37 Burst results for "Treasury"
Fresh update on "treasury" discussed on Larry Elder
"Brian Lauren. Did you know in the last four years the market went up 74%. But the economy went down 50%. How could that be? How do you have a market going up on the economy going down? I thought you had to have a good economy for the stock market to go up no more not with financial engineering. That was quantitative easing. That was stock buybacks. Hype. This is Phil Grandi. Think of what these Gangsters have been doing. They've been going out and they've been purchasing Treasuries to get interest rates down to zero. How do they do that? They print money and they buy these treasures. Get inside straight down the zero than a loan it to the CEOs of the companies at zero interest, and then they simply by their own shares. Oh, I forgot to tell you that when they put that money You know those dollars in your pocket? Go down that, in fact, the last five months the dollar value in your pocket..
The Biden stimulus is admirably ambitious. But it brings some big risks, too.
"Stimulus plan. Now Congress Brian they're working on a $2 trillion stimulus plan economist Larry Summers. He was an adviser for the Obama administration. He thinks that's just too big, and it's gonna bring back more inflation, The top of inflation that we haven't seen in a generation. So, Brian a big stimulus package. Is this good or bad for our retirement planning? Well, I think right now the Simmons box. Obviously good rights, propping up a lot of businesses. Lot of liquidity out the market and you see the markets hitting new new highs almost on a weekly basis. We've got some volatility, but One of them's that Larry was talking about. He was a talk economic adviser for former president Obama. He warned President Biden's proposed covert 19 relief packages too big and it could overheat the economy. And it Z. Not the only one to say that. But Summers was Treasury secretary under former President Clinton. He wrote that the proposed $1.9 trillion Timmons could ignite inflationary pressures. Off a kind that we have not seen in a generation and went on to say that Hey, this risk of inflation could have consequences for the dollar and financial stability in general and said stimulus measures of this magnitude contemplated our steps into the unknown. His remarks are really notable because Biden has received almost no pushback from Democrats in pursuit of his legislation. He has begotten a little bit on the Republican side of the aisle. But some progressives have griped about by did not go Big enough. Believe it or not, But Democrats are largely united behind the bill. But what's really interesting with this is that he's getting and hearing from the same side of the aisle for people that aren't in Congress that saying, but historically served under Democratic presidents and saying, Hey, this is probably a little bit too much Republicans have been, you know, kind of saying that, but it is going to jump start our economy. There's no doubt this is going to increase spending is going to prop up our economy. But it is probably going to lead to inflation of what we haven't seen in terms of the level in quite some time, right. But you mentioned the common, you said, overheat the economy to find that for me. Well, it's not real growth is not genuine growth. It's basically artificially induced by all the money that we're printing prior to cove in 19. Our economy was cooking on all levels, and but there was nothing that was stimulating that we had good growth. Independence on energy manufacturing was up real estate. But now, ah lot of the stuff that's being supporters being supported by government dollars While we need to get these businesses propped up and we need to give businesses open and things like that the amount of money that we're printing And pumping into this economy. It's going to inevitably lead to inflation it it has to when we're printing this much money as we are, and all I'm saying is, it's overheating because it's not real, in terms of where we were a year ago with this time, Hey, that was a lot more legitimate before the government basically just pulled the breaker on the whole economy and You know and manually shut it down. So do we need t Get back? Yeah, absolutely Do we need to keep putting this much money into it? I think it's going to depend on on where you're sitting right now. Right? If you're a technology, and you're here Cos been going great. And it's okay to work remote from home. That's great. If you're a restaurant guy he's been, you know, operating at 25% capacity and you were closed for out of the past eight months, because hey, I need I need to pee Pee pee plan I need Relief for my employees, So it really depends on what side of the island and you know where you are in the spectrum of how this pandemic has impacted you from a business standpoint from a personal standpoint, and that's not equal for everybody for sure. Okay, Michaela, I
Fresh "Treasury" from Sound ON
"My hope that at the end, Senate Republicans will unanimously oppose it. Just like House Republicans did. This package should have been negotiated on a bipartisan basis. Like the last five bills, we're done. Instead, the new administration made a conscious decision. Pajamas to do it. One party only. It's not just McConnell, who is raising questions about this and Republicans, but it's Jeannie pointed out. It also includes some Democrats, including Larry Summers, the former Treasury secretary. And that's where I began my conversation with Senator Elizabeth Warren earlier this afternoon, and I asked her to respond to criticism from Larry Summers, as well as others who say that the price of the stimulus is just simply too much. Was he right? Take a listen to her answer. Israel. What way should have learned The lesson number. One lesson from the 2008 crash is that when you don't put enough into recovery recovery, it's slow and some folks never get a chance to get back to where they were before, much less be able to thrive and go forward. We need a full,.
Biden To Reexamine Saudi Relations After Release of Declassified Khashoggi Report
"A report Friday at links the Crown Prince of Saudi Arabia. Mohammed bin some into the 2018 killing of Washington Post journalist JaMarcus Shaggy, But there are fear the fears that new U. S sanctions don't go far enough. ABC is Alex for Shay has more from Washington. President Biden spoke with bin Salman's father this week. Maybe clear to him that the rules you're changing way we're gonna hold them accountable for human rights abuses, the White House now unveiling a kasogi policy. Imposing visa restrictions on foreign officials believed to be directly involved in plots against dissidents, starting with 76 Saudis. The Treasury Department also sanctioned the former Saudi official, but the administration stopped short of directly penalizing the crown Prince. Tulane University
US Personal Income Increased 10% In January, Consumer Spending Up 2.4%
"The us household income grew ten percent in january alongside. This consumer spending rose two point four percent. This growth came primarily from the latest round of stimulus and was in fact the second largest monthly income growth on record after last april when the initial pandemic payments were sent out. This was also the first month since october. That consumer spending rose. Interestingly the thing to really pay attention to around this is in fact the bond markets. We're going to discuss them a little bit more in our main topic but effectively. What we're seeing right now is a situation where investors think that regardless of what jerome powell and the fed says an improving economy will force them to back off the aggressive monetary policy that has helped asset prices remained so high in response. They're backing off of high priced. Stocks and pushing treasury yields higher. Some are calling this the taper 'less tantrum and this refers to a twenty thirteen market episode. Where the fed tried to taper post. Gfc policies and markets absolutely freaked the. Hell out the fed. This time is saying that it's actually not going to do any such tapering. But the market is still freaking out believing they won't be to not hence the taper lewis tantrum anyway todd of stats around income and consumer spending are exactly the sort of evidence. Those tapes tantrum irs are pointing to
10-year Treasury yield retreats from one-year high
"The Maura Bond yields the more it competes with stocks yesterday. The yield on the 10 year note briefly surpassed what's called the SNP's dividend yield. That's a threshold investors used to measure the relative attractiveness of stocks versus bonds. Right now. It's kind of a tight contest with the dividend yield at 1.52% of a 10 year yield at 1.47% running the numbers the S and P 500 now is Up
If You Sell Your Bitcoin, Michael Saylor and Jack Dorsey WILL Buy It
"Before powell spoke investors had started to get nervous in the us around the potential for an early unwinding of the fed's extremely aggressive approach to keeping rates low and stimulus etc. Because of this the market was getting out of stocks and into treasuries driving the yield of treasuries down and by the way if that sounded like greek to you. We're actually going to do a macro one show. And a bond specific show as part of that new kiddo show set as well either way powell gave testimony to the us senate banking committee on tuesday and said that the economic recovery remains uneven and far from complete and the path ahead is highly uncertain the bloomberg headline this morning about it said powell reiterates view that labor market has a long way to go. Pow pointed out that there are ten million fewer people employed. And that's a long way to go to maximum employment and this is really important the mandate the fed is actually two parts market stability. But it's also full employment the tools however that they have to achieve that full employment are limited and what we've seen is that asset prices tend to benefit before full employment is reached over the course of this year. We're likely to shift from the market stability part of that equation to the full employment part of that equation but it still promises a pretty aggressive approach from the fed powell also mentioned digital currencies saying it's a priority and that they'll be reaching out to congress about it in twenty twenty one so we'll have to come back to that soon next up on the brief today trouble in arc land i have discussed kathy would and arc pretty frequently here most recently in the episode last week i find it interesting. How a lot of the macro dynamics that are potentially interacting with bitcoin might be interacting with arc funds as well arc has seen a stratospheric rise over the last year but has been hammered. The past few days in fact it started a couple weeks ago as people started to get nervous about how concentrated arcs of some of their companies were remember. Our funds have specific feces around innovation. So there are frankly. Only so many companies they can buy if their fund owns to high percentage of those companies. The fear goes it could create risk in both directions that an issue in one company could create broader risk for arc or vice versa that arc could create new exhaustiveness risk for the companies themselves over the past few days however the concern has been less about that and more about this rise in treasury yields the innovation. Etf which is their flagship. Fell three sessions in a row. It had its worst today. Drops in september and again basically these yields were reflective as we just discussed of investors thinking that there was going to be pressure for rates to rise and for fed support on wind earlier than expected because of that they were moving out of the pricier parts of the market. I e tak. Now for her part. Kathy would said she wasn't worried said that she welcomed the correction and to be fair. She's gone from three billion assets under management in january twenty twenty two more than thirty in january twenty twenty one to more than sixty billion last week still. I think this is worth watching as a reflection of the bleeding edge of the markets. I don't think. Bitcoin is so correllated that you can watch these things move in tandem. But i do believe that. There's some proxy for how traditional investors might think about bitcoin at any given time based on the macro context lasts up on the today. Let's talk about the latest out of india. India as we've discussed has been very aggressive. Vis-a-vis crypto currencies with that seeming to only heightening right now a couple updates from the last few days rakesh ginger who's likened to an indian warren buffett. The billionaire investor he told. Cnbc never buy bitcoin that. Regulators should step in and ban cryptos in india and called bitcoin speculation of the highest order. So pretty much that. Warren buffett description is accurate at least when it comes to opinions on bitcoin at the same time however he also stated that india should focus on the creation of an official digital rupee. This was echoed by comments of reserve bank of india governor who reiterated that. The rbi has major concerns around cryptos but that they are working aggressively on a digital rupee. I wanted to point this out. Because i think it shows just how much india is going to really draw. This contrast between killing cryptos private cryptos and network cryptos while simultaneously trying to harness that momentum for an official central bank digital currency is that paradigm. That one can't survive while the other one does or are there different ways to look at
