35 Burst results for "Yellen"
AP News Radio
Biden: Debt deal 'very close' even as two sides far apart on work requirements for food aid
"President Biden continues to say a deal on the debt limit is very close. House negotiators left the capitol in the early hours of Saturday without a debt limit deal with The White House. They're expected to return later in the day in hopes of reaching an agreement over the holiday weekend. It appears as though work requirements for federal food aid recipients have emerged as a final sticking point as president Joe Biden says he thinks a deal is very close. In the meantime treasury secretary Janet Yellen says, the deadline for a potentially catastrophic default has been pushed to June 5th from an earlier estimate of June 1st. I'm surely Adler
AP News Radio
McCarthy sending negotiators to White House to finish debt limit talks, but sides 'far apart'
"House speaker Kevin McCarthy says he remains optimistic the two sides can make a deal as the nation approaches a debt to fall as soon as next week. McCarthy says he's sending his negotiators back here to The White House in the hopes of finishing out debt limit talks, but there's a number of places that we are still far apart. Put simply. We have to spend less than we spent last year. Democrats are willing to freeze spending, not cut it, as the impasse continues treasury chief Janet Yellen tells the WSJ CEO council summit that without a deal to boost the debt limit, it seems nearly certain the U.S. will run out of cash to pay its bills in early June. Possibly is early as June 1st. Saying the standoffs already roiling financial markets and threatening the global economy, Sagar Meghani at The White House.
AP News Radio
Biden, McCarthy to meet on debt ceiling, time to 'get moving' to resolve standoff
"President Biden and House speaker Kevin McCarthy will meet again today in another bid to resolve a standoff over the debt ceiling. It's a pivotal moment. Start moving. Treasury chief Janet Yellen says the U.S. could start running out of cash to pay its bills as soon as June 1st, a default that would hurt Americans and the global economy. McCarthy says he's hopeful for a deal after negotiators from both sides meant for it nearly three hours today. He's still pushing for the nation to cut its spending next year and the talks have narrowed on a 2024 budget year cap Sagar Meghani at The White House.
The Breakdown
Biden Defaulting on the Debt to Own the Crypto Bros?
"Well Friends the president has gone and again made the debt ceiling political for the crypto crowd. And so today we are diverting temporarily from our normal Bitcoin and crypto industry coverage to move into the most significant market issue right now, which is the debt ceiling debate. This will serve as a bit of a primer. I will avoid the temptation to get political with it, as always, and we'll just try to understand exactly where we are going into this critical week. Right now, the debt ceiling is currently at nearly $31.4 trillion, with around 24.6 trillion held as bonds by investors, private institutions, and other market actors. The U.S. debt is the largest of any nation state, exceeding the amount currently outstanding for the next four countries combined. In mid January, the limit of borrowing was reached, leading the US Treasury to begin what's known as extraordinary measures to stretch the remaining cash a little further. These measures trim budget expenditure around the edges by deferring time and sensitive spending, such as making contributions into government worker savings plans, and topping up the assets held in the exchange stabilization fund. Earlier this month, treasury secretary Janet Yellen announced that despite these measures, the treasury looked set to run out of cash by the beginning of next month, leaving officials precious little time to sort out a deal. The negotiations had been ongoing for the better part of the last few weeks, although heading into the weekend the tone had soured. Earlier last week, both President Biden and House Republican speaker Kevin McCarthy, who is heading up negotiations for the GOP, expressed optimism that a deal could be close. And yet as the weekend rolled around, no deal was there to be had. Now part of the reason is that the two parties are very far apart in terms of what they want. The GOP are asking for significant budget cuts. In particular, they're looking for cuts across social spending by ramping up work requirements for government aid, as well as kneecapping flagship democratic policies like clean energy incentives with the inflation reduction act, and additional funding for the IRS. Last month, Republicans passed a House bill which would suspend the debt ceiling until March of next year, but the bill contains such deep spending cuts that it was viewed as a nonstarter for Senate Democrats to consider.
AP News Radio
Biden, McCarthy to hold pivotal meeting on debt ceiling as time to resolve standoff grows short
"President Biden and House speaker Kevin McCarthy will meet today for a critical talk, says time grows short to end the debt ceiling standoff. The president called McCarthy from Air Force One while flying home from Japan last night. Saying it went well. McCarthy was also upbeat. I believe it was a productive phone call. Won that led to negotiators resuming stalled talks, including North Carolina Republican Patrick mchenry. The fact that our principal spoke made a big difference reset where we're guidance and I think that was helpful. Still make Henry says there are obstacles and the race is on, with treasury chief Janet Yellen, saying June 1st is a hard deadline to raise the debt limit and avoid default. Sagar Meghani, Washington.
AP News Radio
Biden, McCarthy to meet Monday for debt ceiling talks as default deadline looms
"President Biden and House speaker Kevin McCarthy are due to speak face to face. After a telephone conversation on how to reach an agreement on averting a U.S. default. House speaker Kevin McCarthy says he did have a productive call with President Biden. They spoke as the president was returning from the G 7 summit in Japan, where he had to reassure world leaders. Default is not an option. Biden says, despite GOP complaints, he has compromised and introduced ideas to raise revenue. Much of what they've already proposed is simply quite frankly unacceptable. But conservative Republicans, like congressman Jody arrington, who spoke on ABC's this week with George Stephanopoulos, says the government spending patterns need to change. We have to get back to pre COVID pre inflationary spending. We've got to rightsize and rein in this bureaucratic bloat. Treasury secretary Janet Yellen says it looks like the debt limit will be reached somewhere around June 1st, where the U.S. won't have the funds to meet its obligations. Seniors who count on social security are military that expects pay. She spoke on NBC's meet the press. I'm Jackie Quinn
The Hugh Hewitt Show: Highly Concentrated
Republican Leader Slams Biden's Handling of Debt Ceiling Crisis
"This is Kevin McCarthy in the house hallway yesterday, cut number three. It just seems that they want to look like they're in a meeting, but they're not talking many times serious. In the meantime, we just watched the CEO come out and say we're a $100 billion further in debt. And so do you think it's more like we wanted default than a deal? And then more Kevin McCarthy at a press conference cut number four. And the only body in all of Congress or the Republicans who raised the debt ceiling. And we did it way in advance before Janet Yellen told us when the deadline was. Because we didn't want to be here. So no, I don't think we're in a good place. I know we're not. This ignoring the problem, thinking it's going to go away, he could bumble his way just into a default like he did on the border. That's what we didn't want to have happen. So we raised the debt limit. We're protecting. I don't know. Maybe his secret plan is to wait till the last minute and pass our Bill. I'm okay with that. Bumbling Joe Biden, and that is about right. Couple of
AP News Radio
Biden and congressional leaders to meet in debt ceiling showdown as McCarthy pushes for faster deal
"President Biden and congressional leaders will meet again today in the debt ceiling showdown as the nation is just closer to a potential default. Treasury chief Janet Yellen says the country may run out of cash to pay its bills as soon as June 1st. Time is running out. The early outlines of a potential deal to boost the borrowing limit are slowly emerging but expectations of an imminent deal are low. House speaker Kevin McCarthy is urging President Biden to move faster, while still insisting on spending cuts to lower the nation's $31 trillion debt. I mean, how much is too much? McCarthy will be in the Oval Office today with among others, top Senate Democrat Chuck Schumer. Nobody should use default as a hostage. The president says Republicans must rule out default to agree to raise the debt ceiling and then discuss spending cuts. Washington.
