39 Burst results for "Powell"
The Dan Bongino Show
Rep. Pramila Jayapal Wants to Take Your Money to Spend on Others
"Let's do some logic here in reason So premier Jaya Powell pramila jayapal who is really a moron who says tax what are you laughing at The woman is a legitimate moron This is a really stupid person Yeah I know I have a point She wants to hike taxes pop quiz Anyone in the audience Jim or Mike you're free to chime in Why does Pamela Jaya Powell want to hike taxes and steal more money from you Anyone anyone have a guess Jim's correct because she wants to take that money to spend it on other people So she can get votes So she's arguing that tax hikes are spending So if tax hikes are spending because you want to spend it or lead to spending because precision matters How are tax cuts spending too How is it that 400 plus of the dumbest people in the known cosmos all wound up in Congress at the same time How is that
Fresh update on "powell" discussed on Bloomberg Businessweek
"A good person. I want him to be able to sit back one day and go, we worked together. We did a good job. That's dedication. out Find more at fatherhood .gov. Brought to you by the US Department of Health and Human Services and the Ad Council. Chairman Powell looks brilliant off of this. Finance. Some breaking news for you. A share sale. Investment. You're still seeing some in momentum tech. The Bloomberg Surveillance Podcast. Do you want some volatility Tom? Please. Do you want me to go then? Tom King. Jonathan Farrell. Lisa Abramowitz. And the names that shape the world's markets. The Chief Executive Officer JP Morgan, James Dimon. Bloomberg Surveillance. We're seeing the sell -off continue to accelerate. Subscribe today on Apple, Spotify or wherever you get your podcasts. financial are you looking to add or switch custodians are you going independent interactive brokers provides lowest cost trading and turnkey custody solutions for all -size firms trade globally from a single integrated master account with no ticket charges no custody fees no minimums and
AP News Radio
Air Force fighter pilot tapped by Biden to be next Joint Chiefs chairman has history of firsts
"President Biden has nominated a groundbreaking general to serve as his next top military adviser. General brown's warrior. A fighter pilot, a fearless leader, and patriot, who has pushed the military to adapt for 21st century challenges. All that makes general C C Brown junior, the president's pick to be the next joint chiefs of staff chairman, succeeding Mark milley, whose term ends in the fall. She kills absolutely superb and I am looking forward to a speedy confirmation. Brown is now the air force's top officer, the first black man to lead a military service and would be the second black chairman after Colin Powell. John O'Brien said he doesn't he doesn't play for second place. He plays the wind and that's obvious. Sagar Meghani, Washington.
Fresh "Powell" from Odd Lots
"Hike even more and pushes the economy into recession but it does feel like not only is there a lot of doubt but we're sort of heading into possible polar opposite directions well the thing that I keep coming back to a striking is if you told someone you know at the beginning of you know January 2022 you know when rates were zero that by spring 2023 we'd be at five and a quarter on the fed funds rate everyone's like oh you know the market would have crashed we'd be in recession etc and yet here we are with 10 million more than 10 million job openings and something that we've talked a lot about is like you know the entire 2010 was sluggish growth and everyone's like oh this is the pickup this is when inflation is going to come back and it doesn't and so far this decade it feels like okay this is finally when roll inflation is going to roll over this is when the recession is going to happen etc and we these expectations get keep kicked forward absolutely and I'm glad you mentioned interest rates just then and I mean the implication kind is of we've had years of people warning about what's going to happen when interest rates rise is it going to lead to a explosion in interest rate costs and things like that and you know we have seen some bankruptcies, but we're still sort of at this inflection point it feels like so I'm very pleased to say that we have the guest perfect for this episode we are going to be speaking with the man the myth the legend Jim Grant the founder and editor of Grant's Interest Rate Observer and a longtime commenter of financial markets I've been a fan of his work for many years so I'm so glad we can finally have him on the show. Jim thank you for coming on. lovely It is to be here and yes interest rates are a thing again I began to doubt the efficacy of my business model. People are observing people want interest rates observed. It is a good time for observation. Well maybe that's a good starting place but how would you characterize the current period in markets versus you know the trajectory of history you've been through and written about many interest rate cycles at this point? Well firstly I would call it good copy. This is what we like it doesn't matter up or down just give us some good time. Yeah we don't want peace and quiet. Well there are so many singular features and dogmatism has been I think I hope has been finished from the conversation and it's hard to dogmatize after 2021 and 20 etc. What is new and different is for example interest rates have gone from nothing to five plus on the short end of the yield curve and wouldn't you suppose that the home builders would have taken a big but instead home builders are right behind the video as the stocks and what you would think produce that they computer chips rather than two by fours but the home builders made new highs recently and that you why know because rates have kind of put interest rate handcuffs on people who are in possession of one of these sweet mortgages beginning with numbers two or three or four and think I most of the homeowners now with have loans have something less than five so people aren't moving and there's no supply no I exaggerate slightly but there's little supply and the home builders are hot footing it into that gap and they are coining money with huge margins and great perplexity around so you're speaking our language on multiple levels you mentioned semiconductors with nvidia two by fours we've talked lumber we've talked home building so what does that say then about our efforts to fight inflation you know we think of housing as ultimate rate sensitive sector and yet here we have home builders close to all -time highs despite the surge what does that say about I don't know perhaps the feds toolkit in fighting this kind of inflation well the fed only about two weeks ago was propagating it all the central banks of the world for years and years were bemoaning the fact they could not hit their two percent arbitrary mind you the arbitrary a two percent inflation target and the fed is recently as the jackson whole speech about 2020 that remote jackson whole conference chairman pal said you know we are going to search for a flexible inflation target benefits to low we will we will overshoot and thereby bring the average over the cycles up to more than two percent now that was it seems to me that was kicking sand in the face in the fed they've got these algebraic models my goodness how formidable they look on blackboard but they don't actually function very well so far as the future is concerned and the fed was in fact dogmatic through 2021 into 2022 buying mortgages recently i think is march 2022 so you asked about their inflation fighting tools uh -uh they're rusty you may you say well just on that note i mean walk us through why haven't the interest rate increases fed into the real economy more like why are you not seeing house prices go down why are you not seeing the much anticipated wave of bankruptcies that people were warning about for you many many years after the 2008 financial crisis well the house prices have in fact gone down is phrasing existing house prices that is the ones that are not imaginary so existing house prices are down new house prices are down from their peaks you know eight ten percent memory serves but the point is well taken Tracy that you know the phrase I think that something will break right and I was of the view am of the view that try as J pal might emulate Paul Volcker mr. Powell is not working with Paul Volcker's economy is much more dead therefore much more fragility you know people are head over heels over private credit they contend that this is a not quite Nvidia quality breakthrough in history of finance but it's up there and but you that know credit is a manifestation of the imperative to build leverage whether it's on the federal level or the corporate level not quite so much recent years on the individual level so there's a lot of leverage and I would say Tracy that with respect to the paradox of nothing breaking much yet just be patient it's coming where do you see vulnerabilities you mentioned fragilities private equity is one I think private credit will be shown to be rather oversold as a breakthrough I don't think it's any such thing actually how do people think about why do people think that there's special about private credit I think the story goes that the lenders of private credit are more flexible they have commitments by their limited partners to supply funds they are not constrained by banking regulations they are kind of a new breed so the story goes but you know they they are lending to an important extent to software companies which famously lack gap of profitability they are lending to the same very people that the public credit markets are lending to but they're doing it at a somewhat cheaper rate they're not doing it on a rated basis so is not getting the ratings business it did I don't know the whole private credit business sounds to me as if it were the same wine in slightly more presentable bottles just on this topic there's a line that you wrote many years ago now and it kind of lives for free in my head and it's slightly random but it's basically an invariant of I used to think about that quite a lot in the context of Valiant of course you know they borrowed a lot from markets cheaply they bought a lot of companies they used interesting accounting techniques such as ad backs to boost their valuation so could that they keep borrowing and I wonder how much that type of financialization in your opinion is reflected across the market and across the economy not just a valiant specific type thing well I would say that that is rather endemic I guess we ought to define it what we what I mean by it Tracy is the finance for the sake of finance not for the sake of making better a product but finance for the sake of making money through structure through fees that's the naturalization and you see it again in private equity there's a there's this thing called ad backs and backs are a form of sly manipulation of cost structure so you do a deal and buy a company and you say we will lever it meaning we will encumber it with debt to the extent of six and a half times EBITDA this kind of non -gap measure of earnings and and the reason it's 6 .5 and not 9 .5 is because we project savings through the great managerial improvements private that equity invariably introduces to its synergies synergies everywhere to its portfolio don't you know that S &P does an annual ad back study that's that's the age in which we live there is an ad back study from that you can look wait for every year and it shows that the most of these promised things Tracy don't don't be shocked it don't materialize but the fees surrounding them are paid so that that's an example one micro example of financialization said I think it's all over the place up next on odd lots it is more with Jim Grant find out what he is thinking about the current state of the
AP News Radio
Biden tapping Gen. Charles Brown for chairman of the Joint Chiefs
"Name C cubed Brown junior as the next joint chiefs of staff chairman, Brown already made history as the first black man to be the air force's top officer, and he'd be the second black chairman after Colin Powell 30 years ago. Brown is a career at 16 pilot, with deep experience in shaping U.S. defenses to meet China's rise after leaving Pacific air forces. Mark milley's second term as joined chiefs chair ends in October, and it Brown is confirmed to replace him. It would mark the first time, both The Pentagon's top civilian and uniform positions are
Bloomberg Wall Street Week
Fresh update on "powell" discussed on Bloomberg Wall Street Week
"Commerce, Gina Romando. Bloomberg Talks. Subscribe today on Apple, Spotify, and anywhere you go. That's where this market will go. Right now, it feels like a wild ride. But one thing's for certain, there's a way through it. And the experience and guidance of a Merrill Advisor can help you get there. Because where there's a bull, there's a way. Merrill, a Bank of America company. What would you like the power to do? Investing involves risk. Merrill Lynch, Pierce, Benner & Smith Incorporated, registered broker dealer, registered investment advisor. Member SIPC, a wholly -owned subsidiary of Bank of America Corp. If I could be you. And you could be me. For just one hour. If you could find a way. To get inside. Each other's mind. Walk a mile in my shoes. Walk a mile in my shoes. Walk a mile in my shoes. We've all felt left out and for some that feeling lasts more than a moment. We can change that. Learn how at belongingbeginswithus .org. Brought to you by the Ad Council. Walk a mile in my shoes. Economics. Chairman Powell looks brilliant off of this finance. Some breaking news for you. A share sale investment. You're still seeing some momentum intact. The Bloomberg Surveillance Podcast. Do you want some volatility Tom? Please. Do you want me to go then? Tom King. Gene. Jonathan Pero. Lisa Abramowitz. And the names that shape the world's markets.
