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Mar 7, 2024
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mr. powell: there is a risk. mr. menendez: are you mitigin it? mr. powell: yes.n: senator rounds. senator rounds: i have pee an understanding to stay as neutral as possible with regard to the politics involved in an election year. basal end game proposal. and found that 97% were either opposing it or expressing substantial concerns. in the hearing last month on the monetary policy report youstates organization and you said, i will do everything i can -- i will do everything i can possibly to bring people together in consensus and have a capital framework that can be proudly supported. my question to that is do you believe there is a consensus on this capital framework? mr. powell: i'm fairly confident we will have such a consensus when we do move forward. senator rounds: you will probably not call a vote on the proposal until you believe there is a consensus? mr. powell: we are in the process of digesting the comments and making the appropriate changes. senator rounds: i have weighed in on the concerns i have with basal3. and negative effects on mortgage lending
mr. powell: there is a risk. mr. menendez: are you mitigin it? mr. powell: yes.n: senator rounds. senator rounds: i have pee an understanding to stay as neutral as possible with regard to the politics involved in an election year. basal end game proposal. and found that 97% were either opposing it or expressing substantial concerns. in the hearing last month on the monetary policy report youstates organization and you said, i will do everything i can -- i will do everything i can possibly to...
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Mar 8, 2024
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mr. powell: sure. so u.s.ally in the basel iii end game, capital may well go up and what we're talking about is ether the proposal that was put out by the bank regulatory agencies, including the fed, which has now been the subject of quite a lot of whether, you know, what changes will be appropriate to that. that's what we're talking about. we're not talking about reducing existing capital requirements. sen. fetterman: ok. and then i also want to play off of a comment made by my colleague from tennessee. i actually agreed with him and he's concerned about the deficit, about it's $1 trillion for every 100 days. so now if the federal government added $3.5 trillion to the deficit by extending the trump tax cuts, would that increase or decrease inflation?ng to fall back on our long-time reluctance to comment on fiscal policy. we take fiscal policy decisions, whatever they may be, we thing as they are and we conduct monetary policy to achieve 2% inflation. but we don't score inflation -- c.b.o. does that.'ll make a
mr. powell: sure. so u.s.ally in the basel iii end game, capital may well go up and what we're talking about is ether the proposal that was put out by the bank regulatory agencies, including the fed, which has now been the subject of quite a lot of whether, you know, what changes will be appropriate to that. that's what we're talking about. we're not talking about reducing existing capital requirements. sen. fetterman: ok. and then i also want to play off of a comment made by my colleague from...
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Mar 20, 2024
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wall street spends untold sums hiring analysts to interpret mr. powell.nvestors are baffled by all of this commentary. after today's performance stocks went up 400 points or so so somebody's happy out there. now are they happen because the fed leaned against the win and suggested no easier money? that mr. powell is going to hold the line with his 2% inflation target? or that the fed is not going to start slashing rates in order to juice the economy, to reelect joe biden? i don't know what the reason is. others might say the fed economic projections still show three interest rate cuts this year, even though these economic projections are nearly always wrong. i think the best thing powell said he will keep his 2% inflation target and not raise it to 3% and in fact the fed's not there yet. here's some price level indicators that we all should keep an eye on including the fed. the gold price since october up 20%. a key commodity index since november up 12%. brent crude oil, 86 bucks. it is now up 19% since mid-december. gasoline at the pump here in the usa, t
wall street spends untold sums hiring analysts to interpret mr. powell.nvestors are baffled by all of this commentary. after today's performance stocks went up 400 points or so so somebody's happy out there. now are they happen because the fed leaned against the win and suggested no easier money? that mr. powell is going to hold the line with his 2% inflation target? or that the fed is not going to start slashing rates in order to juice the economy, to reelect joe biden? i don't know what the...
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Mar 7, 2024
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but mr powell was playing his cards close to his chest. erin delmore has the details in new york.rely in the spotlight on capitol hill wednesday, previewing what's to come in the year ahead as fed officials contemplate when to cut interest rates and by how much. we believe that our policy rate is likely at its peak for this tightening cycle. if the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year. powell appeared before the house financial services committee, the first stop in his two day tour of capitol hill. and he pointed to considerable progress on the economy and said that while inflation remains above the fed's 2% target, it has been easing without significantly increasing unemployment. but while rate cuts are likely this year, he said that the fed is looking for more evidence that inflation is falling sustainably back down to the fed's target. and he reiterated that members are being careful not to misstep in either direction, whether that's cutting interest rates too soon or too little too lat
but mr powell was playing his cards close to his chest. erin delmore has the details in new york.rely in the spotlight on capitol hill wednesday, previewing what's to come in the year ahead as fed officials contemplate when to cut interest rates and by how much. we believe that our policy rate is likely at its peak for this tightening cycle. if the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy restraint at some point this year. powell appeared...
