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leaders like secretary yellen recognize they will make a huge difference over time. you will see that in all kinds of ways, including from ford. as we continue to live up to our purpose and promised to help build a better world where every person is free to move and pursue their dreams. thank you for your time and interest. now it is my privilege to turn the podium over to the 78th treasury secretary of the united states, janet yellen. [applause] sec. yellen: before i get started, i just heard the sad news does the queen of england has passed. our thoughts are with her family and the people of the united kingdom. it is great to be in dearborn and later today in detroit. it is the global capital of the automobile industry. this region will experience significant growth from the recent enacted biden economic plan. i would like to acknowledge -- gilchrist for knowledge me today. many provisions of the inflation reduction act and the chips act make them a reality, including her critical work on the energy manufacturing tax credit. i want to thank senator peters for his e

details on janet yellen's visit and explosive comments in dearborn. that's straight ahead. closing bell, 49 minutes away. dow is up about 60 points. watch the s&p. we did get to about 4,010. scott bauer mentioning that and we're coming back on the "claman countdown". ♪ pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. >> we have always believed in any esg or energy transition. gas will play a central role for the next 50 years. we have to have an effective long-term transition and we remain the longest investor in hydrocarbon companies in the world today. liz: that was blackrock chairman and ceo larry fink telling the "claman countdown" exclusively

it obviously is of tremendous concern to americans. >> reporter: treasury secretary janet yellen citedising costs for rent and groceries as two of the biggest concerns. >> we hope to see substantial improvement over the coming year. >> reporter: do you think inflation is close to peaking? >> i don't want the get involved in month-by-month forecasts. i do believe it will come down over time due to the actions the fed is taking. >> reporter: as she spoke, her colleagues in the cabinet worked to head off a strike by freight rail workers. with the deadline now two days away, some chemical shipments have already been halted, and amtrak announced its canceling all long distance trains starting tomorrow, because some of them use freight rail tracks. >> what impact would a rail strike have on already high inflation in this country? >> well, it would be significant impediment to shipping goods. it's certainly something we don't want to see happen. >> reporter: secretary yellen recently worked with european allies to impose a new price cap on russian oil. but already energy bills in some parts o

a long time ago to replace janet yellen as treasury secretary and i had heard it and talked about iton the air as -- as long ago as may of last year. here is what we were talking about in may last year. watch, earlier this year, rather. my sources tell me janet yellen is unhappy where she is and the administration is unhappy with her as well. i would suspect in the next era of joe biden if, in fact, he were to run which would be a shocker to me that there would be a different treasury secretary. maria: and i have also reported that they are considering gina romondo, commerce secretary, on the bench, john, in terms of this white house and prospects for her career. we will see who is -- a lot of people want it actually from outside the white house as well. >> yeah, i wonder if this makes any difference. we are talking about higher prices for consumer goods and services. let's not forget at the same time stock prices are sinking. my goodness, the market value of common stock year to date is probably down by $12 trillion, these 401k plans are deflating and as you have more and more peopl

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again, janet yellen is the one that really people are saying is leaving.ieces of the chess board continue to move. charlie, thank you very much. or at least they look like they're about to move. exactly 51 minutes ago hurricane ian made landfall in southwestern florida. so the eye of the storm hit cayo costa and they're looking for shelter in what is a brilliant market as of late. next today, today was really good. let's hear from nfg cio john murrey who's managing $10 billion in assets under management. okay, it is a very difficult market on one day we're imploding. the next we see a very strong move, the likes of what we're seeing on the screen right now, a 2% move for the dow up 617. tell me exactly how you choose to invest around these headlines on any given day. j>> yeah, the market wants to go up and it's trying and at the beginning of the year defensive stocks were cheaper and aerospace and defense and utilities and staples were attractive. now you've got opposite dynamic and many in nosebleed valuations and you've seen a pretty substantial dislocat