AP News Radio
On this week's AP Religion Roundup, a new film explores faith and growing up, and CeCe Winans talks about her career in contemporary Christian music.
"On this week's AP religion roundup, a new film explores faith and growing up and Celine and talks about her career in contemporary Christian music. Dear lord. I want to reflect your holiness. Laurel par met's directorial debut, the starling girl puts the viewer in the modest shoes of a 17 year old named Jim. The main character has grown up in a conservative Christian community. He lies a scanlon who plays Jim, says the movie tackles sensitive subjects. The film in a greater sense, I think, explores abusive relationships and I think it does a really good job at not falling into a stereotype. Ren Schmidt plays Jim strict mother. She says the film explores how everyone's lives are shaped by beliefs. All of these characters in a way are held back or confined by their belief system. I think that's definitely something that is something that we can all identify with. The starling girl is in wide release this weekend. Lord we are ready for more Cece wine and singing career spans more than 40 years, recording and performing both as a solo artist and as a duo with her brother Bebe. AP's Hillary Powell spoke to sisi during her first tour in a decade. So many songs have gotten people through, including goodness of God. But there's also like a contemporary nature to your music as well. How has that kind of helped maybe speak to different audiences? It wasn't a strategic plan to be played outside of the walls of church, but we loved contemporary music and not just contemporary we loved it all. But BB and I chose to go that route because as he would write and we would sit down and see how these songs would go, it just became our style. And I think that proves that God is for every part of our lives. Cece winance has sold 17 million records worldwide, and won many awards, but she says spending time with her grandchildren tops the list. I'm Walter ratliff.
Fresh update on "powell" discussed on Bloomberg Businessweek
"Now obviously people are wondering will the market be like the messenger from marathon who then stumbles and and i shortly after announcing the uh... or will it have legs to run further and i think history basically tells us that we have further to go and that following twenty percent advances off a prior bear market uh... we typically advance about fourteen and a half percent and do so over a five -month period so uh... i would be advised not selling too quickly into this rally uh... at least if you are a longer term investor because chances are we have a ways to go and so i have a uh... sam stovall for those listening you don't know has like more data than the bloomberg so uh... when we hear about bear market rallies and i've seen and a number of myself in past the couple of decades but how often do you see a bear market rally that gets up to a more than twenty percent gain from the bottom and then it fizzles out well if you're looking at the nasdaq because it's much more volatile than the s and p we've had eight bear markets uh... since the nasdaq hundred one was created in the late nineteen eighties and a full half of them experience what i call bogus bottoms or fake outs where the indexes up by twenty percent only to around and said in even lower low for the s and p five hundred however we have only had three such fake outs and all three of them were confined to the two mega meltdowns of two thousand and two through oh two as well as those seven through oh nine this bear market i regard as a garden variety bear market uh... meaning less than forty percent decline and we have never had a a bogus bottom occur within a uh... garden variety bull market nice yeah because i was reading sabita the summer money in from bank america she said ninety two percent of the time on the s and p five hundred uh... after you get to a twenty percent rally from the bottom you have gains twelve months later so uh... in other words is not a fake out exactly and actually the only thing that i think investors are sort of worried that there could be some fake out is why is it that this time around small caps are not leading the way as they have done five hours six of the prior times going back to nineteen eighty for the russell two thousand this time around were up only about eleven percent verses the twenty one percent s and p five hundred so investors are sort of scratching their heads what's different this time well what's different maybe this timing is another story on the bloomberg talking about the disconnect between stocks and bonds suggesting a twenty percent and downside risk for equities of bonds are right in pricing inflation both volatility is going to some modeling by j morgan .p. chase and company strategist if you look at kind of the bond market trade in terms of where i guess yields are saying and their concerns about inflation volatility if that continues to be persistent sam is it potentially different time around we just come off several days a bloomberg invest you know top voices like yourself in investment the community talking about the markets and saying this is unusual times were coming off and pressed amount of money that was pumped into the economy because the global economy because of the pandemic we're not really quite sure how it plays out well the good news is last monday i published a report called hike skip and a jump and what it showed was that going back to uh... the beginning of when the fed actually announced fed fund changes prior to that they announced only discount rate changes that whenever we did have that skip in the subsequent eight weeks meaning between those two FOMC meetings the market was up eighty eight percent of the time about three point six percent on average so the good news is that if the fed does indeed skip as fed fund futures are pointing to that would be a positive sign however if the fed basically either continues to raise or tells us that no we're nowhere near being done then you know they could end up not only strangling this new bull market uh... but could throw the economy into something much deeper than the mild recession currently priced in Sam, I'm interested to know how you compare and contrast this inflationary environment and the fed hikes seen with that of the seventies and eighties you know it seems Powell doesn't want to be in Arthur Burns, are there parallels? Well certainly I think by uh... hearing Arthur Powell, hearing Jerome Powell say that he does not want to repeat the mistakes of the nineteen seventies that that would imply that they are going to be raising rates longer but at the same time if you take a look at the inflation numbers we're going to be getting CPI both of them continue to show a stair step down and we're finding that the the fed funds rate is now well above both of those year -on -year changes so that typically is what happens close to the end of a rate tightening cycle and again I point to what happens after the fed stops raising rate historically they don't cut rates for another nine months so right but my belief is they're not going to be cutting rates until the second quarter of next year but but still the market is up thirteen percent on average with all sizes styles sectors and nine ninety percent of sub industries in positive territory over that timeframe so really quickly thirty seconds though would you like to see a more broadening out though of the market trade well you could say that it is fairly broad already because more than fifty percent of the stocks in the s and p five hundred are positive year -to -date forty seven percent of them are above the markets the s five hundred uh... equal weight performance and a majority of certainly the uh... high growth areas are showing percentages above fifty but even a group like real estate has forty three percent of its components in positive territory this year okay to leave it on that note love the data points you're right I think it does have more than Bloomberg. I love it. Thank you so much Sam. Sam Stovall, chief investment strategist at CFRA right here on Bloomberg. He might not have a badge, but we have faith in his killer instinct. Celebrate the tenth anniversary of famed detective priest Father Brown. Stream the new season now, only on BritBox. That sounds like a marvelous plan. Plus, watch even more on official detectives in much -loved series, including Agatha Christie's Marple, Murder in Provence, and more. Expect intriguing mystery. Expect The Undetectives. Start streaming today at BritBox dot Antony Blinken is preparing to go to Beijing. To Europe. Prime Minister Rishi Sunak will see closer economic ties with the US.