AP News Radio
Yellen: 'No good options' if Congress fails to act on debt
"President Biden is set to meet with Republican leaders tomorrow to discuss the nation's debt ceiling, while members of his administration warn against a default. Treasury secretary Janet Yellen says her office is already taking emergency steps to try to keep the government from running out of cash too quickly. Economic chaos would ensue. But projects it could happen as early as June 1st, on ABC's this week with George Stephanopoulos, Yellen was asked if President Biden could invoke the Fourteenth Amendment, which would bypass Congress. We should not get to the point where we need to consider whether the president can go on. Issuing debt, this would be a constitutional crisis. Republican senator James lankford says The White House is wrong to demand that the debt ceiling negotiations be separated from spending cuts. It forces a moment to be able to talk about debt and deficit and to say where are we going on this? I'm Jackie Quinn
The Charlie Kirk Show
Banking Crisis: The Tip of a Financial Iceberg With E.J. Antoni
"Senator Langford made a great point. We don't have the tape here, but basically said to Janet Yellen, we're not going to, he says, they're worried that the federal government is encouraging behavior by basically people are now going to remove their deposits from regional banks because they don't see the same sort of federal government backing automatically of every regional bank. Is that a fair concern? Absolutely. A hundred percent. I really think that spot on. Again, if you're somebody who's got less than $250,000 threshold, then your deposits are guaranteed everywhere anyway, so it's irrelevant. But if you're a business, if you have a large cash balance, which a lot of these regional banks, that's how they sustain themselves on those small business accounts, then you're getting the rug pulled out from under you. Both as a depositor. And as a regional bank, and so this, this could get out of control wildly and I suppose one of the questions people have then is where should I keep my money? And I guess there's no really good answer to that. I mean you can feel free to offer investment advice if you want or but what are the principles what is economics teach us of where your dollar bills should land in a time like this? Sure. Well, so I have to say counsel always tells me they always yell at me like, yeah, I can't give investment advice. So we're not going to do that. But what I will say is, if you have, again, under two 50, which is 90 something percent of depositors, you'll find there's no worry. It doesn't matter where your money is. If you're over that amount, you have a couple of options. You can literally just split up your deposits among different banks. As long as you're under that two 50 threshold at any one particular institution, you're fine. So you can have two 50 in Wells Fargo two 50 and JPMorgan, for example, and a 100% of your deposits are covered. There are also different services you can buy where these different financial firms will do that for you where they will split up your deposits. But most people don't fall into that category. So I wouldn't worry about it from that standpoint.
The Charlie Kirk Show
Are Big Banks Safe From Deposit Flights? E.J. Antoni Explains
"The argument earlier this week. JPMorgan Wells Fargo and BOA, the big three basically, they're not worried. In fact, this is going to be easy pickings for them, right? Now, why would those three banks be immune from the same sort of deposit flight? What is JP, is it just volume? Is it size? Is it that JPMorgan and BOA have corporate accounts as well, not just mom and pops that might engage in deposit flight? Why would BOA Wells Fargo and JPMorgan somehow be exempt from such from such action and panic? Well, we can throw city in there too, right? But the other problem is that these very large banks have been identified as sibs or systemically important banks, which is, again, basically just a fancy way of saying, if you do anything wrong, if you guys get into trouble, we, the federal government will come bail you out. And so you have nothing to worry about. Because we have, we have socialized your losses, but privatized your gains. And as a result of that, these banks are largely immune from runs because depositors and investors alike know that things really can't go south because the federal government is there to backstop it. Contrast that with the messaging we have seen particularly from Janet Yellen on regional banks and they're what she has said is basically just her rhetoric has waffled back and forth. It has gone from saying we will guarantee all deposits to know we're sticking to that two 50 cap and then back and forth. And so that has exacerbated the deposit flight because people don't really know how the federal government is going to react here.
AP News Radio
Treasury's Yellen says US could default as soon as June 1
"President Biden has invited congressional leaders to meet with them next week. I Norman hall. Administration officials have confirmed that President Biden found all four congressional leaders and invited them to a may 9th meeting at The White House to sit down as a sign of rising pressure to raise the nation's debt cap the Treasury Department is warning of a default as soon as June 1st, economists have warned of a financial catastrophe if the government of the world's largest economy is unable to pay its bills. It's still unclear how the president and Congress can resolve the matter, Republicans are demanding spending cuts of $4.8 trillion over ten years. Democratic leaders want to decouple the debt limit from the budget process. Norman hall, Washington
AP News Radio
Yellen says US could default as soon as June 1
"Treasury secretary Janet Yellen says the country could reach its debt limit as soon as June 1st. Yellen sent a letter to House and Senate leaders urging them to protect the full faith and credit of the United States by acting as soon as possible in February, Yellen said if the debt limit is not raised, mortgage car loan and credit card bills would rise, credit markets would deteriorate. And on top of that, it's unlikely that the federal government would be able to issue payments to millions of Americans, including our military families and seniors who rely on social security. Yellen warned lawmakers not to wait until the last minute. In January, Yellen said her department started resorting to what she called extraordinary measures to avoid a federal government default. Ed Donahue Washington
The Hugh Hewitt Show: Highly Concentrated
Chairman Gallagher Reveals Critical Flaw in Democratic Strategy
"Chairman Gallagher, do you did your democratic colleagues give a reaction similar to your Republican colleagues? Or was it different? Did they dispute this opening sentence? How do they respond? You know, I think the major difference was after the game in terms of what do we do going forward? And we're going to have a policy discussion tonight. It will be a closed door policy discussion, but we're going to have admiral Mark Montgomery and some other experts to guide us in order to identify what are the things we can do to enhance near term deterrence. I think that on the democratic side, it's fair to say their prioritizing the idea of engagement as a successful way to diffuse this crisis, whereas, and I only speak for myself, you know, I was reading secretary Yellen speech, which was all about how we need to engage with the CCP. We need to engage with China to promote peace. And I thought, well, we've tried engagement for two decades, and it's failed. So the idea that we're just going to engage harder and that engagement is somehow going to amount to deterrence. I don't believe that. So I think that being said, I think there's agreement on the idea that of course we should have some sort of communication channel where our military people can pick up the phone if things are heating up and say, hey, let's avoid some miscommunication. But here's the thing here. And this gets to the engagement hypothesis of why I continues to fail. We've actually tried for the last 5 years to reestablish such a channel and the Chinese refuse to meet us halfway. And right now it seems like the Biden administration is chasing Chinese officials around the world desperately trying to have a meeting. They are what Matt Turpin is called an Ardent suitor for a meeting with the CCP, hoping that engaging just for the sake of engagement will produce positive results. So I think that's one meaningful difference that I see between the parties and of course my bias is that only hard power deters. That's what we really. That's the best form of communication.
AP News Radio
IMF: Prolonged high inflation dims outlook for world economy
"The International Monetary Fund says the global economy's outlook has dimmed. Amid a high inflation rising interest rates and two big American bank failures. The situation remains fragile. Chief economist Pierre Olivier grenchen says the IMF has downgraded its global growth outlook below 3%. Downside risks dominate, saying the possibility of rising interest rates leading to recession has gone up sharply, especially in the world's wealthiest countries. Treasury secretary Janet Yellen sees it differently. I wouldn't overdo the negatives negative. Saying the global outlook is reasonably bright, and here at home. The U.S. economy is obviously performing exceptionally well. In a while, yelling is not expecting to downturn. Of course, that remains a risk. Sagar Meghani, Washington.
The Dan Bongino Show
The Irony of The Left's Abuses of Power
"He's like you believe this Janet Yellen is saying you know she doesn't understand it doesn't have a reason as to why the IRS may have visited a reporter Matt taibbi's house while he was testifying about big government abuses against the First Amendment And you know I thought all right this wasn't supposed to be in the show but it's important he said that Because I'll make the case to you that it doesn't matter what treasury secretary Yellen gives us an answer Nobody is going to believe her And Jim says well isn't that the problem And then I says and then he says and then I says I said yes that is the problem The problem folks is we have so little faith in institutions anymore Regardless of the political stripes you're wearing right now Whatever political Jersey you're wearing We have so little faith in the bureaucracy the administrative state and elected leaders That it doesn't matter what Janet Yellen says That's the great irony of leftist abuses of power That they make this big pseudo elegant argument about how your problems in life are being caused by greedy people and corporations and mercenary folks out there And if you'd only turn them over to the benevolent white knights and government everything would be just peaches and cream And yet the very same government they want you to pledge allegiance to and worship like a golden calf I'm not talking about our United States The people I'm talking about the administrative state and the bureaucracy does nothing but screw you over and screw you over to the point where it doesn't matter what excuse they give
The Hugh Hewitt Show: Highly Concentrated
Treasury Secretary Yellen Testifies on Proposed Biden Budget
"This is the exchange, Janet Yellen had on the hill yesterday. It's a good idea why it doesn't make a lot of sense. She's talking with senator John Kennedy of Louisiana before the banking committee cut number 16. The president's budget would increase our debt by $18 trillion. Which is $3 trillion less than it would increase without the proposals in the president's budget. So what the president is saying is these are my words not his. Because of his budget, we're going to have three heart attacks and a stroke instead of four heart attacks in a stroke. Well, I would not grieve that we're going to have three heart attacks in the stroke because we have a very large economy and while the numbers that you cite are very big numbers, the size of our economy is also extremely large. And I think a better metric for assessing what the impact of the budget is on our economy and whether or not it's manageable is real net interest on the real net interest payments that we have to make relative to the size of our economy. And those real net interest payments run throughout the ten years of the budget at around or under 1% of GDP, which is historically normal. So that is increasing the size of the economy is increasing interest rates are moving back toward more normal levels after a period of many years in which their exceptionally low, and yet overall what you see in this budget is real net interest on the debt stabilizing at about 1% of GDP, which is a manageable and historically normal number. So
AP News Radio
Americans' faith in banks low after failures: AP-NORC poll
"Uphold finds low faith in American banks after two recent bank failures. Treasury chief Janet Yellen and the Biden administration have been trying to boost confidence. In the U.S. banking system remains sound. But an AP Newark center for public affairs research poll finds just 10% of U.S. adults say they have high confidence in banks and other financial institutions. That's down more than half from three years ago. More than half now say the government's not doing enough to regulate the industry. Over the past month, there's been little change in how people see the overall economy, only a quarter, say national economic conditions are good. Three quarters describe them as poor. Sagar Meghani at The White House.
