mr. powell: tell me again your first question. >> how much do you expect inflation to come down? mr. powell: so, part of inflation at the very beginning is clearly to do with factors other than our policy and that would include supply chains and base effects. you are wrapping when you look at a 12-month trailing window and so there should be effects from that. in the 12-month picture and we are looking at month-by-month inflation coming down. all the things we are talking about, including the shift away from goods to services and supply chains getting better and all those things that are sticky and not happening. but a big part is what i mentioned as well. monetary policy starts to bite on inflation and on growth with a lag, of course and you would see that more in 2023 and 2024. we started talking about rate increases. for some months, financial conditions have incorporated a significant number of rate increases and doesn't start today. the moves are priced into the market for a few months now. so the clock is running and i think we will be seeing that in the second half of the year

mr. powell: no. sen. toomey: thank you. sen. own: senator tester of montana is recognized. >> i want to thank chairman powell for being here today. i appreciate the work you do, as always. look, i think inflation is on everybody's minds, and how you deal with it. as you pointed out the last time you are in front of this committee, it is not only a demand problem, it is a supply problem. you can deal with the demand, but supplies are different thing. being in the business of agriculture personally, i can see that consolidation in the marketplace is a big deal. i'm talking particularly the meat industry right now, where you have four packers that control 84% of this country's meat supply. competition is critically important if capitalism is going to work. i don't need to tell you that. you know that better than anybody. but the decedent -- but there does seem like there is competition in the number of areas. i would just focus on meatpacking. so, -- no, i won't. let me back up. this talk about consolidation generally. and if that h

mr. powell: i could guess, but -- sen. warren: do you want to make a gas, based on what we are talking about today? it is russia. if you listen to our own national security agencies, the answer is russia. and that is why, when president biden held an international summit last year to fight ransomware, russia, the biggest source of the problem, was intentionally not invited. according to one estimate i the blockchain analysis company chain analysis, russia-linked actors collected nearly three quarters of all ransomware revenue in the world last year. and hundreds of millions of four dollars are collected in moscow each quarter. as much as half of those come from illicit crypto wallet addresses. russia is the world's expert on moving money outside legal challenge -- legal channels. so, chair powell, obviously you do not administer sanctions, but you are an expert on the international financial system. so i just want to take a look at this. our other countries currently using cryptocurrencies to avoid sanctions? i'm thinking

mr. powell. how are you? >> good. how are you? >> i'm good. i just want to thank you. you have been getting picked on on inflation, and i would like to start with chart one of your book, and i always ask about your charts because i love them. chart one shows a tremendous growth in employment as does chart two showing a tremendous drop in unemployment, the converse of it, and it's a drop from about 14% to 4%. do you think that the fed's monetary policy helped in reducing the unemployment rate? >> yes, for sure. >> okay. two years ago we were going into a pandemic, and you and i had a conversation about the potential for a worldwide recession of a magnitude we had never seen. did we hit that recession? >> no, we didn't. >> you may recall i am a bankruptcy lawyer, and i look at things with a pessimist by. do you have any idea how much the gross domestic product has grown in the last year? >> i want to say 5 point something percent. >> well, it's higher than that. it's on page 23, chart 14. it went f

mr. powell for his testimony today. without objection, all members will have five legislative days in which to submit additional written questions for the witnesses to the chair that will be forwarded to the witnesses for their response. i asked esther powder please respond as -- i ask mr. powell to please respond as quickly as able. all members would have five legislative days within to submit extraneous materials to the chair for inclusion. this meeting is adjourned. >> that was maxine waters adjourning the hearing for the day. chairman powell made a number of interesting comments saying inflation is indisputably too high and also that at some point a 50 basis point hike is any possibility. they want to obviously leave optionality open area there is no reason he would say that is not a possibility. most read -- interesting is what we heard about funding or lack thereof. clearly, the funding markets have not been completely calm. but you have not seen the need for intervention and dollars, the likes of which come as al