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Mar 21, 2024
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and mr. powell will hold the line? or fed will not start slashing rating to juice the economy. to reelect joe biden? i don't know what the reasons. is others might say that fedex economy practicejection shows three interest cuts this year, economic projections are always nearly wrong, best thing that powell said, he will keep his 2% inflation target, and not raise it to 3%. and the fed is not there yet. here is some price level indicators that we all should keep an eye on. the gold price since october up 20%. key commodity index since november up 12%. brent crude oil 86 bucks, now up 19%. since mid december . gasoline at pump in the u.s., that is climbed 12% back to 3.52. antreasury market most interest rates have gone up since last fed meeting in january, inflation respects in last 3 months have shope higshown higher inflation trends, i think that mr. powell is right to str to -- stay cautious. by the way, interesting point. in a report, former treasury secretary larry summers has recontrucked old cpi from '70s and 80s that included personal borrowing costsic. for some reason,
and mr. powell will hold the line? or fed will not start slashing rating to juice the economy. to reelect joe biden? i don't know what the reasons. is others might say that fedex economy practicejection shows three interest cuts this year, economic projections are always nearly wrong, best thing that powell said, he will keep his 2% inflation target, and not raise it to 3%. and the fed is not there yet. here is some price level indicators that we all should keep an eye on. the gold price since...
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Mar 6, 2024
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chairman welcome again, mr. powell. honor to have you before us today i always enjoy hearing your commentary as you know, recession and inflation, these are buzzwords and they're used in some circumstances to cast a dim light on perhaps the fed and others who are working to end some of these troubling circumstances we're dealing with are you now at a point where you believe that there will not be a recession? there was much talk about recession and many people worried that we would find ourselves having to negotiate our way out of a recession what is your position currently on a recession >> so u.s. growth last year was in excess of 3%. what we're seeing so far this year is continued solid growth my expectation and that of other forecasters and of my colleagues is that we'll see continued growth at a solid pace i will say, so there's no evidence -- no reason to think that the u.s. economy is in or in some kind of short term risk of falling into recession. having said that, though, there's always, you know, a possibility
chairman welcome again, mr. powell. honor to have you before us today i always enjoy hearing your commentary as you know, recession and inflation, these are buzzwords and they're used in some circumstances to cast a dim light on perhaps the fed and others who are working to end some of these troubling circumstances we're dealing with are you now at a point where you believe that there will not be a recession? there was much talk about recession and many people worried that we would find...
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Mar 7, 2024
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it is worth noting at the hearing today, mr.owell was really getting it in the neck from lawmakers at both sides of the aisle about the impact of high prices among their constituents. we are talking about the rate of inflation. we all know that that has been slowing down. there were talking about the level of prices compared to a few years ago. it is a very hot political issue. it was in that context, under the grilling from the lawmakers that mr. powell seemed to be conscious of acknowledging that pain and made the point he does not want to push the economy to recession or call a soft landing. he is very careful about that. in terms of throwing a dog a bone, as we said earlier, not far off the point where they would be cutting rates. the question now becomes when that will be. haidi: christine lagarde also throwing a bone. we have a better idea of what the end trajectory will be? ken: very similar --enda: very similar language from the ecb making the point she is not confident they are fully there yet. s she wants to see data s
it is worth noting at the hearing today, mr.owell was really getting it in the neck from lawmakers at both sides of the aisle about the impact of high prices among their constituents. we are talking about the rate of inflation. we all know that that has been slowing down. there were talking about the level of prices compared to a few years ago. it is a very hot political issue. it was in that context, under the grilling from the lawmakers that mr. powell seemed to be conscious of acknowledging...
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Mar 7, 2024
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senator lieu miss: thank you -- senator lummis: thank you, mr. chairman. nice to see, mr. powell.ion is about cdbc's.there's been chatter latn the social media that people are concerned about the fed cing a cdbc without legislative authorization. you and i have discussed that before, and as you know there are other means other than a cdbc that could use digital assets to create a secure and instant payment system other than a cdbc.his, do you still agree that the federal reserve cannot introduce a u.s. central bank digital congressiol authorization? chair powell: i do. senator lummis: thank you. that calms people's fears. the people who are concerned that we could end up with something like the digital yuan used as a means of surveillance. i think that will calm some of those discussions down. thank you so much. my next question is about your core c.p.e. as you know there's a disconnect between how you measure inflation and how the american people see inflation, because the american people are spending their money on gasoline and ren. things that have gone up a lot. and they hear
senator lieu miss: thank you -- senator lummis: thank you, mr. chairman. nice to see, mr. powell.ion is about cdbc's.there's been chatter latn the social media that people are concerned about the fed cing a cdbc without legislative authorization. you and i have discussed that before, and as you know there are other means other than a cdbc that could use digital assets to create a secure and instant payment system other than a cdbc.his, do you still agree that the federal reserve cannot...