AP News Radio
Federal Reserve Chair Powell hints at a pause in rate hikes when central bank meets next month
"Federal Reserve chair Jerome Powell is hinting about a pause in interest rate hikes. The fed started raising interest rates 14 months ago to try to hold off inflation, speaking at a fed conference in Washington, Powell says interest rates are high enough to restrain borrowing, spending, and economic growth in an attempt to cool inflation. The risks of doing too much versus doing too little are becoming more balanced and our policy has adjusted to reflect that fact. Several fed officials signal support for suspending the rate increases at least at next month's meeting. Powell also noted the collapse of three large banks, which could cause banks to reduce the pace of lending, which could weaken the economy. Ed Donahue Washington
The Dan Bongino Show
Bad Administration Personnel Is Not Unique Issue to Donald Trump
"You had a Democrat versus Donald Trump It was a debate and Caitlyn Collins and CNN just got destroyed last night Absolutely wrecked Just wrecked But what are the lines of attack I saw a pop out this morning And again this is primary stuff People are I don't get into that I'm a Trump guy Again I've said it over and over We get that desantis is a fantastic governor but there's a lot of back and forth One of the hits on Donald Trump during the primary I discussed before as well He picked some bad people personnel wise Folks every single administration has done that It doesn't excuse it We should make better personnel decisions Period Complete full stop But that's not unique to Donald Trump Acting like that somehow disqualifying because Donald Trump made some bad personnel decisions is obscenely stupid George W. Bush wanted Harriet Myers on Supreme Court Harry admires remember that debacle I mean really You know we kept bringing Colin Powell back The guys no he's a Republican He's hasn't voted for a Republican in 50 years We've had our own we had Michael Steele once heading the RNC Michael Steele the guy yes you mean a guy on MSNBC raving like a lunatic about the conservatives that yes that guy So please spare me the my gosh Trump made bed but I get it Well we'll fix that I understand that People politicians make bad personnel decisions all the time
Crypto Chaos Fallout: Big Market Makers Pulling Out
"This week has seen a lot of interesting fallouts and consequences of last year's crypto chaos. For example, SPF resurfaced with the request to the judge in his case to throw out 7 of the charges he's accused of. I'm reminded of the line from dodgeball. It's a bold move cotton. Let's see how it works out for him. On top of that, one of 2020 twos last institutional hanging chads in DCG is in a murky situation as it goes into mediation around genesis debt payments that come do this month. Then there are the reports that big market makers like Jane street and jump are pulling away from the crypto markets after finding themselves facing intense above the surface and likely behind the scenes political pressure. We will be discussing all of this this week, but today is inflation day and so we're going to take a quick detour into the macro. Now to give a sense of where we are. Last week at the FOMC meeting, we got what some folks described as a hawkish pause. Obviously the headliner was that the fed raised rates, it raised them another 25 basis points, and this happened even in the face of the collapse of first republic bank, which was seized on the Monday of FOMC week. Now, for those who have been paying attention, it wasn't all that surprising, given what Powell and the fed's posture has been. They have said since the beginning of this tightening cycle that they had the tools to deal with problems that arise from tightening quickly. They basically said that they could handle financial stability and the fight against inflation at the same time and that the interest rate wasn't really their tool when it came to financial stability. Indeed, what we saw around the time of Silicon Valley bank is that the fed in addition to using its existing tools created a new tool in the bank term funding program. The idea of the BTF P remember was to give banks whose loans were underwater, the chance to borrow against the full value of those loans if they were held to maturity rather than having to sell them at a loss to provide for liquidity when customers tried to withdraw.
AP News Radio
Biden picks Air Force general as next Joint Chiefs chairman
"President Biden is picking a history making general as the nation's next top military officer. Officials say the president's tabbing Charles Brown junior as the next joint chiefs of staff chairman, Brown, who goes by cq is currently the air force's chief, the first black officer to lead any military branch. He would now be just the second black joint chiefs chairman after Colin Powell 30 years ago. This would also mark the first time both The Pentagon's top civilian and uniform positions are held by African Americans, with brown joining defense secretary Lloyd Austin. Brown's a fighter pilot with deep experience encountering China if confirmed he'd replace the retiring Mark milley as chairman. Sagar Meghani, Washington.
AP News Radio
US employers added a robust 253,000 jobs in April
"The labor market has been standing its ground. It made factors like high inflation, bank failures, and rising interest rates. Hiring has gradually slowed, as have wage growth and job openings. But the job market has stayed surprisingly strong, even in the face of the Federal Reserve's aggressive rate hikes. We've raised rates by 5 percentage points in 14 months. And the unemployment rate is three and a half percent, pretty much where it was even lower than it was when we started fed chair Jerome Powell earlier this week. It wasn't supposed to be possible for job openings to decline by as much as they've declined without unemployment going up. Well, that's what we've seen. Powell says it seems possible the labor market can keep cooling without big jumps in unemployment, which would buck historical trends.
AP News Radio
Fed raises interest rates another quarter point, reaching 16-year high
"The Federal Reserve has raised its key interest rate to the highest level in 16 years, while signaling it may now pause its run of ten straight rate hikes. Inflation pressures continue to run high. So chair Jerome Powell says the fed again boosted its benchmark rate by a quarter point and says, while there's no decision on suspending hikes, Powell at least confirmed the possibility. Last month, the fed said it anticipates more rate hikes. That sentence is gone from its latest statement. Instead, we're saying that in determining the extent to which additional policy may
The Dinesh D'Souza Podcast
The Real Reason for Tucker Carlson’s Abrupt Departure From Fox
"The real reason for Tucker Carlson's abrupt departure from Fox remains a little unclear and there's a bunch of different hypotheses or theories circulating you saw one that was actually well here, the article, this one is well, I mean, can we really trust it? I think it's from The Guardian. The Guardian in Britain. What does it say? Well, it says that Tucker Carlson's vulgar language in texts contributed to fox's firing of him. And what's the vulgar language and who was he referring to? So apparently he was referring to Sidney Powell and some of it. He also referred to Murdock and other parts of it. So, and apparently he was just a very mean guy is what they were saying. Well, I can see if he made that disparaging comments about Rupert Murdoch at this if it got back to Murdoch, Murdoch would be upset. I'm his boss. That kind of thing, I mean, it seems pretty clear that Tucker is a little bit of an early guy. And I say this because in fact, you made this point to me that when Justin B wells sent me very insulting text, this was in the immediate aftermath of 2000 meals. He was speaking in this kind of vulgar, brutish language, and I said to Debbie, I'm like, do you think that Tucker's producer would do this on his own? And she's like, well, it probably Tucker talks like that. So this is like the, this is the talk around the office, and there's a woman named Abby grossberg, who's apparently suing Tucker, claiming that there was all this very vulgar sexist talk going on in the office. Who knows? I mean, I have seen an article as a completely different theory that has nothing to do with any of this. And actually says that it's Tucker's Christianity. And by Christianity, what I mean is not tacos personal devoutness or anything like that. But Tucker gave a speech at heritage right before he got fired. And he basically said this isn't just a political fight. He goes, this is a spiritual war. And the other side isn't just wrong. They're basically like on the devil's side. They're evil. As we've said, yes, exactly.
AP News Radio
Russian Pranksters Dupe Fed Chair Into Recorded Call
"Russian pranksters were able to trick Federal Reserve chairman Jerome Powell into taking part in a lengthy phone conversation. The Federal Reserve admits that in January, chairman Jerome Powell was tricked by well-known Russian pranksters who were posing as Ukraine's president volodymyr zelensky, videos of the call have been posted on social media, in which Powell's discussing interest rates, slowing the economy, and apparently saying that a recession is almost as likely this year as very slow growth is. A fed spokesperson says the video appears to have been edited and
AP News Radio
Booker scores 47, leads Suns past Clippers to win series
"Devin Booker scored 25 of his game high 47 points in the third quarter to lead the suns to a one 36 one 30 victory over the clippers, Booker also had 8 assists in ten rebounds as the sun's overcame a 9 point halftime deficit and captured their Western Conference playoff series four games to one. We didn't want to go back to LA unless it's for the Western Conference final. So, you know, just want to get it done, you know, being down 9 points coming out of that. We knew we wanted to do it quick. You know, we didn't want to wait until the fourth quarter and try to fight uphill battle. The clippers led by Norman Powell's 27 points made things interesting by nearly coming back from a 20 point deficit early in the fourth quarter. George Tanner Phoenix
The Eric Metaxas Show
Dick Morris Analyzes This Moment of Existential Crisis for America
"That we're talking about a president of the United States behaving in a way that is treasonous, this is unprecedented. This is absolutely, this is a moment of existential crisis for the United States of America. Yes. It is. Even if the election hadn't been stolen, it certainly is. And what we need to do now is to understand what China got. We know now that they gave, what did they get? And what did they get? I mean, let's talk about it. We're speculating, but I would put high on the list. The fact that nominally to appease the green movement, the entire American economy has been slowed down and China's accelerated because they don't have any restrictions for global warming at all. And we have a ton of them. Who is the architect of this satanic schemes? We know that bumbling Joe Biden is not it. He's a puppet for other people. Who is behind this? Well, I believe that you go back to dinesh d'souza's theory about the roots of Obama's rage. Where he basically says that Obama sees the world not in terms of U.S. versus the east or freedom versus communism. He sees it in terms of colonialism. That is the domination of three quarters of the world by one quarter. And anything that evens up those odds that lowers the power of the one quarter and raises the power of the other three quarters in his view is just wise and acceptable. And that's really where you have to look for. So you believe that Obama and company are behind what's really happening. Oh, yes. Yes, absolutely. That's why that's why Susan, that's why Powell exists.
AP News Radio
Booker has 45 points, Suns top Leonard-less Clippers 129-124
"Behind 45 points from Devin Booker the songs beat the clippers in game three, one 29 one 25 to take a two one series lead. Booker played 45 of the 48 minutes and shot 18 for 29 from the floor. Yeah, I say it's just strictly playoffs. You know, I keep saying this that time, you know? It's when I go home. Kevin Durant finished with 28 points, clippers star Kawhi Leonard sat out with a right knee sprain, Norman Powell scored a team high 42 points. Mark Myers, Los Angeles.
The Hugh Hewitt Show: Highly Concentrated
Journalists Denied Schadenfreude in Dominion Settlement
"Wall Street Journal weighed in with an editorial on the Fox dominion settlement, which I think is worthy of being hurt. The whaling you heard across the land Tuesday afternoon was the sound of thousands of journalists lamenting the settlement of the defamation lawsuit by dominion voting systems against Fox News. An entire industry of reporters have been denied the schadenfreude of seeing their hated political and media competitor in the dock. A hilariously revealing courtroom account in politica, laments that hopes for dash dreams torpedoes. Lost its mind. There are some good bright spots over there like Olivia beavers, but they're just so left wing. The settlement is a victory for dominion. The journal opines, which will pay Fox, which Fox will pay 787 and a half $1 million. Fox did not apologize, though it said quote we acknowledge the court's rulings, finding certain claims about dominion to be false. Those claims involve statements aired on Fox from the likes of Rudy Giuliani and Sidney Powell that blamed dominions voting machines for Donald Trump's defeat. These columns never saw any evidence for such claims, neither did this show. And we said so in a November 18th, 2020 editorial, rage against the voting machine, I may have read that too. Dominion cited the editorial more than once in its legal filings on December 1 2020, we ran an op-ed from dominion CEO John poulos, rebutting the claims against his company. We share common ownership with Fox, and we have a weekend news program on the network. But neither Fox nor news corps are parent, is an ideological monolith, and our owner, higher journalist, to make independent judgments about what to cover and say in print or on television. Same is true of Salem media, by the way.