mr. powell said he expects inflation to stay high for months. by the end of two years of president biden's presidency, families will be losing more than $6,000 in buying power because of inflation. that's over two years. so it's not only predictable, it was predicted. last year, house republicans, we warned reckless government spending would lead to higher prices. it wasn't just republicans who warned them. former democrats in the administration warned them as well. we warned anti-energy policies would lead to higher gas prices. democrats have responded with excuses. and finger pointing. and unserious solutions. as you can see from the chart. remember when they first blamed covid for it? then they said the inflation was transer to. remember that? and now it's putin's fault. i just filled out my bracket for the ncaa. we should fill out a bracket to see who do they blame next. now they want to blame the oil companies. you know, americans aren't buying these excuses but they unfortunately are paying for them this incompetence extends beyond failure

mr. powell: given the current situation, we need to move carefully.r term effects of the invasion of ukraine on the economy are uncertain. we will need to be nimble in responding to incoming data. i think it will be appropriate to rates our target range for the federal funds rate at the march meeting in a couple of weeks. i'm inclined to support a 25-basis point rate hike. to the extent inflation comes in higher or is more persistently high, we would be prepared to move more aggressively by raising the ffr more than 25 basis points. we will use our tools to add to financial stability, not to agree on certainty. taylor: those comments helped with the equity market. let's talk with cameron for more on the reaction. was this sort of the calmest guidance the markets were looking for to make sure we were moving but not too quickly? cameron: yeah, i mean, i think that you can argue over the last few days, the market has been trading the fed views, per se. fixed income markets mostly driven by risk management and positioning considerations. it is a reminder,

mr. powell. you see the dollar-yen getting serious now about trying to contain inflation and despite critics saying they are behind the curve. dani: and hiking is significant given that they are expected to begin the runoff as well. thank you. let's get to the market hawkishness because it is rippling across assets, especially bond markets. jules, we saw the reaction in u.s. treasuries. what does the ramification look like globally? juliette: absolutely. we have got the aussie 10 year yield heading the highest since 2018. we continue to see this bond selloff reverberate across. the globe. . we are also watching the reaction come through on the asian equity market and that is due to the fact that you are seeing the weakness in the yen. you see the nikkei which came back after yesterday's a long weekend up by 1.5%. that is the longest winning streak since september. let's look at the yen. 120 may now be the battle for this carrier trade. the yield differentials between the u.s. and japan, and the y

powell, thank you again. thank you for all -- >> thank you senator cortez masto. >> thank you, mr. chairman. chair powell, thank you for being here. thank you for your long track record of being very accessible. when we call, you answer the phone, and i appreciate that. i wanted to talk briefly. senator smith talked about child care and in response, i'm paraphrasing, how it would be designed and executed and then you just made a point in response to senator cortez masto that not so much child care but dependent care -- could be a parent that you're taking care of. it could be a disabled spouse. it could be any number of other instances. i think if we stop talking -- well, let me back up and say do you think that a universal child care even for nonworking persons would be helpful to fixing the problems that you have right now? like, everybody gets it, whether you're going to work or not. >> it's really not for me to say. that's a real legislative question to me. >> it's sort of a flooding. i know you can't answer because there are pending proposals there. it seems to me if we wanted to really

but with inflation rising as fast as it is there is pressure on mr powell and his colleagues to get a the fed share is warning that everyone if deemed necessary to raise rates more quickly by half a percentage point, it will. craig erlam is senior market analyst at oanda. good morning to you, craig. what are your thoughts on what the fed might do and how soon is yellow it looks as though they are going to be very aggressive in their rate hikes over the course of this year. after the meeting last week interestingly the markets had a 25 basis point increase for the rest of the s0 25 basis point increase for the rest of the so would be six interest rate hikes in a very aggressive tightening cycle compared to what we have seen for quite some time, so that was how the market was positioned but it was also how the fed was position which is quite unusual, there does seem to be some misalignment between the two but clearly the markets have now moved on from that, pricing in seven or eight interest rate hikes this year and what that ultimately means is at least one or two meetings where we cou