"We're going to start in the early nineties back before this shift. When the old rules about government borrowing still applied. Bill clinton had just been elected president. He appointed an economist named laura tyson to be one of his top advisors and she looked at the economy and she saw this glaring problem year after year. Both government deficits and interest rates. Were going up and then he said omega if we don't get a hold of this federal deficit than that trend will continue. Those rates will continue upward. That was a very significant concern. Higher interest rates were concerned for a couple of reasons for one thing. Obviously they meant that the government had to pay more to borrow money but also when interest rates for the government went up. Interest rates also went up for everybody else. And that's it up this whole cascade of problems so we're people won't buy as many houses. There won't be as many houses constructed in their wealth as much capital equipment invested in and investments in important part of the Economic growth in your all sorts of every interest sensitive part of the economy the way the government runs a deficit. The way it borrows money is by selling bonds treasury bonds. The government says to really anybody. Okay lend us whatever one hundred dollars and in say ten years we will pay you back with interest will pay you back one hundred twenty dollars. The bond is basically the government's i. Iou you that it will pay back that loan with interest and during the clinton administration because of that link between deficits and interest rates. Everybody in the white house talked about treasury bonds about the bond market time. James carville was a political advisor to president. Clinton was just an obsession. In the early days of clinton's everybody say what's the bond market could house bot mocking react to hell multiple. i don't know it just became this omnipresent. The heart of every conversation. James carville was not an economics guy but as he spent time at the white house he realized that sort of bizarrely all these people who worked there making policy the people who had what seemed like the most powerful jobs in the world. We're in fact terrified of the bond market so when a reporter from the wall street journal called up carville to talk about the bond market. He came up with this line that became sort of famous or at least bond market famous kid. I wanted to grow up with four hundred hitter. The pope and the president. But i just want to be the bond. Market's gonna scare the hell out of everybody pleat. What did he say. A what a hundred hitter like in baseball pope the president baseball. I cannot tell you how many times he said that's me. Every meeting every meeting a lot of my memories are about carville sort of making jokes about you. Know you issues as a bond trader bond traders. These are the people who work in finance all around the world who manage a bunch of money. Generally other people's money pension funds or college endowments that kind of thing and every day they decide what bonds to buy and what bonds to sell what companies and countries to lend to and what companies and countries to not lend to to stop lending to and like with any lender bond traders worry about lending more money to a borrower who is already borrowing a lot because all that borrowing makes it more risky and so to compensate for that risk bond traders demand a higher interest rate. They stop lending until rates. Go up and this bond traders demanding higher interest rates when the government is borrowing more money. This is the scenario that everyone was so worried about people. Were so afraid of this that there was even a special term for the bond traders. Who do this bond vigilantes. Bill clinton has convinced. The bond vigilantes are scary and in fact he decides the us needs to bring the deficit down. He decides to build a whole economic plan around getting rid of the deficit. One of the economists he brought in to make that happen was jason and a central argument. That we made was if you do this. It will lower interest rates and interest rates are lower will have more investment and more economic growth and sort of amazingly. All of this happened. They did raise taxes and cut spending and get the deficit down. In fact by the end of the clinton administration the deficit felt all the way to zero. And what came next was sort of a golden moment for the economy in silicon valley. There was the dot com boom but really the whole economy was doing great businesses of all kinds. Were doing well. Ordinary workers were getting breezes lower deficits lead to lower interest rates which led to more investment. And that was good for basically everybody. The system was working. The next big moment in the story comes right after the financial crisis of two thousand eight and this is the moment when everything is about to change when this big shift in the way the world works is about to happen but nobody quite nosy yet. Brock obama has just been elected. President obama brings in clinton's guy. Jason furman as one of his economic advisors and ferment. Goes into this meeting to discuss. How big of a stimulus. Bill obama should push for as he takes office. We met with the president-elect december sixteenth two thousand eight and we're all crowded together in a conference room. I think it was in a law firm in chicago and he wanted it to be big. He wanted to be bold but there was this worry. The stimulus was going to be funded with deficit. Spending government was going to borrow the money. And some of obama's own economic advisers worried that borrowing and spending too much money might actually harm the economy for that classic reason
10-year Treasury yield tops 1.4%, highest since February 2020
"10 Year treasury down 20 to 30 seconds. The yield 1.41% that yield on the two year 20.12% 30 year yields
Elon Musk loses billions in bitcoin
"Joe and andrew. It was just yesterday. That were talking. About how tesla could be making more money from their bitcoin. Investments that one and a half billion dollars that they put in in january. Then they'd be making an all of their cars together. of course it depends on the direction of bitcoin and goes to the whole volatility. And here we are. We're seeing the volatility. What i was just going to mention is the way it is important for. Investors who invest in tesla. We're thinking about bitcoin. The way they account for it is actually very unique. They actually broke right make money. That's the they make money and bitcoin. They actually don't write it up. It will not be reflected in the results per se however if they lose where they bought it add. It is reflected in the numbers. And that's an interesting facet of how companies are starting to think about how you account for this stuff but it's a it's fat profits like berkshire doesn't where you broke out operating profit from investments right and there's a counting in. There's whoa. i just lost my shirt. I mean well counting you lose you. Don't put the money in. So so i don't care how you account for it. You know what i mean. It's like you own enough of that stuff and it starts doing this. I don't get that'll get your tend to just just like the opposite but you know forty seven we're like oh my god forty seven. Can you believe that it wasn't twenty. Eight thousand everybody was when he was at twenty eight thousand melissa and other i think san toy and they said well would you buy the twenty twenty eight thousand after. It's gone up here. I don't know if i buy twenty eight thousand so you know what do you and then went thirty thousand higher than that. It's nutty all in what a month less than a month. And so and then you start to think you know these folks who want to accelerate as a currency you start to think about that right. How how could you. How could you. you're inviting. I thought that was a moment. You gotta differentiate between a currency and something that you used for transactions for currency. If you're holding on your balance sheet you may just be doing it as almost like you talk about short term treasuries would be a currency or maybe you think long term treasuries or maybe you think gold is something you you may not use it for transaction but you may want it representing dollars on your balance sheet representing currency. But but it doesn't mean you using it for transaction all the time. That's why store miami. Right the city of miami though. That's one thought was just the craziest. The idea that they said that if you're an employee of the city and you want to get paid in bitcoin you could do that. Like what.
Spotify plans to launch in over 80 more countries
"Streaming service in more countries and in more languages, a Swedish firm announced today plans to launch into 85 more countries and had 36 languages to the platform. Spotify explained. They're looking into expanding the in Asia, the Pacific, Africa and the Caribbean. Once the expansion is complete, Spotify will be available in about 170 countries worldwide. Treasury Secretary Janet Yellen is
An End to the Tech Rally?
"We'll rising rates kill the tech rally. Guy what do you say yes back to. You melt absolutely so much of this has been predicated on on this low interest rate zero straight environment when you have tenure yields go from fifty three basis points in august two one point four percent today i understand rates are still low but the velocity and the speed of the move has been well. It hasn't been historic. But it's been noteworthy. And i think we're headed to one and a half. We've said it for a while and that's your line in the sand you start getting significantly north of one and a half percent and the entire thesis in my opinion behind a lot of these high flying tech names starts unravel and you're starting to see it now in the big hans christian andersen fan. I know euros well. Mel and a lot of people mistakenly call the that little vignette that he wrote. The emperor has no clothes. It's the emperor's new clothes. But i got to tell you the close at the fed is wearing right now are not fitting and i think they're going to be revealed for what they are in the coming weeks. They think they can control this out of their control at this point. Yeah karen i. I'll go to you on this. Well i mean obviously we have been in this environment of close zero percent insurance for so long and so when we move out of that. Something's gotta give now. Yes i think. So but i think a few things are happening at the same time. So there's the higher rates that guy talked about. We always talk about the risk premium. What should the equity risk premium beaten as rates go up. The risk premium should be higher therefore valuations lower. But the other side of. It is a rates going up because the economy is improving. And i believe that. Yes that's the case. But i also think that the earnings of a lot of these high flyers and let's talk about something like google for example. I think those earnings are going to be actually much better so on long those. It's a painful day. One thing that. I have on as a hedge which is not nearly enough to hedge how much i would lose him. A day like today is the gb which is the it's tech software and its high fliers. The biggest position is microsoft. But it's really expensive. Names salesforce service now zoom video. Docu sign crowd strike. Those are all going to get hit. Against what i think of as my more value tech today wasn't value at all on sale again and again but i think that if the rates move up slowly because the economy improves. I'm okay with that. I know we'll have a rotation into more cyclicals. But i'm sticking with what i've got. Yeah and obviously it's highest wires on. They'll probably take the hardest hits at this point carfax. North cornerstone macro makes a very good point in that is their alliance the s. and hunt five hundred on information technology. More broadly and in terms of down days and information technology eighty percent of the time the s. and p. five hundred trades lower as well. This is since nineteen eighty nine. Dan and i know you like carter's work. So i mean his point basically is you can't hire overall without technology that being said though if you look at the mag accomplish the microsoft apple google amazon. They've gone sideways for the last four months. Or so as we've seen that rotation into more cyclical names so we did move higher without their real participation and now it's interesting on a day like today that you see the nasdaq down two and a half percent or so to me. I think what karen laid out is really smart. I mean you look at the mega caps and you see their value tech yes. They benefited from low. Interest rates. For a whole host of reasons most notably. They raised a ton of money and they put on their balance sheet and they really not paying a whole heck of a lot and i think as it relates to interest rates. You have to ask yourself who really wants. Interest rates to go higher at this point and guy makes a good point that yeah they're going to they're going because the economy is getting a little better. Look at the ten year chart of the us treasury. You'll we thought we had generational lows at about one and a half percent back in two thousand twelve then again in two thousand sixteen then again in two thousand and thousand nine hundred then you consider yourself or you consider how much negative yielding sovereign debt. There is in the world about fifteen trillion and you think about the corporate been john debt and even consumers you yourself who wants rates to go higher then you look at it over a thirty year period and i think we have that chart and it's just upper left to bottom right so maybe you get through that one and a half on the ten year treasury. Maybe you get to that long-term downtrend which would be about two and a quarter. If that is the case then yes equities. You're going to have a very hard time in this environment. Given the state of deficits right
Stocks end a wobbly day with mixed results; yields rise
"Stocks ended a wobbly day Friday and Wall Street with mixed results. The S and P closed slightly lower the markets first losing week in the last three. Clients for several big tech stocks, including Facebook and Amazon, helped pull the index down 0.2% to 3906. Even as other indexes rose. Small company stocks did far better than the rest of the market, as they have since the beginning of the year. Those companies would benefit the most rock pickup in the economy. In another sign that investors were anticipating growth and potentially higher inflation, Treasury yields continue to March higher. Now closed essentially unchanged again at 4 31,094, the NASDAQ added 40.1% to 8 13,074. The Russell 2000 Small Caps index climbed 2.2% 2000 to
Biden's minimum wage hike proposal: Job killer or boon for workers?