Marketplace with Kai Ryssdal
"yellen" Discussed on Marketplace with Kai Ryssdal
"Table in an answer. Well, I feel very strongly about this. This is a brutal and unprovoked attack against innocent democratic people who are showing incredible courage and great resilience in fighting an enemy that few imagined there would be able to effectively confront and the stand that they are taking is critically important to all democratic countries in preserving our way of life and supporting our values and international order that runs according to fundamental human rights principles. Last question on the global economy and then I wanted to turn to domestic affairs. I want to talk about China for a second. Much in the news. Congress is agitated about it. The president, of course, is taking action against the Chinese specifically with technology, but in a lot of other sectors. I wonder if you believe the global economy is ready for the two biggest economies on the planet to not be getting along really well. Well, I think it's important that China and the U.S. as the world's two leaving economies attempt to at least put a floor under their relationship. That's an interesting phrasing that we're putting a floor under this economic relationship, arguably the most important economic relationship in the world. Well, it's important that we do get along. We have our differences clearly. We're concerned about China's behavior, both in national security, context and also economic practices that we think are harmful. And we need to address those things. But for the sake of our own countries and the globe, we also need to get along. We have agreed on issues like the global macro environment which we both influence greatly. We need to talk about these things and understand what we need to do to provide for healthier growth and in issues like climate change where we all have an interest in addressing it pandemics. We need to make preparations so that we're prepared for a future pandemic. These are issues where we need to work together for the sake of the entire globe. And I hope that we'll be able to resume discussions I've started discussions with my counterparts in China and hope to be able in an appropriate time to resume them. We will also resume at an appropriate time secretary Yellen and I with what she is thinking about the American economy again, it's gonna be way more than 5 words. That's just the way she rolls. It's coming up after the fold. Wall Street on this Thursday, traders had a little giddy up late in the day, details numbers when
Marketplace with Kai Ryssdal
"yellen" Discussed on Marketplace with Kai Ryssdal
"Way more than 5 words, though. From American public media. This is marketplace. In Washington, D.C., today I'm Kai rizal. It is Thursday, the second day of March could always have a long, everybody. Janet Yellen has had a pretty busy week or so. The G 20 finance ministers meeting in India this past weekend and a ten hour train ride into Kyiv 12 surprise hours on the ground on Monday, then ten hours in a train back out the long flight home and everybody back in the office the next day. She and I talked about all that in the treasury building this morning before we turned the microphones on. And once we did, question number one was about that trip to Kyiv and the war in Ukraine and what Yellen calls this country's moral obligation to help even as speaker Kevin McCarthy and some Republicans in the House make it clear they would like to tighten their grip on the purse strings. Well, first of all, I do believe we have a moral obligation to help a country in its people who are utterly courageous in fighting against brutal in unprovoked attack on them, which threatens not only that country in its people, but also raises a threat to many other countries if we don't stand up against this kind of aggression. We haven't seen anything like this in Europe in decades and it really is a violation of all that we stand for. And so it is not our interest to stand up against it. And, you know, senator McConnell has made clear that he strongly supports and believes in our obligation to help Ukraine many Republicans, as well as Democrats, congressional delegations, who visited Ukraine and express their support. So my belief is that there is broad bipartisan support for helping Ukraine for as long as it takes. All of that said, do you suppose possibly you and the president are setting ourselves up to fail if you can't bring speaker McCarthy on board? Well, we're going to do everything we can to convince members of Congress that this is a priority we must support and is very much in our interest. While you were there and in that op-ed, you talked a lot about the economic imperative for the Ukrainian economy, right? And how war while a horrible humanitarian disaster and a national security challenge is fundamentally an economic challenge as well. And I guess my question is, there will be trillions of dollars in capital infrastructure costs necessary to rebuild Ukraine. In addition to the many more billions that we're surely going to give them in economic assistance and national security assistance. When you say we're there for as long as it takes, are you there for as much money as it takes as well? Well, our focus right now is on the short term budget needs that Ukraine has in order to be able to go on providing the social services, schooling first responders, you visited a school when you were there. I did visit school. It was a very moving experience. We met with teachers, one whose husband for the second time was called off to fight. A teacher with two children she's left alone to take care of and these are people who the day that we were there, the electricity was functional all day, but I visited a, they called them point of invincibility. They have established essentially tense. Heated tents where people can go when they can't cook food, the electricity is out. They need to charge a cell phone, they need to get warm. There's a great sense of community, but an enormous amount of trauma that everyone in Ukraine is experiencing, even if they're not in the middle of the fighting. You've talked a lot about economic sanctions denying the Russians, the ability to wage the war that they've kind of been doing. But the International Monetary Fund the other day said reasonably positive things about the Russian economy. Yes, we have sanctions. Yes, you're devoted to pursuing them. But it certainly seems like for now they're not doing what you want them to do. You're asking me about Russia. I am asking you about Russia, yes, ma'am. So the numbers like GDP growth in Russia have been more positive than we and the IMF had forecast. And probably hoped, right? Well, let me see what we hope is that we can deny Russia access to the revenues that they need to fight this war and to the goods that they need to supply their military. So that's our focus. Now they have been devoting substantial resources to trying to support their economy. That's come at the cost of very large budget deficits that were unanticipated for them and they're running down some of the assets that they had built up to use as buffers. So they are trying to keep their economy moving forward and to cushion the domestic blows from our sanctions, but when you come back to are we denying them or we degrading their military readiness and capability, the answer is clearly yes. The equipment that they have lost over 9000 pieces of equipment, including tanks. They're having a tremendously difficult time replacing. Sanctions have meant that most countries able to supply the semiconductors that go into this equipment. They don't have access to that they're turning to countries like Iran and North Korea who are hardly preferred providers of this equipment and it's clear that they are running short of the material that you need to wage war. And our sanctions on their oil, his almost have their revenues over the last year from oil sales, which is a critical source of support. So we are reducing their revenues and we are impacting their ability to wage war. You and I have spoken several times. And this is the first time I think you've ever come close to thumping the
Bloomberg Radio New York
"yellen" Discussed on Bloomberg Radio New York
"Through, that the interest rate cuts are still having an impact out there. And will that be enough? Will they need to raise rates even further? We don't really know yet. We're going to sort of have to look at the next two months of data. And the same thing, one of the things that caused the contraction in the first two quarters was government spending really came down in 2022. So when the government spending less, that's less demand and that's a big component subtracting off GDP and you were just talking about we now see that there's a deficit reduction plan out there that again that's thinking about shrinking the bringing in more revenue, all of that's about reducing demand. We I think doing it through a combination of increasing taxes, decreasing government spending and increasing interest rates is probably the way to go. We were talking with professor Betsy Stevenson and theaters in Michigan and we are waiting for a news conference from the secretary of treasury, Janet Yellen, which is supposed to begin any moment. Now we'll keep our eye on that and go to it immediately. Apologize in advance, professor if I interrupt you when we see Janet Yellen. Have we ever been able to get our arms around inflation without having substantially higher unemployment? I think that it is absolutely possible. And I don't think that this inflation actually looks like the kind of inflation we had in the 1970s. So you said, have we ever been able to, we don't actually have a lot of history there to say, well, what have we done in the past? I think what we want to look at is where are we today and what are the conditions that we have? We still have people expect inflation to come back down. That's crucial. That's still with us. And that's working in the fed's favor. What's working against the fed, but for families is that people have a lot of built up savings from the pandemic and that sounds kind of crazy, but the government passed out a lot of money. People didn't spend it all at once, so they've got this built up savings. So even though they're seeing higher prices and they're hearing news of a recession, that's a normally cause people to pull back a bit more. We should see the savings rates start to go up. We haven't seen that yet. And that's partially because people have got this built up savings. We've never really gone into a period like this like that before. If you want to compare it to the 70s, you go back to the 70s and we were in this period that had been really rocky and people had didn't have buffer stocks and they were there was rising unemployment and they were there was an oscillating between do we boost the economy because of the recession or do we try to get inflation under control? Right now we understand what we need to do is slow the economy and the question is will we slow it too much? We're not simultaneously fighting a separate set of forces that are pushing us into a recession. We're trying to bring an economy that's been overly hot, too hot down to the just right Goldilocks temperature. Right, once again, we are waiting for a news conference from Secretary of the Treasury Janet Yellen, who's walking right right now and thank you so much to professor Stevenson. And here is the treasury secretary Janet Yellen
