chair powell: no. i will tell you why we didn't raise rates. without the inflation was transitory. i can show you forecasts from the end of 2021 by us, by staff, other blue-chip. everybody thought was going to be transitory. that's why we didn't raise rates. >> i also distinctly remember hearing you and secretary yellen at the time were sitting next to each other and it look like he visibly scooted away when i asked you both whether it was still transitory, and you had for the first time ever a separate answer. her answer was yes, he still was transitory. he gave a very fed speak answer of, we no longer believe the data shows that. so no, and we kind of go to chair hills point, we think it might've been a little late on that. back to the review, i'm curious what sort of input are you looking for from the public and from congress as you go into that review? fed chair powell: from the public we will do a series of fed lessons events which are very successful the last time and involves a sitting down a me

chair powell: chair powell: did -- chair powell: this is a real treasury question, but i think those buyers will be factoring in their assessments of the supplies coming, which may be part of the reason the term premium has increased, as you know, over the course of this year. though you know the rates have been going up and down lately, back to almost where they were before the election. sen. mccormick: i know that the fed has been moving forward with comprehensive changes to the distressed test process. can you discuss how you are thinking about reducing the volatility of the results and increasing transparency on the stress test? chair powell: we will release the models, clean them up, put them out for comment. in terms of volatility, we are also going to release the stress test scenarios before we implement them. in terms of volatility, what we said we would do is average the changes. the problem is, the stress capital buffer can move up and down because of volatility in the results. it seemed like an idea -- a good idea to smoothed that out over a couple of years. we are putting

fed chair powell: we're monitoring them carefully, yes. >> thank you. i yield back. >> gentleman yields back. >> thank you, mr. chairman, and thank you very much, chairman powell. good to see you. i did recently chair an oversight subcommittee hearing and during our hearing, we revealed evidence that the fdic directly pressured banks to debank crypto. what do you think of that situation? fed chair powell: so it's, i think we're all struck at the number of complaints and the breadth of them, and you know, want to understand we want to take a fresh look at this at this area. it's not something we're not telling banks that they can't bank certain people from certains anything like that. nonetheless, we're hearing these things, and i take at least some of it is real. so we need to, we need to understand it. and stop it from happening because, and you know, if you look at what the banks are saying they're really saying that a lot of this is that the enforcement of any money laundering is so tough that at any sign, any flag at all that gets raised, they just c

chair powell: i'll be glad to. we considered this really at length, and we did decide to withdraw from the ngfs. really, the reason is the work that they do has broadened very significantly. think about nature-related risks and biodiversity and things like that. in addition, the work of the ngsf is in significant part intended to, and this is a quote, mobilize mainstream finance to transition to a sustainable economy. so we join to get the benefit of understanding what other central banks were doing and seeing research and things like that. i think this is just way beyond any plausible mandate that you could attribute to the fed, and so we have a narrow role, as i said many times, and i think that the activities are not a good fit for the fed, given our current mandate. so i just think it was time to acknowledge that, you know, the process dates back, thinking about it dates back a couple of years. i made the decision to bring this to the board some months ago. it just, the process just took time to get here, and t

chair powell: correct sen. marino: it is disingenuous to hear my father talk about inflation when they caused it. you work at the department of treasury. at what point do you think they were going to run out of ink? did it concern you it was possible that they were printing so much money that the treasury would have to find alternate ink suppliers? chair powell: it did not occur to me, but good question. sen. marino: something that concerns me a lot is the idea that we would look at -- like china in any way. can i get your commitment that we will never have a central bank digital currency? chair powell: yes. >> it makes me happy to hear you say that free is something that matters to me and entrepreneurs all over the country is why can't i wire somebody money at 6:00 p.m. eastern time? can we get a 24/7 scenario when wires are cleared every day all day? i think that would be very helpful to businesses all over the country. chair powell: that's coming, just slowly. we have that at fed now. we will get in touch wi

chair powell: yes. there was a lot of reason to be concerned about downside risk in the labor market toward the middle of this year but that concern has diminished significantly. the labor market is very strong. the evidence in my view is that the neutral rate will have risen meaningfully from what it was, clearly very low before the pandemic. but i think it has moved up and many of my colleagues feel that way too. sen. hagerty: i would like to turn to what seems to be a popular topic at this point and that is the cfpb. in your response to the question earlier, you confirmed that when the cfpb submits quarterly funding requests, the fed is not in a position to exercise any discretion over what the funds are used for. chair powell: as long as it is compliant with the law. sen. hagerty: it just strikes me that the fed is not in a position to hold the cfpb accountable for what it does or how it spends its money? congress has not been allowed to hold the cfpb accountable for what it does or how it spends it