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Mar 6, 2024
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. >> thank you mr. chairman. welcome again mr. powell. it is an honor to have you before us today. i always enjoy hearing your commentary. as you know recession and inflation, these are buzzwords and they are used in some circumstances to cast a dim light on perhaps the fed and others who are working to end some of these troubling circumstances we are dealing with. are you now add a point where you believe there will not be a recession? there was much talk about recession and many people worried that we would find ourselves having to negotiate our way out of a recession. what is your position currently on a recession? >> u.s. growth last year was in excess of 3%. what we are seeing is continued solid growth. my expectation of other forecasters is we will see continued growth at a solid pace. there's no evidence, no reason to think the u.s. economy is in some kind of short-term risk of falling into a recession. having said that there's always a possibility, meaningful possibility that the economy will fall under recession. i don't think that possibility is elevated to time? >> i app
. >> thank you mr. chairman. welcome again mr. powell. it is an honor to have you before us today. i always enjoy hearing your commentary. as you know recession and inflation, these are buzzwords and they are used in some circumstances to cast a dim light on perhaps the fed and others who are working to end some of these troubling circumstances we are dealing with. are you now add a point where you believe there will not be a recession? there was much talk about recession and many people...
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Mar 7, 2024
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. >> thank you, mr. green. and welcome again, mr. powell. i always enjoy hearing your commentary. and inflation. these are buzzwords, and they are used under circumstances to cast a dim light on perhaps the fed and others who are working to end these troubling circumstances we are dealing with. are you now at a point where you believe that there will not be a recession? there was much talk about recession, and many people worried that we would find ourselves having to negotiate our way out of a recession. what is your position currently on a recession? >> u.s. growth last year was in excess of 3%. what we are seeing so far this year's continued solid growth. my expectation and that of other forecasters and colleagues is that we will see continued growth at a solid pace. i will say, there's no evidence or reason to think that the u.s. economy is in some kind of short-term risk of falling into recession. having said that though, there is always a possibility -- in meaningful possibility that the economy will fall into recession. i don't think that possibility is elevated at the curr
. >> thank you, mr. green. and welcome again, mr. powell. i always enjoy hearing your commentary. and inflation. these are buzzwords, and they are used under circumstances to cast a dim light on perhaps the fed and others who are working to end these troubling circumstances we are dealing with. are you now at a point where you believe that there will not be a recession? there was much talk about recession, and many people worried that we would find ourselves having to negotiate our way...
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so for us shuffles, mrs. powell, my others, which have access to that maternity capital now and uh, the support tools like in any other russian weekend. those will be in our businesses are seeing more opportunities, including some disabilities unique to our republic, mostly so assign tokens here. it's about our free economic service, which is attractive, more companies i'm talking about support for some of these different programs would make a subsidized loans, tax sort of and all the benefit from it takes time to even learn about all of these tools to be going straight no, there are so many of these measures and i'm asking our offices and hands of agencies and similar to educate people about them to move on, which is a breaking down and make this information accessible, which is where i'm not using some tools yet. and if it's simply because we are not aware of the person that you mention, traffic jams of roll with us when we're happy to see them like this. coming back after this, we're seeing have a traffic not just during the rush hour associates, but crowds, the whole web de oh for i
so for us shuffles, mrs. powell, my others, which have access to that maternity capital now and uh, the support tools like in any other russian weekend. those will be in our businesses are seeing more opportunities, including some disabilities unique to our republic, mostly so assign tokens here. it's about our free economic service, which is attractive, more companies i'm talking about support for some of these different programs would make a subsidized loans, tax sort of and all the benefit...
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we are a toss of rush angles, mrs. powell, my others, which have access to that maternity capital now and other support tools like in any other russian beach involved. our businesses are seeing more opportunities, including some possibilities unique to our republic. nice picture, assign tokens. here it's about our free economics island, which is attractive more companies and we do, i'm talking about support for some of these different programs will make a subsidized loans, tax or in the benefit of loser. it takes time to even learn about all of these tools to be the state new. well, there are so many of these measures, and i'm asking our offices in the hands of the agencies and to educate people about them to move on over to break it down and make this information accessible, which is where i'm not using some tools yet. and if it's simply because way, i don't know where to go down to person that, you know, you mentioned traffic jams of roll with us when we're happy to see them. a boy like this coming back. and i think we're seeing have a traffic not just during the rush hour associate
we are a toss of rush angles, mrs. powell, my others, which have access to that maternity capital now and other support tools like in any other russian beach involved. our businesses are seeing more opportunities, including some possibilities unique to our republic. nice picture, assign tokens. here it's about our free economics island, which is attractive more companies and we do, i'm talking about support for some of these different programs will make a subsidized loans, tax or in the benefit...