Barney Frank Talks About the Surprise Shuttering of Signature Bank
"Let's start with that additional color around the shutdown of signature bank. Last week, Barney Frank, a board member at signature bank, and one of the sponsors of the famous Dodd Frank act sat down for a tell all interview with Barron's, which delved into the details of the final days for the bank. Frank explained that the Friday before the receivership, he was informed that the bank was quote bleeding deposits with around $12 billion leaving that day. On Saturday morning, bank management was in crisis mode, with Frank working the phones to talk to high ranking Democrat lawmakers and fed officials. Frank told Barron's that he called fed chairman Jay Powell and vice chairman for supervision, Michael Barr, as to whether emergency loans would be made available to the bank under section 13 three of the Federal Reserve act. Frank explained, quote, I told Powell, we're facing a bank run. We don't think we're the only ones. It's a classic case of a liquidity generated by some exogenous reason not related to the operation of the bank. Is that 13 three facility available? I think what Powell told me was, well, I'm not sure we hadn't thought about the facility yet. Certainly we're going to make the discount window fully available. Frank added that Powell told him Michael Barr is going to be taking the lead. Executives had also gone to the federal home loan bank for a loan and were told, quote, while there are so many runs on, we don't have enough money to do it all. By Sunday, signature was able to access the liquidity required via the discount window using agency MBS and treasuries as collateral. Initially, a concern as the bank held little acceptable collateral on its balance sheet. However, that on Sunday, the FDIC informed management that they would be putting the bank into receivership. Frank said that after they got that stabilized in the liquidity, quote, we were then surprised when they called up and said, we're coming over and shedding you down. When asked to comment on why he thought the bank was closed, Frank said, no question because of our prominent identification with crypto. I can't think of any other possibility, and like Sherlock Holmes says when you've eliminated every other possibility, what's left must be the one. The baron's article reiterated this point. If signature was in the regulatory crosshairs, they wrote because of its crypto business, and if there was a criminal probe and it then experienced a bank run, let's just say you can begin to see why regulators might not go out of their way to save it.
America First with Sebastian Gorka Podcast
Christopher Lambert Is Not Your Average Leading Man In "Highlander"
"Let's talk for a second by Christoph Lambert, so my ever suffering son was so good as to watch this movie with me last night. And he said, and he'd seen it. I had shown it to him as a kid. Ten years ago. I think halfway through the move said, that guy's really ugly. I Christoph Lambert is not your average leading man. Forget the accent, the fact that he's blind, this massive forehead, the deep set eyes, I look, he kind of works in a wave because the love story with Heather, he sells that love story, and then the little girl Rachel will talk about Rachel in a second. That's an amazing sub story. But he's not a really good, you know, Marlon Brando, in my opinion. No, no, no, no. And especially when you put him up against Sean Connery. Sean Connery could be his father. Oh my gosh. You know, and he's like ten times more handsome still as an old man. So you do feel a little bit bad for me. If you think about it in that context, but look, he is the hero of the story. I think there is something about in the 1980s. They didn't actually. And this is actually something even back in the, you know, in the early cinema. I often talk about one of my favorite actors of all time being William Powell. If you put him up against Clark Gable, or Cary Grant, or somebody like that, William Powell pales in comparison in terms of looks, but he is so absolutely charming. He'll just like charm the brains out of anybody. That's a bit like, wouldn't you say Bogart is the same? Absolutely right. Absolutely right. And so you do find actors that are so unbelievably charming. It doesn't really matter that they're not the most handsome guy in the world. Now, I mean, I think today they care a little bit more about how handsome certain actors are in certain kind of roles. When you find somebody like Sean Connery, dashingly handsome guy, excellent actor. I mean, that's obviously like the Holy Grail of stars.
The Bitboy Crypto Podcast
"powell" Discussed on The Bitboy Crypto Podcast
"A Bitcoin? Yeah, I think so. Oh my gosh. If you get what we're trying to work it to where we're going to do it, maybe at Bitcoin Miami, potentially this isn't guaranteed. So that's kind of what we were talking about. What you guys like that would you go down to Bitcoin Miami? I mean, that'd be huge. To maybe do a scavenger hunt and win a Bitcoin? That's fun. You got to get pre screened. So I think we'd probably take like what maybe 5 teams? Yeah. 5 teams. So if you got picked, you'd have like a 20% chance to win a Bitcoin. If you're really smart, you could hedge that against what could you hedge that against? Maybe a bunch of eggs or a bunch of chickens or something. Yeah, you could do it against soybeans. But we're going to be talking about Jerome Powell today. That's the big news going on. Drone Powell, Sam. Now, check out the new shirt here. This is one of several different new shirts we have in this kind of And this one's got 8 coin, it's got the ship. It's got SPF on it right there. Do you all hear Sam? SPF is sheba. It makes sense. I wouldn't want that shiba in you. I got chainlink. I don't really remember, I think chainlink would just kind of like an orphan. We didn't know what shirt to put it on, so we ended up on this one. Uniswap, sandbox, Dogecoin. I like this cool shirt. I don't like it. So anyways, you guys can check out hit merch dot com. You guys are interested. Do we have these on the website yet? I'm not sure. I know these are on the website. BitBoy crypto. We got some of the newer stuff. Yeah, these haven't even, these are not even out yet. And we got these in hoodies too. We got one that's got all the ISO 2002 two coins. We've got one that's got. We got rid of salon and polkadot off of the main shirt. We replaced that with polygon and BNB. There we go. Don't we have one more? Is there one more? I think that's it. Yeah, the meme coin, the algo, the main one, and.
"powell" Discussed on The Breakdown
"I don't know, man. Powell at this point has a pretty good beat on what it takes to send a message to investors. This is a guy who scrapped his entire plan Jackson whole speech and hit him hard with an 8 minute speech to turn markets off a rally back last summer. If Powell had wanted to tamp down on markets and really fight the narrative around these lucid and financial conditions, I think he would have done so, or at least I think it's a mistake to assume that that was his goal and he somehow missed it. So what could possibly be the explanation then? Welcome back to the breakdown with me and I'll W it's a daily podcast on macro, Bitcoin and the big picture power shifts remaking our world. The breakdown is produced and distributed by coin desk. What's going on guys? It is Thursday, February 2nd, and today we are talking about the first FOMC rate decision of the year and whether chairman Jerome
CoinDesk Podcast Network
"powell" Discussed on CoinDesk Podcast Network
"The breakdown is produced and distributed by coin desk. What's going on guys? It is Thursday, February 2nd, and today we are talking about the first FOMC rate decision of the year and whether chairman Jerome Powell is finally truly convinced that he has a chance at a soft landing. Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review or if you want to dive deeper into the conversation. Come join us on the breakers Discord. You can find the link in the show notes or go to bit LY slash breakdown pod. Welcome back everyone. I mentioned earlier in the week that this week would be the first really consequential macro week of the year. The reason of course is that the fed's first FOMC meeting was slated for Tuesday and Wednesday. Now, heading into this meeting, the markets were highly convinced that the Federal Reserve was going to continue to decrease its pace of rate hikes by increasing the federal funds target rate by 25 basis points. While this would mean that interest rates were still climbing, by and large the market was more interested in the trendline than in the specifics. In fact, coming into this meeting, the really big question wasn't so much how much rates would be raised, although of course the fed could have surprised with a larger than expected hike. Instead, it was about what other signals and communications would there be about how the fed was thinking about the economy as a whole after a few months of seemingly declining inflation and more granularly for stocks, what Powell would say about loosening financial conditions over the past few months that led to January's rally. Specifically, markets were waiting to see if Powell would seek to stamp out the enthusiasm, or would he strike a different tone. So what did we get? As expected the FOMC decided to increase their policy interest rate by 25 basis points, bringing the target range to 4.5 to 4.75%. This represents another step down in the speed of hikes, which had been moving at a blisteringly fast pace of 75 basis points per meeting across 5 consecutive meetings last year before slowing down to 50 basis points at the previous FOMC meeting in December. Chairman Powell said shifting to a slower pace will better allow the committee to assess the economy's progress towards our goals as we determine the extent to future increases that will be required to attain a sufficiently restrictive stance. Alongside this chairman Powell confirmed that quantitative tightening policy would remain steady, rolling treasury bonds off the fed's balance sheet as they mature. Now when it came to that all important question of what the tone would be, Powell's speech was definitely lacking in the sort of hawkish tone that some pundits were predicting. His prepared remarks remain pretty similar to December's speech with no additional flourishes. He had the same major notes that we've heard before. The labor market remains too tight, although wage growth appears to be moderating, the labor force participation rate has an improved. Inflation remains far too high, but longer term inflation expectations continue to be well anchored. Reducing inflation will likely require a period of quote below trend growth and some softening of labor market conditions. Now when it comes to forward guidance on future rate policy, chairman Powell again articulated the FOMC's view that ongoing rate hikes will likely be appropriate. Reiterating that, quote, the historical record caution strongly against prematurely loosening policy. We will stay the course until the job is done. Overall, chairman Powell gave the impression of a data dependent fed that is hopeful about recent data, but knows they don't have the full picture yet. So let's now dig a little deeper into the specific areas of discussion, and let's kick it off with the one that has loomed large for the last year, inflation. In the discussion, Powell clearly recognized the improving situation regarding inflation, saying, quote, the inflation data received over the past three months shows a welcome reduction in the monthly pace of increases. While recent developments are encouraging, we will need substantially more evidence to be confident that inflation is on a sustained downward path. Regarding recent data showing a looming risk of recession, Powell said that disinflationary process that you now see underway is really at an early stage. He noted that much of the moderation in inflation appears to be simply due to desirable effects like supply chains becoming more functional. Now while overall headline inflation is clearly moderating, Powell continued to point to non housing services inflation as evidence that there is still more work to do. Quote, we have a sector that represents 56% of the core inflation index where we don't see disinflation yet. We don't see it. It's not happening yet. It's still running at 4% on the 6 and 12 month basis. There's nothing happening there. Indeed, the stickiness of services inflation was the main reason Powell view that inflation fight is still ongoing. It would be very premature, he said, to declare victory or to think we've really got this. We see ourselves as having a lot of work left to do. Now, very reasonably, some people asked him then, well, how much information and what data will you need to see to be satisfied that inflation is in check. To that Powell responded, I don't think there is going to be a light switch flipped. I think it's just an accumulation of evidence. And when it comes to any sort of pivot, Powell said that the fed's base case is a slow disinflationary period, where it will not be appropriate to cut rates until at least the end of the year. Next topic, what about labor markets? Concerns about tightness in the labor markets have been at the very forefront of Powell's communications about how the fed thinks about where the economy is headed and how they might need to evolve their policies. Specifically persistent tightness has given them the confidence to stay the course with their tightening cycle and is also made them I think more convinced that there is still room for a soft landing that doesn't involve some sort of brutal recession. Yesterday morning the job openings turnover survey or jolts data was released, showing the ratio of job openings to unemployed workers had moved back to 1.9. Although this ratio has previously been used as key evidence of labor market tightness by Powell, yesterday he dismissively called the date of volatile. Instead he continued to categorize the labor market as quote too tight, citing high levels of job creation and a high rate of quitting. He did acknowledge a slowdown in wage growth as an early sign of labor market loosening.