The Hugh Hewitt Show: Highly Concentrated
"yellen" Discussed on The Hugh Hewitt Show: Highly Concentrated
"Terrific. Let's start with the most important thing. Disney is apologized. Nay, say, for what? There are a lot of things to apologize for if you're Walt Disney. Well, one of their agents tackled a guy who was trying to propose to his wife in front of the magic sleeping beauty's castle in France. So we know about that. So we just whenever Disney apologizes it news if you ask me. Let's go to the grimmer news. Janet Yellen and World Bank expect elevated inflation to persist. Global growth expected to slow as prices rise increasing risk of stagflation, bank president said treasury secretary Janet Yellen, mister Wall Street Journal, warned that the U.S. is likely to face a prolonged period of elevated inflation. Thank you, Joe Biden. Thank you, Democrats for passing $4 trillion in spending that we did not need last year. Fuel on the Barbie and you got what you wanted. New York Times headlines, slightly different. Yellen defends pandemic spending as inflation persists. Of course, you're going to defend it. But she said I was wrong about inflation, but she can't really say Joe Biden's a bumbling clown and we're in trouble. Global growth will be choked amid inflation and the world and the war. The World Bank says, again, in 1995 headline. Matthew McConaughey was on the White House podium and Brett barrell played that for a little bit later in the show. Urging a sensible center, which would be, I believe, a model red flag law and police funding, but we'll see what happens. This just in Fox News will not be carrying the January 6 hearings live. This is because Fox News cares about ratings. It's never been a concern that CNN or MSNBC so they will continue to carry the rump committees non news hearings on Thursday night. FDA advisers recommend authorizing novavax coronavirus vaccine. Now, two years ago, this might have been in news, it's not New Zealand. It's another vaccine for people who don't like mRNA, in fact, for whatever reason, they've been down the rabbit hole on the Internet, whatever their reason is. They've come away thinking, or your other legit scientist, they're worried about mRNA stuff. Now you got to go to old fashioned vaccine vaccine made from dead cells that will help you. The COVID's on the rise, by the way. There are a couple of sub variants of omicron that are sweeping the country a couple of people where I live have got it, and they're staying inside. They're fine. They've been vaccinated and they've had boosters, so they're not rushing off to the hospital to go on a ventilator. So the good news is more choice more freedom. Go get your booster, Pfizer, wears off. We know that. I wish they would just do what common sense is if you want to Pfizer booster every 6 months, you get to have one because that's what we need. Ukraine zelensky says that stalemate with Russia is not an option. Well, good. You know what? Stalemate. You don't want to keep killing Russians. That's not fun. But that war will.
Bloomberg Radio New York
"yellen" Discussed on Bloomberg Radio New York
"I'm Scott Carr And I'm susannah Palmer in the Bloomberg newsroom A new book says treasury secretary Janet Yellen initially wanted the Biden administration to scale back the nearly $2 trillion American rescue plan because of concern it could be inflationary We get more about that from Bloomberg's Denise Pellegrini a new Yellen biography says the treasury secretary wanted Biden officials to cut the $1.9 trillion pandemic era package by a third because according to Owen ullman's biography empathy economics too much government money flooding into the economy too quickly could overheat the economy and trigger an inflation The treasury secretary though has issued a statement about the book saying she never urged adoption of a smaller package And she says the economy risked a downturn that could have been as disastrous as The Great Depression Yellen ended up endorsing the full package publicly to members of Congress at the time She said this past week she was wrong when she thought inflation would end up just being transitory Bloomberg Denise Pellegrini Saudi Arabia raised oil prices for its biggest market of Asia by more than expected This as the region's main economies ease coronavirus restrictions helping to boost demand The increase for July shipments resumes hikes that started back in February and were only broken when state producer Saudi Aramco cut prices from record levels a month ago New Jersey is moving to ban menthol cigarettes the state's assembly health committee approved a controversial bill that would prohibit the sale of flavored cigarettes and electronic smoking devices There was an opposition to the band say cigarette sales would shift to other states which happened in Massachusetts New Jersey banned most cigarette.
Squawk Pod
"yellen" Discussed on Squawk Pod
"Will be next. Next on squawk pod unpacking the interview you just heard, assigning accountability for inflation and charting the fed's path forward with economist Muhammad el Arian. What then went wrong is that the fed didn't recognize that the drivers of inflation were widening. They didn't recognize that it wasn't transitory and therefore did not move early enough. Welcome back to squawk pod where we're feeling out the fed's plan for inflation with Becky and Brian. Brian kicks off our next interview. Worries over inflation and the Federal Reserve's Dex moves, the state of the economy, recession, no recession. Have investors on edge. We know that because the NASDAQ is down 24% this year, helping us out and navigate all of this is Muhammad el Arian, Allianz, chief economic adviser, and queens college Cambridge, president. It sounded to me like they're kind of throwing Powell under the bus or starting to in their own weird political way. I don't know if you heard that dialog a few minutes ago. What do you think? So I'm not sure they're throwing power under the bus, but they are saying two things that the fed should listen to. One is acknowledge that you made a huge mistake. That's what secretary Yellen did, and we should welcome that. It's a really important step forward. And then two try to regain control of the narrative. That's what President Biden tried to do with his Wall Street Journal op-ed. To this day, Brian, and this is important because the fed needs to regain credibility on inflation to this day and unlike the ECB, the fed hasn't come out with an analysis of why it got inflation forecasts, wrong for so long. And to this day, they haven't told us how they've improved their forecasting capabilities. And until they do that, they're going to remain on the tremendous pressure. Muhammad, I think what the administration said yesterday look, a lot of ideas saying fed independence. That could be an important step if you really do get out of the fed's way and let them deal with things. That could be different than what we've seen from some administrations in the past. But all the other things that they talked about, all these other potential solutions for inflation, either seem unlikely to help or not likely to help in the short term or the medium term. Is that just an admission that the administration is not going to be able to do much? And they definitely can't spend their way out of this because that is more fuel to the fire. That's the reality paki. And that came out in your interview. Look, they should and are looking at things to improve the supply side. But it will take quite a while. It is about the fed, they are now held hostage because the fed is very late. The fed should have started moving a year ago as we've discussed repeatedly for the last 9 to 12 months, they didn't, and that puts the administration in a corner, so they've got to hope that the fed moves, and they have been respecting the independence of the fed. They haven't got in the way of the fed, it's just that the way the fed hasn't gotten going early enough. And I don't want to beat up fed horse on this topic, but the idea being you're going the stakes of the election in November are massive. And you've got Yellen saying de Becky, well, they made a mistake. You've got comments like we support the fed..
Squawk Pod
"yellen" Discussed on Squawk Pod
"Should be something on the table. Absolutely. Next on squawk pod more on the drama at West Coast ports with treasury secretary Janet Yellen. We certainly hope in the agreement will be reached that will keep the courts open. This is really critically important to making sure our supply chains don't become more problematic. How Doc workers fit into America's inflation picture and so much more in our conversation with the former fed chair right after this. This is squawk pod today with Becky quick and Brian Sullivan. Here's Becky with a very special guest, treasury secretary and former fed chair Janet Yellen. Madam secretary, thank you so much for taking the time to be with us today. It's great to see you. Today, you were meeting with the president and the fed chair Jay Powell. This was a pretty important meeting the first one since he has been renominated, I believe. What happened in that conversation? What took place? Well, the president congratulated the fed chair and is on his confirmation emphasize that the president emphasized that he regards inflation as the major economic problem now facing the country and emphasized to chair Powell that he is strongly supportive of the feds independence and intends to fully respect it, we talked to good deal about the economic outlook what's happening in the economy. The president cheered his view that I certainly shared that we have enjoyed a robust and historic economic recovery 8.3 million jobs having been created since he took office the economy is essentially back at full employment with about the lowest unemployment rate in post war history households in good financial shape, the labor market performing very, very well, very, very strong labor market. And we should be in any beliefs we are in a period of transition now to steady and stable growth that we should be seeing numbers for job creation and economic growth that are lower than those over the last year or so when the economy was recovering and that this will be consistent maintaining now maintaining the gains that we achieved maintaining a strong labor market will be consistent with bringing inflation down and the president emphasized his intention to do everything he can to lower the cost that Americans face for important items in their budget, for example, for prescription drugs for utility bills, things where the president acting on his own or working with Congress can make a difference. And also his support for deficit reduction..