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Mar 9, 2024
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i look forward to discussing powell today. mr. chairman, you'll back my time. >> welcome, chairman powell. runaway inflation and interest rates still have americans reeling. and while the recent price increases have come down, the overall level of prices remain high. the toothpaste is out of the tube, and the average american family still is paying about $15,000 more for the same busy service is that they were purchasing just three years ago. so americans have suffered years of eroding purchasing power in their paycheck. and while that's resolved in getting inflation back under control, i'm not pleased by the numerous recent unjustified was supplied and under analyzed regulatory proposals. the fed needs to withdraw and re-propose the irredeemably lot proposal, especially given that 97% of public comments across e l vectra expressed disapproval of the proposal. chair powell, i urge you to listen to the american people. withdraw the proposal and tell us today with the feds lands are moving forward. i yields. >> the chair now recogni
i look forward to discussing powell today. mr. chairman, you'll back my time. >> welcome, chairman powell. runaway inflation and interest rates still have americans reeling. and while the recent price increases have come down, the overall level of prices remain high. the toothpaste is out of the tube, and the average american family still is paying about $15,000 more for the same busy service is that they were purchasing just three years ago. so americans have suffered years of eroding...
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Mar 7, 2024
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but mr powell was playing his cards close to his chest.t on capitol hill wednesday, previewing what is to come in the area had, as fed officials contemplate when to cut interest rates and by how much. we believe our policy rate is likely— we believe our policy rate is likely at _ we believe our policy rate is likely at its peak for this tightening cycle. if the economy evolves broadly as expected, it will likely be appropriate to begin dialling back— appropriate to begin dialling back policy restraint at some point — back policy restraint at some point this— back policy restraint at some point this year.— point this year. powell appeared _ point this year. powell appeared before - point this year. powell appeared before the i point this year. powell - appeared before the house financial services committee, the first up in his two—day tour of capitol hill and pointed to considerable progress on the economy, and said while inflation remains above the feds 2% target, it has been easing without significantly increasing unemployment. but while
but mr powell was playing his cards close to his chest.t on capitol hill wednesday, previewing what is to come in the area had, as fed officials contemplate when to cut interest rates and by how much. we believe our policy rate is likely— we believe our policy rate is likely at _ we believe our policy rate is likely at its peak for this tightening cycle. if the economy evolves broadly as expected, it will likely be appropriate to begin dialling back— appropriate to begin dialling back...
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Mar 20, 2024
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powell, but we're not there yet. maria: talk about expensive. is nvidia expensive right now?it's not. maria: look at where the stock is. it unveiled the latest blackwell a.i. chip last night and the cfo confirmed this new chip will ship out this year but it's going to cost more than $30,000 per unit. take a look at the stock this morning, up another 1%. i know you own this stock. you still think it has room to run. >> yeah. ryan thinks i' i'm crazy. there was a time when nvidia was expensive. ironically nvidia was expensive at 3 or 4 $400 bass the earnings were so much smaller. the earnings tripled and the price to earnings ratio is 30 times. you can buy the s&p 500 at 21 times earnings, growing at 7 or 8% or you can buy nvidia at 30 times earnings, growing 100%. so from that point of view i think nvidia actually is cheap. my target was 900. i raised it to the 1200. because i think they're going to generate $40 in earnings next year. so a 30 multiple on $40 in earnings is 1200. maria: are you on the other side of that trade? >> my hair is on fire right now. the problem is, wh
powell, but we're not there yet. maria: talk about expensive. is nvidia expensive right now?it's not. maria: look at where the stock is. it unveiled the latest blackwell a.i. chip last night and the cfo confirmed this new chip will ship out this year but it's going to cost more than $30,000 per unit. take a look at the stock this morning, up another 1%. i know you own this stock. you still think it has room to run. >> yeah. ryan thinks i' i'm crazy. there was a time when nvidia was...