fed chair powell: fair. >> ok. like to understand from you is, does that create a conflict of interest for the united states government? because if we have if we have information about climate change being scrubbed from our data sets, and we have a white house that would like to sell fannie and freddie. are we committed to efficient markets that depend on accurate transparent information, or are we committed to making a quick buck, in which case we might want to have, we might want people not to be uninformed? is the fed committed to transparent markets, i guess is the first question. and, and then the second one, do you feel that conflict? fed chair powell: i think we're getting a little away from my from our mandate at the fed. i mean, the idea of privatization is to get private, get this off the balance sheet of the of the fed and get it into get private capital backing it up. >> sure, and there would be good reasons for that. but if that if that is coming at the expense of value to the american taxpayer, we nee

and welcome, chair powell. chair powell, i am worried about these tariffs. and i want you to kind of share with us your thoughts on these tariffs. i think the president is wrong here. tariffs can cause a terrible situation to the economy. i am concerned about the inflationary impact on tariffs and where cost increases from the tariffs. there is a cost to these tariffs. and we need not move into this area blindly. and some of these costs will be observed by business companies, but there are other costs that will be borne by the american consumers. we don't even understand it. and now you have the president using these tariffs as a means of fighting. everybody is not going to be mexico or canada. and while we've got a little time, i want your thoughts on the dangers of these tariffs. the stock market is anticipating rate cuts. what will these tariffs do about that? does the fed see market stability as a factor in its decision-making process when considering the rate cuts? and here is specifically what i want you to get to. in light of the president, and polite

fed chair powell. >> second day on the hill. >> financial services. >> we'll get to the q&a session as soon as that begins. >> meantime dow. >> again off the opening. >> low down 350. >> we empower those. >> who act. >> those who see. >> the correlation. >> between things above. and things below the surface. >> those who navigate. >> risk by meeting every turn. >> with a heightened awareness of what's possible. >> constant assessment. determine the. >> best position. catch the >> best position. catch the perfect wave. (morgan) we're all looking for someplace to call home. but first, you need a place to look for a place to call home. and that's homes-dot-com. because it's the best. (lawyer) i told you, you cannot legally say homes-dot-com is the best! (luke) what if she says it, as morgan freeman? (marci) homes-dot—hold on, i can get this. homes-dot-com. (lawyer) no. (luke) well, how can we not say it... if that's our new name?! (lawyer) i give up. (luke) homes-dot-com-is-the- best-dot-com. when i started walton goggins goggle gl

powell: we are monitoring them carefully, yes. rep. gonzalez: i yield back. >> chair of our -- [indiscernible] >> thank you, mr. chairman, and thank you very much, chairman powell, good to see if i did share an oversight subcommittee hearing on banking. we revealed evidence that the fdic pressured banks to to debank crypto. what do you think of that situation? mr. powell: so i think we are awestruck at the number of complaints and the breadth of them. we want to take a fresh look at this area. it is not something -- we are not telling banks that they can't bank certain people from anything like that. nonetheless, we are giving these things, and i take at least some of it as real. we need to understand it and stop it from happening. if you look at what the banks are saying, they are saying a lot of this is that the enforcement of money laundering is so tough that any flag at all the gets raised, they cut people off, and they can't explain that may be part of it. we need to do some work to get to the bottom of it. >> hundreds were pretty clear that we should avoid doing

sharon powell give -- fed chair jay powell will give senate testimony. the expectation is he will highlight the resilience of the economy as a reason the fed can wait to cut rates and digest the impact of trump's policies before acting further. on the geopolitical front, friday, we had to munich for the security conference. the focus is the war in ukraine. elliott takes a significant stake in bp as it looks to shakeup the struggling oil maker. we will bring you the details next. this is bloomberg. ♪ lizzy: bloomberg has learned elliott management has built a significant stake in bp. sources say elliott once to boost value by pushing the energy giant to consider formative measures. more detail with anthony. notably over the past five years bp is down about 8%. shell is up at least 30%. is this the crunch point? >> bp has seemed to be at a crunch point for a while and harkens back to the days of deepwater horizon exploding and the gulf of mexico around 2010. at the time bp was considered a target because the market cap crashed and the unthinkable came out