it's certainly something we don't want to see happen. >> reporter: secretary yellen recently worked withean allies to impose a new price cap on russian oil. but already, energy bills in some parts of europe are five times higher than usual. what would a recession in europe mean for the u.s. economy? >> well, a recession in europe would have some spillovers to us. i think we shouldn't exaggerate how significant they would be, but i do think this winter is going to be tough and challenging for our european neighbors. >> reporter: rail union leaders have been negotiating at the labor department all day long. and in our interview, the treasury secretary urged all the parties involved to reach an agreement by tomorrow night, because nearly 30% of all freight in this country, norah, travels by rail. >> o'donnell: such a big story. nancy cordes with that exclusive, thank you. well, we want to turn now to one of the most dramatic days in ukraine since the russian invasion started. days after his troops took back more than 3,000 square miles in the northeast-- you can see it right here in blue--

congressman, your reaction to janet yellen.unds like she wants to wipe out tens of millions of u.s. jobs. is it to churilous to say she didn't skype or zoom the speech, she flew there? >> liz, it is depressing because janet yellen had a distinguished career in macroeconomics. she is the former chair of the federal reserve board and she is absolutely spewing nonsense in her speech at detroit. it is completely unrealistic to say what she said and it is misleading to the american people to think that we can snap our fingers and go from our important use of fossil fuels to renewable energy. she is completely wrong about it. i know she knows better than that. she knows this is an evolution airy process that has to be driven by the market, not a radical revolutionary process done in the salons of brooklyn. liz: too, what the congressman is saying, nick, this phrase is now coming back. it is being called flatten the curve on energy usage. it is not just about the pandemic. now it is about using energy. watch the president of the europ

cbs' nancy cordes spoke yfl with treasury secretary janet yellen, a day after a government report showed inflation has not eased. >> inflation remains a problem and, obviously, is of tremendous concern to americans. >> reporter: treasury secretary janet yellen cited rising costs for rent and grocery as as two of the biggest concerns. >> we hope to see substantial improvement over the coming year. >> reporter: do you think inflation is close to peaking? >> i don't want to get involved in month-by-month forecasts. i do believe it will come down over time due to the actions the fed is taking. >> reporter: as she spoke, her colleagues in the cabinet worked to head off a strike by freight rail workers with the deadline now two days away, some chemical shipments have already been halted, and amtrak announced it's cancelling all long-distance trains starting tomorrow, because some of them use freight rail tracks. what impact would a rail strike have on already high inflation in this country? >> well, it would be significant impediment to shipping goods. it's certainly something we don't want to

"the wall street journal" writes: janet yellen's fantasy economy. >> well, it is a fantasy, and it'sething they don't want to discuss for obvious reasons. if so they're trying to change the subject. they want to make it about something else. that's why the president's going out and attacking republicans, trying to create acquisitions -- divisions among republicans in this country. but the facts are clear, and the american people know it. they're spending $9,000 a year more this year to buy the same basket of goods they did last year. and that, in the edge, is what people, i think, are going to make their decision on when november rolls around. so the president has to do what he can to try and shift attention away from from this, janet yellen, anybody associatessed with this administration and this -- associated with this administration and this problem. their policies, extreme amounts of wasteful spending coupled with lack of a can coherent energy policy, higher taxes, heavy regulations, that is what has contributed to this inflationary crisis that the9 american people are experienci

secretary yellen, thank you so much for joining me. i appreciate it. >> thank you, dana.s for having me. >>> the justice department and donald trump's lawyers have officially submitted their picks for a special master to review the documents seized from mar-a-lago. spoiler alert, they don't agree. the head of the senate intelligence committee is here, senator mark warner of virginia, will speak next. stay with us. cientists. so they shoot it. hmm... back to the miro board. dave says “feed it?t?” and dave feeds it. just then our hero has a breakthrough. "shoot it, camera, shoot a movie!" and so our humble team saves the day by working together. on miro. (driver) conventional thinking would say verizon has the largest and fastest 5g network. but, they don't. they only cover select cities with 5g. and with coverage of over 96% of interstate highway miles, they've got us covered. so... i know you and george were struggling with the possibility of having to move. how's that going? we found a way to make bathing safer with a kohler walk-in bath. a kohler walk-in bath provides a