The Eric Metaxas Show
"powell" Discussed on The Eric Metaxas Show
"Soldiers. Actually, let's hit pause there. This is just all so fascinating educational. The book is rediscovering America, Scott Powell is my guest. You know where I stand you know I'll always be a fan that cold outside can't trust the weather with you by my side I'm feeling better. I feel like we're the same hey folks, I've got to tell you a secret about relief factor that the father son owners Pete and Seth Talbot have never made a big deal about, but I think it is a big deal. I really do. They sell the three week quick start pack for just 1995 to anyone struggling from pain like next shoulder back hip or knee pain, 1995, about a dollar a day, but what they haven't broadcasted much is that every time they sell a three week quick start, they lose money. In fact, they don't even break even until about four to 5 months after if you keep ordering it. Friends, that's huge. People don't keep ordering relief factor month after month. If it doesn't work. So yes, Pete and Seth are literally on a mission to help as many people as possible deal with their pain. They really do put their money where their mouths are. So if you're in pain from exercise or even just getting older or to the three week quick start for 1995, let's see if we can get you at a pain too. Go to relief factor dot com. Relief factor dot com or call 805 108 three 8 four 805 108 three 8 four relief factor dot com. I use it it works. Hey there folks, have you ever looked for a business podcast, you're into business, but you also like to be entertained. So maybe you're looking for a funny business podcast. Well, obviously some of them try to be funny. They're just not actually funny, which is a problem. But I think we have the answer for you. If you like business news and current events with a side of actual comedy, I think you want to listen to, okay, Alvin, I can't say this with a straight face. I'm going to try. Ready? Okay, here it is. It's called IP frequently. The hosts are David and Brad and IP frequently is solid business advice that tends to lean right, kind of conservatism with 80s music and current events. They're calling it the unicorn of business podcasts. I don't know if that's a good thing. If it's funny, it's probably a good thing. They also calling it the Holy Grail of business podcasts. So subscribe to IP frequently and stay up to date on their weekly stream of episodes wherever you get your podcasts, go to IP IP frequently dot com. That's the letter I the letter P frequently dot com. Outside The Rain. Folks, welcome back. We are talking with Scott Powell, the author of what I am told is already a bestseller rediscovering America, how the national holidays tell an amazing story about who we are. So Scott, we were talking about, there can be a fuzziness, Veterans Day, Memorial Day. We know technically Memorial Day is for those who have died in wars. And Veterans Day is for all those who served in the military, but you were talking about the you spoke about the origin of Veterans Day and that comes out of Armistice Day in 1918. So Memorial Day you said really comes from the Civil War and was it originally named decoration day? Is that where you were going with that? I believe that it originally was decoration day. And, you know, it was a time of healing. I mean, remember, you know, the war was over, but we lost this compassionate Abraham Lincoln. The president who would have overseen reconstruction was assassinated. And his successors really didn't have the level of heart and grace and forgiveness that Lincoln had, but it was, I was very moved by the fact that it started with in the south that the southerners forgave the north because the north, in some ways, while they fired on sports Sumter, it was in response to aggressive action by the north that they took that preemptive action. And there's a lot of discussion about who is at fault for the war and really both sides are at fault. So you're saying that's exactly how it started was that immediately after the Civil War widows of deceased confederate soldiers were decorating the graves. I didn't understand the forgiveness part. How does that come into it? Well, look, after a war of that magnitude 620,000 people gave their lives in the Civil War, it was the most horrendous and costly war of all of American history. So it was a very big deal for one side to make this. To express a forgiveness through caring about these graves equally. And by the way, I would add that the confederate soldiers who died in the north were given no such treatment. They were thrown into mass graves, whereas union soldiers were given a proper military burial. But the confederates who died in the north who were buried were thrown in mass graves in many cases. Well, that kind of forgiveness, of course,.
The Breakdown with NLW
"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..
WSJ What's News
"powell" Discussed on WSJ What's News
"Speaking after President Biden announced his nomination today, Powell said the fed will use the tools at its disposal to support the recovery. Inside the Federal Reserve, we understand that our decisions matter for American families and communities. I strongly share that sense of mission and I'm committed to making those decisions with objectivity and with integrity based on the best available evidence in the long-standing tradition of monetary policy independence. Powell has bipartisan support and is likely to be confirmed by the Senate. But he wasn't a shoo in. There had been opposition to his nomination on Capitol Hill, and he's facing more challenges ahead, first and foremost inflation, which is raising consumer costs on many goods and services. Joining me now with more is Wall Street Journal, chief economic correspondent Greg yp. Hi Greg, thanks for being here. Thanks for having me. So Greg in the weeks leading up to this announcement there had been some uncertainty over whether President Biden would nominate Powell for a second term. What's behind his decision here? I think that President Biden had several reasons for nominating Jerome Powell. First of all, there's bipartisan agreement and agreement by most independent experts that Powell has done a really good job. He responded forcefully to the economic slump caused by the pandemic and the financial turmoil. He's reoriented the entire approach of the fed towards emphasizing full employment and understanding that the world at least of the previous ten years had been one where inflation had just historically been quite low, and it was necessary to sort of rethink your priorities given that. And Powell had also done a very good job of cultivating support on both sides of the aisle. So given that Democrats have barely got control of the Senate, it was important to choose somebody who is not going to face a lot of opposition in his confirmation hearings. And what about the choice of la brainer as vice chair sort of splitting the difference here she had been under consideration for the chair role? What can you tell us about her and her approach to monetary policy? So there were some Democrats who objected to giving mister Powell a second term. They would have preferred governor lael brainard. She is currently a governor on the 7 member board of governors of the Federal Reserve, and the only Democrat on the board I might add. I think that, in the end, what President Biden has done here is sort of split the difference. He gets the chairman with the bipartisan credibility in the proven track record. That's Jerome Powell. But with lael brainard, he also puts in a very senior position, somebody who shares mister Powell's monitoring clinicians. She's actually in some ways that perhaps a bit more dovish. More inclined to emphasize employment over inflation risks right now. And we'll also be in a position to steer the fed in a more activist direction on some of those things that progressive Democrats care about the most. So Greg, as you said, Powell is expected to be confirmed by the Senate, but he also has his critics as you mentioned, of course, senator Elizabeth Warren, as well as progressives, what's their key opposition to him? Some progressive Democrats have already come out and said that they're going to vote against another term for chair Powell. Those include Jeff merkley from Oregon and Elizabeth Warren from Massachusetts. And their objections are mostly that they feel that chair Powell has overseen a loosening of regulations covering banks. In concert with financial regulators who have been appointed by the previous Trump administration, they also think climate change is really, really important. And there's a movement around the world to really emphasize taking steps to limit fossil fuel emissions. And reinforce the economy against extreme weather. In the financial system. And the view of these progressive Democrats is that chair Powell had dragged his feet on making climate a priority for the fed. By contrast, governor, lael brainard, had been fairly emphatic about making climate change fairly important. Now, it's not all, you know, smooth sailing on the Republican side of the aisle either. There are Republicans who are unhappy with the support that chair Powell gave to increase stimulus, which was seen as favoring democratic priorities. Out there in the public as well. There's a lot of concern about inflation right now. It's around 6% the highest in 30 years. Since the Federal Reserve is ultimately the institution responsible for inflation, some Republicans and possibly a few Democrats like Joe Manchin and West Virginia will be asking if this is the right person to get inflation back to a more acceptable level. So I think that there are few risks for share Powell on both sides of the aisle. Let's talk about the challenges Powell would face in a second term, including inflation. Consumers are facing higher prices for just about everything. How important is it for the fed to bring inflation under control quickly? It's pretty important for the fed to bring inflation under control. I don't think that it's necessary to do so quickly because frankly, some of the forces that are pushing prices up are simply things over which the fed has no control in the near term. I think the real challenge for the fed is that the world in the next few years looks very different from the world that they prepared for over the last four years. Before the pandemic, the world was one of just perpetually low inflation that just the fed could not seem to get back to its 2% target of a world where the traditional tradeoff between unemployment inflation didn't seem to exist any longer. You could get extremely low unemployment and bring into the labor force. A lot of people who had been left out, especially from minority groups, and other disadvantaged groups. Without paying a price in terms of higher inflation. I think there's a lot of evidence that the world is very different today. We are in fact seeing inflation well above the feds 2% target. And while I think most people expected to come back down to the next year or two, it's not a sure thing that it will come back to 2%..
