this is in a panel with ben bernanke. q&a should start soon.e will give you updates if anything on monetary policy comes across as we look at a hop, skip and a jump. we see a skip in june rather than a complete pause. ben bernanke looks the same. guy: looks great. you turn skip into a hop? alix: i did. the alliteration with the h's. i don't know if that works. hike, hold or hop. guy: ok, just checking. alix: [laughter] guy: i want to, you been teasing me extensively. max dax. the dax is hitting a fresh record, likely to close that. the ftse and the cac, driven by the luxury sector today. emma wall joins onset. nice to see you. emma: nice to see you. max dax. are we going to continue with this run? european equity markets have had a good run. china slowing down. recovery not looking good. interest rates. we've been hearing about christine lagarde. the ingredients that have driven the rally thus far are maybe changing. emma: you are right to call up the macro. the macro will decide. normally in developed markets, the macro is correlated. you have

let's bring in steve liesman with more on ben bernanke's thoughts steve?>> yeah, kelly, thanks two of the world's top economists in a paper that looks at the sources of the pandemic era inflation conclude it's possible to escape without a massive rise in unemployment, though unclear how probable that is former fed chair ben bernanke, he joined with former imf chief economist olivia blancher, they conclude in a brookings paper presented this morning that supply shocks combined with government stimulus, loose monetary policy and a consumer preference for goods, that's what caused the inflation outbreak we kind of knew that it was not at least initially driven by tight labor markets. but they say that's changing now and does require higher interest rates. quote, the portion of inflation which traces its origins to overheating of labor markets can only be reversed by policy actions, they say. the more interesting idea, how much does unemployment have to rise to conquer inflation? the two have at least one optimistic scenario in which job openings decline witho

to raise, that is the question for the fed's next policy meeting in june and former fed chair ben bernankes another hike is necessary and he thinks a soft landing is possible. both my next guests agree about the rate hike but not the soft landing part let's bring in my guests welcome to both of you chris, i'll start with you why do they need to keep hiking? >> kelly, i think the economy is still quite strong it's an ocean liner, we have had an inverted curve for about six months it usually takes a year or more for things to slow down, so they have their work cut out. there's still several hawks on the committee. i think you will see a hike in june >> let me ask you differently, or sort of phrase it differently. maybe everyone thinks they will hike, but should they? you're worried about a hard landing already here >> i am, i am. having said that, i think the fed's between a rock and a hard place, because they didn't be easy on inflation. if they get -- by the way, the employment and the cpi numbers will come out before the meeting. that might give them the excuse to hike. >> or the excuse t

. >> just want to zoom out as we listen to former fed chair ben bernanke in discussion with current fed chair jay powell stock market continues to lose steam. we're down 170 now on the dow. i want to bring in steve liesman, our senior economics reporter to hear, steve, what you make so far of the comments. obviously not a major headline making discussion there, the fed chair reading from some notes, but you gleaned some important information. >> yeah. i think you mentioned the most important thing, he's reading from notes there he's giving us stuff he wants, this is not off the cuff there was something he said i want to read out here which emphasizes how down the middle powell is being. he said, we've come a long way in policy tightening the stance of policy is restrictive. we face uncertainty about the lags effects of our tightening so far about the extent of credit tightening from recent banking stresses so today our guidance is limited to identifying the factors we'll be monitoring as we access the extent to which policy may be appropriate. he's not really -- you had officials, logan

hear, hear it is a true honor today to have chair jay powell and former chair and nobel laureate ben bernanke with us today. thank you very much for being here. i very much been looking forward to this conversation or i'm sure our audience has come to, so let's just get to it. this conference as are the windows is to the memory of -- order this morning we heard some personal reflections on working with thomas from secretary janet yellen, also former chair on the fed, and from president john williams. and both of you worked closely with thomas as well. i would like to you both an opportunity to share your own thoughts about his contributions as an economist come as a central banker come as a colleague. then, they wouldn't show what you. >> sure, it's great to be here. i was his thesis advisor and he worked with me on a book on inflation targeting when he was still an undergraduate student at those long time ago and is not yet as exalted position at the fed when i was doing jay's job. i don't have any short little as to give but if you w

there's a quote in the book from ben bernanke about the us is an insurance company with an army. what what does he mean by that really really means that if you look at the government programs so many em insurance as i said there's about 150 of them and you know they range from pbc, fdic and all those guarantee programs but there's medicare, medicaid. fannie and freddie are on that list now as quasi government insurance and they really are three quarters of the budget of the united states. and, you know, we had so many different insurance programs. we have you know, i you mentioned bill, i was a chair of a museum. if you borrow art from foreigners you get government insurance for the for your museum, for the art that you're bar, you know, it's important. but, you know, and there's crop insurance, as you know, flood insurance everywhere you turn. we've created programs. and that's what he man and he's right. some good questions. how much would it help to raise on the rich and corporations that? is making capital gains the same rate as? what was the i can't read the rest of you as o