"This'll is America changed forever from the CBS Audio Network. I'm Gil Gross. When President Biden came out with his covert recovery stimulus bill, there were two main points of controversy. The first was the size of it with Republicans wanted to cut in the half. The second and seemingly a main sticking point because it also concerned an important swing vote. Democrat and Senator Joe Manchin was a gradual hike in the minimum wage to $15 an hour. Received wisdom echoed by the Congressional Budget Office has been that though it will help many Americans would also cost more people their jobs. But is that true reports and politicians and policy institutes we usually colored by a specific viewpoint, going in, which is made the work of Aaron Dubay. Something unique in the field because it's been based mainly on research done at the University of Massachusetts Amherst, where he's become the world's leading authority on how a minimum weight will affect the economy, So let me start by thanking you for being here. It's great to be here, and I should start out by saying, Like many of us, you did work for minimum wage. In your case. A McDonald's, um That give you any special feeling for this or just just another memory from your youth? You know, it's a few couple interesting things, you know, Of course, back then. This was late 90 late eighties early nineties, it was actually more common for people in high school or early college to work in minimum wage jobs. It's become less common these days. In fact, Nowadays, a lot more workers who are at minimum wage jobs are older and they're going to be there for longer period. Having said that, yes to working at a minimum wage job alongside people who were older who were trying to support families did give me some perspective. So let's let's take a look at that Congressional Budget Office report That's been much discussed in the last week because it says it will raise 900,000 people out of poverty. That sounds great, but it says it will do that at the cost of 1.4 million jobs. I know you think that's not right. What's wrong with that? Yeah, So let me just begin by saying sometimes top line numbers can sound scary and big or small, but it's really useful to keep things in perspective. So, according to the CBO, You're going to see wage increases that are far larger than any job losses, So that's an important thing to keep in mind so overall If you take the CBO's estimates seriously, it suggests that working people as a whole are substantially better off than with the higher minimum wage that not Having said that I do think that the CBO's estimates are more pessimistic. And here's the reason why I actually was asked by the government in UK, the conservative government UK about a little over a year and half ago to look exactly at this question, and I provided a report for their Treasury that helped them come to a determination on where to set their minimum wage and looked at the evidence. And I found that when looking at the evidence from US UK, other developed countries. Overall, the body of research suggests a fairly muted effect of minimum wages and jobs. While significantly increasing earnings of the local at the bottom. So I think the CBO's report ends up drawing a more pessimistic conclusion because it ends up not looking at some of the more recent literature. It also ends up. Paying more attention to a few very large Estimates of job losses. One, for example, from a study about Seattle minimum wage that subsequently has been shown to be quite problematic. In fact, the same researchers have More updated study that suggests 1/10 of the size of job loss as original. Report, but that more recent estimate is not in the CBO report. While the original one is for these reasons, I think the CBO report ends up getting the job lost number of fairly substantially. Too high. Having said that, I think it's important to keep in mind. Nonetheless, the report can be interpreted as he's saying that this is overall a good
Treasury Secretary Janet Yellen says the unemployment rate "if properly measured" is close to 10%
"Let me start you with thing. You've been writing about this week. And that six terry of the treasury janet yellen said on cnbc. I believe it was yesterday talking about unemployment and the stimulus package and the need to go big sector. Yellen said look unemployment is probably closer when you really Add things up to ten percent in this economy And i i'd love your take on that because that's not the official number. It's not it's a good bit higher. The official number is six point three percent which works out to about ten million people employed. She's implying it's ten percent which works out to sixteen million people unemployed. So how can she say that. Actually there's some pretty good basis for her to be saying that we know right now that were in the middle of a pandemic and that official six point three percent unemployment number comes from a survey that they do have about sixty thousand households. A lot of people aren't responding to that survey. A lot of people don't actually know if they're unemployed. That might sensitive silly when you think about it. But you know there's so. Many limbo categories. People are on furlough. People are told they may be called back in a month or two. It's it's kind of confusing. But the biggest factor of all the reason that she wants to add more people to the ranks is the problem of women dropping out of the labor force appearance and others to care for kids at home and to care for sick relatives. That's about five million people who have had to do that. Those people's jobs are clearly gone because of the pandemic but they're not counted as officially unemployed. Because you have to be searching for a job in the past month to be part of the official unemployment number
Treasury Secretary Janet Yellen makes push for major stimulus, sees bigger risk in not doing enough
"Doubles down. The stock market record highs seemed to have fizzled in recent days with the s. and p. five hundred falling for a third straight day on thursday fears of inflation may be at work here. There are concerns that if all the stimulus being pumped into the financial system works that it could begin pushing up prices that may be risky for stock market. Investors as money flows back into the rising yield bond market. In fact a sizable selloff has been seen in the us. Government bond market over the last six weeks yields on the ten year treasury note have climbed during this process from one percent in early january. Two one point three percent this week quote. We think it's very important to have a big stimulus package that addresses the pain. This has cost fifteen. Million americans are behind on their rent. Twenty four million adults and twelve million children. Who don't have enough to eat. Small businesses failing and quote so said treasury secretary. Janet yellen in an interview with cnbc yesterday. The treasury secretary added quote. I think the price of doing too little is much higher than the price of doing something big. We think that the benefits will far outweigh the costs in the longer run and quote asked whether the surge in federal spending could prompt a sustained rise in inflation. Yellen responded that. It was a risk but that inflation has been very low for many years and that the fed could always mitigate that risk by raising rates. According to speaker nancy pelosi. The house aims to pass. Its one point nine. Trillion dollar corona virus relief panel an before the end of february to be a deadline on sending key unemployment programs. Going a little deeper here. Yellen said that the white house will likely propose a second economic recovery package later this year that would include spending on longer term investments like infrastructure renewable energy education job training and research and development. This proposal would also include tax increases on corporations and on wealthy americans that would quote phase in slowly over time and quote of course during the campaign. President biden proposed raising the corporate rate to twenty eight percent from the current twenty one percent before president. Trump's tax cuts in two thousand seventeen. The rate was thirty five percent
Yellen warns against paring Biden's $1.9T relief package
"Democrats are taking a major step forward to push through President Biden's covert relief plan. The American rescue package by the end of next week, CBS News correspondent Deborah Alfa Rone has detailed Treasury Secretary Janet Yellen believes Mr Biden's 1.9 shrilly in dollar covert relief bill is a big part of the solution. We're digging out of a deep hole last year was the worst year For economic growth Students World War two. The House hopes to vote on the president's stimulus plan a week from today before sending it onto the Senate. Democrats want to approve it before some benefits from the first round of pandemic AIDS expired on March. 14 next up for the president, said the concentration on further research and money. To go towards climate change and an infrastructure plan that threatens to split the Democratic Party Because those plans they're going to cost way more than $2 trillion. 6
The Dollar Privilege
"Federal reserve is taking sweeping him trying to protect the economy from the corona virus. Fed chairman jerome. Powell announced interest rates will be drastically in one of the biggest bet moves since two thousand eight financial crisis in china has a huge vested interest in the american economy because it holds them almost twenty five percent of all four. No us us sanctions against iran over nuclear program were reintroduced iran's economies in freefall soaring inflation and push comes to shove all the world's reserve currency to start off what is a reserve currency. And why does it matter. So i think the first thing is to explain what a currency is before we get to reserve currency. This is sebastian. Mallaby a senior fellow for international economics at the council. You may remember him from our episode on the economic side of the kovic. Pandemic currency has a few different uses. One is that it's a unit of account. It's a way of putting a measure on what something might be worth. The second is once you've decided what it's worth that you should be able to transact transactions are the second idea that you can go buy stuff with the currency and a third idea is that you can use money as a store of value before you transact you can save up this currency and then transaction the future so for those keeping track at home money does three basic things. It lets us agree on prices. It lets us by things and it lets us save up so we can buy other things later now. The same three things that currency does for people reserve currencies do for entire countries pricing buying and saving so neutrally a reserve currency is the cars you hold in reserve s. So it's very linked to the last idea. I mentioned of a store of value and in particular we think of reserve banks central banks global central banks which hose currencies in reserve to protect their economies against there is kinds of financial or economic shock so a reserve currency really has a couple of different functions. One is to cover the need for future imports. If a country for example doesn't have its own energy. Supply needs to import oil. You might want to hold donaldson reserved to make sure that you can buy oil. You need in the future. The second reason central banks hold foreign currency reserves is because of the possibility of a financial crisis. And there again don't as a very useful because most institutions borrowing donna's so in a financial crisis they gonna need donna's to help them pay for fan. Central banks have the unique power to print money but in many other ways they're kind of like a scaled up version of an ordinary bank. Your local bank needs to have enough money to lend to people if they want to buy a home or if things get bad and they need to take some out a central bank needs to be able to do this to but for an entire country in order to be prepared for the future. They need to store up a significant amount of cash that they can trust. Foreign currencies are often a safer bet than a local currency especially in countries with weak or unstable economies. The safest bet of all is the us dollar. What role does the. Us dollars serve in the global reserve system. Will your stone. Now is the largest single reserve. Currency economists estimate that approximately sixty percent of foreign reserves around the world are in us dollars. This is roger ferguson. He is the president and ceo of ti which manages over one trillion in retirement funds for more than five million teachers government workers and well me turns out. Roger was also vice chairman of the board of governors of the federal reserve from nineteen ninety nine to two thousand six. This means he helped determine the supply of us dollars to the country and the world. The euro is about twenty percent the yen. The japanese currency is about five or six percent of british pound also about five or six percent until the us by way of the most important reserve currency. But it's not the only currency it's held in reserve by other economies. The chinese i think would like to see their currency. The renminbi become a larger currency in terms of its holdings as a reserve currency around the world than yet out in terms of reserves. They number four number five. When listed only about two percent. I can definitely remember going to europe at a time. When the euro was way up in my money didn't go as far and you're like damn i time. This really poorly are other countries literally buying dollars the way that i exchange currency when i visit a country. And where do they buy them from. It's not quite the same because they're not collecting lots of five dollar bills to put into a wallet in their belt. They're holding huge amounts and said what they do. is they earn. Us treasury bombs or other kinds of easily traded dollar denominated guns and that could be mortgage bonds as well but you know. Us government debts the most popular instrument to