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Mar 14, 2024
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powell says are anchored, firmly anchored at around 3.that was put out by the new york fed, and that is now rising up to be in line with what the conference board has and the michigan survey and so forth9. so my feeling is that people expect 3% ininflation. service providers are pricing 4 or 5% in which is customary that they're a little more. and so i think we're stick. stuart: okay. you've got a new op-ed. you say that the federal she -- reserve should leave rates alone until a recession is an actual threat. okay, i got the point. but that would be a long way off, wouldn't it? >> well, not necessarily. i mean, if you survey economists, now, they haven't been terribly accurate in recent years, they're a saying that growth will be slow in the second and third quarters. if we have any kind of hiccup whatsoever, that could become negative pretty easily. but the reality is that right now monetary policy's pretty easy. with inflation at 3% and the real rate of interest a little bit more than 4 judging it by against the 10-year treasury, most
powell says are anchored, firmly anchored at around 3.that was put out by the new york fed, and that is now rising up to be in line with what the conference board has and the michigan survey and so forth9. so my feeling is that people expect 3% ininflation. service providers are pricing 4 or 5% in which is customary that they're a little more. and so i think we're stick. stuart: okay. you've got a new op-ed. you say that the federal she -- reserve should leave rates alone until a recession is...
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Mar 7, 2024
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mr. chairman, i hope the progress can continue to the rest of the federal reserve staff. chair powell: thank you. sen. menendez: i agree with my friend the ranking member that when you tell a story, you should tell the whole story. mr. chairman, are you aware of the "washington post" february 22 article that says the economy is roaring and immigration is a key reason? chair powell: i do not recall that but i would have read it. sen. menendez: "immigration has propelled the u.s. job market further than anyone has expected, helping cement the country's economic rebound from the pandemic as the most robust in the world. it goes on to say, economists and labor experts say that this surge was ultimately key to solving unprecedented gaps in the economy that threatened the country's ability to recover from prolonged shutdowns. would you take issue with those statements? chair powell: there are a lot of adjectives and adverbs that you would not see in bed world -- fed world. the story i think is
mr. chairman, i hope the progress can continue to the rest of the federal reserve staff. chair powell: thank you. sen. menendez: i agree with my friend the ranking member that when you tell a story, you should tell the whole story. mr. chairman, are you aware of the "washington post" february 22 article that says the economy is roaring and immigration is a key reason? chair powell: i do not recall that but i would have read it. sen. menendez: "immigration has propelled the u.s....
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Mar 6, 2024
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mr. powell goes to washington and this is what he will do.ainst calls by emphasizing that the fed plans to cut rates. guarding against week celebration risks. lisa: would be democrats and republicans on the fringes? at a certain point, they start to converge. jonathan: a couple more hikes going into the election. i did not know if those calls will work. coming up, tom looking ahead to the payroll report and a preview of chairman powell. this is bloomberg. ♪ her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we got him under a new plan. but then they unexpectedly unraveled their "price lock" guarantee. which has made him, a bit... unruly. you called yourself the "un-carrier". you sing about "price lock" on those commercials. "the price lock, the price lock..." so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and switch to xfinity. their connection is unreal. and we could all un-experience this whole session. okay, that's
mr. powell goes to washington and this is what he will do.ainst calls by emphasizing that the fed plans to cut rates. guarding against week celebration risks. lisa: would be democrats and republicans on the fringes? at a certain point, they start to converge. jonathan: a couple more hikes going into the election. i did not know if those calls will work. coming up, tom looking ahead to the payroll report and a preview of chairman powell. this is bloomberg. ♪ her uncle's unhappy. i'm sensing an...
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Mar 6, 2024
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. >> thank you mr. chairman and chairman powell thank you for being with us this morning. chair powell the february congressional report estimated the u.s. economy will grow an estimated 7 trillion over the next decade thanks to in large part to the surge in immigration creating a larger labor force. immigration also increases demand for goods and services. i know you mentioned in your report that the growth during covid was held down due to some restrictions in covid research is in immigration, and you detail have immigrants have been fueling our national growth and did you consider this report from the cbo in this current report? chr. powell: i am familiar with the cbo report. i read that demographic projections and economic projections. >> so you agree with the 7 trillion growth in the next decade? chr. powell: i have no judgment on that. i am familiar with the assessment. what they are doing is saying more people working, bigger economy. and it makes the economy bigger. it's just arithmetic if you say a couple million people to economy and a them will work and there wi
. >> thank you mr. chairman and chairman powell thank you for being with us this morning. chair powell the february congressional report estimated the u.s. economy will grow an estimated 7 trillion over the next decade thanks to in large part to the surge in immigration creating a larger labor force. immigration also increases demand for goods and services. i know you mentioned in your report that the growth during covid was held down due to some restrictions in covid research is in...