mr. powell will face unique pressures from mr.nd frankly others in washington that may amend with the markets are saying. jonathan: the risk is the identity shock. what we are all interested in is they are in theory giving us an energy copout what we see in practice is something very different. how did capital get wrapped up and that is what we are all laser focused on. tom: we are focused on the markets in europe but tonight will be the state of the union address. i looked at the aaa unleaded gallon of gas that would overwhelm the state of the union except for what is going on in your, 70%. jonathan: inflation, how many times do you think the president has to mention that word? tom: let's bring these two stories together with libby cantrell at pimco. continental europe investment, your relationship, etc., what have you learned with europe to pimco channels? libby: this is an incredibly dynamic situation. as of last week, what has happened over the last few days in terms of the solidarity between europe and the united states has b

mr. sessions is recognized for five minutes >> madam chairman, thank you very much. chairman powell, thank you for joining us today the monetary policy report of february 25 seemingly still hot off the press brings about i think a good review of the feds' an analysis of where we are. i know there is temptation by members of congress to hold you accountable for things not within your purview. but on page three you talk about special topics page three of your february 25th, 2022 monetary report low labor supply next it goes to several other issues then supply bottlenecks. as a member of congress from texas, both of these are highlighted to me on a daily basis as i received feedback this is inflationary also. we have taken a bit of time with you to probe with you your ideas that i think you have professionally handled on behalf of yourself and the fed, the issues related to energy but the bottom line is, we can't get people back at work. we find that turns into a low labor supply, and then we have got bottlenecks. these are all hand in hand, glove in glove together in my opinion. i too

mr. chairman. chairman powell, just so we get this on the record here, a couple of simple quick questions here. monetary policy is decided by the fomc of the fed correct? >> esp. >> are 12 seats of fomc nine are currently filled, correct? >> actor there are as many as nine or 19 participants but there can be 12 voters. we have right now 16 of the 19 seats filled or nine of the 12 voters per. >> okay. so the fomc is today, right now, fully capable of determining monetary policy in the fed as a whole is fully capable of implementing that policy right now, is that correct question or. >> yes we will do our jobs break. >> okay. i was glad to hear your emphasis on the importance of price stability but here's my concern. it is a little bit easier to raise interest rates to normalize, to fight inflation at a time when the economy is booming. where i'm a little worried about and i fully acknowledge no one knows how it's going to play out. i think it's fair to say this war has changed the risk profile a little booth with r

mr. powell will make it up the best he can. jon: the rocks got harder.between a rock and a hard place. the nasdaq down, yields at a single basis point, and crude higher by 2.6%. that is the price action across assets today. your dollar, the strongest since 2020. a97 handle on the dollar index, approaching 98. this is bloomberg. ♪ >> keeping you up-to-date with news from around the world, president putin is being -- in line at the same time, the u.s. is signaling it does not want the crisis to spiral out of control with provocative ads. the missile test is scheduled for this weekend the administration refrain from discussing regime change in moscow. the price of wheat is continuing its meteoric rise, past $11 a bushel to the highest level since 2008. prices are up 50% in the last month. russia's invasion of ukraine brought shipment from one of the world's biggest growing areas to a virtual standstill. full swag and and ikea are joining the growing number of businesses that will not do business with russia. bw is halting the production of vehicles there. i

mr. powell's statements is the sanctions that as you say, soft sanctions, by the minute. jon: the change over the weekend is reverberating. company after company isolating russia, seeing that continuously, headline after headline, thinking about and conducting a strategic review. what has changed for me in the last couple days is momentum in america, a push to involve energy. we were told repeatedly there would be a carveout. the pressure building to do something on energy over the last couple days. tom: lisa abramowicz, tom malone reporting moments ago by forbes that another oligarch's super yacht was seized. it is a story from france earlier this morning, now up to germany. the oligarchs under threat. lisa: we are witnessing something unprecedented. a nuclear superpower, at least used to be, now the eighth biggest economy in the world, trying to invade a nation and how do you deal with it without causing world war iii? it is a financial warfare. does it work and how do you end up with some resolution at a time when both sides seem to be dug in? tom: i will just start wi