Biden Takes To The Road To Push His COVID-19 Relief Plan
"President biden is on the road this week. He wants congress to pass his one point nine trillion dollar covert relief package. And so he's making the case for it directly to american citizens last night. He was in wisconsin for a town hall produced by cnn. and host. anderson. Cooper asked the question. When is every american. Who wants it going to be able to get vaccine by the end of july this year. Npr national political correspondent. Mara liasson is good morning mar. Good morning joe. Biden took a lot of questions about vaccines and also a lot of questions about when schools are going to reopen. How yes school. Openings have become a really controversial issue and a potential vulnerability for the white house. The republicans have been saying that biden is not being aggressive enough on something that too. Many americans is the most important signal of getting back to normal. In addition to the many reasons why it's important for kids and parents to get schools open and one of the reasons that this could be potentially damaging for the white house is that the president's press secretary had set a remarkably low bar of what biden meant by school opening. She said that he wants half of them. Having in person instruction one day per week by the end of his first one hundred days last night biden said that was a mistake in communications. He wants to see k. Through eight classes back five days a week. Here's what he said. We'll be close to that. At the end of the first hundred days you'd have a significant percentage them being able to be opened my rent. My guess is they're going to probably be pushing to open all for all summer to continue like it's different semester days a week or a. I think many of them have five days week. The goal we five days a week. So that's a more ambitious goal. But as biden pointed out is a state and locally controlled thing can set goals put out guidelines. But it's not up to him. Speaking of ambitious he still wants one point nine trillion dollars. There are critics of his plan. There are economists. also who say that's just too much money it seems like biden is saying. Let me make the case to the people who are suffering and explain why we need one point nine trillion. Yes and he did that last night. He pointed out the polls show that many republicans even trump voters are support. The package the package has very very high approval ratings and even though it's not popular with republican members of congress biden also defended the price tag saying. There's a consensus among economists. About spending more rather than less. And you know both biden's treasury secretary janet yellen and the fed chair. Jerome powell have both said that a bigger package is better and if it does spark inflation they can handle that. What's unclear is if the package will get any republican support in congress. Despite those bipartisan talks. You know senate minority leader mitch. Mcconnell told the wall street journal that he thinks the first step to unify republicans and of course. They've been badly split. Deeply divided is to unify around to the relief package. This is what republicans did in two thousand and nine. when they opposed obama's stimulus
Dow futures rise 200 points as stocks look to add to record levels
"On Bo pretty much on Tuesday and Bonds falling Further. Let me first will take you to what was happening in Asia. Will Japan's Nikkei TT five stock average jumped almost 2%. That's cementing a move about 30,000, which certainly caught some headlines yesterday the tropics and ended up in fact, 6/10 of 1%. They came up one point T percent of the clothes hang, saying currently up, just able T percent now still risk on in Europe. European future stocks 50 futures are potential 1% German futures the same French futures up 2/10 of 1% in U. S futures. I say coming back after that holiday s and P 500 Features up 6/10 of 1%. Dow Up 7/10 of 1% NASDAQ Up 6/10 of 1% lot of focus on the bond market this morning 1.2 threes where we find the US 10 Year. Benchmark Treasury that's up two basis points. The dollar not much movement there, in fact, on the Bloomberg dollars spotting Nexus morning just fractionally to the downside in terms of the pound on cable, that's up. 2/10 of 1% of 1.3934 is where we find it on cable wt. I oil very interesting in the light of the energy crisis in the US, 60.15 is where we're finding that at the moment that's at 1.1%. Brent futures up 3/10 of 1% $63.5 a barrel Now let me also tell you
"treasury" Discussed on Marketplace with Kai Ryssdal
"In los angeles. I'm kai rozelle. It is tuesday today. The very first day of december good as always to have long everybody we are going to begin today with some interrelated interlocking parts that might affect the short and medium term future in this economy and then a disconnect which honestly could do the same thing i number one there are new murmurings on capitol hill of a maybe possibly could be deal for some kind of new virus relief for this economy. That is about all we're going to say on that because as you know we've been down this road before with relief plans but it does get item number. Two janet yellen in her first official remarks as treasury secretary nominee. Maybe giving congress low. Poke in the eye. Inaction will produce a self-reinforcing downturn causing more devastation. So that's the maybe there is help on the way news of the day. The oh no. There's not came to us from fed chair. Jay powell and treasury secretary steven mnuchin in congressional testimony this morning summing up their views on the state of this economy and as marketplace's nancy marshall genzer explains. There is a disconnect. If you watch. Chair powell and secretary mnuchin senate banking committee testimony today and i know you did. You'd think they were talking about two different economies. First mnuchin said the october jobs report showed that the economy has gained back. Twelve million jobs since april and powell followed up with although we welcome this progress we will not lose sight of the millions of americans who remain out of work. Powell looks at the big picture. Mnuchin is focused on the letter of the law and the cares act did specify that some pandemic aid stop at the end of the year as the economy recovered mnuchin acknowledges that some additional help is needed but he also points to the falling unemployment rate. Catherine judge is a law professor at columbia university. The look at where we are this quarter relative to last quarter and they look at the rate of improvement. The unemployment rate did fall to six point nine percent in october. But that's still almost double the jobless rate before the pandemic hit the us adam ozimek chief economist at the jobs would site. Upwork says powell sees the glass half empty wall. Mnuchin says it's half full and mnuchin could make it harder to convince wavering members of congress to vote for another relief package. You can't really rally the troops as long as you're describing glasses full if congress doesn't pass another relief bill. Williams college economists. Ken kutner says the fed will say. Look if you guys can't get your act together and pass some fiscal stimulus you know. It's going to fall for the fed to try to try to take that slack as best we can and kutner says the feds tools are not ideal for that fed chair. Powell has said repeatedly. The fed makes loans not the grants that struggling businesses and jobless workers need right now. I'm nancy marshall genzer for marketplace. Speaking of jobs by the way. Friday morning brings us the november unemployment report. More now actually about jobs because we told you the other day about how some states have been overpaying unemployment benefits and are asking people to pay that money back turns out some states have also been underpaying people who were on pandemic unemployment assistance. That's the program for freelancers and gig workers marketplace's cement. The fields has more on a report from the government. Accountability office pandemic unemployment. Assistance is a new program and when it was created back in march state unemployment offices had to scramble to get it up and running because of that andrew statiners the century foundation says in the beginning. Everyone was getting the minimum benefit because states. Were moving this out very quickly. And they wanted to get the benefit people's hands. The idea was that states would eventually go back. Look at people's tax returns or other proof of income to calculate how much should actually be getting and then adjust their benefits. Accordingly but in a lot of cases center says many workers have not gotten their benefits readjusted even if they have successfully sent in their tax returns a majority of states have been paying people the minimum benefit instead of the actual amount. they're eligible for according to the gao. How much people are being underpaid. Varies by state in paxton is with the unemployment law project in washington state in many states with decent benefit amounts. People are being underpaid by hundreds of dollars every month. Some states are starting to go back and recalculate benefits says michelle evermore at the national employment law project. Hopefully what that means is that this month as benefits. Maybe winding down. At least some people will get some notification that they get a lot of back pay but she says people who are on as should be proactive and ask their state to recalculate benefit and not assume. It will happen automatically. I'm samantha fields for marketplace wall street to start the month pandemic what pandemic. We'll have the details when we do. The numbers did this. Connie as you know because we tell you all the time depends on american consumers consuming so it stands to reason that american companies count on american consumers to and while we have largely stepped up we being consumers the pandemic has introduced no small amount of uncertainty into our spending habits so a lot of american companies have started looking at chinese consumers to keep them afloat. But as marketplace's jennifer back reports from shanghai chinese consumers have a lot going onto in the commercials district of shanghai in american firms. Up test. Kitchen do put. Its twist on a chinese classic. Golden fried rice chef young h one covers a bowl of cooked rice with a thick yellow mixture. We've been right. Make sure they're right. Absorb enough liquid egg. We have and the right like the egg he's referring to comes not from chickens but rather mung beans it's a plant-based egg and the us startup behind it and this cooking demo is eat just ceo joshua tetris china was part of its business plan from day one but one point four trillion eggs are laid in consumed every year and about thirty percent of all those eggs are laid in consumed in china The us is a little bit less than ten percents. China's market is not only big but the authorities have the pandemic controlled enough that the firm could hold this cooking demo where mass.
