black rock manages $9 trillion in assets.in assets charles schwab manages 3.8 trillion robinhood manages 80 billion, 1% of what black rock and vanguard manage robinhood has a lot of wonderful investors that have a lot of small amounts of money black rock and vanguard and schwab have a lot of investors that have much larger accounts that are there i'm just pointing out where the actual money is and perhaps where we focus some of our observations overall the ipos keep coming just rang the bell for his company, went public a little while ago. we've got 15 ipos trying to raise almost $4 billion. it's got slow down from the first quarter. it's not here's what i don't like year-to-date the average ipo is up 18% the average ipo is actually trading down after its first day about 9% that's very disappointing. why? it means the average guy who gets in on the first day is not making any money, only if you get in be ever and start trading on the first day do you make money and only 53% are above their ipo price right now. is that good or

oh and how about the black rocks and the black stones and and oh the j. p. morgan chase. how many times is j. p. morgan chase. been convicted of fraud only 5 and nobody goes to jail. but their boss, look at the j. p. morgan chase steals the goldman sachs deals and over other deals that i just mentioned from black on black rock and emergency acquisition activity. the bugs are getting much bigger because they're borrowing the money for nothing. nothing as really the little people say land they are asked to pay that $27.00 i think is point 5 percent interest rate. when you rate on a day on your credit card. right? absolutely. now that that's what i call interest rate apartheid. and i want to get your thoughts on. now looking back at the 1900 seventy's, it was interesting because we had similar high unemployment and a lot of money printing. we had the stack lation. today. it's a little bit different in that they are responding with the stimulus tracks and enhanced unemployment benefits as well as rent moratoriums. so consumers don't really care about behind flexion so much. s

bought with the help with a federal reserve bank is assisting another in a conglomeration between black rock and the housing market in the federal government and the central treasury and center i agree, right, right there, making housing completely unaffordable. and so, and they're normalizing people living and little government manufactured huts. ok. so the people that are being discredited. okay. does there's another term from the old days for your kids, there was a century before this one. it's called scapegoating. and those people are being scape goaded into the shug, into little huts. what's missing are the wheels on those little huts, but nevertheless, let's see where this goes. once discredited, limited everywhere. and yes, i mean, you are right in pointing out that black rock, for example, is the private entity. corporations, private entities could do whatever they want, right? they're allowed to deny you free speech on their platform or on their financial system. that's how the treasury, the fed get around the restrictions on what they're allowed to do. they say here, black rocky wi

once discredited, limited everywhere, and yes, i mean, you are right in pointing out that black rock, for example, is the private entity. corporations, private entities could do whatever they want, right? they're allowed to deny you free speech on their platform or on their financial system. that's how the treasury, the fed get around the restrictions on what they're allowed to do. they say here, hack, rocky will give you this money and you do that like you buy up all this property and stuff like that. but we also pointed out 2 years ago when we were looking at that social credit score and suggesting it could probably come to america because you were already seeing that at that time it was only, you know, suggested on m. s i b c. nightly. that the president, for example, be kicked off twitter. and lo and behold, that did happen. we were predicting that with happened that this would come to america. and we said at that time that a lot of chinese citizens or behind that they liked it. they wanted this, they wanted their government to do this and the government was responding to them. so

so we, at the end of the day, even the life of bill gays and black rocks and blackstone in the united states rely on the kindness of china and the rest of asia to provide us with our goods. so where, what, how does that resolve itself? you would think that we would just build a bunch of ship factories here. we don't seem to be doing that. yeah. but that's usually the way a market works. so the question is, is this still market, you know, is there still a system out there that responds to price signals with new production? and i'm still program to think that that's a fairly easy fix just because for my entire lifetime, that's how it's worked. you know, if there is a shortage of something then, well, huge profit is to be made by going out and supplying that needed. and so we'll see in the next few years, it's possible that we're just so broken in terms of our trade relationships and technological abilities that we can't do that i still think we will. and i still think that part of the broken supply chain will be fixed, but it will be fixed that had higher prices, right? because we make

once discredited, limited everywhere, and yes, i mean, you are right in pointing out that black rock, for example, is the private entity. corporations, private entities could do whatever they want, right? they're allowed to deny you free speech on their platform or on their financial system. that's how the treasury, the fed get around the restrictions on what they're allowed to do. they say here, hack, rocky will give you this money and you do that like you buy up all this property and stuff like that. but we also pointed out 2 years ago when we were looking at the social credit score and suggesting it could probably come to america because you were already seeing that at that time it was only, you know, suggested on m. s i, b, c. nightly. that the president, for example, be kicked off twitter. and lo and behold, that did happen, we were predicting that would happen that this would come to america. and we said at that time that a lot of chinese citizens or behind that they liked it, they wanted this, they wanted their government to do this and the government was responding to them. so