mr. powell. >> senator ossoff from georgia is -- >> that is senator kennedy of louisiana with the fed chairs q&a continues over at senate banking. >>> we continue to be in this range here, dow is down 171. nasdaq actually the worst performing of the major averages holding on to a loss of more than 1%. john >> we will continue to monitor the fed chair's comment and bring you highlights plus, coming up after the break, the ceo of a recent software ipo on earnings samsara ticker it. stay with us ♪ ["fly me to the moon"] ♪ ♪ ♪ imagine a community where millions share ideas and trade stocks, crypto and beyond. to the moon? in other words... etoro.the power of social investing. - hiring is step one when it comes to our growth. we can't open a new shop or a new location without the right people in place. i couldn't keep up until i found ziprecruiter. ziprecruiter helps us get out there quickly and get us qualified candidates quickly. they sent us applicants that matched what i was looking for. i've hired for every role, entry-level technicians, service advisors, store managers. ziprecruiter helps

mr. powell i've been calling it threading the needle here.e wants rates higher and not lower. there's more premium in bond prices but now has a stagflation issue, potentially he's got to talk about slower growth of course, growth is part of the mandate. the fuel mandate versus the inflation issues the market has come to believe that there is likely going to be fewer rate hikes than people thought a month ago. that's sort of what the market wants to believe we have to see powell indicate it might be the case and remember what we've seen so far in 2022, we've seen lower earnings growth and significant multiple compression throughout large parts of the market. i want to point out big names and i'm not just talking about some small tech names. big names are down 25 to 30% in just the last 8 or 9 weeks or so 3m, starbucks, home depot, nike, this is significant damage to the market and we need to find some way to sort of stabilize those stocks remember much has happened in january. largely as a concern over the fed's rate hike path not since the uk

mr. powell, start gradually. go gradually.works. >> now you follow the spread of covid-19 and the work your firm put out was absolutely amazing. >> thank you. charles: china was lauded by president trump while was in office doing it much better than we were, they locked down 50 million people. i read jpmorgan taking job applications you don't need a vaccination. that is a pretty interesting story there, isn't it? >> it sure is. i will vote with jpmorgan on this. we know from rigorous statistical analysis lockdowns don't work. masks, 50-50. vaccines we'll we're not sure but they have been a pretty big disappointment but we know lockdowns don't work. in fact if lockdowns did work why is china having this outbreak of cases that is taking it back right where it was two years ago? so we're, we're just going to have to live with this thing and jpmorgan realizes that and good on them. charles: before i let you go i'm asking all the guests, will we be able to skirt a recession or is it inevitable? >> oh, well, we, the united states? w

we're telling, jay, think about it, talk to mrs. powell. who needs this it's rough, right?me. why would someone want to do it? steve, do you have a good reason >> well, that would not be a very good look to abandon your post at this particular moment, joe. >> abandon your post >> you're suggesting it's a sinking ship >> i'm just giving him a way out. you know, spring is coming -- >> il'll tell you what, though, we need him. >> there was a time summers definitely did want that as the most powerful man in this universe, maybe not the meta verse. don't you think, steve >> joe, i do but if you go away from the kind of personal and read larry's piece, the battle here is one of ideas and framework. and notice that larry's main point and the one i quoted there is his criticism of the fed's framework. powell has a framework he thinks you have the supply side go away, a rebalance how many goods we're buying versus services and you have an increase of oil production this is before the whole war idea came into the picture along with fed tightening and that brings down inflation it's w

and for mr powell and his colleagues at the federal reserve, so for the indication is that it reservehat 2% target rate, so they want to increase interest rates and they believe now is the time to increase. but they will be looking very closely at what happens with ukraine because as you pointed out at the beginning, the high cost of energy is surely going to start increasing and having an even bigger impact on inflation, which right now in the us is at a 40 year high. which right now in the us is at a 40 ear hiih. ., , . which right now in the us is at a 40 earhiih. ., , . �*, year high. you very much. let's look at the markets... _ in london they have suspended a further 27 companies with links to russia. polymetal, the share price has dropped so much, it has dropped out of the ftse 100 has dropped so much, it has dropped out of the ftse100 index. the us dollar continues to gain against the russian rouble, which will make, will fuel inflation within the russian domestic economy and that is the latest price of oil, back from $120, currently down 1.17% at $111. back to you. i want to