"treasury" Discussed on WSJ What's News
"Former federal reserve chair janet yellen has been at the forefront of us economic policy for decades. If she's confirmed as treasury secretary she'll be taking on a new role during a time of deep political division and significant economic challenges. Joining me now to talk more about yellen's career and the roadblocks she could face going forward his wall street journal senior writer john hills and wrath. Hi john thanks for being here her. They're great to be here. So john janet yellen if confirmed would make history here as the first woman to lead the treasury after also being the first woman to lead the federal reserve. Tell us more about her extensive resume and what's led up to this moment. I don't think that's the big history being made here. The big history is that she's the first human regardless of gender to be treasury secretary chairman of the council of economic advisers and federal reserve chairwoman. So she's had a tri factor. If you add in the fact that she's also a tenured professor from berkeley then. She's hit a grand slam. This is an achievement that no person regardless of gender has achieved and the realm of economic policy. Making you know. I compare her to george shultz the republican. Who served as secretary of state for ronald reagan and also treasury secretary secretary of labor and director of management budget under richard nixon. This is just a person with about as complete resumes. You can get so. Let's talk a little bit about her previous roles as opposed to what treasury secretary rigby much less political role than treasury secretary. What about her past experiences in washington have prepared her for that. And where might we see some challenges if for her taking on a more political role. The fed is a very close in academic place. They kind of pride themselves on not getting into the mix of political debates and being. I wouldn't even say bipartisan. But eighty partisan nonpartisan. Janet yellen did serve as the chair of the council of economic advisers in the clinton administration in the late nineteen ninety s so. She has had exposure to political debates with big personalities. It's interesting though. She's married to george echo off. Who is a nobel prize winning economist in his own right and when he won the nobel prize back in two thousand and one he wrote in his autobiography about the challenges that she faced kind of managing the point ical heat waves of washington the role. He played in supporting her so she's walking in to an environment right now. That is going to be very heated in very point ical. There's gonna be a lot of fights over how much spending the government should do to get the economy out of recession and how much debt it should take on in the process. And she's going to be right in the middle of it. She's a very highly credentialed individual. And i think our challenge is going to be managing the human part of it the political part of it with republicans on capitol hill and the inevitable divisions that are gonna show up inside the biden administration itself. How do you think she will work with congress. She has support among democrats and republicans. Well you know. She knows her way around washington. That's clear and as fed chair. She did have to deal with congress. She had to go up there and testify on a regular basis to give reports on the economy and monetary policy and regulatory policy. So she knows her way around capitol hill one of the reasons that i think that president elect biden chose her is a because it does seem like she's going to have buy in from the progressive wing of the democratic party. She's actually very close to elizabeth warren and also moderates among democrats and then i would say she has a chance with some moderate republicans to try to win them over republicans in the senate in particular to try to win them over on some big debates. And that's where. I think she's going to end up focusing a lot of her attention. You know if she can hold the democratic party if i should say biden can and then win a couple of middle of the road republicans than they might be able to get their way on really big questions about fiscal policy and stimulus and driving this economy out of recession. That was really devastating and twenty twenty and that brings us to some of the key challenges. What do you think some of her first actions will be treasury secretary. And what are those big challenges. She'll be facing from the start. There's so much and this is one of the issues where the job. The treasury is much different than the job at the fed. The job at the fed comes down to two or three things. They gotta make a decision. Every eight weeks about whether interest rates should stay the same or go up a little or go down a little. And then they've got to be they're very involved in the regulation and oversight of banks and then they've got to be ready to deal with crises financial crises at the treasure. You have the tax portfolio you have sanctioned portfolio with international sanctions against countries like north korea and iran. You have the debt portfolio. You have some say in the budget. Portfolio is just a very wide and expansive portfolio. I think the first thing that she's going to confront is a decision that her predecessor will have made. Steven mnuchin called on the fed just a few days ago to end some rescue programs that were aimed at small and medium-sized businesses related to corona virus. The treasury had been designated some money to contribute to the fed program and secretary mnuchin said. The program had expired in the feds gutter return. What's left of the money but you know the new treasury secretary is going to have to decide whether the end that program as mnuchin has set out to do or renew it when that gets to the bigger issue. which is the economy itself. Is it a major crossroads right now. We had a devastating downturn the economy effectively shut in march and april it reopened. We had a very large bounce back in the summer. But it shows signs of slowing. And it's incomplete this recovery at a time when the corona virus is spreading again. Some states are putting in new restrictions on economic activity and there is a race for a vaccine to control the virus. So there's just so much happening right now and it's gonna be yelling role to guide. President elect biden on how hard the government should push to help the economy through a period where it can go one of two directions. It could go back into recession. Or if we get to vaccine quickly enough we could be into. You know a really strong extension of the recovery that we had earlier this summer. So there's just a lot of uncertainty and a lot hard choices to make all right wall street. Journal senior writer john hills and rats john. Thanks so much for joining.
"treasury" Discussed on Marketplace with Kai Ryssdal
"In brooklyn. <Speech_Female> She gave birth <Speech_Female> to a baby. Girl <Speech_Music_Female> aspen <Speech_Music_Female> james. <Speech_Music_Female> I'm jasmine <SpeakerChange> garst <Speech_Music_Female> for marketplace. <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Speech_Music_Male> <SpeakerChange> <Speech_Music_Male> <Speech_Music_Male> This final <Speech_Male> note on the way out <Speech_Male> today. How much <Speech_Male> dinner. Next thursday <Speech_Male> is gonna <Speech_Male> cost you. The american <Speech_Male> farm bureau federation <Speech_Male> has been doing the <Speech_Male> survey for thirty <Speech_Male> five years. The <Speech_Male> average cost <Speech_Male> of a thanksgiving <Speech_Male> dinner. Ten <Speech_Male> forty <Speech_Male> six dollars and <Speech_Male> ninety cents <Speech_Male> this year that <Speech_Male> is down four percent <Speech_Male> from a year ago <Speech_Male> and that is <Speech_Male> all in by the way <Speech_Male> turkey stuffing sweet. <Speech_Male> Potatoes rolls <Speech_Male> with butter. Ps <Speech_Male> cranberry sauce <Speech_Male> and a veggie <Speech_Male> as well as pumpkin <Speech_Male> pie with whipped cream <Speech_Male> and coffee <Speech_Male> for dessert. <Speech_Male> But at <Speech_Male> my table. <Speech_Male> No ps <Silence> thank you very much <Speech_Male> all <Speech_Male> right we are <Speech_Male> out of here but here is <Speech_Male> your endo <Speech_Male> the weak moment of economic <Speech_Male> context which <Speech_Male> comes with a reminder that <Speech_Male> controlling the virus <Speech_Male> and fixing <Silence> the economy <Speech_Male> are <Silence> the same <Speech_Male> thing <Speech_Male> pfizer said today <Speech_Male> it has applied to <Speech_Male> the food and drug administration <Speech_Male> for emergency <Speech_Male> use authorization <Speech_Male> for its vaccine. <Speech_Male> No telling how <Speech_Male> long it's gonna take for approval. <Speech_Male> pfizer <Speech_Male> says. could well <Speech_Male> be that. They'll start getting this <Speech_Male> thing out. By the middle <Speech_Male> or end of <Speech_Male> december <Speech_Male> limited doses <Speech_Male> medical professionals vulnerable <Speech_Male> populations. <Speech_Male> First responders <Speech_Male> teachers. Maybe <Speech_Music_Male> go first <Speech_Music_Male> but all in all <Speech_Music_Male> good news <Speech_Music_Male> <Advertisement> our <Speech_Music_Male> <Advertisement> theme music. Dj <Speech_Music_Male> <Advertisement> liederman of course <Speech_Music_Male> <Advertisement> colleagues <Speech_Music_Male> <Advertisement> our executive producer. <Speech_Music_Male> <Advertisement> Nancy cast is the managing <Speech_Music_Male> <Advertisement> director of news. <Speech_Music_Male> <Advertisement> I'm kai ryssdal. <Speech_Music_Male> See everybody <Speech_Music_Male> <Advertisement> have a great weekend. <Speech_Music_Male> <Speech_Music_Male> <SpeakerChange> This <Speech_Female> is apn <Speech_Female> this marketplace <Speech_Female> podcast is sponsored <Speech_Female> by merrill <Speech_Female> with personalized <Speech_Female> planning tools <Speech_Female> and insights <Speech_Female> merrill edge. Self <Speech_Female> directed offers <Speech_Female> timely. investing ideas. <Speech_Female> to help you find <Speech_Female> answers like <Speech_Female> how are your investments. <Speech_Female> Doing <Speech_Female> what is the market doing <Speech_Female> put investing <Speech_Female> within reach and <Speech_Female> get started at merrill <Speech_Female> edge dot com <Speech_Female> slash within reach <Speech_Female> merrill lynch <Speech_Female> pierce fenner <Speech_Female> and smith inc. registered broker dealer member sipc.
"treasury" Discussed on Marketplace with Kai Ryssdal
"Com the federal reserve and the treasury department are a little bit on the outside. We will talk about that. Also this week in this economy of course from american public media this is marketplace in los angeles. I'm kai rozelle. It is friday today the twentieth of november. Good as always to have you along everybody. There are days of which this is one when we are obliged by the news to get just detached down in the weeds so we will because we have to. But we'll do it gently back in march in the cares act. Congress authorized the treasury department to let the federal reserve us about four hundred and fifty billion dollars to fund. A bunch of fed lending programs programs that would and remember back in march and april. The fear factor was pretty high in this economy. Right these programs would stabilize credit markets. And in a way thus backstop the whole economy. Well yesterday treasury secretary steven mnuchin. Told jay powell. He wants the money back. In other words those lending programs the secretary said are none the fed not known for its political loquaciousness. Said in a statement. Yesterday afternoon it would prefer the money and the emergency programs. Stay where they are. But after noon sherpao roach secretary mnuchin and told him the money's on the way so we will get to the what it all means thing with lopez and genus smile. Like in a minute but first marketplace abbreviation shore with what exactly these programs did in different ways. These programs all allowed the fed to get down and dirty in the mud of credit market so for example a couple of them allowed the fed to actually buy corporate bonds another loved the fed to buy short-term bonds from state and local governments another allowed to indirectly by up car loans and student loans they essentially stood there and said you know we'll be a buyer of these things will support these markets yousef obasi is global market strategist at stone ex. Now the reason we care that the fed could buy these securities. Is that for a while. They're in this pandemic. It was looking like nobody else would and if nobody wants to buy up for example loans. People aren't going to get as many loans and loans are what kept some businesses. Live and local governments functioning. You're talking about essentially the entire credit markets could've yearly froze if the fed didn't step in with these facilities the fed supported credit market so credit markets could support people. Chris campbell is chief strategist at duff and phelps and former assistant secretary of the treasury they allow for serbia liquidity or money available to banks or institutions to have them to be able to lend you money by all accounts. These programs worked. Edward altman is professor of finance emeritus at nyu. The treasury felt that it has succeeded so well that it's no longer necessary. Oldman sees that is. Ill advised to give them the looming threat of further shutdowns but secretary mnuchin has said businesses need grants now not loans. The four hundred and fifty. Five billion dollars in question could be re purposed into a miniature stimulus. Deal before a new president is sworn in in new york. I'm revenge for marketplace as promise genus. Mike from the new york times linda lopez from business insider to academic so gina. Let me start with you. And the what is going on here. First of all the unusual sort of disagreement. I guess between the treasury and the fed and white happening so this is some drama. This is like the most dramatic story. I've ever covered recovering the for seven years. So basically i. I think that basically this is a political squabble. And that's how we should understand it so the fed and treasury Looking at ten -cially extending these emergency loan programs past the end of the year. Suddenly the treasury has decided that congress congressional ten means that it can't do that so really taking these programs off the table. Just as the biden administration comes into office now obviously. They're citing legal reasons. But secretary nation is going out and saying. Hey you know like as an added bonus we can go ahead and re purposes money but the problem with that is. The money was scored as deficit neutral when the congressional budget office scored this law. So it's not like you can just take this money spending. It doesn't add to the deficit. It absolutely would add to the deficit just like any new spending and so this has become this real drama. And i think the fed for its part really kind of like made a pretty st- shocking statement responding to this in say hey like we would really like to extend the is if he would just give us that. Option treachery clearly is and you know if you read. Cheer paul's letter this afternoon lynette. The language is fairly frosty ee. He's clearly not pleased. What do you think of the idea that the outgoing administration is saying now to president-elect biden you're on your own economy they want anything thing about wrong with the Norton chairman paul is clearly frustrated. He's wondering their view adults in washington who still trucks to the white house. He realizes that trump is in a position where he wants to burn down. Mnuchin has been trying to play. Both sides is probably not seeing of the tensions of do that anymore. It doesn't seem like there's going to be another student of age and this if this looks like irrational behavior it's because it is because it's politically motivated by a man donald trump who has really not. He hasn't cared about how american does through this crisis for a long time and he certainly doesn't care now that he's a lame duck president his schedule has been publicly entity since since he lost gina. How come The markets today with this squabble between treasury and the fed right is like when your parents fight hack on the markets. Didn't just go. Oh my god what's going on. Still i think that it's going to take some time to dawn on everybody exactly what this means. You know. i think these the these facilities clooney's served as a back stop right now. Markets are feeling confident that we're getting a vaccine but i think the real question in the real test is going to come when you get some bad news like what happens. If one of these vaccine trials goes badly what happens if there some sort of ask and the fed facilities aren't obviously going to be there at scaled back it up and i. I think that's just can't do that day. you know. I think it was gonna take time to see how that plays out. Here's another what happens. What happens if there's no real fiscal relief from Washington before the inauguration and even beyond that with The republicans conceivably maintaining control the senate scary prospect a lot of americans. We have unemployment benefits running out for millions of americans the day after christmas as if jacobs was writing this novel himself. It's just like i don't know how. How many ways say it will be bad for. Everyone people who don't have jobs still need to lend you know. Americans have been running through their savings. Consumption is what keeps this economy of flow and so when people stop spending this economy stops running on the there. I don't know how many different ways to say it's econ win one. And if like i said this doesn't make scientists because it's not supposed to. It's not about you or me or any of the this is about donald trump in how he feels about america right now which is not right. Gina real quick on an interview. I did with john. Williams from the new york fed this week As part of that sabeel conference that.