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Mar 6, 2024
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i yield back thank you. >> the gentleman from tennessee, mr. rose, is now recognized for five minutes >> thank you chairman mchenry and ranking member waters and thank you, chair powell, for being with us today. i would like to start by discussing the independent automated teller machine owners or operators section of the bank secrecy act examination manual i want to make sure they will not be discouraged to the independently owned atm industry in 2021, you made it clear that the industry does not automatically present a higher risk for elicit finance. i want to know what efforts have been made by the federal reserve to fully communicate that position to financial institutions across the country. >> i will have to get back to you on that one. >> thank you well, and so i might just add, listening to independent atm operators over the time that i've served in congress, i've come to understand that, unfortunately, and it was in the bank examiner's manual up until just about a couple years ago, these operators were identified as being extraordinari
i yield back thank you. >> the gentleman from tennessee, mr. rose, is now recognized for five minutes >> thank you chairman mchenry and ranking member waters and thank you, chair powell, for being with us today. i would like to start by discussing the independent automated teller machine owners or operators section of the bank secrecy act examination manual i want to make sure they will not be discouraged to the independently owned atm industry in 2021, you made it clear that the...
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Mar 7, 2024
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. >> thank you, mr. chairman. chairman powell, welcome back. look, first of all, i've appreciated the way you've approached the sessions in front of this committee and i understand your desire to stay as neutral as possible with regard to the politics involved in an election year. but i do have sp questions here specifically with regard to the basel iii end game proposal. an analysis of that proposal found that 97% were either opposing it or expressing substantial concerns. in the hearing last march on the monetary policy report, you stated that the federal reserve is a consensus organization and you said and i, quote, i will do everything i can possibly to do -- i will do everything i can possibly to bring people together in consensus and have a capital framework that could be broadly supported. my question to that is, do you currently believe that there is a consensus on this capital framework? >> i believe that we will have one. i'm fairly confident that we will have such a consensus when we do move forward. so we could expect you will proba
. >> thank you, mr. chairman. chairman powell, welcome back. look, first of all, i've appreciated the way you've approached the sessions in front of this committee and i understand your desire to stay as neutral as possible with regard to the politics involved in an election year. but i do have sp questions here specifically with regard to the basel iii end game proposal. an analysis of that proposal found that 97% were either opposing it or expressing substantial concerns. in the hearing...
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thank you again for your testimony. >> thank you, mr. chairman. >>> all right, the gavel has come down ending fed chair jay powell's testimony on day two, this time before the senate. really underscoring what he has said over the past couple of days, that rate cuts are coming late they are year if the economy and the fed chair's words does, as expected, the stock market obviously liking that once again because we do have a rally on wall street. bond yields are falling. the ten year hitting a one-month low at 4.11%. we have a lot to get to. i have the investmentcommittee here. we'll get to a lot of stuff. i want to bring in senior economics reporter steve liesman. steve, that is the headline of what the chair said today. rates are coming if the economy does as expected and what he started to say yesterday. >> reporter: yeah. i think it's very much a repeat, scott, of that. the economy is in a good place, talking about the u.s. being the best of the advanced economies, waiting to be more confident to cut rates. a lot of talk about fiscal p
thank you again for your testimony. >> thank you, mr. chairman. >>> all right, the gavel has come down ending fed chair jay powell's testimony on day two, this time before the senate. really underscoring what he has said over the past couple of days, that rate cuts are coming late they are year if the economy and the fed chair's words does, as expected, the stock market obviously liking that once again because we do have a rally on wall street. bond yields are falling. the ten...
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powell: to put it mildly. >> thank you. i appreciate your answers and any other light you can shed on those matters. i yield back. >> recognized for five minutes. >> thank you, mr. chairman for being here today. following that exchange, i wrote a letter with my colleagues about the clean energy tax provisions. i appreciate your commitment to look at that. i wonder if i could put a sharper point on it. can you look at it before the rule is finalized? the concern i have is the number of banks waiting for some clarity on that. i prefer we not slow down, if we do not have to. chr. powell: i think there is a proposal, and we are well aware of the commentary. we will react appropriately. i genetically can pool one thing out of line and deal with it. we are making good progress and i think we will be back to resolve it soon with some answers. >> time is of the essence. the good thing about going later, you get to follow-up. i want to follow-up on your discussion. i appreciated your comments when you mentioned that immigration is a
powell: to put it mildly. >> thank you. i appreciate your answers and any other light you can shed on those matters. i yield back. >> recognized for five minutes. >> thank you, mr. chairman for being here today. following that exchange, i wrote a letter with my colleagues about the clean energy tax provisions. i appreciate your commitment to look at that. i wonder if i could put a sharper point on it. can you look at it before the rule is finalized? the concern i have is the...