so all those renters, the young people, all who can't get on the housing ladder because black rock and blackstone and all these huge guys own all of the property, well, nobody's having to pay rent anymore. so it's a weird kind of feudal system, but that relies on, as max was pointing out about the supply chains, is he and i just went for the 1st time to an electronics store. one of these big ones and shelves were empty all over and has signed saying this product unavailable, and is because of the semiconductor chip shortages. so we, at the end of the day, even the likes of bell gave black rocks and blackstone in the united states rely on the kindness of china and the rest of asia to provide us with our goods. so where, what, how does that. d resolve itself, you would think that we would just build a bunch of ship factories here. we don't seem to be doing that. yeah. but that's usually the way a market works. so the question is, is this still market, you know, it is, is there still a system out there that responds to price signals with new production? and i'm still program to think that

us equity futures this morning bank of america, black rock.king to go higher. s&p 500 up two points. there are some headlines jay powell set for two days of congressional testimony. he'll appear today to speak to the banking committee tomorrow to face questions about a recent surge in inflation which powell has maintained american airlines says it expects to report a positive cash flow. american was running -- burning about $100 million per day a five-fold increase over the same period a year ago cruise line operator norwegian has filed a suit against florida to strike down on the ban florida has to require proof of vaccination. norwegian is sticking to the rule of proof. florida still plans to fine them >>> blackrock, the company beatests on the top and bottom lines. breaking down the numbers with larry fink, the ceo of black rock which is the world's largest asset manager with now $9.5 trillion in assets managed. >> hi, becky >> looking through your numbers, it looked incredibly strong in total net in flows strong numbers and growth. 14% gro

larry think of black rock is talking about it. the interesting thing about black rock, many of his deputies are in the biden administration. there's a bunch of them. that's fascinating that their hold boss is now talking counter to what their new boss is saying. that should tell them something. the old boss knows the markets. >> neil: you talk about the possibility that powell can raise rates. these a final straw here. he can do other things like the federal reserve has been buying treasuy bonds and corporate bonds, scarfing them up to keep rates as low as he can he can deal that back. >> yeah. there's two ways -- >> neil: how would that go? >> two ways the fed raises rates. they control the short term rates and buys bonds. when you buy or sell a bond, the fed can do that. it will raise and lower interest rates. when you buy a bond, rates go down. when you sell a bond, it goes up. that would be a much more direct intervention by the fed. you don't see it much in the numbers. the markets are discounting that he's going to do that.

black rock, vanguard, state street, charles schwab this has led to concern about too much concentration the big three, blackrock, vanguard and state street own 22% of the typical s&p 500 company. i'm not sure if i think that's a bad thing. vanguard provides great service and low fees to get into their funds. people have flocked to those low fees very interesting debate about that concentration >> the active management style for black rock the future planet equity etf ticker gsfp just began trading and providing solutions, water and more my next guest helped launch the fund and says it could be. katie, welcome >> first of all, thanks for having us on one of the major differences of this etf is, first of all, that it's active. many are not it's only 30 to 60 holdings. and it's not just about, for example, clean energy. we're also investing in sectors like sustainable consumer and water, investing in less than $10 billion of market cap. we're really excited about bringing this to the market. as you note in your opening comments is something we think is a great opportunity over the next ten

black rock says the new policy was actually based off employee feedback and morgan stanley followinguit here as well, banning all unvaccinated staff and even clients from entering its headquarters. other companies like sax fifth avenue, "the washington post" and ascension health will also require vaccines and as of next week, anyone working in lyft's offices must be vaccinated. but not every company is going the mandate route. casino giant mgm only urging his employees to get vaccinated. he fears more restrictions could be coming if the rate of cases remains this high. the company has gone so far as to set up popup vaccination clinics at all of their biggest properties and any unvaccinated employee must submit to regular testing. now, from a legal standpoint, guys, this shouldn't be a hard call. we know that companies can mandate vaccines. most employers have to look out for two big exemptions. one, religious exemptions. one who says my religion doesn't allow he to get a vaccine or healthcare issue, it isn't safe for them. it's rare, those are the two big exemptions to look out for.