"treasury" Discussed on Marketplace Morning Report with David Brancaccio
"Us treasury tells the fed wants some of its stimulus money back. I'm david brancaccio. good morning. Rift has developed with the us central bank taking one view. And the us treasury secretary steven mnuchin taking another with mnuchin ending a pandemic stimulus program. The fed wanted to keep going marketplace's novus ofo joins us here. Which of the many programs are we talking about. Well at issue is four hundred. Fifty billion dollars allocated by congress to fund emergency lending programs at the fed that directly support businesses nonprofits and local governments. These are taxpayer funded programs versus what the fed usually does which is expand or contract credit on its own or some like to call it. Print money treasury secretary. Steven mnuchin wants to what's the wants. The actual taxpayer money returned to the treasury. But the end of december now economists consider the programs that would be shut down important because they reassure investors that the fed is they are ready to keep money flowing. Solutions decision surprised many and prompted the fed to issue a statement saying you would prefer the programs to continue because the central bank says they're important as a backstop for an economy that remains vulnerable. But if that's the case why does mr mnuchin one end these programs. Well he says the economy has come back from the brink and the programs are no longer needed because banks now have the lending capacity to meet borrowing needs. And there's also a question as to whether congress intended for the programs to be going on this long david mnuchin says it did not and that the four hundred fifty billion dollars should be returned so it can be at reallocated elsewhere. Nova thank you. Wendy's purveyors of square euler shaped burgers is buying full four hundred fast food joints these places already say wendy's on the front. But they had been owned by nbc a bankrupt franchisee eating blazes with drive throughs of done comparatively well during pandemic which may be part of the logic. Here is andy. You'll reports in. Its filing with the sec. Wendy says it doesn't necessarily wanna run all the nearly four hundred new restaurants. It just wants to make sure a new owner doesn't turn the property into something else. That's what restaurant analyst jon gordon. With pacific management consulting calls a hold and sell strategy. What wendy's wants to do is to buy a couple of markets and then hold them for a small period of time and then find the best franchisee to sell to windy says it remains committed to keeping ownership of about five percent of the total wendy's system restaurant franchisee flynn restaurant. Group had reportedly agreed to buy the properties but wendy's objected to the sale because flynn owns franchises of direct competitors. Rj morningstar says for wendy's. This is about controlling as much as possible. I think the idea is trying to maintain its consistent operations. If anything in probably improve on the operations he says one of the reasons. These franchises are on the market is at the former owner. Didn't invest a lot. In upkeep and technology. I may dealer. Marketplace are right. Let's check stock index futures. Mixed this morning. Dow futures down fifty one points two-tenths percent but.
"treasury" Discussed on Today in Focus
"It's and said well as you note answer. We used to hide money from george osborne. We don't dare do that with you. Despite having per hour all these dire warnings about what could happen if the country voted leave. The treasury was now in charge of ensuring that the damage to the economy was as little well as possible. Did they believe the figures they had put out and at that point. Did they think this brexit puzzle was solvable. I genuinely believed that they thought they had done the right sums but it's very simple they were measuring the absence of a relationship in trade that we had that it's easy to measure the absence of something that is on the table in front of you what they couldn't of course measure which they admitted to was the potential tential gains in time when new trading relationships for example were established. I suppose in retrospect acknowledging the scope or limited scope of their assessment might have gone some way to reassuring those that really disagreed with that analysis. I still feel that the sums of the sums yeah i mean maths don't lie so so the treasury did the numbers right but may be the way they were communicated. They did numbers right but they were only a portion of the numbers and the way they were communicated. Communicated did scare people by this point. The referendum is long behind you and all your energy is focused on trying to get ah brexit dale tonight to ten a jobs and prosperity must come first in any brexit deal. John lewis bells out his priorities which is seen. There's a signal that he wants a change of emphasis in the brexit process although that parliamentary landscape was looking increasingly difficult whichever way you go people to the last people to to the right who are causing a potential trouble even if you did get detail from internal government information at the time we're you able to start to build a picture of what no deal might look like. I'm not sure what you mean by internal government information that <hes> that you'd expect me to discuss on a podcast but absolutely departments has started to bring in ideas of what they thought they needed and we were in constant contact with businesses with other whitehall departments about when some cases the concerns the businesses had about what will happen in departments about what they thought they needed to do to prepare and remember any treasury person would say this but it's fundamentally true. It is not just about handing out cash if there aren't people trained up in order control. It doesn't matter how much money you have. They don't exist to hire so many of the early the <hes> issues were around supply of people and scenery and i._t. Systems that we would need and less about the actual money but more about what could be supplied applied in time. Do you remember the first time to resume said no deal is better than a bad deal. Well first of all what i said. Is that no deal better than a bad deal. Oh no deal for britain is better than a bad deal for britain. No i don't. She said it so many times. It's very hard to remember when you first heard it. I've said before i said on many the occasions that no deal is better than a bad deal is better than bad. Do you know what he thought to that. From the treasury's perspective it wasn't ideal does a political appointee. I understood what she was trying to do in saying that but yes there were times we felt she said added at the wrong time and too often. Did you take it seriously. We putting money aside because your critics weren't convinced breath. Allocations were made up to experien- by the time. I left the job but this os felt was one of the mistakes people made when demanding and i'm people i'm referring to cer- politicians demanding that treasury do more to put put money aside for no deal prep. The treasury did put money aside billions aside for no deal prep. The work had to be done to find out what preparations operations were required wasn't more border guards. Was it more accountants. What what what was it and how would it be done in. That work took a long time to get underway. Because of course it wasn't unprecedent incident situation so that was work that needed to be done in departments then you come to the treasury with an estimate of what it's going to cost and you get the money for it. I refute this idea. That treasury was trying to sabotage talk. No deal prep it. It was a difficult exercise in many departments struggle to get rolling with the types things that they needed to propose the treasury for funding the very idea arab dale is quite a difficult concept to get your head around. What were the factors that you have to consider. There were issues around services and reciprocal services. There were issues around food supply because of course that depends on the poorest of your borders and its borders were to become more controlled the amount of food medicine all that sort the thing that would be able to get in had to be had to be factored in often the problems weren't the type of thing that you'd expect so when you talk about stricter border control using well that means they'll be fruit rotting routing in lorries coming into the u._k. That was an allegation made often in the press a no dual brexit would be a disastrous outcome for britain's food sector if delays laser portly fresh produce rotting in lorries but it's just as much a problem that do trucks are stuck in the u._k. And can't get back and so what happens is the supply chain starts to break down. I would say that the first phase of no- deal planning was often about logistics with a departments that were much more exposed. I used than others of course certain departments were were more exposed than others the department for food affairs the home office responsible for border security but there wasn't a sense. The toll told that anybody could relax for a minute. Everyone was going through absolutely everything they had to make sure that they were across any potential impacts to the industries that they are responsible for and and of course treasury responsible for financial services and philip work very hard to make sure they were represented. People coming in all the time to talk to you to update you to tell you about their fares people that we didn't necessarily hear about the food industry was very concerned about what it would mean for delayed deliveries border control that sort of thing but it didn't necessarily speak publicly. I suspect it was because they were worried about frightening their customers. How worried are you about it from where you're sitting. <hes> i genuinely believed we would end up with deal. I was obviously team working for a deal and that for me was my hope and it still is my hope you preparing for the eventuality of no deal but at the same time inside the treasury people must have been very nervous about that outcome after all the controversy around so-called. Oh cool project fair. We're officials worried about putting forward our worst case scenarios. I think you've touched on something that after the backlash there there were certainly some reticence about my. I can speak specifically for my experience. I was calms director there and of course you were. You knew that you would get backlash. If a figure was presented presented in a way is to appear threatening frightening figure we might have just looked at as a as a plain fact but i think it was also my job to take account of the feelings of people on both sides of the argument and to find a way to reach out both groups. You cannot underestimate the feeling on behalf off of some people that the democratic vote leave would not be respected and so- backlash from that corner stemmed from sense of genuine fear. I think that has to be recognized on the backlash was pretty strong yup. What i'm talking about. It is the way the treasury has behaved both before and after the referendum if you look at the full cost the treasury made before the referendum they were a humiliation seen the grocery but that is different from claiming they were rigged. They were clearly politically influenced so yes. I do think that fiddling the figures tell me about the attacks against the treasury during this period what the treasury's pretty robust. They're used to being criticized every fiscal event. Somebody hasn't got what they wanted and they they complain about it but there's no question that the allegations of project fear would definitely deeply felt than there was a period where x michael goes famous phrase. These people are sick of experts. People in this country have had enough of experts with the acronym expert. Some people felt in the treasury that that was aimed at the treasury. There was a period where the permanent secretary did a very good job of trying to reassure his staff. Don't be afraid need to say what's in your heart and your mind because if you are afraid we won't have the information do your jobs with integrity and things will be okay. Leave the politics to the politicians and people like me who were political appointees and it was high stakes because you were working on this brexit deal that you were desperate to pass so you were seeing on your desk how potentially damaging