mr. powell's ted lasso moment, right? the soccer coach who's just relentlessly optimistic and turns any negative into a positive, and that's to exactly what happened during wednesday's meetings. he was asked point-blank, maria, are we going to have a recession, and he said, no, we're not going to have a resession. we're at full employment in this economy, we're having the strongest earnings we've ever seen out of corporate america, we're not going to have a recession, and we're confident in this economy. that's incredible positivity, and i think that's why we are where we are right now. i love what i heard, maria. maria: yeah. i mean, the markets have cut the losses year to date pretty sizably, right? i mean, adam, what we're talking about with the dow industrials down just a few percent year to date, nasdaq, same thing after that rip-roaring week last week, what do you think is behind that? are investors looking at the u.s. and its potential for growth? as you say, you're not expecting the recession versus the rest of th

mr. powell's testimony? essentially a master class yesterday.ts down very calm, measured rate hikes going on now what's next? the question is the spring reopening. what happens how strong is this reopening going to be this summer? a lot of debate on the inflation impact out there our sky high price going to reduce demand? we have had ability to raise prices essential will i what happens when the consumer balks? what happens if everybody just says no? that could dramatically impact profit margins because companies may not have the ability any more to raise prices so take a look at what the battle is. remember why the stock market is down this year essentially, we are down 10% start of this week and it's all because the multiple, the p.e. ratio has contracted down 10% that's why the stock market is down the multiple is how much people are willing to pay for a future stream of earnings revenues. that's come down because the fed is tightening and concerns over ukraine. but earnings estimates which is the other major reason stocks move hasn't changed

mr. powell. mr. powell was first appointed fed chair by donald trump, and has served admirably for the last four years. lael brainard was confirmed to her current position on the board with strong bipartisan support. sarah bloom raskin has been nominated as vice chair for supervision. the senate confirmed ms. raskin to the federal reserve board a decade ago by voice vote and as deputy treasury secretary on a bipartisan vote. and lisa cook and phil jefferson are mainstream academic economists who have been nominated as governors. earlier in year, the banking committee held hearings on these nominees. they demonstrated their qualifications and responded to hundreds of questions. they have met with senators on the committee individually as well. but on february 15, my republican colleagues blocked the banking committee from voting on these nominations. they didn't show up and vote no on the nominees whom they opposed. they just didn't show up. they decided skip the meeting precisely to keep the committee

mr. powell can raises in face of significant cost increases in other areas that will result from this warommodities. >> that yield curve, david, is starting to look better, but i city -- should the oligarchs -- they've got -- i'd like to know the oligarch bank list, who has the money t do you think that's important? >> i do. i think it is. of course, another thing we never expected to see was the swiss actually impose sanctions. >> was that not incredible >> that was quite a moment >> a lot of things have happened you're never allowed to use the word nazi, but until russia decided to kill people and it's criminal, you have to talk nazi. the swiss protected right down to sergeants, and they didn't protect putin. putin believes civilians should be killed. under the nazis bombed rotter da rotterdam -- churchill debate add long time about whether to kill civilization, until harry came in and said that's the only way. this man kills civilians at a whim, and we won't let the migs go in? if you were watching zelenskyy, it's difficult to figure out why to bother with why kevin johnson is leaving.

mr. powell's press conference, arc is up about 20%, believe it or not. nary, energy, technology up 6, 7, 8% as well powell seems to have convinced a lot of people the fed is going to be aggressive on inflation without derailing the economy. that's a neat hat trick if he pulls that off a lot of skeptics. the market is giving him the benefit of the doubt if you look at the market trend, interesting things happening in the last few days. so bonds have been down and stocks up. there used to be a positive correlation. now there is not the volume is lower in the last few days we had the lowest volume in a month yesterday. institution activity seems to be very low low conviction on what to do from the institutions. i hear that this higher activity from retail traders, higher activity on buybacks and higher activity from the ctas, commodity trading advisors, because they are the ones that buy and sell futures on momentum essentially. so different people are in the markets for different reasons right now and very interesting to watch that. jim mentioned darden cos