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thanks, mr. chair. .a chair brown: senator tester f montana, is recognized.ficult situation. but i think you have done a really good job. thank you for that. look, success at the fed mandate for strong employment and stable prices is critical for smallsin. for farmers, ranchers, for montana families. you fall all the metrics. from perspectiwh
thanks, mr. chair. .a chair brown: senator tester f montana, is recognized.ficult situation. but i think you have done a really good job. thank you for that. look, success at the fed mandate for strong employment and stable prices is critical for smallsin. for farmers, ranchers, for montana families. you fall all the metrics. from perspectiwh
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it follows some relatively hawkish comments from mr. bostic who was only looking for one interest rate cut this year. more fed speakers coming up in the next few days, jerome powell as well, but there is quite a bit of pushback already. last week we had the fomc and euphoria about the idea of rate cuts being three for this year, and there was a lot of dialing back in the meantime and we are about to go into the second quarter so there will be rethinking of investors. equities are good, u.s. dollar relatively strongly to bonds have been a good layer as well, yet here we are on the cusp of going into the second quarter and may be people have to dial back on some of these ideas as they rethink what the fed has to say. there is big data coming up including the pce, so by the weekend people have a lot to think about. might not be quite so optimistic as they were just a few days ago. tom: we will see if jay powell reiterates the line that he sees they are not far from having the confidence to cut, the line that came out from jay powell a coup
it follows some relatively hawkish comments from mr. bostic who was only looking for one interest rate cut this year. more fed speakers coming up in the next few days, jerome powell as well, but there is quite a bit of pushback already. last week we had the fomc and euphoria about the idea of rate cuts being three for this year, and there was a lot of dialing back in the meantime and we are about to go into the second quarter so there will be rethinking of investors. equities are good, u.s....
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liz: mr. gasparino. the dow lost 532 point, right now we're down 40 2. nasdaq is down over 1 1/2%.mittee about the state of our economy. today's countydown closer agrees with the fed chair that rates should remain higher for longer. the con looks pretty strong. you should buy company with products that people are crazy for. you find stocks that do that. we have a chief investment officer of shine wealth management, robert schein. figure out the who makes them and figure out the stock behind them and buy them? >> the late great charlie monger, warren buffett diversify with american businesses. weight loss craze, look at companies like eli lilly, it is the new nvidia of pharmaceuticals. it could be a soon a one trillion dollar market cap because of that. liz: the stock is on sale today. >> so is all the market. liz: for eli lilly and say amazon because of prime,. >> strong, prime, everything else. liz: people love that. berkshire hathaway which owns0 plus businesses among them, things people love -- 70 businesses about. fruit of the loom, justin boots or dairy queen. >> keep in mind
liz: mr. gasparino. the dow lost 532 point, right now we're down 40 2. nasdaq is down over 1 1/2%.mittee about the state of our economy. today's countydown closer agrees with the fed chair that rates should remain higher for longer. the con looks pretty strong. you should buy company with products that people are crazy for. you find stocks that do that. we have a chief investment officer of shine wealth management, robert schein. figure out the who makes them and figure out the stock behind...
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mr. bostic saying one cut is necessary this year. other saying not quite sure, maybe two, maybe three. we have loads of important data. the big one is the pce, which comes in at the end of the week. interestingly, the market reactions are that, could really be a bit large because it comes on a friday, most of the world is on holiday. u.s. bond market will be at subpar strength. the data will come out. phil -- then on monday, the market reaction could be quite large, especially early in asia. treasury futures will open with australia closed in other people out as well. the chances of a big reaction if you get a high number is ready large. traders are really quite cautious. it has been there for a record amount of time. everyone is dialing back a little bit. they are not as optimistic as they were just a week ago. tom: how times change and just the space of a week. owed on to your hand of that potential rupture when it comes through on friday. the market reaction could be pronounced. that's really interesting as we look ahead to that.
mr. bostic saying one cut is necessary this year. other saying not quite sure, maybe two, maybe three. we have loads of important data. the big one is the pce, which comes in at the end of the week. interestingly, the market reactions are that, could really be a bit large because it comes on a friday, most of the world is on holiday. u.s. bond market will be at subpar strength. the data will come out. phil -- then on monday, the market reaction could be quite large, especially early in asia....
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. >> thank you very much mr. chairman. interest rates are high in the interest being paid to depositors, ordinary working families, working people with bank accounts, not a lot of money and wall street accounts. chairman powell i am concerned that when banks don't increase the interest rates on accounts, is not good for the economy? are you concerned that banks under supervision are doing this? chair powell: not paying sufficient? of course they have the option of putting their money and money market funds and banks compete with each other but i'll be happy to look into that. >> it is worth taking a look at. they don't have some of the sophisticated products in money markets are available. we saw high interest raise and that not being reflected in what depositors are able to benefit from. could those individuals and families benefit from a high interest rate deposit? chair powell: sure and for a long time, we had a lot of mail from people to say we should raise interest rates because were not getting anything on their chec
. >> thank you very much mr. chairman. interest rates are high in the interest being paid to depositors, ordinary working families, working people with bank accounts, not a lot of money and wall street accounts. chairman powell i am concerned that when banks don't increase the interest rates on accounts, is not good for the economy? are you concerned that banks under supervision are doing this? chair powell: not paying sufficient? of course they have the option of putting their money and...
