump Donahue Charlottesville
"michael mccabe" Discussed on AP News

AP News

12:32 min | 2 years ago

"michael mccabe" Discussed on AP News

"There were fears of violence compatible to what happened in 2017 in Charlottesville Virginia to Santiago Helmick the issue is gun rights he says the new democratic majority wants to take those rights away to keep because I was to be able to protect myself from people like governor nor his you know he thinks he can come in here and just say whatever he wants to do that's not how it's gonna work Michael McCabe with the group March for our lives says confrontation won't solve anything a really here to be present in the legislature make our voices heard to _ majority and also for the moral just say that we have is our generation under effective I got some gun rights protesters waved flags with messages of support for president trump the president in turn tweeted support for their goals I'm a Donahue

Virginia Santiago Helmick Michael McCabe president Donahue Charlottesville
Pro-gun rally by thousands in Virginia ends peacefully

AP News Radio

00:45 sec | 2 years ago

Pro-gun rally by thousands in Virginia ends peacefully

"There were fears of violence compatible to what happened in twenty seventeen in Charlottesville Virginia to Santiago Helmick the issue is gun rights he says the new democratic majority wants to take those rights away to keep because I was to be able to protect myself from people like governor nor his you know he thinks he can come in here and just say whatever he wants to do that's not how it's gonna work Michael McCabe with the group March for our lives says confrontation won't solve anything a really here to be present in the legislature make our voices heard to underscore majority and also for the moral just say that we have is our generation under effective I got some gun rights protesters waved flags with messages of support for president trump the president in turn tweeted support for their goals I'm a Donahue

Virginia Santiago Helmick Michael Mccabe President Trump Donahue Charlottesville
"michael mccabe" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:18 min | 3 years ago