ylan mui is joining us from washington, and ylan, let's start with you what did we hear from yellen. >> her goal was so lay out the overarching principles of president biden's agenda the restoring price stargity and ther the cause of inflation is global and that the pain of inflation is personal. that signals to me that democrats are looking at inflation and they realize this is a political liability heading into the midterms and yellen had to connect the dots between the recent pieces of fiscal legislation that democrats have pass passed to ground them into the economic model there was debate about what that entails and how effective that might be and if there is a throughline between what powell said and yellen said and it's about trying to come up with ways to incentivize a durable economy and not just change growth >> what has the market been saying in recent days, bob >> the big debate is whether we're at peak fed hawkishness. not really peak inflation. we can make an argument that we are at or peak fed hawkishness, no,io wrefrng so and that was very clear in jay powell's commen

paul: a janet yellen was very clear in her speech. do so. so, what is the republican agenda here for watching congress? if you guys win what would you be campaigning to do for the economy? >> two things. i was disappointed secretary yellen's remarks the other day in michigan. the fact checker could fill a book just correcting the inaccuracies and those are marks about the biden conley part especially in comparison to the republican trump a economy preceded it. for house republicans you will see soon a rollout of the commitment to america. going to be restoring a strong economy here in the united states. you'll see a focus making lower taxes permanent for families and small businesses. keeping the incentives that grew the trump economy so dramatically stronger and faster than the biden economy. you are going to see a focus on getting workers back and reconnected. that is going to be really key to reducing growing the economy in the future. we saw this worker crisis that is really causing problems along main street. go see a major focus

janet yellen is saying that we are likely going to see oil prices go back up in the fall.hough we are looking at a better situation when it comes to energy, the catalyst here is the potential recession, slowing economy. what does that mean for earnings and the stock market? >> well, yeah, and this is one of the reasons why. at federated hermes we're traditionally a bullish shop. we find ourselves underweight equity because we think there's a risk to earnings. the dollar represents a risk to earnings. our outlook for the economy and the potential for recession represents a risk to earnings. and to your point, what we're seeing in not just oil but the broad commodities complex, commodities are worried about demand in the u.s. and china as they continue to pursue covid zero. if these prices were coming down because supply was improving that would be great. if they're coming down because demand is projected to collapse, that's worrisome for not only the economy but certainly for corporate earnings. maria: it's interesting that you are looking at these high cash levels at feder

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. >> treasury secretary janet yellen was in michigan or she toward the electric vehicle center. she discussed the biden administration's economic agenda and inflation across the country. she also talked about the computer chip industry in hopes for a zero emission economy. sec. yellen: before i get started, i just heard the sad news does the queen of england has passed. our thoughts are with her family and the people of the united kingdom. it is great to be in dearborn and later today in detroit. it is the global capital of the automobile industry. this region will experience significant growth from the recent enacted biden economic plan. i would like to acknowledge -- gilchrist for knowledge me today. many provisions of the inflation reduction act and the chips act make them a reality, including her critical work on the energy manufacturing tax credit. i want to thank senator peters for his equally strong advocacy and leadership. thank you also to the members of congress who are with us here today. congresswoman dingell and stevens and congressman levin. i know you have worked

treasury secretary janet yellen, she could be leaving her post, soon. reportedly sheas leaving after the mid-terms. lauren? i want to know why she's leaving you want to speculate? lauren: speculation is the biden administration polls very low on the economy and they need to rej igger their economic team. axios is reporting she's out after the mid-terms and the white house is quietly preparing for her exit, looking at potential replacements including commerce secretary rum ondo and fed chair brainard. but if janet yellen does go in november that be the first part of this major economic reorganization, right? and the biden administration is denying it, because if they admit it, or at least now, well then they are admitting they have mishandled the economy and we showed you the poll. the biden polls what at 36% approval when it cops to the economy. stuart: good story now more on politics. senator joe manchin gave up tying his energy bill to government funding. he just -- lauren: folded. he asked chuck schumer to take out his provision on fast-track ing ene