chair of the financial services committee. look out for that hearing with chairman powell later. regulation. how nice it is to see someone chair the committee with financial experience. lisa: we were talking about that. i want to see what he's going to ask jay powell. maybe he can tell us over the break. jonathan: kicking off at 10:00 a.m. eastern time. up next, bill dudley on submitting dollar dominance. that conversation is of next. -- up next. ♪ -honey... -but the gains are pumping! dad, is mommy a "finance bro?" she switched careers to make money for your weddings. oooh the asian market is blowing up! hey who wants shots, huh?! -shots?? -of milk. the right money moves aren't as aggressive as you think. the way i approach work post fatherhood, has really trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families like my own. in the average household, there are dozens of connected devices. connectivity is a big part of my boys' lives. it brings people together in me

futures lower on both sides of the pond as we await testimony from chair powell to hear how the fed is thinking about the tariff the rate -- tariff threat implications. we flip the board over and japan is on holiday today so you have no cash trade in treasuries but gold inching towards $3000 because of this risk off mood. and we have brent crude trading at $76 a barrel, boosted by our scoop that the activist investor elliot has taken a stake in bp. you have the pound trading, digesting these comments from the bank of england she decided to go from arch :00 to arch dove. and we have bitcoin trading just over $98,000 as it processes this. but we have breaking earnings on the terminal. unicredit results for the fourth quarter coming in now. 1.9 $7 billion so a beat on the estimate of 1.6 2 billion euros and unicredit's full-year 2024 total distribution coming in at 9 billion. the estimate is -- was 8.6 billion euros and we will be speaking exclusively to the ceo of unicredit tomorrow at 9 a.m. london time. plenty to discuss, not least how he has been rubbing out with the governments in be

rates from fed chair jerome powell.dow jumping 123 points, the s&p just eking out a small gain, and the nasdaq falling about 4/10 of a percent. shares of coca-cola leading the dow today, the stock jumping nearly 5% after the soda maker reported earnings and revenues that topped estimates this morning. net sales growing 6% for the quarter, fueled by rising global demand. shares of meta further extending its record winning streak. the stock closing at another all time high, notching its 17th straight day of gains. the stock is up nearly 18% in that time. shares of t-mobile hitting a fresh all time high today that stock up nearly 60% over the past year and some after hours action. shares of gilead higher after beating expectations on the top and bottom line. doordash earnings in line with estimates and a lending platform. upstart surging after hiking its q1 and full year revenue guidance. meanwhile, president trump has had a busy first three weeks in office announcing increased tariffs and a massive deportation plan, restr

fed chair powell indicates that.s where he. >> intends to be. >> you got two inflation reports that matter plus a jobs report before the next meeting. plus you also have this comment from the treasury secretary that well the administration is targeting the ten year whatever that kind of means that there you know, i think it was an explicit, you know, way to take a little bit of the direct pressure off this idea that they're going to be hammering for rate cuts on the short end from powell. interesting that he says housing has stabilized, maybe, but at a kind of a pretty, you know, kind of tough level. that's not necessarily a big source of growth for, for the economy just yet. but i think, again, preserving optionality and characterizing things as if they could, you know, go either way, but are in a good place seems to be the message. yeah. i mean, take a look at, say, the homebuilders, for example, coming way off of the highs of october. the other little wrinkle that will be attuned to is the discussion about fed ind

fed chair powell saying the fed is in no hurry to lower interest rates.emiannual senate testimony today. it continues tomorrow. but my next guest expects four yes four rate cuts this year. wishful thinking. or will we all come to realize the state of affairs? barry knapp is director of research at ironsides macro. barry, i appreciate that you're sticking with this. people have been chucking out their forecast left and right and saying maybe it's going to be no cuts. >> well, there's. >> a little. >> bit. >> of complexity. >> to all this because it doesn't imply significantly my forecast doesn't imply significantly easier policy, something. >> you and i have been discussing. >> for three years is how suboptimal the fed's tightening process was by passively unwinding their balance sheet after that was their primary mechanism for easing and aggressively raising the policy rate they made. they kept policy easy for investment grade, longer term fixed rate borrowers, but they tightened policy sharply for floating rate, high yield borrowers, households living pa

chair powell: we are close but not there.ou did see the inflation print which says the same thing. we have made great progress towards to present. last year inflation was 2.6%. great progress but we are not quite there. we want to keep policy restricted for now. sonali: joining us now, the chief fixed income strategist and director of quantitative research at morgan stanley and the head of the custom income strategies and portfolio manager at loomis sayles. when you looked at the cpi data and ppi data, there is a lot of hope that the pce will actually show to be quite promising. do you think that there could be risks to that kind of thinking? >> i agree with that expectation. if you take the cpi data, which is clearly hot but there were a lot of one-off items, but the ppi data was certainly much more helpful. and you look at the pce, which is what the fed focuses on. that is the fed's favorite measure of inflation. we are expecting that the core pce, when we get that data, in a week or so, we expect the number to be like a .2