mr. powell and what he says in the next few weeks.ng to some of the big names, i mean, some of the really big names in the last couple of months, look at starbucks, 3m, home depot, nike, goldman sachs, these stocks are significantly, a quarter, off of their 52-week highs. and most of the damage occurred in january, when everyone was trying to figure out the fed's policy path. it's not since ukraine, yes, since ukraine it's been damaged but a lot is trying to figure out the fed's policy path which is why i insist powell is the key story for the markets this week >> thank you, bob. you're going to have a lot of numbers to play with tonight. >> i have salesforce amazing if it backs up to work day, domino's, we have to find out what's going on. it's a small oil company, merger capital oil and gas with another company that i thought was good. the thing that matters is mike werth. he is talking about trying to change this industry david you are also talking to exxon trying to change the industry david, i'm going to put it to you. for real o

mr. powell >> i think they take the pressure off powell.eople looking for jobs now because unemployment benefits are over or ending a lot of people want to work now. and i think as we go through omicron and people come back to the work force, that does take the pressure off powell and that's going to be something with us for a long time. >> jim, you sent out a tweet i don't know probably 5:00 this morning where you wrote those of us who traded through chernobyl, do you remember the fear and that was an accident speak to that. >> that was april 26th of 1986, and i had a lot of sophisticated clients so to speak. and there were people just saying, look, you can't own mcdonald's because of radiation. you won't be able to treat milk until late next year maybe you have to sell the soda companies. you have to try to figure out who makes bread, short doughs. the level of fear that existed was basically about where the wind would blow. and it blew swede's way. it was the only focus so you could have like a number like this and no one would care the

mr. powell's comments yesterday, that's almost certainty over the course of next several months.according to nber, national bureau research the mechanism when we are in recession and when we are out, they are always late announcing that we are in recession. they are always late that we have come out of recession so we don't know initially that we are in a recession until six to nine months after we entered it. watch what the yield curve is don't the 5 years is at 237, the ten-year at 234. we have gone inversion in the belly of the yield curve is disconcerting and a recession will happen some time in the next six months to a year. watch the yield curve, we have a spike in energy prices, those are detrimental, no question. maria: yeah and you've been expecting a selloff in stocks. you've been in gold, you've been looking for alternatives. ryan, you have been pretty bullish on stocks. i wonder what the last week of gains means to you even with the recession you are still bullish, last week was that a pivot or just a bounce and we are going to get back to negative. what do you think

mr. powell came out and gave some certainty to the market in 25 basis points later on this month, the marketually liked that. so we're on a path of normalization. it's going the take a while. and right now on a very near term basis this is all about the war. stuart: i'm just waiting for that face-melting rally that you're talking about. i don't think i've ever experienced a face-melting rally, but i'm eager to join one if you're right. brian, you have a good weekend and see you next week. >> thanks. stuart: i've got to show you futures again because we're 19 and a half minutes away from the opening bell this friday morning, and we are going to see some serious red ink when that bell rings. we'll take you there shortly. >>> speaker pelosi making it very clear where she stands when it comes to banning imports of russian oil. watch this. >> where do you stand? >> i'm all for that. ban it. >> ban the oil -- >> ban the oil coming from russia, yeah. stuart: she's joined by a lot of other democrats as well. after talking to putin, france's president now says he fears the worst is yet to come in ukr

mr. powell made it abundantly clear they're only going to go by 25 this month, they'll go by 25 more in sixex weekss after that. we'll have seven by the time the year is out. hopefully we won't take it above 2 and-a-half percent and get an inverted yield curve. the five year and 10 year are trading close to parody. they're getting close to a recession. i've been bearish on stocks since january 5th of this year. i continue to be bearish on stocks. nice to see we bounced off the low this morning. i don't think it will last very long. maria: i know that you've been investing in gold. you are trying to find hedges for stocks. but dennis, how do you invest when you're expecting the selloff to continue as you have been and you've been right. where are the areas to hide? >> i think the average investor -- first of all, have you to remember in a bear market he or she who loses the least will be the winner. that's the harsh reality of a bear market. he or she who loses the least will be the winner. i'm down about 1 and-a-half percent for the year. i own a bunch of blue chip, high yield stocks. i wri