i have not heard anyone in congress say that janet yellen needs to go at this point. but i will say that the republicans are -- blame the fed for not getting started soon enough in terms of hiking rates. so they sort of are where the market is now in terms of that perspective. and i would say that they also blame president biden for putting us in what they say is a recession now. we'll see if that plays out. >> yeah, i'm not a big believer in political parties but i will say electricity prices are soaring, mortgage rates are at 7% and the stock market's down 30%. stock-owning congresspeople might even get hit then they may do something ylan and jimmy, good conversation really appreciate it coming up, apparently hibernation is not just for bears anymore. we're going to get the popular group of stocks that retail investors are now leaving by the waid yse.wee back in two. soul ii soul ] what if you could change your surroundings with the touch of a finger? now you can. biometric id... inside the innovative, new c-class. ♪ ♪ ♪ ♪ ♪ ♪ at fidelity, your dedicated advisor wil

yellen wants to fully support the market. they don't want to reward moscow.appens, it defeats the whole purpose. it's a very challenging thing to do. there are few countries who don't want to pay any money to moscow. it won't be easy. yvonne: thank you. he is our bloomberg energy reporter. this is bloomberg. ♪ rishaad: crypto is coming back. the cofounder said his bailout of ailing companies during the crypto downturn had mixed results. >> i think it's coming back. obviously it's a macro environment. if we see markets crash again, we will see crypto crash along with it. but i think it has fleshed out a lot of the things that needed to be flushed out from the crypto space anyway. >> when may of 2022 began, a melt down in the tech values and crypto began. did you get nervous at all? >> not super nervous. it was definitely going to be a rocky road for the industry. you saw some businesses blow up when bitcoin hit 20 k. if we saw things meltdown much further than they did, if we saw nasdaq drop 40% and bitcoin go down to 10 caper token, you would see another roun

we reported that janet yellen is likely to be out after the midterms. the commerce secretary who was considered a rising star in the biden administration, a moderate form of governor. we will see some shakeup in the biden economic team as it becomes clear they may be up today and who knows what happens by the end of the day. it could be down. i doubt it because of the positive headlines that came out. you might see brian replaced by someone else and there will be changes, reflected by what larry summers was saying. how much they missed the boat on inflation and the recession we might get because the fed was expecting rising interest rates and changing horses at the first horse to change this will be janet yellen. that is what we are hearing, we reported that in june. she came riding in coattails. neil: in a good way. thank you very much for that. in the meantime we are getting more word power outages climb, 150,000 without power, governor saying it will be millions. that is disrupted everything, disney world is close, see world is closed, almost everyth

frank white house officials are reportedly preparingfor the potential departure of secretary janet yellenfter the midterm elections. the process is still in the early stages, and the decision on yelin or other cabinet replacements have not been made. in addition to yelin, axios also says the national economic council director brian deese could also be departing as soon as next year. >>> lyft says it's freezing hiring until next year, citing the economy. it decided in may to slow hiring and rein in costs. shares are down 60% this year alone and up to 80% since 2019 they released a proposal meantime to restrict stock ownership and trading by members of congress. the president and vice president as well as supreme court justices and other high-ranking officials. the bill could be introduced to the full chamber as soon as today, but any vote on the measure is uncertain at this time in addition to equities, the bill's restrictions also cover commodities, futures, cryptocurrency, derivatives, and options. frank? >> our bertha, thank you very much we'll see you later on in the show. >>> back to