fed chair powell starting his system to lawmakers.tinual with earnings which we're more than halfway through. but we do get some big ones. coca-cola carrying. wednesday, we get cpi data. powell continues his testimony on that day. and all of those earnings, you have c.v.s., robbenhood, reddit. and friday is valentine's day where we do absolutely nothing just kidding. retail sales and valentine's day are associated. are they? i don't know if they are anymore. and we also get earnings from hermes. we will be absolutely watch the cpi data next week for more clues as to what the federal reserve should do how strong the economy is and whether we're making any more progress on inflation. r balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on tr

stocks a little lower going into fed chair powell's congressional testimony. " inflation would be modestly negative for stocks. it might be muted by the positive inflation messaging." good to see you. . does chairman powell have a positive story to tell? stuart: i think he will try to stay as much as on script relative to the january fomc as he possibly can. they take it seriously, which is a surprise to some people. the wages data. in general, they will repeat the strong underlying growth narrative and atlanta gdp rate. they have been very selective about which inflation metric they choose to make sure it is the best of the bunch. jonathan: let's be selective and take the data from friday. wages hotter than expected. average hourly earnings with an upside surprise. the outlook for inflation ticking higher. is that sufficient to constrain the easing bias he is still that he still communicated at the last conference? stuart: i do think it is enough to change just yet. we had a big upside supplies last -- surprise last january. it's a survey of less than 500 cons

fed chair powell going to give a second day of testimony today, already telling congress the central bank doesn't need to rush to adjust interest rates, saying officials will be patient before using further. >> without policy stance significantly less restricted, restrictive than it had been and the economy strong, we do not need to be in a hurry to adjust our policy stance. we know reducing policy restraint too fast or too much could hinder progress on inflation. lizzy: let's bring in valerie. we didn't see much of a change to the rate cuts off the bat but will we see more from day two or the cpi print? >> he repeated a lot of the lines he told us in his january press conference. not a lot of new news from powell, reiterating they are in no rush to cut interest rates. he attempted to wade into the politics and the q&a but again, he pushed back on it, saying they don't speculate on any of these economic policies coming out of trump especially when it comes to tariffs. he said it remains to be seen what policies will be implemented. it would be a responsible to speculate. he said some

investors will also be watching fed chair jay powell.e's back on capitol hill for another day of testimony on the economy. powell second day. it wouldn't normally get as much attention. but lawmakers they could ask for his reaction to cpi. yesterday the fed chair told the senate banking committee the fed is in no hurry to lower its rates. if the economy remains strong and inflation does not continue to move sustainably toward 2%, we can maintain policy restraint for longer. if the labor market were to weaken unexpectedly or inflation were to fall more quickly than anticipated, we can ease policy accordingly. >> for. >> joining me now is gene goldman, chief investment officer at cetera financial group. gene good morning. great to see you. >> hey good morning frank. >> how are you? >> so, gene, i'm looking at my notes right now. you say the fed's not as good of a friend as we kind of thought it was before, but i want to ask you, doesn't a good friend tell you the truth? i think jay powell has been very forthcoming. he's been transparent. i

chair powell: thank you. [gavel falls] >> we will take you live now the capitol hill, a rally in favor of the civil service. we expect to hear from democratic lawmakers and others. live coverage on c-span3. >> we are not going back to a civil service that was filled with political hacks who cared about their own interests, not america's interests. not the interests of americans. you do that work every day. we talk up here and we sandpaper out, -- and we send paper out, but we don't get the work done. we don't tend to the people in the hospital. we don't tend to the people who have a fire. we don't tend to people who have people breaking into their homes and they need us to come. you do that. you make a difference every day in the lives of every american. and that is why you are out here. that is why my fellow members are out here in the cold, because we are not too cold to fight back. we are not too cold to take a walk somewhere. we are not too cold to not know what is being done to america and americans. not

but let's listen to this back and forth between senator kennedy and chair powell. and we can talk on the other side. >> the fact is, knock on wood, we have experienced a soft landing, haven't we? >> not for me to say, really, i'll let others have. >> we experienced a hard landing. >> no. >> we sure? are we in a recession? >> no we're not. >> i call that a soft landing. and it seems to me that you and some of the ladies and gentlemen who are your colleagues at the federal reserve behind you, deserve some credit for that. >> thank you. >> i don't know why you don't take the credit. everybody else in washington, d.c. does. >> i thought that was really interesting. that exchange. nick, why doesn't he take the credit? why is now not the time to declare victory? >> well, i don't think he's ever going to declare victory. what's the what's what's to be gained from doing that? it could all, you know, fall away at some point down the road. but i agree with you. that was the most interesting exchange of the hearing with members of congress are unhappy with the recent conduct