to the economy no deal cook bay vince people together majority in this parliament and like bill cash and bernard jenkin. You needed them on your side to get the numbers to get the votes past. Did you internally start to try and persuade them. Did you have briefings with them. The prime minister's team worked very hard to keep everyone inside the tent in truth. Having the treasury or any representative ended of treasury come in to try and convince some of the more hard brexit tears wasn't going to necessarily be productive so i think we focused our efforts where it it could be of more use. I mean presumably your efforts could have been a views in persuading number. Ten wasn't becoming increasingly clear at this stage that these guys weren't listening. They were attacking the treasury. If you look at what they say now it seems to me that they were never going to be satisfied with anything. You could have possibly absolutely negotiated in deal terms. Why wouldn't you looking elsewhere in parliament. Why wouldn't you trying to find a majority across the house. That's a very easy assessment after the fact and while you are still in conversation with the two sides working on a compromise in the middle you continue and you to think that you can bring people along with you. That's not to say your analysis wrong. I think you're absolutely right that now looking back it does look like an impossible task but at the time it was the one that we felt would bring the most people along with us and that we could find a way through we could find a compromise as much twenty ninth two thousand nine hundred thousand came close sad it became more obvious that it was going to be extremely difficult to find compromise the he is to the right two hundred and eighty six the nose elect three hundred forty four meaningful votes had been lost more than once and people talking about cliff edge at that point were will you putting in place emergency plans for no deal or did you still think in your heart of hearts that this was not going to be allowed. All i can say is that in the run run up to march twenty ninth there was increasing preparation increasing concern that that was a possibility that we could face a cliff edge and we weren't sure necessarily which direction the prime minister was going to have to go in those days i remember being not particularly clear on what was going to happen the next day or the next day and so certainly there was much more of a focus on it at that point yeah. It's interesting to look at what philip hammond has been saying since. He stepped down. I'm particularly forcefully yesterday. There is no mandate for leaving with no deal. It's absurd sir to suggest that the the fifty two percent of people that voted to leave the european union all voted to leave with no deal when in fact during during the referendum campaign there was virtually no mention made by the leaders of that campaign a tool of the possibility of leaving with no deal michael. He's argued that no deal is not acceptable sibal the it would damage the economy and even threaten the peacedale in ireland risk breaking up the u._k. He's also made clear that parliament will have it sachet which led to boris johnson to say m._p.'s now collaborating with the there's a terrible kind of collaboration as it were going on between are people who think they can block brexit in parliament and our european fresh seems to me how never really believe no deal with something thing that we could possibly accept and that he didn't really take it seriously. That's totally unfair. I half of what you said is right. The other half is not tell tell me which offers right on the he's he's been very clear and i suspect he'll continue to be clear that he believes no deal is bad for the economy and not responsible outcome. He believes it will be disruptive and he's very vocal about that but it's not right to say. He didn't take it seriously. Of course he did and given how strongly you feel about that. Since you left the treasury after the march twenty ninth deadline passed you watched a tory leadership race unfold three years after the brexit referendum britain is divided and deadlocked forced to resign as tory leader. That's resumes tory. Prime minister is nearly over but who is the man and they all men which felt like it was brexit arms race at times i mean there was talk of proking parliament and what are your views on suspending parliament from it rob where we don't need to suspend palm. I think it's very unlikely to do i've said i don't think it's likely but it's not illegal you auto repair. There was suggestion that they wouldn't even consider a time limit on the backstop. There was much more talk about no deal. You do plan for for no deal precisely because you want a deal and we have to do that and to take no deal off. The table is a complete nonsense. Germany actually agree with everyone that we should apart from rory that we should keep no deal on the table but it's not just talk now. Boris johnson is prime minister and he's promising brexit by any means necessary this october. Your oh former boss says that this government has now say it's negotiating boss so high. It feels that no deal is inevitable. If that's where we end up up what happens in the treasury on day one what levers do they pull the one thing. I know that the treasury will be doing if we were to end up in a hard brexit is they will be immediate in constant constant contact with business with financial services with banks the very good at maintaining a grid of communication contact. It's fundamentally unprecedented so we don't know exactly what it would look like and there are a million and one hypothetical outcomes that you could imagine the areas that i obviously focused on financial services and banking and the economy i think the main effects for that remitted are felt over the medium and longer terms. The lack of growth or the increased expense will be things that someone working the treasury today. We'll be worried about if we were to leave the heart exit whereas if you have a negotiated deal you know what your rates are going to be. You know what your tariffs are whether they're going to be there or not and you can actually do the sums into the planning. It's the not knowing it's the uncertainty bat for long-term economic planning even short-to-medium-term economic planning is deeply unproductive. It seems strange. The conservative party autopay which has always prided itself as being responsible with the economy appears to be heading under boris johnson almost deliberately towards a no deal brexit. How do you feel about that. I think i it is too early to say it is entirely possible that this is a strategy to encourage encourage the e._u. To negotiate on a on a different type of deal that could be passed. I'm pretty clear from my position that i don't believe a no deal. Option is responsible and i do understand that it is in many ways and for many people the only intellectually consistent option option but i remain hopeful that there is a third way and if it's not resumes deal which one thing i agree with him and his team on notes obviously been rejected this deal and there needs to be a third way and i remain hopeful that he will find a way to come back with the different deal that can be passed in parliament because i don't believe is that it is okay to sacrifice some people some businesses or some households too short term disruption even if over the long or medium term and we can improve our situation. I absolutely don't dispute that that's possible but i don't want to see a single household or business sacrificed feist to those ends. What do you mean sacrifice. What do you say well. There will be look..
"treasury" Discussed on FinTech Insider
"An optimist and I was responsible in the Treasury for doing the words prepare for no deal scenario but yeah that is clearly not where we want to be. I think that as enormous resilience to the city of London I mentioned the three elements of the technology heritage the access to finance city of London and a strong internationally Ashley well regarded regulator that isn't going to change and I think the beauty of Fintech is it is less focused on <hes> which jurisdiction it's it prizes innovation and if you can innovate and get regulatory approval you've got mark opportunity so I'm not for broader reasons within my portfolio relaxed about where we all we need to resolve the exit path from the but I think Fintech he's proved to be very resilient over the last three years and I see no reasons why it will be damaged going forward whatever the circumstances of our exit complaining wherever that I think as you say all of the elements are are still here if anything it it gives us some opportunity to to potentially take advantage of changing landscape. I I guess maybe the only thing to talk about is where we're going with this. What's the vision that you have from a future perspective? In terms of where tackle the London in financial services ecosystem couldn't get well. I think why would say is that the focus can always sometimes dwell a lot on creating entrusting tools for wealthy.
"treasury" Discussed on The Jason Stapleton Program
"Dying. Argument I've ever heard. Well, it's the treasury secretaries name on it all write my name on his hood. That's my car now. Okay. All right. Well done. Okay. Let me see. Let's see where I was here. Okay. That is affecting the question of inflation, the question of promises outstripping capacity to redeem promises and hints losing credibility as promises the credit of credibility is the credit of credit not to mention of credo or faith. That's a parenthetical thought. I don't know why that's even there. This is precisely why lawyers accountants and economists schooled in the simple mechanics of public finance always tell you the relevant constraint on spending is not some non existent fundraising constraint. But the inflation constraint also known as the resource constraint. Okay. So what he's saying is anybody is says people who actually deal in this economists who were schooled in public finance tell you that there is a constraint on spending not because they can't print enough money. But because you if you do you're gonna have very very serious consequences in doing that. Now, they're absolutely right in saying that he of course, disagrees and apparently a mountain. Historical evidence is is untrue to like when the people have done this in the past. What he's suggesting clearly, that's you know, that this was just a blip is this guy is is the case in point example of why macroeconomics is akin to astrology, right? Okay. Let's keep reading okay. So the truth of the resource constraint is that money can be publicly issued in spent only at a rate commensurate with new goods and services supply, if the money supply grows too rapidly for goods and services to keep up. You.
"treasury" Discussed on News Radio 1190 KEX
"Treasury Secretary Steven Mnuchin is on a six nations diplomatic tour of the Middle East where he's addressing the fight against terrorist. Financing his first stop Israel, where he's meeting with Prime Minister Benjamin Netanyahu ABC's Jordana Miller has more from Jerusalem with prime minister Netanyahu had his side. Mnuchin called Israel a quote, great place for investments, especially in the field of technology. The Treasury Secretary said the US plans to invest more in infrastructure projects on the political front. Mnuchin said he'll discuss the implementation of US sanctions on Iran coming up in November with Netanyahu, the Israeli leader reiterated his belief that sanctions are the only way to end Ron's nuclear weapons program. Giordano Miller ABC news Jerusalem, a visit to the Big Apple by a big British ship. The aircraft carrier HMS Queen Elizabeth came into New York harbor Friday. It has about one thousand five hundred sailors on board. It is the biggest ship ever built for great. Britain's Royal Navy? The ship is visiting for a week. The commanding officer calls visit very symbolic of the intimate relationship. The Royal Navy has with the US navy and Marine Corps. The nine hundred thirty two foot worship has up to sixty aircraft on board. Dave Schreiber ABC news, New York in Texas, more than fifty counties are part of a state disaster declaration following massive flooding from heavy rains. Authorities say they found the body of an Alabama woman who went missing from an RV park in central Texas. This is ABC news. It's time to join the millions of people using zoom. Videoconferencing, turn.