i think jamie dimon is right and i think janet yellen is too optimistic.ion. i think jamie dimon's assessment is better. i asked him in the bank hearing at the house, should the fed be focused on price stability and not be concerned about racial equity and things like that in societies that absolutely that's why i've introduced legislation for the fed to focus on price stability because inflation is a thief and i have to tell you since inauguration day, joe biden has hit every policy wrong and has made our economy weaker and our families more insecure financially because he's added regulations, added taxes, clogged up the arteries of the american economy right at the moment when it should be growing. he inherited a v-shaped recovery, low unemployment, low tax rates and working population. maria: certainly feels like jay powell is the only one doing anything about inflation right now because when you look at the response from the white house, it's just more spending and more spending. congressman, do you have any idea where this rail deal stand because if w

but treasury secretary janet yellen is warning about pain at the pump to come. she says fuel costs could spike again this winter as the eu scales back its purchases of russian oil yellen said the move is necessary to cut off funding for russians war in ukraine but is likely to lead to increased demand and higher prices from other oil and gas suppliers. coming up in our next half hour, a new monkeypox clinic is set to open in san francisco. will take a look at. >> all those details and the queen of england is laying unrest. details on today's proceedings as the uk mourns queen elizabeth. the second to go live to england when we come we continue to follow all that's unfolding in the uk after the queen's passing. she's currently lying in rest in scotland where mourners can pay their respect. >> and thousands watched the procession as she made her way to saint giles cathedral where she will stay until tomorrow. and right now reporter katie joins us now live from windsor castle in england with a look that all that has transpired today. and katie, it's technically a m

congressman, treasury secretary janet yellen she is warning inflation is a major problem.ned the white house downplaying it. she also says we're not in a recession by two quarters of contraction. watch this. >> inflation is way too high and it is essential that we bring it down and that something that americans feel every day and, i think it's what is causing them tremendous distress. >> increases in prices are only having transitory effects on inflation. >> transitory,. >> transitory. president biden: trans power. >> the biden administration tries to downplay the inflation issue like it's a non issue. it is the pocketbooks of every american in this country to the tune of 8 1/2 to 9% for a family. elizabeth: what do you say, congressman? >> well, i mean i would say on the one hand i'm glad she is finally admitting we have inflation. on the other hand trying to deny we're in recession, we have the textbook definition of recession is back-to-back negative growth quarters. i leave detailed economic analysis to the former cbo director there. he knows more about it than i do bu

yellen: before i get started, i just heard the sad news does the queen of england has passed. our thoughts are with her family and the people of the united kingdom.

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yellen said that europe plans to stop buying oil from russia this winter.upplies that will be in existence. that point the eu wants to stop russian oil tanker shipments to europe and halt companies from giving assurances to russia that it can sell oil elsewhere. yellen says that capping russian oil prices would help hold back us. gas prices. we'll see what happens. meanwhile, congressional lawmakers want to know more about how airlines use their covid relief funds. they're asking the treasury department to see if the money was potentially used for pilot buyouts. early retirements or staff reductions. lawmakers believe those actions could have contributed to the pilot shortage and the thousands of flights that have now been delayed or canceled the summer. the money was given to ensure that airlines preserve jobs and compensated workers not paid to have employees go. >> 8.26 is the time right now. and coming up next on the kron 4 morning news. we continue our coverage of the queen's ceremonies and the funeral eventually that is happening in london. this is a

yellen said your plans to stop buying oil from russia this winter. and that could mean short supplies. the eu wants to stop russian oil tanker shipments to europe and halt companies from giving assurances to russia that it will sell oil elsewhere. yellen says that capping russian oil prices would help hold back us. gas prices. see what happens. >> it's 6.27. coming up next on the kron, 4 morning news. what one east bay police department is doing to try to deal with increasing crime. reggie bush had something important taken from him, so wendy's is returning it. it gives me great honor to return this to mr. reggie bush. the pretzel pub. [ cheers and clapping] let's go! back with its rightful owner. come on. sike, don't touch my burger. yes sir, can't take this one away from me. we haven't told him it's back for a limited time. choose wisely, choose wendy's pretzel bacon pub cheeseburger. have you seen my new phone yet? it like, folds in half. i would never switch to samsung, i love my phone. what??? ♪ (...it folds in half.) you see i love my phone. i

