so i had to find other ways why these letters to arthur burns are so because it's actually the letters between rose and milton. would only have captured their early courtship years where the letters to burns kind of capture the whole arc of his his career. and then in some cases, like, i wasn't really able to say exactly how did influence the writing of capitalism? freedom, because i wasn't able to find any drafts of the book or really any correspondence with the publisher about. and that was very curious to me. and that makes me think that probably rose friedman was worried someone like would come along, decided to kind of all that more personal material out of the archive. and so i guess i can understand her point of view and every every biography has its challenges, and you never all the sources you want. but i did my best to kind of show their family life, although i was restricted in what i could really document. how was their family life? so, so apparently it an economics seminar and then you a, you know, just nonstop and debate they had a code for saying four apologize saying i'

charles: of course his greatest fear, jay powell, without a doubt is being arthur burns two.e will go longer, let this thing linger. i think he would rather have a recession than a spike in inflation. let's talk about that the atlanta fed first quarter stuff is out, gdp estimates. now january 26 they were at 3% gdp. prices, pce at 6.3%. that was a week ago. now we're 4.2%. look at this pce exploding, 4.9. this is to your point, there is no way in the world you can cut rates with this, can you? >> no you can't. keep in mind the atlanta fed did. gp, analogy, like the marathon, you are at the seven mile mark and still have 18 miles to run in the race, we'll see how it goes. you can't cut rates, directly, people say higher interest rates are restrictive. look at the numbers. what is it restricting? it isn't stricting a whole lot. jay powell is correct, look, we can wait. the stock market at all-time highs. the economy is moving along. where is the restriction? who is being pinched. now somebody is but economy-wide you really aren't, and if you aren't being restricted then you kno

he doesn't want to be arthur burns. everyone knows that is out there.the same token it seems like, he is sort of loathe to take a complete victory lap. how much wiggle room does the fed have. seems like no one can quantify what it is. it feels like the thing that haunts him in the background? >> charles, the fed has almost learned its lesson. why there is so much talk about backward looking data. based on data we already see instead of projections into the future. why do i say that? the path around inflation is very unclear, it's very unpredictable and as mentioned structural factors playing a role. most important the labor markets, the surprising strength of the labor markets fueled by shrinking labor force. why is that reared its head. covid is trigger. people decided with a pension i'm heading off into retirement there are multiple factors contributing to uncertainty and that's why the fed is going to move very slowly, very cautiously, backward looking. charles: what does that mean then for markets, anika. i have a minute left? almost everyone has hu

you fear powell will be feared to be called arthur burns ii will wait near recession like so many beforeessively. there is the renewed prodoctivity miracle which allowed greenspan to be wall street's best friend. today's report came in better than expected but there is much more to the story as "axios" saying, it's the puzzle that is keeping the fed hesitant. so the guessing game goes on for investors and the fed. charles, back to you. charles: who can figure its out? gerri, thank you very much i have tell you who probably has the bets handle on it piper sand like, chief global economist, nancy lazard. nancy let's begin with the productivity report, 3.2%, really strong number, well above consensus but it was driven by growth in unit labor costs. where would the puzzle be for jay powell in something like this? >> companies are really focused on productivity and they're doing that by actually holding back hours worked. they're cutting the work week dramatically and they're slowing the growth rate in employment. and so we would argue that the acceleration we've seen in production activity i

what's in people's heads we have to recognize the historic chair of the fed most criticized was arthur burns. he was thought to be too low level political. if the data comes in saying they need to move close to the election, they would be unwise to delay then they would have a more difficult situation on their hands trying to move quickly after it i think they are going to follow the data as powell said and if one of those moves is close to the election, my advice would be to go and take the move because the failure to move on the right time can have a negative repercussion later >> that is where the transparency with the fed has the advantage. they laid out the framework and fit that to current events and data roger, thanks very much. great to talk to you. >> thank you >>> coming up, taking advantage of the risky situation chinese shipping lines promising safe passage on the red a.se we'll have that story when "squawk box" returns nefits and retirement savings. voya provides tools that help you make the right investment and benefit choices. so you can reach today's financial goals. and look

it to us, take it to the burn hospital, we don’t have blood, but i know that you have nothing, get everyone up, dear, take my blood, no, sit down , sit down, calm down, arthur room there as an ambulance, so what, what is his blood type? yes, quiet, honey, remember what group your husband's blood, well, well, i don't know, he never more, what's your name? tanya, tanyusha, remember what blood type your husband has, it’s kind of rare, olga vasilievna, i can donate blood, well, well, now wait, just wait, two, 3 hours, just wait. and nadyukha has arrived, hello, hello, let's go, help me rake the hay. uh-huh, oh, yes, give the child a rest. hello, mom, hello , you see, she returned from duty, how are things at work, daughter, nothing, the duty was hard, they gave me a salary, yes, here you go, your beloved, oh, thank you, again it’s all on us spent it, nadyushka, you went and bought yourself some new clothes, but why does she need new clothes, to show off in front of her boyfriend. in front of which suitor? well, in front of grandfather tikhon, of course, give it to you, mom, but what do i have to do with it anyway? nadyuzh, why are you offended by vadim? i wasn’

today, a new york judge, justice arthur engoron ordered trump to pay a colossal penalty which with interest will exceed $450 million. justice engoron also burn mr. trump from serving in any leadership roles in any new your company including the one that bears his name. the trump organization. for three years. now, the reason this penalty is so massive is because the fraud was, as well. as justice engoron put in his ruling today, the frauds found here leap off of the page and shocked the conscience. new york attorney general, letitia james, investigated trump and his businesses for years. and what she found was that trump had been fraudulently inflating his net worth by billions of dollars for a decade. and i don't just mean in the press and on tv ads for trump hearing tests. but in financial statements and loan applications. that meant not only was trump tricking the public into thinking he was wildly successful, he was tricking banks and insurance companies into giving him loans and rates that he didn't actually qualify for. he cheated. he is a cheat. and making sure that no one cheats and the world of new york business plays by the rules t

burn ward? there is no blood, yes , i know that you have nothing, get everyone up , dear, take my blood, no, sit down, sit down, calm down, arthur for hope , i’ll be right there, then i’m in the waiting rooms, the ambulance is there, well, what is his blood type, i can donate blood, quietly, honey, well , remember what your husband’s blood type is, well, well, i don’t know, he never gets sick. tanya, tanyusha, remember what blood type your husband has, it’s kind of rare, olga vasilievna, i can donate blood, well, well, now wait, just wait, 2, 3 hours, just wait. oh, nadyukha has arrived, hi, hi, let's go , can you help me rake the hay, uh-huh, oh, yes, give the child a rest, hi, mom, hi, you see, she returned from duty, how are things at work, daughter, nothing , the duty was difficult. and they gave us a salary, yes, here you go, your beloved, oh, thank you, again it’s all on us spent it, nadyushka, you should go and buy yourself some new clothes, but why does she need new clothes, to show off in front of her boyfriend, in front of which boyfriend, well, in front of grandfather tikhon, of course. mom, what do i have to do with