"treasury" Discussed on WTVN
"Treasury Secretary Steven Mnuchin is on a six nations diplomatic tour of the Middle East where he's addressing the fight against terrorist. Financing his first stop Israel, where he's meeting with Prime Minister Benjamin Netanyahu ABC's Jonah Miller has more from Jerusalem with prime minister Netanyahu had his side. Mnuchin called Israel a quote, great place for investments, especially in the field of technology. The Treasury Secretary said the US plans to invest more in infrastructure projects on the political front. Mnuchin said he'll discuss the implementation of US sanctions on Iran coming up in November with Netanyahu, these really leader reiterated his belief that sanctions are the only way to end Ron's nuclear weapons program. Giordano Miller ABC news Jerusalem, a visit to the Big Apple by a big British ship. The aircraft carrier HMS Queen Elizabeth came into New York harbor Friday. It has about one thousand five hundred sailors on board. It is the biggest ship ever built for great. Britain's Royal Navy? The ship is visiting for a week. The commanding officer calls the visit very symbolic of the intimate relationship. The Royal Navy has with the US navy and Marine Corps. The nine hundred thirty two foot worship has up to sixty aircraft on board. Dave Schreiber ABC news, New York in Texas, more than fifty counties are part of a state disaster declaration following massive flooding from heavy rains. Authorities say they found the body of an Alabama woman who it missing from an RV park in central Texas. This is ABC news. It's time to join the millions of people using zoom. Videoconferencing, turn.
"treasury" Discussed on KTAR 92.3FM
"Treasury Secretary Steven Mnuchin is on a six-nation diplomatic tour of the Middle East where he's addressing the fight against terrorist. Financing his first stop Israel, where he's meeting with Prime Minister Benjamin Netanyahu ABC's Jonah Miller has more from Jerusalem with prime minister Netanyahu at his side. Mnuchin called Israel a quote, great place for investments, especially in the field of technology. The Treasury Secretary said the US plans to invest more in infrastructure projects on the political front. Mnuchin said he'll discuss the implementation of US sanctions on Ron coming up in November with Netanyahu, the Israeli leader reiterated his belief that sanctions are the only way to end Iran's nuclear weapons program. Giordano Miller ABC news Jerusalem, a visit to the Big Apple by a big British ship. The aircraft carrier HMS Queen Elizabeth came into New York harbor Friday. It has about one thousand five hundred sailors on board. It is the biggest ship ever built for great. Britain's Royal Navy? The ship is visiting for a week the commanding officer calls to visit very symbolic of the intimate relationship. The Royal Navy has with the US navy and Marine Corps. The nine hundred thirty two foot worship has up to sixty aircraft on board. Dave Schreiber ABC news, New York in Texas, more than fifty counties are part of a state disaster declaration following massive flooding from heavy rains. Authorities say they found the body of an Alabama woman who went missing from an RV Parkin central Texas. Mrs ABC news, it's time to join the millions of people using zoom. Videoconferencing, turn any.
"treasury" Discussed on KOMO
"Treasury Secretary Steven Mnuchin is on a six-nation diplomatic tour of the Middle East where he's addressing the fight against terrorist. Financing his first stop Israel, where he's meeting with Prime Minister Benjamin Netanyahu ABC's Jordana Miller has more from Jerusalem with prime minister Netanyahu at his side. Mnuchin called Israel a quote, great place for investments, especially in the field of technology. The Treasury Secretary said the US plans to invest more in infrastructure projects on the political front. Mnuchin said he'll discuss the implementation of US sanctions on Iran coming up in November with Netanyahu, these really leader reiterated his belief that sanctions are the only way to end around nuclear weapons program. Giordano Miller ABC news Roussillon a visit to the Big Apple by a big British ship. The aircraft carrier HMS Queen Elizabeth came into New York harbor Friday. It has about one thousand five hundred sailors on board. It is the biggest ship ever built for great. Britain's Royal Navy? The ship is visiting for a week. The commanding officer calls visit very symbolic of the intimate relationship. The Royal Navy has with the US navy and Marine Corps. The nine hundred thirty two foot worship has up to sixty aircraft on board. Dave Schreiber ABC news, New York in Texas, more than fifty counties are part of a state disaster declaration following massive flooding from heavy rains. Authorities say they found the body of Alabama woman who went missing from an RV parks, central Texas. This is ABC news. It's time to join the millions of people using zoom. Videoconferencing, turn any.
"treasury" Discussed on Are You Real
"A specific assignments to take dominion over so what i'm fascinated by god is still through the form of what jesus was teaching the fish were actually carrying the government currency or i should say they were the the holders of the treasury so the fish if you can remember it was time to pay taxes on jesus cycle take once you go out in let down your line in the first fisher catch is going to be gold in it so immediately you you see that jesus is still access accessing the principle of taking dominion that the fisher are actually working for you they're carrying your treasury now that doesn't mean that fish is the department of treasury i'm fascinated how god moves the treasury around and i wanna say that say this i wonder how many schools have fish are following you waiting for the line of you because you're carrying the government of god that will be drawn to you with golden its mouth that it's ready to release at any given moment that it's not a desperation to try to get money but the fish or the schools official carrying gold are desperate for you to enunciate away to connect with you to release the treasury of heaven to you in through you enter the people around you those are all that's a supernatural demonstration of god's intent on the abundance of who he is that even the fish will go to work for you to get from the treasury room of heaven the the governance of what god does for his people that we are supposed to be a company of people that are never in desperation never lacking never crying out continually begging that's not who we are that is there is none of that going on in heaven therefore none of it should be going on here on earth however the department of treasury is something that god has that i believe is in heaven to the point that even the roads are paved with gold i mean asphalt what we call asphalt there the goal streets gold so when things that god told me one day was he goes he asked me why do you think there is why do i have my goal streets in heaven.
"treasury" Discussed on WGTK
"But what it does is create a lot of unnecessary appeal real burden on the economy because prosperity does not cause a weak dollar and uh and so uh but they're gonna they're gonna if the economy really picks up the head of steam they're gonna say oh we have a overheating we've got uh prices rising up wages rising we've got us put a stop to to slow it down so they were deliberately tried to throw people out of work which i think is scandalous if the economy has on an upswing why has the dollar weakened because uh the federal reserve and the treasury department has signalled to the market that they want a weaker dollar you know the treasury secretary guy owns an it's painful two weeks ago he he stated publicly which you're not supposed to do you're supposed to signal you want a weaker dollar you're not supposed to state the right he he he violated the norms so he had backtracked but everyone now fears that's going to be uh the treasury policy and we should have learned from the early 2000s where that leads phony commodities boom housing disaster don't need it again all right so what the government done to keep the dollar week by in effect printing uh to to too much money okay go out i thought that was the answer so i have a question so i want to understand something what i i i'm sure betraying ignorance here but it's the only way all learned now the economy ignorant one fell by what right does the government decide how much money should be printed uh it has its own theories but uh it really doesn't know what it's doing but it thinks it has the uh uh congress said all right of the things that is supposed to keep full employment so the fed says well we'll do whatever we want to achieve that even if it doesn't work will continue to do it how should.
"treasury" Discussed on WGIR-AM
"Cost for that so just give a call eight five five nine two nine game sea of let's talk about a few things that we should know wool uh cleverly call this stuff you should know all right we put a lot of thought of that titled in may when it comes to this stuff when economic culture as a really early this firmly it that is blip he and stuff we are you know we're not gonna the part well when it comes to the financial realm there are some things that we all should be aware of but there are a few things out there that the average bear doesn't know as you like to say so let's talk about a couple of these that uh people might be surprised in the first one the global bond market is about twice the size of the global stock market the average investor certainly does not know that well i think the first thing that it should tell you if the bond market is twice as large as the stock markets globally is that there's a whole lot of debt going on out there yeah banzer debt the other thing that that i might add rebel last week when when the market was blip he yes at what was happening there what was happening was was that the treasury bond they're not talking about longterm corporate bonds but the treasury bonds were creeping up and so what happens when the treasury bonds stagg creeping up will when the treasury bonds dot creeping up money starts flowing to them but where does that money come from that money typically comes from the stock market so when you see cracks in the in the stock market when it starts get blip he many times is because that money is moving to safety in the form of the treasury's and that's exactly what you saw last week coca high well that's good information to know and so you certainly wanna make sure than we talked about bonds earlier so we won't carry on too much.
"treasury" Discussed on WGIR-AM
"There's no there's no cost for that so just give a call eight five five nine two nine game escape let's talk about a few things that we should know walk mullahs cleverly call this stuff you should know all right we put a lot of thought of that titled in may when it comes to this stuff when economic technical as it really early is firmly it it is a blip he and stuff we are we're not gonna the port well when it comes to the financial realm there are some things that we all should be aware of but there are a few things out there that the average bear doesn't know as you like to say so let's talk about a couple of these that uh people might be surprised in the first one the global bond market is about twice the size of the global stock market the average investor certainly does not know that well i think the first thing that it should tell you if the bond market is twice as large as the stock markets globally is that there's a whole lot of debt going on out there yeah the banzer debt the other thing that that i might add rebel last week when when the market was blip he yes what was happening there what was happening was was that the treasury bond them not talking about longterm corporate bonds but the treasury bonds were creeping up and so what happens when the treasury bonds start creeping up while when the treasury bonds dr creeping up money starts flowing to them but where does that money come from that money typically comes from the stock market so when you see cracks in the in the stock market when it starts get blip he many times is because that money is moving to safety in the form of the treasury's and that's exactly what you saw last week coca all right well that's good information and know and so you certainly wanna make sure than act we talked about bonds earlier so we won't carry on too much about that.
"treasury" Discussed on Capital Ideas Investing Podcast
"That period of time i think was an important lesson for investors in a couple of things the first being that the municipal bond market is still a relatively closed market people invest and municipal bonds because they want the tax exemption not everyone can take advantage of that tax exemption and so buyers and sellers are a relatively tight net bunch if you will when volatility comes and oftentimes volatility is triggered by something happening and the treasury market as it was again in november that tends to lead to even greater volatility in municipals what made this particular period of volatility somewhat unique is that when you think about the sources of that volatility tax reform the potential for a large infrastructure spending bill and the potential repeal and replace of the affordable care act each of those three factors had a direct significant potential impact on the municipal bond market so i guess it shouldn't surprise us that we saw a period of a fairly extreme volatility that being said oftentimes periods like we had in november and early december of the end of two thousand sixteen provides tremendous opportunities for us as investors within that market and gave us an opportunity to invest in some names that we had bought earlier in the year and now we're able to add to at cheaper prices it gave us an opportunity to provide liquidity and capital to projects and organisations that needed to borrow money during those those weeks volatility.