i do agree with janet yellen that we need growth. pro-growth policies to get us out of this i would call a soft recession. so they have to raise interest rates because of inflation, but let's do things to grow the economy by producing more energy, bill. >> bill: austan, can you predict today the man of optimism today, can you predict a soft landing? >> with the interest rates going up as fast as they were going on the fed side, i think that dangers of not soft landing are getting higher and higher. i would be a little careful promising soft landings when we are in that environment. but just be careful if you start going down the road that says what we ought to have our big tax cuts like the trump administration. the u.k. just proposed that and that is what is leading this massive sell-off. >> bill: that is what we should be doing. >> would be doing exactly what it does doing in the u.k., which is tanking the stock market and everyone is panicking. >> we revived in the economy through tax cuts, austan, let's do it again and it did it

. >> carley: yesterday janet yellen issued warning about the federal reserve and how it could combatow successful they might be. take a listen. >> the fed will need great skill and good luck to achieve what we sometimes call a soft landing. i hope, i believe there is path to accomplishing that. >> carley: how do you feel about those comments and what do the next few months look like? >> brian: good luck when the federal government spends and you're the fed trying to bring down inflation. this is the problem with this administration, self-defeating economic policy. fed raising interest rates to cool things down and bring inflation down and this government is saying, we don't care, we're going to spend and forgive loans, working against themselves. the people who pay are the american people, the prices are still at extraordinary levels most can't handle. >> carley: the president is celebrating signing of the inflation reduction act today. >> brian: they are acting like that matters, it doesn't matter. that big does nothing for inflation except raise inflation. this is a problem, inflat

all this as treasury secretary janet yellen he heads to detroit expected to vow to rid the nation ofrack when some dude tells women you should be perfectly fine with ran interior temperature 78 degrees, began there is a crisis, in electricity generation that is made by gavin newsom, and the left wing liners very moving from base-load power natural gas, nuclear and even coal relying on unreliable fuel sources like wind and solar. >> two thoughts, one, yes, i agree california is an extremely cautionary tell a for country big cautionary tell a whet imprint, is europe like you mentioned during last your europe biggest cautionary tell a this winter people will die in europe because they cannot heat homes if we continue to follow their trajectory how going about groan new deal shenanigans, california big bear mammoth have snow large northeast west of the midwest places like that there will be people that die because janet yellen front aoc says green new deal get rid of fossil fuels another thing entirely when janet yellen a woman, who has capacity and ability to effect monitor policy says

that would be an effort led by treasury secretary yellen, as you know the treasury that leads the currencyotiation efforts right now, i think, again, the hurdle -- again, never say never, but i don't think it's imminent, though druggen midrukenmiller earlier, listen to what he said. >> i don't know, you've been wrong on a lot of things, but since you do it for a living, that's our forecast, recession in '23. >> what is the likelihood? >> i think we'll likely have a recession, it may be a mild rece recession, but i think we'll have a recession i don't thinkist necessarily a hard landing, as stan appeared to imply the last two recessions were the two worst since the crash. we can have a recession when the growth slows, the unemployment rate rises, obviously it's no good if you're losing your job, but it's not cataclysmic i think we can avoid a severe recession. >> so my final question is, you're going back to pimco, you always have an eye on the markets. >> yeah. >> the question is, are we starting to see the peak in treasury yields, with a two-year yield having soared, and the ten-year abov

at 2:00 p.m., treasury secretary yellen is in detroit to give an address on president biden's economic agenda. on c-span at 7:00 p.m., president biden speaking at the dnc 2022 summer meeting at maryland national harbor. on c-span two at 9:00 a.m. eastern, chair powell talks about the state of monetary policy. at 10:00 a.m., senators returned to work on judicial nominations. these also stream live on the c-span now video app, which is free to download on your mobile video device. ♪ >> high school students, you are invited to participate in this year's c-span studentcam documentary competition. in light of the upcoming midterm election, feature yourself as a newly elected number of chris. -- member of congress. make a five to six minute video that shows the importance of your issue from an opposing or supporting perspective. among the $1000 in cash prizes is a $500 grand prize. announcer: next on c-span, education secretary mcgill cardona reviewed the biden administration's student loan forgiveness plan. he talked about teacher shortages and alternative requirements for filling vacancies