fed chair powell telling congress today he's not in a hurry to do that, as cutting interest rates can actually drive prices higher. today's report reinforcing just what a challenge it will be, david, to get inflation back to normal. david? >> david: rebecca jarvis right here in new york. rebecca, thank you. >>> tonight, the senate confirming one of president trump's most controversial nominees. tulsi gabbard has now been sworn in as director of national intelligence. and tonight, news robert f. kennedy jr. has passed a crucial hurdle on the eve of his confirmation vote. rachel scott up on the hill tonight. >> reporter: tonight, the senate voting to confirm one of the president's most controversial nominees. former congresswoman tulsi gabbard as the new director of national intelligence. america's top spy. >> yeas are 52, nays are 48, nomination is confirmed. >> reporter: all democrats voting against gabbard. and there was one republican holdout -- senator mitch mcconnell, the former republican leader. mcconnell saying gabbard's record makes her unworthy of the highest public trust, ci

fed chair powell telling congress today he's not in a hurry to do that, as cutting interest rates can actually drive prices higher. today's report reinforcing just what a challenge it will be, david, to get inflation back to normal. david? >> david: rebecca, thank you. >>> tonight, the senate confirming one of president trump's most controversial nominees. tulsi gabbard has been sworn in as director of national intelligence. >> rachel: rlts upachel scott u the hill tonight. >> reporter: tonight, the senate voting to confirm one of the president's most controversial nominees. former congresswoman tulsi gabbard as the new director of national intelligence. america's top spy. >> nomination is confirmed. >> reporter: all democrats voting against bab gugabbard. and there was one republican holdout -- mitch mcconnell. cite what he calls a history of alarming lapses in judgment. including her refusal to denounce edward snowden as a traitor. gabbard also faced criticism for visiting former syrian dictator bashar al assad. and accusations of appearing sympathetic to vladimir putin. but tonight

that's what we have heard from chair powell and in congressional testimony.ink they will get some of that in the p.c.e. reading. you want to be careful here. we have c.p.i., p.c.e., year on year, three month. you can look at these different metrics on inflation. when you dig into the details, the fact that shelter inflation is slowing down i think that will give fed officials confidence that we are getting some slowing. in terms of what the p.p.i. number means, i think part of the reason the market is reluctant to react is you have to look at the detailed categories and how they're going to play into the p.c.e. reading. jonathan: andrew, let's stay on the details then of the when you think about the sources of inflation, energy, goods, services, what do you think the source of disinflation will be through the next year or so? andrew: i think the single biggest factor that is causing me to be confident and i think will cause fed officials to be confident that inflation is slowing is a slowdown in shelter prices even though we saw stronger overall reading for c

today, the labor market is in a good balance and unemployment at 4% and jobs to worker numbers and chair powell balance than they were a few years ago. leading the federal reserve going to increase and holding rates steady is still for some sectors of the economy, small businesses you borrow a lot and residential conn construction. that is still going to be a drag. liz: tariffs, president trump slammed 25% tariffs on all incoming companies on steel and aluminum. looking back to 2018 when you were at the fed. in 2018 of march right after president trump announced first steel tariffs during his first presidential go round. here's what consumer price index numbers showed. they started ticking up. it was not a pretty picture. march 2.4% then april 2.5. may, 2.8. june 2.9 and peaked in july 2.9% and started going down and coincided with the fed hiking rates to tamp down inflation. if the tariffs are enacted, do you expect that we will continue to see a trajectory similar to that where we continue to see inflation go higher? >> certainly possible that tariff goes up depending on the sector and how bi

the fed chair powell yesterday saying that they will sit tight on interest rates for now.hanges, huh? powell speaks again in 30 minutes so we'll watch and listen for that. stand by for more. meanwhile you have democrats taking to the streets or the parks in washington, d.c. to protest doge's efforts to slash government spending. some within the party are warning lawmakers to pick their battles. it could get hot in 30 minutes. chad pergram has more from the hill. good morning to you. >> bill, good morning. democrats are dogging doge launching daily verbal broadsides against doge, president trump and elon musk. it is white hot rhetoric from the left. they speak of the president and musk in profane terms. >> i just want to correct what a couple of my colleagues said. they used that word in front of donald trump's name. what they meant to say [bleep]. donald trump and elon musk. >> i don't swear in public very well but we have [bleep]. >> bill: liberals conduct regular demonstrations as federal agencies threatened by doge. yesterday they rallied on capitol hill with members of