Bloomberg Radio New York
"yellen" Discussed on Bloomberg Radio New York
"The month of May and get over to Bloomberg's Denise Pellegrini Denise We really had a big move up here for interest rates across the entire U.S. yield curve today particularly on the long end with the tenure and that really kind of rained on the parade for stocks today Energy and utility shares also pushed U.S. stocks lower The Dow down about 7 tenths of a percent the S&P 500 about 6 tenths of a percent the NASDAQ about four tenths of a percent So that's how that went And we were thinking that negativity it could carry over into Asia right now though the nikkei it is slightly higher just about two tenths of a percent higher And in Australia the ASX is also up just ever so slightly Financial markets in South Korea and Indonesia are closed for holidays I should mention Juliette the fed will begin shrinking the balance sheet tomorrow in the U.S. fed officials are equating that to something like a couple quarter point rate hikes and on top of the actual rate hikes of course of that's not exactly a mood booster for stocks either when you think about it President Biden met personally with fed chair Jerome Powell at The White House today will have more on that coming up in just a minute here on Bloomberg day break Asia And you know treasury secretary Janet Yellen set in on that meeting and afterwards Yellen told CNN she was wrong when she said last year that rising inflation was just transitory It wouldn't really be a problem We'll take another look at markets in just about 15 minutes Juliet Thanks Denise Well OPEC member is reportedly exploring the idea of exempting Russia from the cartel's agreement on oil production targets The Wall Street Journal is signing OPEC delegates Russia is one of the world's largest oil producers but its output is expected to fall this year by around 8% exempting Russia could pave the way for the United Arab Emirates and Saudi Arabia to pump more crude delegates have told the journal there's been no formal push for this so far Meanwhile this week's meeting of OPEC plus members are likely to hold firm to current plans The group is expected to approve a modest increase of 430,000 barrels a day for July President Biden has met with fed chair Jay Powell and treasury secretary Janet Yellen to discuss the highest inflation in decades The stakes are similar to when president Reagan met with Ben fed chief Paul Volcker nearly four decades ago Reagan was seeking reelection in the midst of rising prices Ahead of today's meeting Biden said he won't be interfering with the fed My plan is to address inflation starts with a simple proposition Respect the fed respect the feds independence They have a laser focus on addressing inflation just like I am And there was a larger complement of board members now confirmed I know we'll.
The Breakdown with NLW
"yellen" Discussed on The Breakdown with NLW
"Today and use referral code breakdown to support the show. Her second lesson that she thinks can help serve as a compass as the government figures out its digital asset strategy is two. When regulation fails to keep pace with innovation, vulnerable people often suffer the greatest harm. This section I like a lot less. She says, we learn this painful lesson during the global financial crisis. Financial institutions called shadow banks and explosion of new financial products allow dangerous levels of risk to accumulate. She's not wrong that there were a set of dangerous new financial products, but it wasn't just from shadow banks. It was from the most vaunted and storied and prominent institutions in U.S. finance writ large. So the legacy of the great financial crisis looms large. She says the S&P 500 fell by more than half and household net worth dropped precipitously. The resulting economic distress was most acute and long-lasting for black Americans and other Americans of color. We need to ensure that the growth of digital assets does not allow similarly dangerous risks to emerge or lead to disproportionate impacts to vulnerable communities. And then she makes what I think is the most arguable statement in the entire piece. She's talking about the systemic risks of stablecoins and says, this is not hypothetical, a stablecoin run occurred in June 2021 when a sharp drop in the price of the assets used to back a stablecoin set off a negative feedback loop of stablecoin redemptions and further price declines. Blockwork says the treasury secretary was presumably referring to iron finances Titan token, which fell to near zero from a high of $65 in mid June 2021 after the iron stablecoin lost its peg to the U.S. dollar. It's not that I think it's illegitimate to look at a very small assets crazy death spiral as a risk factor in the crypto industry or the stablecoin space specifically. What I take issue with is the way that it's set up, clearly to make people think that she's talking about tether or USD C or one of these other multi-billion dollar stablecoins, which just isn't the case. Still, I think if we're just looking at this in the context of this speech, it's very clear that stablecoins are still in the skeptical spotlight. But then we get back on track in this positive shift in tone. Bullet three regulation should be based on risks and activities, not specific examples. She says, wherever possible regulation should be tech neutral. For example, consumers investors and businesses should be protected from fraud and misleading statements regardless of whether assets are stored on a balance sheet or distributed ledger. Similarly, firms that hold customer assets should be required to ensure those assets are not lost stolen or used without the customer's permission. And taxpayers should receive the same type of tax reporting on digital asset transactions that they receive for transactions and stocks and bonds so that they have the information they need to report their income to the IRS. This doesn't seem bullish outwardly, but it actually is quite meaningful. This is a principle that puts crypto and digital assets on an equal footing with financial assets and in that way says that they are no worse than those assets. There is also an implicit and explicit focus in this section on prosecuting bad actors rather than targeting the industry as a whole. The principle of tech neutrality she says is also applicable to concerns related to tax evasion illicit finance and national security. Topics that are particularly pertinent in the world today. It's illegal to evade taxes launder money or avoid sanctions. Doesn't matter whether you're using checks, wires or cryptocurrency. This is something that crypto advocates have been saying forever that these behaviors are the things that are criminalized and people can use any asset, to launder money. In fact, the U.S. dollar is the world's most popular asset for laundering money. To me, this section feels like the one that has had the biggest shift based on what they've seen and learned during the sanctions affair around the Russia Ukraine war. Bullet four, sovereign money is the core of a well functioning financial system in the U.S. benefits from the central role of the dollar and U.S. financial institutions play in global finance. This section starts with a four paragraph reflection on the history of the U.S. monetary system, but I think the real thing here is that Yellen and the administration are getting more comfortable just being clear about the real context for Central Bank digital currencies, which is the role of the dollar in the world. Quote, the dollars international prominence is strongly supported by U.S. institutions and policies. U.S. economic performance opened deep in liquid financial markets, rule of law, and a commitment to a free floating currency. As citizens of this country we derive significant economic and national security benefits from the unique role the dollar in U.S. financial institutions play in the global financial system. The president's executive order asks us to consider whether and how the issuance of a public CBDC would support this role. The 5th bullet is we need to work together to ensure responsible innovation and it's sort of not as significant as the other ones except in the point where the U.S. government is now positioning itself as something of a neutral arbiter between the people who are skeptical of crypto and the people who view it as radically and beneficially transformative. Indeed, they say, quote, such divergence of perspectives has often been associated with new and transformative technologies, which to me suggests that they lean inherently towards the positive side. So I gave you my take right at the beginning in terms of what I think it reflects as a shifting in tone. But let's see what some others in the community think. Jake stravinsky, the head of policy at the blockchain association, said secretary Yellen gave a speech on crypto today, and it was really good. She showed a nuanced understanding of the benefits and risks of responsible innovation, affirmed a tech neutral approach to regulation and clearly isn't trying to rush hasty new rules. Kristen Smith, who's the executive director of the blockchain innovation, has a similar take saying transformative isn't a word you often hear from government officials talking about crypto, but secretary Yellen to find her view on digital assets that way in a speech today. In our view, it's vital and necessary that treasury speaks on these issues, but if you are in the skeptic to anti crypto crowd, this speech plus the Biden executive order should provide a nudge away from FUD and into the camp of those who would like to see crypto thrive in the U.S.. Tony Edward the founder at thinking crypto news says with Biden's crypto executive order, Janet Yellen now focused more on innovation than FUD, Gary gensler asking other regulatory agencies for help and senator lummis and gillibrand's Bill, we are seeing senator Warren and Brad Sherman being disarmed. We're moving in the right direction. Now, I don't want to overstate the positivity here. There are still a lot of critiques, questions, inherent criticisms. This is far from a full throated embrace of digital assets. What's more we still have the lingering question about how much the Central Bank digital currency discussion is going to subsume in overwhelm the private non sovereign peer to peer cryptocurrency discussion. There are big assertions that I disagree with, like those that I pointed out around stablecoins, but with all of that said, the shift in tone is real. I didn't even mention it, but she talked at length about satoshi's innovation, solving the double spend problem, and acknowledging what that opens up as possibilities. For a less intermediated system. To me it reinforces that we are in a very liminal in between moment when it comes to crypto policy in the United States. There is still a lot of push and pull and give and take and a lot of opportunity to drive things in a beneficial way. Anyways, I'll wrap there, guys. Like I said, I'm really excited to dig into the inflation stuff with you tomorrow. But I do think this was the treasury secretary of the United States, if not a one 80 still a meaningful shift in tone around the digital asset space. And I think it was worth going in depth. So either you agree or you didn't and you want your 20 minutes back, but I can't help you there and I can only say that I appreciate you listening. I want to say one more quick thanks again to my sponsors nexo IO, arculus and FTX, and until tomorrow be safe and take care of each other. Peace. Hey breakdown listeners come join coin desks consensus 2022. The festival for the decentralized world this June 9th through the 12th in Austin, Texas. This is the only festival showcasing and celebrating all sides of blockchain, crypto ecosystems, web three, and the metaverse, and is designed for crypto newbies, investors, entrepreneurs, developers, and creators. Don't miss speakers like Kathy wood, SPF, CZ, punk 6 5 two 9 and Joe lubin to name just a few. Use code breakdown to get 15% off your pass at coindesk dot com slash consensus 2022..