inflation that janet yellen ignored has the markets down to its lowest point since nove november 2020. >> i believe there is a path through this that can succeed in bringing down inflation while also maintaining what i think all of us would regard as a strong labor market. >> laura: how was she even employed? the supply chain that mayor pete was supposed to address? it's still messed up. >> over $1.5 billion are going into awards ac across the county announced today to build that world leading transportation system. strength and supply chains, create jobs, advance equity and improve economic opportunity. >> laura: china is on the move in south and central america. even funding russia's war in ukraine. john kerry, the climate czar is left begging china to keep focusing on climate change. >> what can be done about china? there is reluctance to participate in affairs of climate control that other nations -- >> interestingly enough, china has a plan. more electric vehicles, then all the rest the world put together. >> you get the drift here. america is humiliated, that clip from john kerr

meantime treasury secretary janet yellen is in michigan promoting the economic agenda.cies pulling in two very different directions electric cars, yellen is at a ford facility. today gm is pushing its lower priced electric equinox. with the electricity grid in shambles is the country ready r

yesterday treasury secretary janet yellen said there is concern the federal reserve strategy to bring down strep inflation by hiking rates. >> we will need great skill and some good luck to achieve what we sometimes call a soft landing. i hope and i believe there is a path to accomplishing that. speak with the rate of cost rising slightly in july, 85% year-over-year compared with jen's record 9.1% surge by the inflation decade high. and in a gains could be sunk again. janet yellen admitted yesterday gas prices may see a spike this winter to make winter and did so while traveling on a multistate tour handling of the economy midterms. here is senator tim scott. >> here is the truth about the issues that matter to the american people. the economy inflation and gas prices have been for the top three issues and without question the social issues presents an opportunity for us to have a conversation with the american people about what matters to them. >> democrats continued to push electric vehicles, pete buttigieg with appreciation for california's gas corp. he set to take effect by 2035.

. >> next, treasury secretary janet yellen talks about the state of the economy and recent actions taken by the federal reserve to reduce inflation. hosted by the atlantic, this runs about 25 minutes. >> thank you, secretary, let me start by asking you about the broader biden economic agenda. the federal reserve chairman job that you used to have, yesterday forecast a world where interest rates will be reaching 4.6% in 2023. he said this was unfortunate but unavoidable. i know you don't want to second-guess someone who has a job that you once had. let me ask you, what are the implications for the american economy? >> first, let me say i think inflation has been running at an unacceptably high rate. it is a huge issue for every american household, it is leading to a great sense of economic insecurity for americans, and we don't want to see it become endemic. i live through the 1970's when we had a long period of high inflation. it is president biden's top economic priority to get it down and that's what the fed is trying to do. some of the inflation is coming from supply chain bottlenecks

with my opposite number, secretary yellen and i have been working.e to announce the oil price cap, so that putin doesn't profiteer from the very high oil price. hopefully it will mean that we won't have an oil price shock next year. it's an important moment for ou g7, and the countries we can bring in from the oil price gop. >> let me ask about that. secretary yellen went to this hope that she has, that the countries will come together. as i understand it, there's a critical meeting on this, on putting a price cap on russian oil. i understand the desire to do that and the goal to reduce russian revenue from oil, as well as continuing it to flow to the markets. you don't have an energy crisis. however, there's a number of skeptics where russian officials would outright refuse to sell at that price. and critics, including the head of the markets at citigroup, who say essentially, if you do that, the risk of doing that, they find other ways to sell, they get around the cap and that avoids the sanctions efforts and creates broader issues. aren't those co