. >>> former federal chair ben bernanke says they still have work to do bernanke who led the centralank through the 2008 recession argued the labor market needs to slow down, suggesting they could lead the economy through without tanking it othersal noted inflation has evolved since hitting a 40-year high last summer and is now being primarily driven by a rise in wages goldman sachs ceo david solomon told the council summit there could be a tightening this year as it affects growth. >> no doubt the peak of inflation has dropped off. i sense that it's going to be stickier it's come off its peak, but it's going to be stickier and more resilient, which is why, you know, we're kind of managing and expecting that while the fed may pause and it may be down at the pendant, you might need to see higher rates maltetly to control it some more. >> julian, great to have you on the program again. looking at the market weakness that we've seen recently, a lot of people are quick to pin it down to uncertainty and positioning around the debt ceiling. what is your take? is that really a central event

. >> my goodness in last financial crisis we had ben bernanke, you know hall of fame academic career at fed number one, then frank paulson at treasury think of advice chairs yellen annan blinder roger ferguson very accomplished people the selection process has gone very political, woke style, and when i talked to institutional investors what had to happen, here to have this position vice chair was so political behind scenes, where one person was getting rejected, for political reasons, and at the end of the day we end up with, you know, the most una qualified candidate probably to sit in vice chair seat in probably all times. they blew it on interest rates we know that blew it on stress tests she what anyone experienced vice chairman means for what they do for the next crises larry, unbelievable thanks very much for insights on all that always a pleasure larry thanks. >> thanks maria. maria: larry mcdonald, much more ahead state government, across the country cracking down, on transitioning american energy madison alworth live from new york city gas station with more madison. >> mari

at 4:00 p.m., all eyes and ears on bloomberg for the fed chairman jerome powell, former chair ben bernanke will be attending a monetary research panel in washington. we heard from valerie, how dovish does he tilt? will he intimate skipability? dani: does he endorse the lorie logan view? we will talk about progress on the debt ceiling. and of a huge push higher we have seen on equities off the back of that. we will talk about highs across the board for this market, next. this is bloomberg. ♪ manus: the s&p 500 it a nine-month high yesterday. stocks climbing on signs that u.s. lawmakers are making progress on debt ceiling talks. and will be able to avert default. frederique carrier's head of investment strategy at rbc wealth management. good to have you with us. we are building this narrative that perhaps but most underpriced risk is that they do get through on the debt ceiling. let's go for the glass half full . in that instance, where would you actively take more risk? frederique: that's interesting. i wouldn't look at it that way. for me, it would be an opportunity to perhaps de-risk. the

today, fed chair powell sitting down with former chair ben bernanke to discuss the economy, saying he not made any decisions about whether rates are sufficiently restr restrictive. kayla is covering the latest on the debt shedown kayla, starting with you this is a fundamental difference, you think, in what's happening with these debt ceiling negotiations, or just a continuation of posturing? it looked like this was going to be hard to do. is it just still hard or is it getting harder >> it is still hard, and perhaps this is always pound to happen, john negotiations over the debt ceiling reach thing impasse today, after days of momentum that led republicans, democrats and the treasury secretary to praise the positive path but now they're getting down to the really tough substance and down to the details, leading talks to be off until further notice here's congressman graves, appointed by speaker kevin mccarthy to represent republicans. >> the house passed a strong bill that has great savings and it is responsible and puts us on a path -- [ inaudible -- about how you can move forward an

london time, fed chairman jerome powell and former chair ben bernanke will be attending a monetary policynel in washington. francine: let's look at the markets. i would put it into a broader piece and .2 a brilliant column this morning talking about the world changing narrative around ai has really hooked up the fed's determination to provide liquidity even during a rate raising cycle. that changes the game for a lot of these equities. we have great charts looking at the earnings forecast, meaning they are up but only because they had previously fallen so severely. also, the equity to bonds relationship has changed in the last couple of years. have a look at that. look at the markets and the nasdaq breaking fresh through the 52-week high. that is it for the european market open. surveillance early edition is up next. ♪ we moved out of the city so our little sophie could appreciate nature. but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues)