The Breakdown with NLW
"yellen" Discussed on The Breakdown with NLW
"Intermediary who should be disrupted..
The Breakdown with NLW
"yellen" Discussed on The Breakdown with NLW
"Welcome back to the breakdown with me and I'll W it's a daily podcast on macro Bitcoin and the big picture power shifts remaking our world. The breakdown is sponsored by nexo IO, arculus, NFTX. And produced and distributed by coin desk. What's going on guys? It is Tuesday, April 12th, and today we are recapping Janet Yellen's speech about crypto from last week and what it means in the context of the industry. Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it wherever you listen to podcasts, give it a rating, give it a review, or if you want to get deeper into the conversation. Come join us on the breakers Discord. You can find the link in the show notes or go to bit LY slash breakdown pod. Also, a disclosure, as always, in addition to them being a sponsor of the show, I also work with FTX. Now, as we dig into this topic, you may be asking yourself, wait a second, it's Tuesday. We just got the inflation print for last month, and it was really, really high. Why are you not talking about that? The short answer is that there are two answers. The first is that I'm on the last day of some travel and had this show prepared and needed to do it this morning just based on time constraints. But the second answer is that there are a lot of really interesting narratives and counter narratives flying around right now. People were really, really ready to be super, super upset at this inflation print. And there are a lot of folks who are wondering if we were going to actually hit double digits. Now in the minutes after the inflation print has come in and hit almost exactly what consensus predictions were with month over month CPI being even lower than expected, there's now a ton of jockeying for the narrative. And I want to give it a little bit of time to settle so that when I bring you that show tomorrow, the narrative battle lines are a little bit more clearly drawn. I think that's going to be the most valuable show. Also for what it's worth, I think that this speech was actually quite significant from Yellen, so I did want to make sure that we took some time to get into it. So this speech came from American university last Thursday and it had no title. It was just Janet Yellen on digital assets. And the TLDR that I'd like to convey on this speech is that it marks a shift in tone from Janet Yellen, the treasury secretary of the United States, of course. While Yellen has always previously given some amount of lip service to the potential for digital asset innovation, the tone from her speeches her public comments has always been about needing to wrangle it to get it within the government's purview to fight the crime around it. In fact, I think you could argue that at the beginning of the administration, she did a lot of work to resuscitate that crypto is for criminals narrative. Something now has clearly shifted. And I think there are a couple possibilities. The first is of course the Biden executive order. It has set a different type of tone for the administration overall, and there's probably some amount of getting in line with that. The second is the Russian war in Ukraine. The Treasury Department has in the context of this conflict had to go deep into on chain analysis. As relates to sanctions and have come out publicly over and over again, saying that crypto isn't being used for sanctions evasion. There's been a sense in the crypto industry for a while that the national security apparatus of the United States has long been much more fine with the state of blockchain traceability than perhaps other offices have. And maybe that line of thinking is winning in the context of an applied situation where people's worst fears about crypto aren't being realized. Anyway, let's get into the specifics and then we'll come back to this discussion about why this change might have happened. So the setup of the speech is basically the executive order itself. Yellen says that we're going to be spending the next 6 months exploring the digital asset space guided by 6 policy objectives, protecting consumers investors and businesses, safeguarding financial stability from systemic risk, mitigating national security risks, promoting U.S. leadership and economic competitiveness, promoting equitable access to safe and affordable financial services and supporting responsible technological advances, which, quote, take account of important design considerations like those related to privacy, human rights, and climate change. Now, an important part of this intro section is that she also up sizes the narrative of crypto by connecting the dots to larger Internet changes. She says digital assets may be relatively new, but they are part of a larger trend. The digitization of finance that has been in the making for decades. In 1990, there were fewer than 3 million Internet users. Now there are about 4.5 billion and we take for granted that many aspects of our financial lives can be managed from small Internet connected devices that fit into the palms of our hands. Again, if you're trying to diminish crypto, you don't make that explicit connection to the larger Internet trend. You just sort of view it and try to isolate it in its own terms. From there, Yellen constructs the speech around 5 lessons. She says, I won't predict where this work, the work of the next 6 months around the executive order will take us, but she says that does not mean we are navigating without a compass. And here are her 5 lessons, the first is one our financial system benefits from responsible innovation. There are two important things that she does in this section. The first is recognizing the importance of private sector innovation on the financial system. She says in the 1960s an engineer from IBM attached a magnetic strip to a plastic card and sparked a new category of payment products. Those innovations facilitated the growth of other technologies like ATMs which made cash available 24/7. More recently, computers the Internet and mobile phones have driven the explosive growth of electronic payments and online commerce. One of the arguments that you hear most consistently from advocates for crypto and digital assets role in the larger financial system is this recognition that in the U.S., financial innovation has tended to come from the private sector and then be absorbed in some way meaningfully into the public sector. This is something that Jeremy lair from circle talks about constantly. Yellen is giving lip service at least to that sort of sentiment. The other important part of this first section is that it is an explicit recognition of some of the problems of the existing system. She says that transactions take too long to settle and calls it a combination of technological factors and business incentives that have quote produced a common frustrating experience shared by tens of millions of Americans every week. Their employer sends the paycheck, but it takes up to two days for the check to hit their bank account. The cost of that is of course payday lenders. And Yellen points to estimates that Americans spend 15 billion or more, which she calls a tax of about a $100 per working American do mostly to inefficiency and disproportionately borne by people with lower incomes. She also makes the jump from those payday lenders in America to the challenges of intermediaries in the context of remittances as well. Again, one shift here is that in the past you've seen some of the official institutions of power actually reify and validate the importance of intermediaries in the financial system. And while Yellen hasn't turned away from that entirely, she's definitely identifying that there.