treasury secretary janet yellen is in detroit to give an address on president biden's economic agendaalso on c-span at 7:00 p.m. live coverage of president biden speaking at the dnc 2022 summer meeting at maryland national harbor. on c-span2 at 9:00 a.m. eastern federal reserve chair jerome powell talks with the state of monetary policy and at 10:00 a.m. senators returned to continued work on judicial nominations. these events and programs also stream live on the c-span now video app which is free to download on your mobile device. >> next, former obama administrator security officials talked with the fbi search at mar-a-lago and the potential legal implications. since this conversation a federal judge authorized a special master to review the documents that were seized. the "washington post" also now reports classified materials allegedly contained information about the nuclear capabilities of an undisclosed foreign government. >> so, as you know we offer informative discussions on the critical issues of the date with the highest caliber will thought leaders and experts read today th

yellen told me india is already making long-term contracts with russia at lower prices. >> absolutely> it's a very challenging issue. kyiv has been begging western leaders for weeks now to get serious about trying to find a way to stop the flow of dollars going to russia in exchange for its oil export. one of the terrible ghastly ironies of the last six months is moscow has had a huge surge of money because oil prices have been rising. much of that money is going straight into the war effort. they're looking at ways to try and stop that other than outright fan. one of the most important weapons the west has which has not really been discussed much recently but is starting to be seriously embraced is this idea of trying to act on shipping insurance. it's critical, because if tankers can't carry the oil around, that would potentially hurt the russian government. one of the biggest problems is one of the biggest single sources of gripping right now is greece inside the european union. it will be interesting to see what happens next in terms of brussels and washington and how much pressur

over the weekend janet yellen said higher gas prices do remain a risk joining us is former federal reserve vice chair roger fe ferguson is there any number that could come out tomorrow on inflation that would alter the course for the fed at next week's meeting >> you know what, i really don't think so there's a hope that the headline cpi number will come in a little lower. survey of economists show it comes from 8.5 to 8. the core last time came in at 5.8 might move up and down a few tenths i don't think there's any number that's going to move them off the currently market expected and likely 75 basis point move in september. >> but inflation expectations have come down, roger, if you look at break-evens and the swaps. do you think inflation will come down rapidly from here >> i don't think it's going to come down rapidly from here for a couple of reasons. one is something secretary yellen talked about, which there's always a risk of surprise that drives commodity prices oil back up secondly, labor markets continue to be very tight the most most recent reading shows, roughly, two job openi

janet yellen was standing at a ford plant or a ford innovation center.ry secretary there because it's getting regulatory lift and subsidies and handouts from this administration. this government. that being said, as mick mulvaney said yesterday, biden of course is going to lambast conservatives here, there and everywhere because he can't talk about anything that he's done for the american people. that's all he's got. he could talk about his dogs, i suppose. that might make him more likable. but where's the one that used to bite people? [laughter] maria: yeah, that's right. my favorite op-ed from the editorial board in the wall street journal was today. it's my favorite op-ed in a long time, by the way. by the editorial board. it was janet yellen's fantasy economy, it goes that is exactly what she sounds like. she is living in fantasy land. yesterday from the ford plant, she doesn't even mention we're in contraction. hello. the first six months of the year is a contraction and they write, u.s. inflation has been substantially home-grown, joe. trillions of

both vice president harris and treasury secretary janet yellen yellen joining the white house's victorygoing on for about a week of their latest tax-and-spend bill. that is what people are blaming. it is igniting inflation. even experts like the cbo, upenn wharton says that bill does not cut inflation at all. edward lawrence at the white house to break it down. edward? >> well, liz the white house downplaying impact of inflation. clearly voters are upset. in a "fox news poll" only 29% of registered voters approve of the president's job on inflation, similar numbers on the economy, more than half of people disapprove of the job on energy and climate change. when you dig deeper into the inflation numbers, 78% of inflation caused financial hardship past six months. senator rick scott said in the midterms will vote based on the economy. >> that is why they will reject democrats in the fall. we'll get a majority back in the house. get a majority back in the house. the biden administration is completely unpopular. reporter: president biden answered question that grocery prices are up 14%. he