to the market, fed chair jay powell's on capitol hill today and tomorrow for his semi-annual testimony on the state of the economy. how will his testimony today affects the markets? which, by the way, are down right now? the dow, s&p and nasdaq all in premarket negative activity. that could change during the course of our show. on the hoe today, the department of homeland security is now looking to deputize irs agents firm gration enforcement to to help dig into money laundering and human trafficking. and president trump is going to be welcoming a key middle east ally to the white house today after issuing an ultimatum the hamas, release all hostages by saturday or, quote, all hell will break out. it's tuesday, february 11th. "varney & company" is about to begin. ♪ ♪ billy, billy don't you lose my number -- ♪ if quds -- 'cuz you not enoug- >> incredible album, one of the best ever, by the way. certainly are the the best, i think, in 19800. phil collins, the great phil collins. a federal judge has extended the ban on trump buyout offers. good morning, lauren. lauren: good morning, david

and later fed chair jerome powell in the hot seat this hour. what will he say about pressure on the economy and from the white house? good morning. it is ten eastern, 7 a.m. pacific. i'm ana cabrera, reporting from new york. we start with the intensifying power struggle in washington. but it's not republicans versus democrats. it's the white house versus the courts. president trump's fast and furious actions to reshape and reduce the federal government now met with a series of court rulings, putting barricades in the way. president trump, vp vance and others in the white house argue the judicial branch has no authority to limit executive power on these matters. well, now, one judge says the white house is already violating his order on the federal funding freeze. so will the trump administration comply with the courts, or will the president drive the nation full steam ahead into a constitutional crisis? let's get the latest reporting from nbc news white house correspondent aaron gilchrist. nbc news justice and intelligence correspondent ken dil

fed chair powell testified before congress about two hours today. he got a lot of questions about tariffs. what did he talk about? >> yeah, by the way, the fed chair appearing at the senate not for a confirmation hearing. he has his term through 2026, so this is not him trying to pitch to senators. he was talking about the state of the economy and what's weighing on everyone's mind, it is the tariffs. the way this kind of translates into what the federal reserve does is the fed is the reason for why we have interest rates where they are, because the fed's benchmark rates are how your credit card rates and mortgage rates are set. if those get passed on, higher inflation could force the fed to not lower interest rates or raise them further which would make those borrowing costs higher. the fed chair was pressed about the impact of tariffs on their policy rate. here's what he had to say. >> it's not the fed's job to make or comment on tariff policy. that's for elected people. and it's not for us to comment. ours is to try to react to it in a thoughtful

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powell's testimony before congress coming up. this is bloomberg. ♪ lizzy: welcome back to "bloomberg daybreak: europe." u.s. micro, inflation picking up bradley for the render coating chances of multiple predicates this year. fed chairay powell says the central bank has made substantial progress toward deming inflation, but there is still more work to do. >> we are close but that they on inflation. we have made great progress toward 2%. last year inflation was 2.6%. we are not quite there yet, so we went to key policy restrictive for now. research over many years in many jurisdictions show some degree of independence is important in keeping inflation under control. hindsight suggested it would have been good if we are tightened earlier. since he would no longer be borrowing on the credit of the united states, fannie and freddie would be privately funded. there were not be any federal agency that can examine banks above $10 million. lizzy: that was jerome powell on the inflation status. get more from valerie. >> he said some interesting comments want to come to the functioning of the treasury market, backing loser banking capital rules in order that with the editing of the treasury market, saying we need to work on t

. >> to fed chair jay powell, who testified before the senate banking committee tuesday.told lawmakers the fed doesn't need to be in a hurry to lower rates. again after the fomc cut at each of its last three policy meetings. powell walked a fine line on the impact of policy coming out of the new trump white house, including tariffs. >> the standard case for free trade and all that logically still makes sense. it didn't work that well. when we have one very large country that doesn't really play by the rules. and in any case, it's not the fed's job to make or comment on tariff policy. we you know, really that's for elected people. and it's not for us to comment ours. ours is to try to react to it in a thoughtful, sensible way and make monetary policy so that we can achieve our mandate. >> austrian national bank governor and ecb governing council member robert holtzman says policymakers must act carefully, given the threat of trade curbs from the us administration. speaking to cnbc, holtzman said the central. bank should not be focused. >> on boosting. >> growth through rat