Squawk Pod
"yellen" Discussed on Squawk Pod
"As we've been talking about to all morning, the big news this morning, President Biden, the announcing a joint task force who bolster energy security for Ukraine and the European Union, the primary goal to diversify supply of LNG and curb Europe's reliance on Russia for its energy joining us right now in an exclusive interview this morning is treasury secretary Janet Yellen secretary. Thank you for joining us. My pleasure. Thanks for being here. So as we were just discussing energy is the big topic and want to understand from you how you reconcile the administration's climate goals right now with what clearly is a shift in posture around energy and fossil fuels. Well, the climate goals are very important and there's no change in that. If anything, seeing what's happening because of our dependence on global markets for oil and to some extent natural gas just emphasizes the importance of making the transition that will shield us from events in Russia, global developments that can negatively impact our oil markets, we really want to move and see the need all of us the United States and our allies to move quickly to renewables that will give us a safer and more independent energy picture. But clearly in the short term, that's not going to work, including there's going to be an effort to push for more fossil fuels. Jamie Dimon, JPMorgan, CEO, telling the administration that they need to create a Marshall plan around fossil fuels and energy. What do you think of that? Well, I don't really want to get into what happened in a private meeting, but I certainly agree that we are looking very carefully at the global energy situation, we have banned Russian oil imports from the United States, but are dependent is in very high. We recognize how important Russian oil and natural gas imports are for our European partners and the recognize and we recognize how important it is to reduce that dependence to the maximum extent possible in the short run, which goes to this morning's announcement by President Biden about our enhanced cooperation on LNG. But it's not possible to completely eliminate that dependence search. Do you think the investor class has to rethink its position on fossil fuels? And I say that only because there has been a real shift towards ESG over the past several years. And whether that idea needs to be suspended to some degree relative to what's happening now and the national security issues that it is either creating or has created. I don't think that the ESG movement ends the emphasis on climate change is creating the problems that we have, if anything, the problem is that we haven't moved as rapidly as we should have Europe and the United States would be less exposed to the pressures that this conflict is putting on our energy markets if we had greater reliance on renewables. So that remains firmly appropriate as medium and longer term goal, but in the short run our ability to punish Russia for really the horrific acts that they're committing in Ukraine. And to degrade their power and influence in the world economy. It would be greater if there were less dependence on Russian oil. But in the immediate term. One of the things that's happening in the United States, for example, is the SEC just put out a notice about proposals around climate disclosure. Do you think some of those policies shift in terms of either timing or otherwise as a result of what we're seeing right now? So I was shortened to see the SEC proposal. It's something that the financial stability oversight council has focused on our partners around the world. And the investing community. Really want information that can guide their investments. You see increasing number of American investors, including banks that have commitments to net zero by 2050, and they need the kind of information that's consistent and transparent to let them make investment decisions. Those goals haven't changed the need for globally comparable information remains a high priority and I think the SEC is crafted a very good proposal. I was really very pleased to see them put it out. Let me ask you a question about globalization. Larry Fink this week said globalization may be over and that this war between Russian Ukraine has become a flashpoint and that American companies doing business in certain countries potentially even China and I'm thinking about big companies like Apple that are doing business there, clearly China appears to be an ally of Russia may have to rethink where they're doing business. What do you tell American business leaders this morning? Who are thinking about where their supply chains come from and the politics of where those supply chains come from? Well, we do have to in this is not just because of the Russian Ukraine situation, but this became evident in the pandemic that may be American businesses have focused on efficiency and organizing supply chains in ways that lower costs but impair resilience and resilience of supply chains is a high priority for the administration and so to an extent that will lead to some reallocation of where much of that is about resilience, which was an issue we talked about in the context of the pandemic versus politics and national security. Well, national security is also important and we recognize the need to consider having an appropriate trade policy that protects our national security interests. But when you say this may be the end of globalization or something that extreme, I really have to push back on that because we're deeply involved in the global economy. I expect that to remain it is something that his brought benefits to the United States and many countries around the world and we certainly don't want to go to a system in which the United States is loses loses those benefits. So there may be some rethinking to promote national security. You've put a number of sanctions, obviously, on Russia, but would you consider sanctions on China as an ally of Russia at this point? So I don't think that that's necessary or appropriated at this point. We have senior administration officials are talking privately and quietly with China to make sure that they understand our position, we would be very concerned if they were to supply weapons to Russia or to try to evade the sanctions that we've put in place on the Russian financial system and the Central Bank. We don't see that happening at this point. And it's really up to China to make sure that they understand the complex situation that they face. Becky has a question for you. Thanks, Andrew. It's very good to see you, secretary Yellen. It's just a question about how the economy is faring right now because the markets have been kind of roaring higher on some of the economy and then there are these questions about inflation and what the fed does next. You see the tax receipts coming in every day, is there any sign of weakness.
Cape Up with Jonathan Capehart
"yellen" Discussed on Cape Up with Jonathan Capehart
"I'm Jonathan capehart and welcome to capehart. The Russian invasion of Ukraine has led to significant global sanctions against Russia, its leaders in oligarchs. Smack in the middle of the United States effort is treasury secretary Janet Yellen. We have isolated Russia, financially, the ruble has been in a freefall, the Russian stock market is closed, Russia has been effectively shut out of the international financial system in this conversation for us recorded on March 10th for Washington Post live, secretary Yellen talks more about how the sanctions work, we also discuss record high inflation and gas prices hitting American consumers and she tells me when we'll be able to pay for things with a Harriet Tubman $20 bill. Secretary Yellen, thank you for coming to Washington Post live. Thanks so much for inviting me, Jonathan. Nice to be with you. So let's start with some a little bit of breaking news a few hours ago. The British announced sanctions against Roman Abramovich, the Russian oligarch who also owns the Chelsea football team, which he was trying to sell, but can't now because of the sanctions. Will the United States follow suit? Well, we have a list of individuals, Russians, on whom we have imposed sanctions and a further group of individuals that we're considering. So the names continue to be added to the sanctioned list and I don't want to talk about any specific individual, but certainly this is one of the ways in which we're trying to punish Russia for what they've done and make it clear to the older guards who are have been supporting president Putin and providing support for him to conduct this war that this is something that is in the atrocity and that we with our allies will take actions to raise the cost to them and hopefully they will express their views to president Putin as a consequence. Madam secretary, when your deputy, deputy secretary, Wally adeyemo is here last week, another round of sanctions were announced while we were discussed while we were talking against Russian officials, oligarchs, family members and associates, would you like to announce any more right now or at least you just mentioned that there are a list of people and organizations are considering might we see a new announcement today or this week? Well, we continue to work very closely with our allies to consider sanctions, certainly at this point we're not seeing Russia back off the horrific war that they've started in unprovoked invasion of Ukrainian homeland and in fact the atrocities that they're committing against civilians seem to be intensifying. So it's certainly appropriate for us to be working with our allies to consider further sanctions. But it's important to understand that we have already had a very devastating impact on Russia. We have isolated Russia, financially, the ruble has been in a freefall the Russian stock market is closed Russia has been effectively shut out of the international financial system and the war chest that Russia amassed over 600 $1 billion in Central Bank reserves that I think it hoped to use to cushion any blow to the Russian economy, the actions that we have already taken against Russia's banks and particularly against the Central Bank of Russia with many of our allies participating in that has made those reserves all but unusable. So the Russian economy will be devastated as a consequence of what we've already done, but we do consider continue to consider further steps we can take. But madam secretary, given the litany of things you just mentioned about the Russian economy, is it safe to say that the Russian economy is in freefall? It's certainly experiencing a very severe contraction and I don't want to make the forecast for what will happen to the Russia Russian economy over the coming year, but it is certain to contract meaningfully. And over the medium and longer term, we have put in place export controls that will deprive Russia of the advanced technologies, the semiconductors, and other things that they need to continue to advance economically and to fortify their defenses and so our longer term impact will also be negative degrading Russia's ability to Project Power and continue to threaten its neighbors. Madam secretary, is there any concern that the severe contraction of the Russian economy that you're talking about will have an impact on our European allies or even on the United States itself, economically? There are certain to be an effect on the United States and also one Europe. But let me say we have worked very closely with our allies, first of all, to be aligned about the sanctions because that means that they have a much greater effect. And we have been united in what we've done. And we've designed the sanctions so that they will have the maximum negative effect on Russia while to the extent possible a shielding the United States and Europe from negative consequences, but will there be some negative consequences, of course. And I think that unavoidable. And look, you know, the worship economy is the 11th largest it worship is a major exporter of.
The Breakdown with NLW
"yellen" Discussed on The Breakdown with NLW
"Yellen and Powell. These are their regular reportings back to Senate in the Congress about the state of the economy. They include prepared statements as well as a chance to be questioned. Now, the timing is, of course, interesting because central bankers right now phase two very competing forces. On the one hand there is of course inflation, which is pushing a policy shift to the hawkish much faster. That conversation in the U.S. is manifesting as pressure to accelerate the taper of bond buying purchases, which is already started. At the same time, there is just newly on the scene, a different force that potentially points in the other direction, which is, of course, the ami Kron COVID variant. Depending on what that leads governments to do in terms of shutdowns or new types of mandates, will markets need more support due to further dislocations. Those could be very competing forces. Bloomberg puts it this way, they write omnikron risks new inflation headache for world central bankers. The advent of the omicron variant of the coronavirus risks posing new challenges for central bankers by threatening economic growth while adding to inflation pressures. That's the initial analysis of economists who warn the possible new restrictions on activity, risk derailing plans to withdraw monetary stimulus while reinforcing the same imbalances that have fueled the current wave of surging consumer prices. So how did this actually play out in the questioning? Well, certainly, inflation was high on the agenda. Ranking Democrat charade Brown focused his opening statements on getting tough regulators in the remaining three fed slots and focusing on issues of diversity and climate change, but ranking Republican pat toomey was all about inflation, going so far as to say that the fed should have discontinued bond purchases last year. Interestingly, some of that was echoed in the Q&A as well. Powell said and this is perhaps the most notable headline from the whole affair that it's time to retire the word transitory. Now, if you were listening last week to the show when we were discussing Powell's renomination, this is exactly what we talked about. That renomination being a chance for the Biden administration and Powell himself to shift the narrative to move into a new phase, the post transitory phase. Powell also said that he expects inflation to subside in the second half of the next year pushing his estimate out. This is an outlook he said is shared by many outside economists. Janet Yellen was asked a lot about the debt ceiling in just the debt in general, and what might happen if money wasn't artificially low. And she kind of actually said the quiet part loud at one point. From Bloomberg's live feed, quote, Yellen notes that real interest rates remain low, which helps keep the big federal debt manageable. Touching on an issue that doesn't get much talk in Congress inflation shrinks the value of the debt, and interest rates are well.