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. >> mr. lockhart, always a pleasure to have you with us. thank you for dennis lockhart. >>> we are just moments away from fed chair powell's press conference. we will take you there live as soon as it happens. power lunch is back in two. let'h . says here it gets plenty of light. and this must be the ocean view? of aruba? huh. this listing is misleading. well, when at&t says we give businesses get our best deal, on the iphone 15 pro made with titanium. we mean it. amazing. all my agents want it. says here...“inviting pool”. come on over! too inviting. only at&t gives businesses our best deals on any iphone. get iphone 15 pro on us. (♪♪) at pgim, finding opportunity in fixed income today, helps secure tomorrow. our time-tested fixed income suite, backed by over 145 years of risk experience, helps investors meet their goals. pgim investments. shaping tomorrow today. personalized financial advice from ameriprise can do more than help you reach your goals. -you can make this work. -we can make this work. it can help you reach them with confiden
. >> mr. lockhart, always a pleasure to have you with us. thank you for dennis lockhart. >>> we are just moments away from fed chair powell's press conference. we will take you there live as soon as it happens. power lunch is back in two. let'h . says here it gets plenty of light. and this must be the ocean view? of aruba? huh. this listing is misleading. well, when at&t says we give businesses get our best deal, on the iphone 15 pro made with titanium. we mean it. amazing....
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joining me now louisiana senator mr. john kennedy.appreciate you come on. i want to start, sir, you have laken riley act, which is important, and supremes toward, as you know, at least for short run, are letting texas authorities continue to arrest illegal migrants and leave up the barrier. and seems that is a step in the right direction. >> yes. it is a step in the right direction. i think it is clear to most americans, that if we'll secure the border we'll have to work around president biden and the white house. sometimes when people act like, they don't care, it is not unact. it is clear to me that president biden does not care about the border problem. only the reason he a -- has talked about it because it is an issue in his campaign, otherwise he is content with the border being an open bleeding wound, it is chaos by design, the states have to fill the vacuum. larry: so interesting to me, sir, with respect to texas and the supreme court. that the barbed wire and barriers actually are working. which harkens back to what trump trie
joining me now louisiana senator mr. john kennedy.appreciate you come on. i want to start, sir, you have laken riley act, which is important, and supremes toward, as you know, at least for short run, are letting texas authorities continue to arrest illegal migrants and leave up the barrier. and seems that is a step in the right direction. >> yes. it is a step in the right direction. i think it is clear to most americans, that if we'll secure the border we'll have to work around president...
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those hearings joining us right now is financial services committee chairman patrick mchenry mr. chairman, thank you for being here today this is a pretty important day for the markets. what are you hoping to hear from the fed chair? >> two things. i think the important thing is to make clear what the fed is now thinking going into this political year operate setting i think they need to send a certain message, a strong message with certainty about how they intend to process data, especially given the backdrop of the election the second piece is regulatory policy michael bar has put forward a massive new regulatory regime in the name of raising bank capital. it's become a mess and there's become bipartisan opposition to this, there's an opposition to the real economy, not just to banks on this new proposal and it's been called out as a massive dysfunction in the name of the capital world and i want to hear how the -- the fed process and how they're going to dedeal with this regime. it's what all are looking to those are things way p -- i want to hear. >> let's start out with your
those hearings joining us right now is financial services committee chairman patrick mchenry mr. chairman, thank you for being here today this is a pretty important day for the markets. what are you hoping to hear from the fed chair? >> two things. i think the important thing is to make clear what the fed is now thinking going into this political year operate setting i think they need to send a certain message, a strong message with certainty about how they intend to process data,...
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nice to see you, mr. powell. my first question is about cbcs. there's been chatter on socia media that people are concerned about the fed creating a cbc without legislative authorization. you and i have discussed that before and as you know there are other means, that could use digital assets to create a secure and instant payment system. so the question is this. do you still agree that the federal reserve cannot introduce us central bank digital currency without congressional authorization? >> yes i do. >> thank you. that columns people's fears, the people who are concerned that we could end up like the digital you on that used as a means of surveillance so that will calm some of those discussions down. thank you so much. my next question is about your core cpe. as you know, there's a disconnect between how you measure inflation and how the american people see the american people are spending their money on gasoline, food, and rent. and they hear about these improvements in the economy but they are not seeing in their ev lives so can you explai
nice to see you, mr. powell. my first question is about cbcs. there's been chatter on socia media that people are concerned about the fed creating a cbc without legislative authorization. you and i have discussed that before and as you know there are other means, that could use digital assets to create a secure and instant payment system. so the question is this. do you still agree that the federal reserve cannot introduce us central bank digital currency without congressional authorization?...