mr. chairman. thank you chair powell for being here again. everyday i hear from georgians who are feeling the pinch of rising costs in their wallets. wages grew last year but this growth has not kept pace with rising cause for housing, gas, groceries. georgia families are swimming upstream. while supply chain disruptions contribute to the problem, they are not the sole cause. three global shipping alliances control delivery from the majority of imported goods. two companies account for 70% of america's hypermarket. -- diaper market. four meet processes control more than 80% of the beef industry. this type of market concentration lowers competition and gives giant companies more power to use inflation as an excuse to raise prices. leaving georgia families to flip the bill, while their executives and investors get richer and richer. this is why i pushed for a federal investigation into apparent price gouging by international cargo carriers. carriers that have seen as much as 2000% increase in profit in the midst of the pandemic. chairman powell

but with inflation rising as fast as it is, there is pressure on mr powell and his colleagues to getritime and transport union said the low pay was a "shocking exploitation" and "a betrayal of those who have been sacked". p&o said the figure was inaccurate but said it could not comment on how much agencies pay workers on ferries. shares of nike jumped more than 5% in extended trading after it beat quarterly revenue and profit estimates. sales in north america, its largest market, jumped 9% in the company's third quarter. nike's results were helped by the return of school sports and price increases. it's also benefited from the way in which the pandemic has changed fashion trends — with more of us wearing sports and casual clothes day to day. notejoggers here, at least not for now! as we've been hearing, in the uk the chancellor rishi sunak is facing mounting pressure to take action to tackle the rise in the cost of living, ahead of the spring statement ahead of the spring statement on wednesday. let's talk to our political correspondentjonathan blake. jonathan, just listening to ben

of course, there are still two weeks until the next monetary policy meeting, still time for mr powellmorning i don't have message to anybody, i - putin of russia this morning i don't have message to anybody, i only . putin of russia this morning i don't i have message to anybody, i only have message to the refugees who are here. if they need any help we are here, they can count on us, i don't think the leaders need any advice on my side, they are big guys and they know better general than schwe me what should be done. peace please, peace. but what should be done. peace please, eace. �* y ., what should be done. peace please, eace. �* ,, . what should be done. peace please, eace. �* ., peace. but you have condemned the russian invasion _ peace. but you have condemned the russian invasion already _ peace. but you have condemned the russian invasion already in - peace. but you have condemned the russian invasion already in words, l russian invasion already in words, but, what more can hungary do to help ukraine, a neighbouring country? we help ukraine, a neighbouring count ? ~ , ., , .,

it was a concurring opinion by justice powell. mr. backing now doctor backy god admitted to the university that discriminated against him because he was white and now we have a case coming up to the supreme court where asians are being discriminated against because their asians and because they're doing well. they've done well in high school and can't get into the universities because there's ineffective quota as there was for jewish students in the 19. 20 through to the 1950 through the 1950s, so not a constitutional decision. all right. that's david in florida professor. kashian. so baki was discriminated against in within a system of racial quotas. that's what justice powell said, but there's been subsequent cases decided by the supreme court. most recently in 2016 in the fisher case. there's fisher one. there's fisher two in both cases involving the university of texas a majority of the supreme court said that it was constitutional for universities to consider race not as a quota the baki case made that clear but as one factor amo

powell. in the past, mrs.each other's work, but it's important to note justice thomas was the only one to vote against the national archives handing over records to the january 6th committee and he dissented when the supreme court rejected trump's election challenges. garrett haake, a lot to kind of unpack here, garrett. tell us more about these explosive messages between ginni thomas and mark meld does and what the committee might do with them. >> reporter: chris, these texts are as reported by the post a combination of motivational and conspiratorial. the post reports thomas was sending texts to meadows with various different conspiracies related to the election and urged him to stay in the fight, to try to stop what they called a heist of the 2020 election. we're out to ginni thomas, mark meadows' attorney trying to get more comment from them. haven't had much luck. as for the committee itself, i don't think there's much of a nexus between these texts and the committee's investigation. ginni thomas is not s