hear, hear it is a true honor today to have chair jay powell and former chair and nobel laureate ben bernanke with us today. thank you very much for being here. i very much been looking forward to this conversation or i'm sure our audience has come to, so let's just get to it. this conference as are the windows is to the memory of -- order this morning we heard some personal reflections on working with thomas from secretary janet yellen, also former chair on the fed, and from president john williams. and both of you worked closely with thomas as well. i would like to you both an opportunity to share your own thoughts about his contributions as an economist come as a central banker come as a colleague. then, they wouldn't show what you. >> sure, it's great to be here. i was his thesis advisor and he worked with me on a book on inflation targeting when he was still an undergraduate student at those long time ago and is not yet as exalted position at the fed when i was doing jay's job. i don't have any short little as to give but if you want to say that i think there's were two kinds of accompli

. >> ben bernanke came down twice. qe2, we better do that, qe3, we better do that too.very time you pull the flow back from the market they pull a his sy foot. in terms of margin, how much money is going in, how much money is going out. massive backlash from 1 trillion-dollar to 3 trillion-dollar covid deficit spending. that can is what we're seeing that doesn't matter for the u.s. household. we're seeing less mon city. charles: they say once we get the debt ceiling growing voices chorus once we get the debt ceiling done, there will be money coming out of system to replenish the government. >> that's right. janet yellen, treasury secretary yellen has to sell treasury bills into the market. who will buy them? people with money. that is money coming out of system which is exactly what the federal reserve is doing by shrinking its balance sheet. we haven't felt it as much because janet yellen has been spending down the nation's checking account. charles: what does that mean for policy? >> it makes policy much trickier, charles, much, much trickier. wells fargo says if the

. >>> let's go now to a call by the former chairman of the federal reserve, ben bernanke, and a new paperke argues that a soft landing is still possible for the u.s. economy steve liesman has more on this steve? >> two of the world's top economists in a paper that looks at the sources of the pandemic-era inflation argue it's possible to escape it without a massive rise in unemployment it's going to be difficult, but that would be a key part of a soft landing former fed chair ben bernanke and former imf chief economist, olivia olivia balancechard, they argued that a consumer preference for goods is what caused the inflation outbreak it was not at least driven by tight labor markets, but that's changing, according to the two the paper says from as early as 2020, tight labor market conditions still accounted for a minority share of excess inflation. but according to our analysis, that share is likely to grow and will not subside on its own. the portion has traced its origins to overheeating of labor markets can only be reversed by policy action. policy action means tighter fed policy the two

friday, we hear from chairman powell and ben bernanke this week.what i would suggest is the last hour it was the clumsy us to our we've had in eight months. we will straighten it out right now. we have a guest coming up to talk about how narrow the markets are. that's the oddity. jonathan: the s&p 500 over the last three months up 1%. the nasdaq is up 8%. if you go deeper than that, the regional banks got hammered. they were down by more than 6%. the s&p 500 held up for the well. lisa: i can't tell you how excited i am to talk to him. it has been one of the most painful periods of time for traders going back to 1980. this highlights the angst we keep feeling this people talk about arrange. tom: ac milan plays tomorrow. do you watch? jonathan: be nice to our next guest. he brought us gifts. you're going to be wearing the t-shirt. tom: it doesn't fit. jonathan: ok. ok. a young man it comes out of the youth team. he's the future of italian football. he goes on loan a couple of times. ac milan get a hold of him. he's really positioned as a deep line pl

federal reserve chair jerome powell will sit down with former fed chair ben bernanke to talk about challengesed by policymakers and challenges in the economy, that is live at 11:00 a.m. on c-span, our mobile app and streaming online. at 3:00 p.m. this afternoon on c-span, a discussion on the supreme court's dobbs v jackson decision challenging a woman's right to abortion. the senior director of public policy and litigation at planned parenthood will be on a panel of reproductive rights for that conversation live at 3:00 p.m. eastern on c-span. tyler is in cambridge, massachusetts, independent line. what are your thoughts about ron desantis? caller: hi, i just wanted to mention. a lot of people are calling in and talking about how there is this big trans agenda. most trans people just want to exist and not be killed. most americans are pretty apathetic to the transitions in general and people think should just get to live. politicians are putting in policies that are going to affect trans people's lives and make it harder for them to live and exist. i want to talk about age. i am 23 years old.