meanwhile, fed chair jay powell heads to capitol hill. house committees. and the earnings season rolls on. we've got results coming in. mcdonald's, softbank, coca-cola, doordash, robinhood and airbnb not featured. you see wynn resorts on there. i'll be paying close attention to that. and draftkings also reports at the end of the week. so squawk box. oh wait. before we get there, let's check on futures. they're green up across the board. here we go. and squawk box starts right now. >> good morning. president trump expected to announce more tariffs this. >> time aimed. at steel imports. >> while china taking its own action. while elon musk. >> is lashing out. >> at judge. >> blocked access. >> by his. >> doge team. >> to the treasury payment. >> system and fly. eagles fly. that's what you hear from. >> the fans. >> eagles fly. really? is it a song? >> yeah. >> philadelphia eagles blow. >> out the. >> kansas city chiefs. it's monday, february 10th. 2025 and. >> squawk box begins right now. >> good morning everybody. >> welcome to squawk box.

but i'm wondering whether you think, though, that it's inevitable that president trump and fed chair powell are on a collision course. you have the president again talking about interest rates. quote, interest rates should be lowered. he posted something which would go hand in hand with upcoming tariffs. let's rock and roll america. your thought here about the potential collision course between these two men. >> first of all, i love rock n roll. as you know, i grew up during that period of the 50s and 60s. so the birth of rock n roll. look, he just two weeks ago, or less than a week ago, the president said he agreed with the fed's decision to hold and very importantly, his secretary of the treasury, mister bennett, came out with the same thing. and i think he's talking about longer term rates here, because that's, again, what affects capital structure, what affects mortgages. the 1030. >> powell himself said he can't they can't do anything about long term rates i agree. >> he's i've been saying this to you scott, for the longest time. they cannot influence those rates. those are based on ex

some question marks over jobs and the market sensitive to it, because the federal reserve fed chair powell said if the jobs market weakens, we can always cut rates. but i don't think that this number suggests that that's what's happening or that's what they're going to do, especially because they're going to have to be on guard for inflation. as far as the commentary from the companies, again, mixed bag of firm was pretty bullish on the consumer. we're going to talk to max levchin next hour. consumers really healthy, he says. they're shopping. they're paying their loans back. the economy is basically fully employed, which is really solid. we're not afraid of higher for longer because we've been able to operate at these rates quite successfully. i think that's been a positive surprise, especially on buy now, pay later. skechers did have a disappointing guide. good quarter but disappointing to guide. and they did say headwinds and uncertainties like foreign currencies, which you're hearing more about and seeing the emergence of a global minimum tax regulations and the depth and length of the

president trump is urging fed chair jerome powell now to lower interest rates. , some economists continue to warn that new tariffs will only help to raise prices. >> chairs that going just add to inflation lacko rocket ship. >> the federal reserve also argues that proposed immigration, fiscal and regulatory policies could raise prices. president trump says there could be short term pain but a long term payoff. >> still ahead on kron 4, a big milestone for the san francisco bay ferry. for all those making it big out there... ...shouldn't your mobile service be able to keep up with you? get wifi speeds up to a gig at home and on the go. introducing powerboost, only from xfinity mobile. now that's big. xfinity internet customers, cut your mobile bill in half vs. t-mobile, verizon, and at&t for your first year. plus, ask how to get the new samsung galaxy s25+ on us. i'm not happy with the way that pg&e handled the wildfires. yeah. yeah. i totally, totally understand. we're adding a ton of sensors. as soon as something comes in contact with the power line, it'll turn

that was a message from federal reserve chair jerome powell today. he spoke at a senate banking committee hearing his second meeting on capitol hill this week. powell said lowering interest rates too fast could hurt progress on inflation, even though the inflation rate is above the fed's 2% target. powell says it has been easy. he says the economy is strong overall with a solid labor market. stocks say dipped a bit after powell's comments but closed with a little with little change. the dow is up 123 points, the nasdaq down 70 and the s&p 500 barely budged, just two points higher. american automakers are bracing just in case a trade war does materialize with canada and mexico. president trump ordered tariffs on steel and aluminum yesterday. there's also looming tariffs on mexico and canada, which have been paused until march. today, executives of general motors said they could absorb up to half of those extra costs in the short term, but if it drags out, they would force them to shift production plans. the ceo of ford said tariffs on canada and mexic