CNN Political Briefing
"powell" Discussed on CNN Political Briefing
"Here's what you need to know in politics for Monday, November 22nd. Stability over shake up. Joe Biden nominates Jerome Powell for another term as chair of the Federal Reserve. It was the last big decision sitting on Joe Biden's desk in the Oval Office before the Thanksgiving break and the president made it clear today that he is intending to renominate Jay Powell, the head of the Federal Reserve to serve for another four years. Now this comes as the president also made clear, he is going to nominate fed governor Lyle brainard to serve as vice chair. Now she was a top contender basically the only other contender other than renominating Powell for the top job at the fed. And it's an important insight into Joe Biden's thinking about the economy right now, because J Powell, who Donald Trump nominated as chair of the Federal Reserve back in 2018, is a Republican, and what you see in Biden's thinking here is twofold. One, it's an endorsement, obviously of the job Powell's been doing. Steering the country through a massive economic downturn due to the pandemic. So it is a boost of confidence from Biden in Powell's leadership at the fed, but it is also telling that Biden thinks Powell is the right person to continue to steer the economy forward because the economic challenges that the country's facing now are actually quite different from what they were when the pandemic hit. I mean, Powell was sort of dovish in his approach and made sure that interest rates remained low. That is a very different economic scenario than the issue of inflation that the country is facing now, that requires perhaps a different approach from the fed chair and so Biden renominating him indicates that he thinks Powell is not just a one trick pony, but that he is up for varying challenges in the economy. When Biden made his announcement today at The White House, he stressed the notion of how important it is for a president's pick of fed chair to get broad bipartisan support in the Senate. And that is why he said picking a Republican. He believes is the right move. At this moment, both of both enormous potential and enormous uncertainty for our economy, we need stability and independence at the Federal Reserve. Jay is proven the independence that I value in the fed chair. I believe having fed leadership with a broad bipartisan support is important. Especially now in such a politically divided nation. For Powell's part, when he spoke today at the event of The White House, he made clear to the American people he understands the pain that inflation causes in daily life. The unprecedented reopening of the economy, along with the continuing effects of the pandemic led to supply and demand imbalances, bottlenecks and a burst of inflation. We know that high inflation takes a toll on families, especially those less able to meet the higher costs of essentials, like food, housing and transportation. It will use our tools both to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched. And of course, politics is involved in everything and there are two political notes here about Biden's renomination of Powell that are worth including here. One, Biden's also drawing a sharp contrast with Trump because Trump did not renominate Janet Yellen, who was appointed by Obama. And president Trump sort of discontinued that tradition of looking for a bipartisan kind of solution to the fed chair. In fact, Janet Yellen, who now serves as treasury secretary, was Powell's immediate predecessor, she weighed in on Biden's decision on CNBC earlier today. I'm very pleased with this choice. And they are consummate professionals, support and independent fed are completely committed to the feds through a mandate of maximum employment and price stability and I believe they'll have broad support among Congress in the public. And the other political note worth mentioning here is Biden's willingness to pick a fight with his more liberal base. This is a pick that is not at all popular in sort of the left wing of the Democratic Party, Elizabeth Warren immediately came out with a statement in opposition to Powell, she does support brainerd as the vice chair and said she will vote to confirm her into that role as a part of Powell's team, but will oppose Powell's renomination. We also know that Sheldon whitehouse and Jeff merkley two other democratic senators already on the record saying they're going to vote against Powell, but here's the key. He's getting accolades and support from some key Democrats, sherrod Brown, Democrat of Ohio, chair of the banking committee on board and says he will vote to confirm. So it is not a widespread sentiment in the Democratic Party to oppose Powell, but it is a popular position to be against him in sort of the Elizabeth Warren, AOC wing of the party, and Joe Biden was willing to fight that fight by announcing his decision to renominate him today. There is no issue that is going to be more significant to Democrats chances at the ballot box next November and in 2024 when Joe Biden's up for reelection, then the economic recovery post COVID. And so this was an enormous decision on the president's part because it puts somebody in the driver's seat here on that very issue, and now Joe Biden's got a hope. It was the right call. That's it for today's political briefing..
Between The Lines
"powell" Discussed on Between The Lines
"On the program, attribute to Colin Powell. How was just, he was not a crusader. He was not a kind of person who resigns in public as a matter of public principle. But when it came to the end of his time in the Bush administration,.
Ron Paul Liberty Report
"powell" Discussed on Ron Paul Liberty Report
"Really so the brought out powell. Because powell did have that credibility he was the secretary of state as you point out. He was considered a war hero. First african american whose chairman of the joint chiefs and secretary of state first time in history. So they brought him out and we know from our our Our former friend colonel. Wilkerson what they did to him. They kept him up all night. They browbeat him. They forced him. That doesn't give him any excuses though because he knew what he was saying was untrue. But when you when we wash it on your staff we watched the presentation and that was in february early february of two thousand and three we knew what he was saying wasn't true because we were following things so closely but we also knew that it was a devastating performance for our position because we knew how much credibility he had. It was hard enough for us to argue against the neo cons. I hate when they wanted the war. But you bring out powell and for me. At least we talked about it. Yesterday it felt very deflating demoralizing. The big picture is that this was necessary to maintain and expand the empire because this is to remake the middle east. We heard those four if he probably even before nine eleven. But this is the excuse to remake the middle east but it also brings up the subject We talk about because it's so Effective in demonstrating what goes on in that is that truth becomes a treasonous thing in an empire and we certainly were are weighed down power and the middle east supposedly was building our empire. But i would say that the Final results aren't totally in. Because it's not a very stable empire if that's what we're gonna depend on to maintain the empire the world You know it's getting a little bit shaky but It certainly at that time was Herald is as you know doing the thing that was necessary and there were certain special interest that one is in there and wanted to have control to people. Selling weapons wanted to have control. The oil people wanted all this so went on and on but things are a lot different now and at least You know the story is coming out that Pow you know was Disingenuous when he was going to the united nations yet you can hear wasn't an easy target. I mean he had thirty or forty years where he was held in high esteem. But but it also gives us an indication that when you stick to the truth and you define everything to the best of your ability by finding out what is true and what is not you know eventually Does win out in the end. And i think this is laid. It took a long time but now the history is much clear back then but but so much of our foreign policy is based on the shenanigans. That were going on back now. That is of course the reason why even though i was young when we went Went into to korea..
The Peter Schiff Show Podcast
"powell" Discussed on The Peter Schiff Show Podcast
"She's right of. I don't know about him be evil but he certainly is dangerous but for the wrong reasons. I mean elizabeth. Warren has no idea. Why pals dangerous and the reality is whoever. She's going to support as his replacement is going to be far more dangerous than pow. It's just that she doesn't appreciate the significance of the danger. Really comprehend the nature of that danger so she's completely wrong. She's criticizing him but she's criticizing him for the wrong reasons. Also i wanna point out if you listen to the statements that were made both on tuesday and today from all the republicans every republican wants to. Praise jerome powell. All the criticism of the fed is from the democrats. The republicans are defending palo. Why are they doing it. Well number one powell was appointed by donald trump. a republican and pao is considered to be a republican so the republicans feel obliged to complement him and to support donald trump. the president of their party. Who nominated him but the other reason that they want to praise the fed is because they want to put all the blame for any of the problems in the economy on the democrats so they kind of want to let the fed off the hook. They don't want the democrats to be able to say. Hey it's not our fault. It's the feds fault. The republicans want all the blame on the democrats and so they completely excuse the fed. But the reality is the federal reserve is the main culprit here. The federal reserve has acted irresponsibly and recklessly and made all sorts of mistakes under both republican and democratic administrations. So powell did a bad job when trump was president and he continues to do a bad job when biden is president and it's damaging for the republicans to let him off the hook especially since a lot of the republicans are also complaining about inflation and they wanna blame inflation on the democrats and all of their new spending when the reality is. it's the federal reserve. That's been printing all this money and most of the democrats spending plans haven't even been enacted yet. I mean some of them had but the vast majority of the money they want to spend has yet to be spent so the inflation that we're experiencing. Today is not a consequence of the money that the democrats want to spend tomorrow. It's a consequence of the money that both republicans and democrats voted to spend in the past. And the fed's decision to monetize all the debt that was sold in order to pay for all that spending so if the republicans are really upset about inflation and they believe that it's not transitory. They need to be blaming the fed. They can't let the fed off the hook just because they wanna blame everything on the democrats because that actually makes their position less defensible. And as i've said they already looked like complete hypocrites for their opposition to an increase in the debt ceiling now when they totally supported increasing the same debt ceiling when the republicans had the white house and both houses of congress they had no guts to do something about spending when they had a chance and now they want to pretend that they actually have the guts to do it when they don't have a chance..