mr. san nicholas is now recognized for five minutes >> thank you so much, madame chair. good morning, chair powelle to first recognize one of my senators all the way from guam, thank you so much for making time to join us today, senator mr. chairman, over the course of the uptick of inflation in the last year, you testified before the committee on multiple occasions that the fed believed that the inflation -- the country was experiencing was transitory and since that time, specially today, there's a seemingly change in that tenor could you elaborate more on that >> sure, i would be glad to. i think very widely among macro economists and other central banks around the world we looked akin to an energy shock. and supply side shock. and the textbook on monetary policy would have you look through that because the supply shock comes and goes by the time monetary policy is having its effect, which happens with long and variable lag, we think, the supply shock is already gone so we looked at it that way. and you know, i think we expected to get relief, particularly going into last fall, i would say. we e

mr. chair. >> thank you. >>> fed chair jay powell the first move to fight inflation. what a round trip for the markets. look at s&p 500 now. in rally mode. after the fed chair gave commentary saying expects every meeting to be live in other words, you can see ongoing interest rate hikes potentially at any meeting this year a lot priced in. s&p up 1.6%. fell before pt news conference and rallied back dow also trading higher now. nasdaq as well look atwhat's happened in the bond market, tells the story saw yields shoot up immediately on the back of the statement take that initial seven hikes per year predicted by the dot forecast from the fed came as a surprise fed chair powell started talking yields starting coming lower dollar is weaker overall taken at the market pretty much expecting this joining me here at post nine, former goldman sachs president, gary, welcome. especially after a big fed day like this. glad to you have by my side. >> thanks for having me. great to be in-person. >> yeah. your take what we heard from powell and the market reaction looked like a lit

mr. mchenry, the ranking member of the committee, is now recognized for five minutes. rep. mchenry: thank you. chair powellthank you for your leadership in tumultuous times. these are challenged times internationally. everyone else on the open market committee, it seems, has opined about the march meeting. everyone, whether it is a tweet or interview or anything else. what are your thoughts going into the march meeting? chair powell: the march meeting? here's how i am thinking about the march meeting. i guess i would start, of course, with the u.s. economy, which is very strong, the labor market extremely tight, inflation running well above target. the way we think about our work is we develop working plans for making adjustments to monetary policy over the course of the coming months, and then we are flexible as plans meets the real world. at a time like this, what we aim to do is lay out our principles with whatever clarity we do have and proceed to implement some -- implement them. so before the ukraine invasion, the committee was set to raise our policy rate, the first of what was to be a series of rai

the wife of supreme court justice clarence thomas wanted sydney powell to be the lead lawyer for donald trump in cases that mrs. pell and everyone else cheering for those chases hoped would end up in the united states supreme court, where clarence thomas and a majority of the supreme court would then, in this vision, save america. that is what's virginia thomas believed it was at stake in the illegal attempts that she encouraged to overturn the presidential election. in an early morning techs to mark meadows, virginia thomas wrote, mark, don't want to wake you, sounds like sydney and her team are getting inundated with evidence of fraud. make a plan. release the kraken and save us from the left taking america down. release the kraken is a line from the movie the clash of the titans, referring to a giant sea monster. given the delusional nature of virginia thomas's communications, it is not clear whether she is using that phrase literally or figuratively. and another techs to mark meadows, virginia thomas supports another delusion. quote, watermark ballots in over 12 states have been part of a huge trump and mi

mr. lynch, who is also the chair was task force and technologies is recognized for five minutes. >> thank you, madam chair. >> thank you, chair powell your service and your great work, i do want to ask you a question about the s.w.i.f.t. network, and i realize that the sanctions piece of this is owned by treasury, but i'm curious if your risk analysis you've looked at the possible they if we did completely ban russian banks from the use of the s.w.i.f.t. network and it became a target of the russian cyber forces, have we -- have we basically gained that out how that might happen and do we feel comfortable that structurally and architectural he that s.w.i.f.t. network would be able to resist a state-sponsored assault on that messaging service? >> i'm sorry, mr. lynch. i'm not the right person to answer that question that's really a question that our treasury department or our administration -- and the intelligence groups would be able to address. >> i'm a little surprise the at that because earlier in your questioning you talked about cyber security and how that was in your lane, in part, but i'll let that go. you did mention the rec