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but fed chair powell repeating there's no hurry to lower them on capitol hill today, and the market is now pricing in just one cut this year all the way in september. meantime, the yield on the ten year back up to 4.6%. remember last week when treasury secretary scott bessent said they're focused on getting that down? it's not happening today or likely any time soon, our trader says. but he does have some ways to play it. then there's musk sharing his vision in an impromptu oval office press conference last night. one of our guests likes the silicon valley move fast and break things approach to getting things done in washington. the other says he's just breaking things. we'll debate. let's start with that inflation number, though. coming in hotter than expected, up half a percent in january. the annual inflation rate at three. one of my next guests expected this and says the rate cut cycle is over. joining us is bank of america securities head of us economics aditya baby on set with me is andrés garcia amaya. he's the ceo at zoe financial. aditya, your boss front ran you a little bit t

indeed, our reading of both the december and january fed meeting is that chair powell and the committeeime, in part to assess and resolve some of the uncertainty that we that we've talked about, you know, coming into the year, i think all but one member of the committee thought that at least one cop would be appropriate. we heard today, for example, from president kashkari making a comment along those lines, but we also heard from. president logan, which i read her remarks to indicate that she could see scenarios where there aren't cuts at all. so again, i think there will be additional cuts, but that's really going to depend on the flow of data for sure. >> i thought. >> it i thought it was interesting. you know, obviously the president made waves, which he likes to do in his comments to davos, where he said he's going to demand. i think he used the word demand that interest rates move lower. now, the treasury secretary gave an interview this week in which he suggested they're more in tune with watching the ten year yield than they are in lowering interest rates, at least demanding tha

happening out federal reserve chair jerome powell about to testify before lawmakers for the first time since trump returned to the white house. grady trimble joining the in new york. do we know what questions? >> reporter: we expect questions about how donald trump's economic policies are going to impact the economy particularly inflation. the first time powell testified since trump took back the white house and since republicans reclaim the senate which means they are at the helm of the banking committee we've got our hands on powell's opening remarks and here's what he's about to say. with our policy stance significantly less restrictive than it had been in the economy raining strong, we do not need to be in a hurry to adjust our policy stance. maybe renault rate cut is coming but he will outline the risks of moving too fast and the risks of moving too slowly. the chair of the senate banking committee tim scott says he plans to encourage the fed chair to stay out of trump's way when it comes to crypto energy and other economic issues. >> the fed has been weapon eyes did, paying crypt

today on capitol hill, federal reserve chair jerome powell kicks off two days of testimony. powell will appear 10:00 a.m. before senate banking committee and tomorrow before house financial services committee and deliver prepared testimony before taking questions from lawmakers on issues like mon monetary policy, banking and dei and journey back to common sense, president sttrump instru ing epa to go back to water standards and posting on truth social, he is instructed lee zeldin to revert to previous water standard and flow on sinks, showers, toilets. talking about this before -- >> brian: did he just post this? >> carley: washing machines and dish washers and bringing back common sense regarding light bulbs, he says his standards were axed by biden. and super bowl lix shattered records for viewing. most watched in history. one of those viewers was jesse watters who called out steve for not keeping up his end of the bargain in a super bowl bet. >> brian: worst thing ever. what do you have to do? >> lawrence: do the right thing. >> jesse: i called it for weeks, steve big chi

. >> by fed chair jay powell and his congressional testimony yesterday. >> with our policy stance now significantly less restricted than it, restrictive than it had been and the economy remaining strong. we do not need to be in a hurry to adjust our policy stance. >> no hurry. >> means that treasury yields. >> rose this. >> morning, the ten year sitting at 453. the two year is. >> at 429. jay powell went out of his way to really just explain that we're not going to move down anytime soon. we're not going to move up anytime soon. and we want to watch this very closely to make sure that we are monitoring both of their mandates that they have to. it seemed like there was some extra language kind of added in almost interest rates. >> for dummies. >> to kind of slow. >> things, maybe on the. >> political expecting. >> a little bit. >> of political pressure. but we'll be watching day to day. we get the cpi today and that's going to. >> give us that indicator. >> those are. >> the data. >> points that that can give all of. >> us some. >> insight. >> some. >> idea into whether are we more. >>

fed chair jerome powell was asked by tim scott about the banking and scott made clear this is a huger this. >> specifically to debank certain industries. that the point i am making that we have to solve. it is legal in america to do business, we should do our part. >> reporter: the commitment scott got from powell in that hearing. >> it is fair to take a fresh look on debanking. we don't do these things that regulation leads things to happen and we need to work on that. >> reporter: this hearing with the big bank ceos is happening behind closed doors which may be we will get reaction from senators on their way out. maybe we will get reaction from ceos but this is a priority for republicans, they control the senate and the house so they have ceos on a lot. david: donald trump took the bull by the horns going after moynahan the bank of america chief. former reagan economic advisor art laffer adjoining me. talk about this new bill, the budget reveal from the republicans. it has this absurd claim that we need to set aside $4.5 trillion to extend the tax cuts. when those tax cuts have bro