AP News
"yellen" Discussed on AP News
"Sweeping changes in how multinational companies are taxed The prime goal of the complex discussions is to deter global companies from stashing profits in countries where they pay little or no tax better known as tax havens the sweeping deal was agreed on Friday among 136 countries in talks overseen by the organization for economic cooperation and development the most important feature is a global minimum tax of at least 15% That was a key initiative pushed by president Joe Biden and treasury secretary Janet Yellen Yellen says the minimum tax will end a decades long race to the bottom due to countries cutting tax rates I'm Charles De Ledesma Amid the wild swings of the pandemic job market the government's September employment report showed employers added 194,000 jobs in normal times a decent monthly gain but short of expectations When COVID-19 hit in March of last year it triggered a short harsh recession that erased 22 million jobs since then employers have added back 17 million as huge infusions of federal aid but money in people's pockets in the rollout of vaccines gave many of the confidence to return to shops restaurants and bars Until the delta variant erupted From January through July private sector businesses added an average of more than half a million jobs per month But last month that dropped to 317,000 Still two positive numbers jump out The Labor Department revised up its hiring estimate for July and August by 169,000 in the unemployment rate dropped to 4.8% Ben Thomas Washington Iraq's elections on Sunday come with enormous challenges Iraq's economy has been battered by years of conflict endemic corruption and more recently the coronavirus pandemic state institutions are failing while the countries infrastructure crumbles as well powerful paramilitary groups increasingly threaten the authority of the state and hundreds of thousands of people are still displaced from the years of war while few Iraqis can expect meaningful change in their day to day lives the parliament elections will shape the direction of Iraq's foreign policy at a key time in the Middle East including as Iraq is mediating between regional rivals Iran and Saudi Arabia I am Charles De Ledesma If you've got a personal auto insurance question you could talk to a cab driver although the policies he recommends might include avoiding the interstate beating traffic by taking the back roads and only making left turns when absolutely necessary Or you could talk to your local Geico agent whose policy is to use their expertise to navigate your insurance finding the best route to help you save money on insurance for your home car and.
Squawk Pod
"yellen" Discussed on Squawk Pod
"Zach fully today on our podcast too big interviews treasury secretary janet yellen with an urgent warning to raise the debt limit in the. Us would be catastrophic to not pay the government's bills. It really undermines confidence in the full faith and credit of the united states. So will the. Us failed to pay bills. The white house is top economic voice on those two certainties debt and taxes. Here's an enormous tax gap in the united states. Estimated seven billion dollars over the next ten years in terms of for shortfall of tax collections. To what we believe erode it comes from places where that information on income is opaque can can be hidden and pioneer michael dell the stories of success and failure that built his eighty billion dollar brand. The tech leader is out with a new memoir. I wanted to tell the real law stories of what actually happened. Not the sort of glamorous version. It's tuesday october. Twenty twenty one pod begins right now today on the podcast treasury secretary. Janet yellen any dangerous deadline. That is fast approaching. The united states will no longer be able to honor its debts by october eighteenth and if congress doesn't agree on a plan to suspend or raise the ceiling by then the us could default for the first time. Ever as you'll hear from secretary yellen. A default would prompt widespread damage to our own economy to people's paychecks and t- nited states reputation but hopefully our lawmakers will avoid that before she took on the role as treasury secretary. Twenty twenty one yellen was chair of the federal reserve so while she's watching inflation and tax proposals from her perch at the treasury. She's also watching the fed and her successor. Jerome powell janet. Yellen joined squawk box anchors. Joe kernan becky quick and andrew. Ross sorkin today. Here's andrew who secretary. Thank you for joining us. Thank you for having me. It's great to see you help us understand the state of play as you see it. You have worn congress that they have until october eighteenth to raise or suspend the debt limit to avoid what would be the first ever. Us default of course the us now has about twenty eight point. Four trillion dollars in debt. the votes don't appear to be there. How do you see it. Well you know it's really up to speaker pelosi leader schumer to figure out how to get this done in congress what i can tell you is that it's utterly essential that this be done. I've said that. By the eighteenth of october we will be out of extraordinary measures have limited cash and likely to exhaust it very quickly and so do regard. October eighteenth deadline. It would be catastrophic to not pay the government's bills for us to be in a position where we lacked resources to pay the government's bills. It really undermines confidence in the full faith and credit of the united states or willingness to stand behind our debts. And make sure that we pay them. And when you think about the impact it could have on fifty million seniors. That are expecting social security checks. Our troops on thirty million households waiting to receive their child tax credit payments and these would be delayed in the delays would grow longer and of course are dead itself Us treasury securities are have long been viewed as the safest asset on the planet that that partly accounts for the reserve status of the dollar and placing that in question by failing to pay any of our bills that come do. We really be a catastrophic outcome. I i fully expect. It would cause a recession. As well. I i recognize The the ultimately going to be responsibility of the senate in the house. But let me ask you this senator mcconnell Did put it on there Put put the responsibility on the speaker of the house and the senate democratic leader yesterday and then Senator mansion yesterday said maybe the the approach in terms of the tools. That are available should be reconciliation. That democrats should do reconciliation. Would you support that well. Andrew ice support getting it done. This is long. Been done on a bipartisan basis. The debt ceiling his been raised almost eighty times since one thousand nine hundred sixty and almost always on a bipartisan basis. This shouldn't be the responsibility of one party or the other. We have to raise the debt ceiling as a routine matter whenever the country Runs budget deficits and with the exception of a few years in the late nineteen nineties. This has happened during most of the postwar period and it should be routine to raise it When bill surpassed and a tax policy is put in place. That's the right time to debate with the fiscal policy of this country should be and we have those debates but once decisions are made we have to pay the bills that come from those decisions and so to place an arbitrary ceiling on our debt and to create periodic crises manufactured crises that really place our economy and our financial system at risk. Especially now that we're recovering from the pandemic in a fragile way I consider it this year responsible. I believe that both parties have responsibility to get this done. And it's really up to the congress to decide how to manage it. But i believe it must be done one of the reasons. That debate is taking place. is in part because the democrats have now linked these two other spending packages together That are quite remarkable in size. And i'm curious if you could take us inside those conversations and whether you support winking boost those two packages together well. I support both packages. I think the infrastructure bill that was crafted on a bipartisan basis. Certainly has the support of the white house. I'm supportive of it without doubt. We need to modernize our infrastructure. Our roads and bridges in many cases are crumbling. We need to upgrade our ports or airports to modernize our grid to build electric power charging stations across the country to promote the.
Ron Paul Liberty Report
"yellen" Discussed on Ron Paul Liberty Report
"They're not interested in that. And i guess you wouldn't be surprised to hear that that's right. Dr paul and yellen is I guess notorious. Now since it's more than once for saying silly things i remember. She made the statement that she she didn't think there would be another financial crisis in our lifetimes. Which is i guess. We'll say about that But yeah she's she tried to pass off inflation is it's actually good for society so it's good for everyone you know the fact that you can't buy as much with the money that you have is good for everyone and obviously that's ridiculous because It's it's not everyone that suffers from of the system that we have it's not across the board In fact the the very reason why there is a federal reserve is it because What they do effects people unequally only a small percentage benefit at the expense of everyone else. If everyone had the same outcome there'd be no point having the federal reserve So and and those who benefit are the politically connected those who are close to the government those who are close to the federal reserve and they are doing just great. You know they whether it's Whether there's inflation or not because it's at the expense of the rest of the society that doesn't understand what the fed is or what it does now. There's nothing wrong with being wealthy if we had a free market and a government didn't tilt the tables to the benefit of everyone You it's good to have a rising standard of living but it happened. It would have to be at the service of others in the system that we have. Now it's at the expense of others so it's ridiculous to say that inflation is good for everyone i think this comes from the fallacy that most keynesian bleed and it's convenient for others in. That is that when they see economy moving along and Prices are going up And they call that price inflation. They think this always represents economic growth. But they don't realize if you do have a sound currency and you have a healthy economy and things are going well. The market drives down prices. And that's where the benefit is to the consumer the reverse of that is printing money and one group suffers more than the other. It's usually the middle class and the poor. And they're always short money even in this crisis which started actually with federal reserve. Getting into trouble before the corona virus but then all of a sudden the stupidity of locked on people who are out of work and and all kinds of bankruptcies going on and the mantra was a. There's not enough money. I need more money. I can't pay my rent. i can't pay it in. That's always the case..