The Peter Schiff Show Podcast
"powell" Discussed on The Peter Schiff Show Podcast
"Well the two were back up on the hill today to repeat the performance this time before the house of representatives and i think the most significant difference between the opening statement. That powell made on tuesday and the one that he made. Today was the conspicuous absence of any kind of warning of inflation being hotter than expected. If you remember on tuesday. I talked about the fact that powell came out and basically all but admitted that the fed was wrong and that inflation was lasting longer than they thought that it was higher than they thought. And that if it persisted and inflation continued to confound the fed in its magnitude and duration that the fed was standing ready to use its tools to combat it and that really roil the markets bonds. Tanking gold went down. The dollar went up. And i think the fed was intending on doing some damage control because pow does not want long-term bond yields to rise because he realizes how important it is to the over leveraged economy that rates stay low. In fact janet yellen is counting on low interest rates to keep the debt affordable and. I'll get into that a bit later in today's podcast. I wanna stay focus for now on pals comments so on tuesday. He basically issues this warning and there is a reaction in the market adverse certainly in the bond market from the perspective of the fed and now two days later the same fed chairman in his opening remarks. All of those references were removed. I found it interesting too. That i didn't hear anybody comment on it. Nobody in the financial media mentioned a stark difference between what powell told the senate on tuesday and what he told the house on thursday. He's much more dovish today. Then he was back then. So why the change of heart. Well i think the market changed his mind and he was there to of undo the damage in the market and it didn't really have the effect. I don't think that the fed had hoped for because we didn't see a big rally in the bond market. We did see a big rally in the price of gold and gold was already up prior to these statements being made and it's simply added to its gains after it. I'm gonna talk about gold and the rest of the market's at the end of the podcast right now. I want to stay focused on this testimony. So i thought that was very significant. That hawkish powell was gone and doveish powell is back taking his place and also i think one of the reasons for the turnaround is over the last couple of days. There has been a lot of talk. That maybe powell won't get reappointed. I mean certainly elizabeth. Warren said some very very nasty things about pow on tuesday me. She said he was very evil and very dangerous..
Adventures in Finance: A Real Vision Podcast
"powell" Discussed on Adventures in Finance: A Real Vision Podcast
"Thousand twenty one. I'm ashley bennington joined. By our own jack farley and our guest today hedge fund telemetry tom thornton. Here's what we're looking at jackson hole. Symposium underway in remarks at the jackson hole economic symposium fed chair. Jay powell said that the us economy has made quote clear progress toward maximum employment while adding that substantial slack remains in the labor market. Powell went on to say that the fed has seen more progress in economic growth. Uh suggesting that the fed may find it appropriate to withdraw to continue the taper to begin to taper. I should say In this year in twenty twenty one The chair also reaffirmed that even asset after asset purchases end are elevating holdings of securities will continue to continue to quote support accommodative financial conditions. Jack what are you looking at. The market loved the news. The market liked what j. Paul had to say the nasdaq soaring higher on his address. The doveish remarks took some gas out of the dollar an ease the vix two and a half points now standing at about sixteen treasury notes and bonds rallied modestly with deals volume most precipitously at the belly of the curve ash. Yeah so let's take a look at p. c. e. and personal income and consumption expenditures personal income rises considerably for july up. One point one percent month over month. It's a blow out over the consensus range Which was minus one point five to positive zero point six. This is from a prior month. Rise of zero point one percent prior month revised up to zero point. Two percent personal consumption expenditures. It's amiss up zero point three percent actual month over month. A range of zero point two percent to zero point nine percent a prior month up one point one percent up revised one point two percents. You see this strange thing happening here where you see effectively personal income on personal consumption expenditures moving in opposite directions relative to the consensus relative to prior month. What does it mean. We'll talk a little bit more about that by the way he c. e. p. c. e. price index up zero point three percent month over month dead center of the range core. Pc price index up zero point four percent month over month also center of the ranch. Jack ash Well i'll start by introducing our guest. Tom thornton tom. You had a firebrand of a note from hedge fund. Telemetry a phenomenal piece. That i think the people watching right now are going to be very interested to hear you elaborate on this. I'll just quote from your piece right now quote. The fed with powell has created the largest bubble in history even before cohen and ramped it up exponentially with the massive. Kobe stimulus response getting out of this. Mess of temporary measures is not an option without severe pain. Tom walk us through that. What did you mean by that. And can you apply it today to powell's remarks today if anybody was paying attention to financial tv it was. You have a bunch of. Thanks for having me here. Guys fed heads of the governors. Were out there just talking his hawkish as they ever could. And then you head powell. Being the good. Cobb said the governor says the bad cobb pels the good cup becoming very very or came out very very dovish and you know. The fed did something better than they did. The last time they started the taper and the taper tantrum was avoided because they really telegraph to the markets that they're going to taper and it was very clear and obvious with a. The market's going up employment dropping. You had much better economic news. You had really very strong inflation data which they call transitory Assume i i come ahead a rant today on on powell and some of the things that i'm thinking about powell is. He might go down as the worst fed chairman in all of history. And let's just take a step back and look here. We are at forty five hundred. Snp the nasdaq said. Fifteen thousand the dow is at. I have thirty five thousand and the markets are up one hundred percent of off the kobe lows of and that's my pal said. The markets weren't functioning properly. And that was because what's known has sellers and price discovery so you know when it's functioning properly it's going up and when it's going down it's not functioning properly. So he's basically got his foot to pedal to the metal with kiwi at one hundred twenty billion dollars a month. And there's a lot of people that say the fed is behind because we're going to have this reopening which we've had and then all of a sudden it's going to become more normal and i've talked about this a bunch of times on real vision. So maybe the fed is behind the curve. And now the big bad were in question if the fed is going to taper which i think most people know but it's been basically confirmed by powell on september twentieth. They'll give the details. How much when is it gonna start now here. We have this window. And the markets just rip tire and everybody's so happy and lottie valuations are high of marketer bod there over loved sentiments super high. And if you look at a weekly chart of the snp or the nasdaq one hundred. It's nice narrow range straight up. We haven't had a five percent pullback since november and i i came on here a few weeks ago and i said okay. We might have an opportunity here because we had demark exhaustion on the daily sentiments. Hi we got a three percents pullback and that's been kind of the way what we've seen in by the dip. People have come in really quick but the thing that i find really remarkable. Is that working at these market levels and the fed is just going nuts continuously with stimulus. Qe and then. I thought this week is something that i had a lot of. People you know. Got a lot of discussion should the fed taper and i think yeah they should they should taper taper mortgage-backed securities. You don't need to be buying forty billion dollars. Mortgage backed securities. Because it's going to crowd out the little guy who you know. Who have you know. The fed is not doing anything for income inequality in the house. Prices have gone up. There's low inventories it's been a lot of pull forward but cut that out okay. We can do that. But here's another little dilemma. Over the last six months di- months. The fed has bought a lot of treasury issuance This issuance is not necessarily new issuance. It's a lot of role in a lot of a lot of short-term t-bills are sold lot t-bills coming in the next six months. The fed is going to have to issue and the treasuries of cash melons basically is in the three hundred billion right now. That's getting low and if we keep this pace without a debt ceiling increase which. That's kabuki theatre because they always raise the debt ceiling after a.
Adventures in Finance: A Real Vision Podcast
"powell" Discussed on Adventures in Finance: A Real Vision Podcast
"Today we'll be wrapped in alongside with what may come or may not come from From sharon powell and we don't know how much of it is going to be wrapped in. But you know most people will probably tribute. If there's a market move after champion speaks should all of to the fed and not necessarily to thinking about like residual effects that people are holding off for now in reaction to this. You know to wait for the chairman to speak. So just keep in mind an important framework peter jump in and give us your thoughts. What are you looking at today. Well i think western just said on the surface might sound really simple but if you take it to the next level. I think what you're alluding to us is the idea that fiscal policy might not take first stance from a policy perspective and things might get shifted around a little bit and in a time. Where growth is kind of slowing. You're kind of setting stage for. I don't know left tail skew. So to say i'm not one of those people who was looking crash all the time. Stocks usually go out. But the thing is like you're in a kind of perfect storm environment. I think like consumer sentiment is dropping. Inflation is starting to come off a little bit at least growth. Looks like it's stored of stabilized in the medium-term and on top that you know talking about you know jackson hole you gotta do. You had a completely dovish fed last year. And this year they're talking about tapering the complete opposite. So it's gonna be an interesting response. I think western is perfectly right to call some things. What does that mean peter. You're you're active trader. Your daily trader tells. What does it mean when you see those reversals. Very sharp reversals. Typically a historically at least we think of monetary policy something that plays out on a longer timeframe arale famously says a row pallor founder and ceo for those new viewers who just joined us wral often says the macro is a monthly a time horizon. Things moving very quickly though yet. Things are moving quickly. I think you could probably take a look at what happened. I can't remember the year exactly was two thousand. Thirteen the taper tantrum If that's right that that. I think that might be a good proxy for gauging. What could happen in this kind of a risk environment. The thing about two thousand and thirteen was i think yet european europe start to slow down. It was around the time. Post a european crisis. Well things warrant. It wasn't smooth sailing as it was today back. Then or should i say pre coded so actually banned for people who are in markets in twenty thirteen and tell them what the taper tantrum was tantrum. A rapid a shift upward in bond yields meaning Yields rose dramatically prices foul on news that the fed was going to begin to withdraw liquidity withdraw accommodation from markets by. Yeah exactly and that basically given the post two thousand nine response to the great financial crisis scared the bejesus out of markets. And you had a little bit of a risk off trade now. The magnitude of that might not be met. But there's still that open window. I think that you have given basically the kind of the cloud. Because above our heads right now western. Jump in yeah i i. I.