"michael mccabe" Discussed on Bloomberg Radio New York

"Kong and here in Singapore on Juliet's Ali and I brain Curtis trading is underway in most of the key markets now here and we're seeing rally some strong rallies here in the Asia Pacific banking index up nine tenths of one percent and also the China markets up about a third of one percent yes he has injected extra funding into the financial system we'll get you details on that and all the latest in a few moments for now the top stories and as is a bit of optimism in the air about US China trade a spokesperson for China's commerce ministry saying Chinese officials are in close contact with the United States the US is of course planning on raising tariffs in ten days if no deal is reached on the other hand some possible friction emerging between the two countries once again US senators say they're on track to pass legislation that would put sanctions on Chinese officials because of the crackdown on ethnic Uighurs in China seen John and the house already passed a similar measure also another possible point of friction the trump administration objecting a World Bank plan to provide China with more low interest loans more on that part of the story from Bloomberg Cines Pellegrini treasury secretary Stephen munition tells the house financial services committee that China it should be removed from that World Bank program and he says the U. S. is formally objecting to the bank's plan for continued landing meantime Senate finance chairman and Iowa Republican Chuck Grassley says China's per capita income is high enough now that the country should quote graduate from needing this kind of assistance under pressure from the U. S. World Bank clinic to China shrank this year to one point three billion dollars from almost twice is that much in fiscal twenty seventeen Denise Pellegrini Bloomberg daybreak catia Saudi Aramco has raised twenty five point six billion dollars in an IPO as after pricing at the top end of the range it makes it the world's biggest IPO ever number extended Davis says investors are looking beyond oil itself to the positioning and influence that Saudi Aramco has as a state enterprise you're talking about finding all sorts of government programs beyond what your regular Exxon or chevron would necessarily do in international markets even so the value is much less than the one hundred billion dollar IPO crown prince Mohammed bin Salman had apparently been looking to raise and remembers scale back just a local listing after global investors balked at the offering well the US November jobs report suddenly got a lot more interesting after all the all the soft economic numbers that we got earlier this week more on the report which is coming out tomorrow morning in the U. S. from Bloomberg Michael McCabe a weaker than expected I assume manufacturing and services data and a very poor eighty P. payrolls report have heightened concern that this jobs figure could be disappointing how much lower than expected report on may pay rolls said bond yields and stocks tumbling so watch the headline number for surprises and keep an eye on earnings there are questions about whether trade war impacts on revenue will lead companies to cut back on wage increases in Washington Michael McKean Bloomberg daybreak Asia and here's one with a degree of intrigue Chinese regulators struggling with the new speculative mania little plastic toys are capturing consumers imaginations more from Bloomberg Selena **** in Beijing there are so called blind box toys little collectible figures wrapped in mystery packaging if you get the right toys your investment could turn into hundreds of dollars on the resale market is blind box toys or even a grocery store vending machines and now regulators engines that are monitoring the trading on the secondary market as they try to get ahead of the long national history speculation in unusual categories including liquor and even garlic and fermented tea China daily said last month one company sold it's entire stock of fifty five thousand lab blue mini blind boxed dolls online in just nine seconds in Beijing I'm Selena weighing Bloomberg daybreak Asia we are seeing Asian stock supposed to some modest gains today pretty hefty will good gains I should say in the costs we though out by nine tenths of one percent in Hong Kong's hang sing index also high by nine tenths of one percent at twenty six thousand four hundred and sixty one points in early trade elsewhere guessing games around attempts to a quarter of one percent but ID's looking back the embassy I Asia Pacific index will actually make it a weekly gain this week of around seven tenths of one percent which is quite positive considering we have that hefty selling coming through on Tuesday and Wednesday it's a pretty current interesting in the currency market today we had a stronger than expected fix coming through from the PTO C. U. S. saying a little bit of weakness that coming through in the on shore currency today but the key way is still holding at that four month high New Zealand central bank deputy governor saying that Ted they don't expect the new bank capital rules which came into effect yesterday to present a head wind for the overall economy which the governor had already said looks to be near the point of entering a recovery the K. we at sixty five spot five six and all the dollar recovering some ground to AT sixty eight spot for two bonds are being sold all fields rising across the cove with seeing the yield on Australia's tenure not up three basis points at once but one night and day deals on China's Taney also up by about one basis point gold is steady fourteen hundred and seventy five US dollars an ounce and within a little bit of a take down in WTI crude at fifty eight dollars thirty three a barrel Brian all right thanks very much thirty five minutes you're past the hour it's time for news uber trying to blunt criticism that is platform is not safe and the U. S. says Iran is engaging in its bloodiest crackdown on dissent since nineteen seventy nine is Bloomberg Martin to Carol with the global news update from Washington Martin thank you Brian uber is out with its first safety report in the ride hailing giant believes it compares favorably to travel alternatives Bloomberg's Lizette Chapman has the numbers were compiled from all trips taken in the United States last year three thousand sexual assault there were fifty fatal traffic accidents and they were nine murders that said there were one point three billion rides done so this is a ride every forty six seconds super drivers reported nearly as many allegations of sexual assault as passengers who made up fifty six percent of the claims there's little comparable data on assaults and taxis other transport systems experts have said those attacks are widely under reported in Iran a violent crackdown on dissent may have claimed a thousand lives in the past couple months the US special representative for Iran Brian hook made that claim to reporters today based on emerging video and testimony from the street protests three thousand we have received reports from family members of victims who tried to recover the bodies the authorities demanded that the families first pay the cost of the bullets they use in many cases the forties would not hand over the bodies until their family promise not to hold public funeral so popular unrest was sparked by a surge in gasoline prices president a sun roof honeys government under increasing pressure from US sanctions that have damaged Iran's economy in friend some eight hundred thousand people took to the streets nationwide some estimates have that figure over a million people in Paris a massive strike and March froze public transit some protesters lit fires police fired tear gas at the.

Kong Singapore Juliet Ali Curtis one percent one hundred billion dollar three billion dollars fifty eight dollars six billion dollars thirty five minutes fifty six percent forty six seconds nine seconds four month ten days