WSJ What's News
"powell" Discussed on WSJ What's News
"Chairman jerome powell unveiled a new strategy a year ago in which the central bank would keep interest rates lower for longer since that time. We've seen the biggest inflation. Spike in decades with consumer prices rising five point four percent in july from a year earlier. So what should we expect to hear. From fed policymakers for some insight into the thinking at the fed we're joined by our chief economics correspondent nick. Tim rose nick. It's always good to have you here. It's great to be here mark nick. This conference begins when we're starting to see the impact of the delta variant in some parts of the economy such as travel for example. What's the feds outlook for the impact of delta on the economy. That's actually going to be a big question. Perhaps that chair powell will answer in his remarks on friday. I don't think anybody expects a sweeping policy change in the meeting. But it's kind of a case in point of the impact of delta a week ago. The kansas city fed which hosts this conference was planning to do it. In person they were requiring vaccinations for all attendees and late. last week. On friday afternoon The kansas city fed announced that they would scrap the in person conference and that they would do all virtual format which they did last year. So it's going to be hard for the fed to completely dismiss the impact of delta after the july meeting of the rate-setting committee chair pal did say that. The fed thought each successive wave of virus infections was having less and less of an impact on economic activity because we are learning to live with this thing. But it'll be interesting to see whether he modifies that view at all in his remarks on friday and so from your conversations with your sources is an interest rate hike announcement even on the table. No an interest rate hike discussion is not something that the fed is having right now. It's not something that they will talk about this year It's it's something that some members of the committee want to talk about for next year but what is on the table right now is something else. The fed has been buying one hundred twenty billion dollars a month of long term assets which is a way that they provide stimulus to the economy. Once they've already pushed interest rates down to zero and the question right now is one will. They begin to reduce the monthly pace of those hundred twenty billion dollars a month in purchases. What they call tapering. Those purchases and that is alive discussion The fed in their meeting last month. Talked about reducing our tapering. The purchases at some point this year and so there's a question as to whether they will signal that more strongly their september meeting next month. That's their next scheduled meeting or whether they will do something later in the year at their meetings in november or december and along those lines. What are some of the arguments that we may hear from the kansas city meeting and even beyond to tighten policy. Well there are two general camps one that says look The economy right now is being hit by supply shocks and so that's what's slowing growth and pushing down mortgage rates and encouraging people to go buy cars when prices are going up because builders can't build enough they don't have the materials they need when there's a shortage of semiconductors that are holding back that's holding back car production we really don't need to stimulate demand right now with these asset purchases and in fact a number of officials on the committee think that the purchases may be doing more harm than good then. There's another campus says. Well no we said we would continue these purchases until the economy made substantial further progress towards our employment and inflation goals and the labor market still needs to heal. And so we need to. We need to do what we said we would do. And continue with these purchases and so the trick for chair. Powell here is to find a consensus where he keeps enough people in both camps. Happy enough with the path forward and nick. Obviously economists are weighing in on this. But what about the white house itself. Does the biden administration see. Eye to eye with the chairman's approach. I mean it's still not known if he will be asked to return for a second term so far. The fed has really stuck to this view. Chair pal stuck to the view that these inflation pressures should reverse themselves over the next year. I think the fed has probably changed. Its view that originally. They were suggesting that this might be resolved in a matter of months. And they've backed away from that and that matches what the biden administration has been saying to. So there isn't any daylight so far on the inflation outlook between the fed chair in the white house and you know the more uncertain things get in the world. You look at what's happening in afghanistan and all the other problems that vitamin nistration has to deal with that would argue probably at the margins for maintaining the status quo with the fed chair who remains popular with both parties for the most part on capitol hill and in the markets. But it's not something that has been decided and it's not clear that president biden is going to make a decision until later in the fall There's a big fight coming on the debt limit. And it's possible that that doesn't get resolved until october and so that may push any decision on the fed chair and the other open positions Into october november. Nick tim rose thank you. We'll look forward to your reporting. Thanks so much. Mark.
WSJ What's News
"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..
CNBC's Fast Money
"powell" Discussed on CNBC's Fast Money
"Thank you for joining us. And i think what you're saying is the financial markets and powell would like the financial markets to fully discount Tapering before we actually get there. And i think you noted Unlike two thousand thirteen. It's seems to me however that despite acting somewhat hawkish a month ago at the fed meeting that he's actually done everything he could to backtrack off of that stance. That i thought was getting us to that guidance can you can you analyze that tim. I think we lost paul for a secondary. So i'm not going to answer your students. Well maybe carrying her. Dan cajon waiting to get paul mccully back. Certainly when we have him you could re ask it or maybe he can hear us. We can't hear him. Who knows i mean. I think that's the big bet that we're all placing right now. When i say we i mean market investors. What's the fed gonna do longer term. If inflation does not cool off is there a taper. Tantrum is there a rapid rise in tenure yields based on dance charts. And if so what does that do to technology which as we know loves low rates to me yes so just to pick up on your cyclist analogy maybe. The guy sprints out to the head of the pack is doping and he's got the ability to stay there. It's not natural. Maybe that that exists just to further the analogy. But i think. I've worked at tech into two parts i think of google the value the f. maga- complex is much more value than the you know the i-i've stocks zoom the crowd the salesforce pailin tier snowflake those kind of names. So i think those are far more sensitive to rates joe so more comfortable sticking with the f. maga- well maybe. The doping is just artificially low rates for a long time. Spent henrik and others might argue. That tim paul back. I heard your question so want you re ask it again. I t it up again. Paul and so. I i think your view is that powell wants to guide financial markets. Which you're talking about. That's you know where the concern is that that on tapering. Well before he actually has to do it And this would be unlike what happened in two thousand thirteen. I feel like powell actually went out there and was hawkish on the fed meeting a month ago and has done everything he can. Reverse off of that stance. Why why is he's trying to sound more dovish. It seems to me after establishing the beginning of that trend. You're looking for. I think he's established they're going to be tapering by the end of this year and will be making the announcement probably a jackson hole or sometime around that time and they will start it in the first part of the year. I think he wants the exact opposite of what happened in two thousand and thirteen because he was caught on the wrong side of that trey and he wants the market to have fully discounted tapering before it starts and i think he started that process with the last. Fomc meeting and the market has been incredibly friendly. They since then so he wants tapering when it happens to be a not a bit. If he wanted to lean against the economy it wouldn't be with respect to tapering. It would be raising more questions if you will about the transitory inflation faces and he categorically. Watch not doing that. Separate the whole issue of tapering. Which i think he's got a great handle on. The market has fully discounted. It's going to happen six months or so from now and the real issue is on the inflation side of things So i i think you need to look at an in two different wage. I think it's well said paul and we'll leave it there. I think that chairman powell wants to be the most men in the room with to the fed chair. Maybe that's a good thing boring but important. Paul mccully always a pleasure. Our friend thank you very much dan. let's let's trade this. Listen i think paul brings up a good point twenty thirteen. Let's not forget what happened. Ben bernanke he just basically came out and said we're gonna start cutting on purchases that caused the taper tantrum that are long-term viewers remember very well to stock market. Didn't react a lot. The bond yields did. I think paul's point tell us if you agree or disagree. He is trying to beat us over the head so much this that when it finally occurs. No one's even gonna blink. Can he pull that off. I think tim is trying to get at was that the fed chair has been clear as mud if you will over the last couple of months here it. It hasn't actually been that clear that they are going to taper in q four and it's not clear to me that that's all counted. Now you can say if that was the case then that maybe rates are where they should be. If it's discounted. But i go back to when we started tapering in fourteen or fifteen or whatever it just took a long time for those numbers to come down dramatically and it came a long time that we got off observe. So i think there's going to continue to be fits and starts here. I will say this. The fear that this medically induced coma as paul just mentioned that we have the last year the fact that we think that. There's just gonna be these inherent inflation that's just gonna stick and so i just don't understand where the last twenty years there's any evidence that that's going to happen and i go back to. What guy started out saying by the deflationary factors that have been playing because of technology. So seeping every industry. So i suspect that in a year. So we're gonna have these supply constraints in these bottlenecks is j. pal calls them fixed and we're gonna get back to worrying about inflation not being high enough. We'll see listen. Lumber did that spike. And now down here today. I mean maybe the chairman is relying on other things like used car price doing the same thing all right. Let's move on. We have got a big interview coming your way tomorrow on. Cnbc don't miss the exclusive. Sit down with treasury secretary. Janet yellen tomorrow four. Pm eastern time. That's a big one right here on cnbc..
The Peter Schiff Show Podcast
"powell" Discussed on The Peter Schiff Show Podcast
"Now another thing that powell and his cronies over at the fed ignore are the bubbles. The financial bubbles that have been inflated by the fed and powell was asked if he was worried about his easy policy where he is basically assuring the markets..