corruption as well. clearly the jumped the gun because if the us, for example, was so sure and had the black rock solid evidence that the russians. but those at least those russians who were on this list, at least those names that they did something wrong that they were complicit in. this money laundering scheme, if they had evidence of that, why not show it and said, well supply the swiss prosecution with that, why not submitted to them? so my question is, how did william browder actually receive this news? you know, 1010 years long's investigations been going on while 10 years long, and that's about as long as bill brown couldn't. well, he couldn't stop talking about russia. i mean, getting russia and the russian authorities for this was his magnum opus. so it doesn't take, well, it doesn't take too much brains to find out how he reacted to this. he didn't take it well at all. i mean, go in his twitter page. it's almost his content is almost exclusively focused on how russia is corrupt, how it is evil on all these, you know, magnet ski, act lose, and what not. so his statement on this ruling ha

bonds that are [inaudible] this account is fully funded, which means that we sent $1.1 billion to black rock, and they bought $1.1 billion of u.s. treasury bonds, replicating the treasury benchmark that we set. the synthetic exposure refers to holding of market treasury futures. to match [inaudible] and requires about 10% of the actual exposure in cash. that is $40 million in cash funding to gain 400 million of economic exposure to the one to ten viewer treasury mix. the remaining 160 million cash is available to be drawn should we have a large capital call. however, if you see on the six calls that we did not use this 160 million cash. that means that we have sufficient cash, and that means we do not have fund level leverage. if you see, all the exposures add up -- [please stand by]. >> the annual cost [inaudible] was 63 basis points, which included 30 basis points of administrative fees and 33 points back to our lending cash collateral account. in total, as you see on this table, we did $11,864 with the access to an additional $50 million at the time when the cash position was the tightest

that includes netflix, black rock, morgan stanley, saks fifth avenue, the washing"washington, ascensionealth and lyft. the head of the mgm las vegas is begging his employees to get the shots. the employees must start wearing masks indoors tomorrow. the region's low vaccination rate is not only putting their lives at risk but workers at risks for, quote, possible furloughs and layoffs. the company is offering popup vaccine clinics and testing and sending a reminder that unvaccinated employees that have to go into quarantine will not get paid for their time off. joining me is bill hornbuckle. explain to us what's changing tomorrow. are you just sort of strongly emphasizing that your workers get vaccinated? it sounds like you're not going as far as making it a requirement. >> we're not quite there yesterday. we've been on an extended education push, if you will, ever since this thing started. we remember what happened in the beginning. we were closed. we had to furlough 62,000 employees. that has not gone away. then we've seen a tremendous resurgence in las vegas ever since april, may, jun

i think black rock will be okay. goldman, morgan stanley. >> if it doesn't look good, what exactly could make it look better for some of your not so favorite picks are you watching the charts behind the ten-year yield closely. is that what's going to drive the trade for all of these is that tail that's kind of wagging the dog or vice versa >> not so much they all have bit of tough go here lately. here back at 135, 136, i think rates are where they belong and that's not really the driver now. now it's going to be about copying against very hard numbers, hard to come up against from the training activity and also just the general risk that we are seeing some peak economic data and by association maybe come to the more defensive and less cyclical. >> all right there's the call interest rates at the level they should be will be something there. thanks very much for that. we have a huge interview coming your way tomorrow. be sure to catch our exclusive interview with goldman sach's chairman and ceo david solomon on the ba

according to black rock investors invested $288 billion globally in sustainable assets from january through popularity along with a push within companies has led to the creation of a new job in the c-suite, the chief purpose officer. joining us now with more is the author of a story about this phenomenon in axios. are the so-called -- are the so-called chief purchase officers another title for someone who might otherwise be called the head of d&i, diversity and inclusion, or chief sustainability officer how do they differ or are they in some companies the same >> this is a buzzy way for companies to bring those into one title. head of diversity reporting to them and basically to put this flowery label -- it could be to do good on a company's effort to within and without make a positive change. consumers and employees. >> i was going to ask you, is this coming from employees, coming from the leadership teams of the companies that have chosen to do this? for shareholders whether they are funds or not where is the impetus >> it's all of the above the primary force is the employees. according t

morgan stanley and black rock doing the same. the growing change reaches into every sector of the economy. "the washington post," essential and history saying you want to come back to work, you have to get a vaccine. later today the president will put all federal workers and contractor or thes on notice, get a vaccine or face strict protocols, including regular testing and masking. we are starting off from the white house. a big shift from the president. >> there's no doubt. a dramatic shift in tone from president biden later today when we do hear him addressing vaccinations and covid-19. we're told by administration officials he feels like he's up against a brick wall. has been unable to breakthrough with almost daily pleading to the american people. they've tried incentives. it has not worked to the degree they would like. he's going to take it a step further. the ceo of the federal government, some 2 million workers across the government, he's going to gently require, not a firm requirement, but require a worker to get a vacci

efforts to crack down does follow years of china actually pitching itself to foreign investors like black rockestors and most recently loosening restrictions in china's bond market. it may just come down to growth, guys can these larger tech companies continue to defy gravity and grow their sales in the face of regulation we'll get the second quarter gdp numbers from china out this thursday tyler? >> so fund managers, how are they coping with this? what are they doing as they look at chinese stocks to either buy or sell? >> interesting point you make, alibaba along with the likes of microsoft and facebook, and just recently billionaire investor leon cooperman telling cnbc he is an owner for this premise of if you want growth and want to chase growth, they have grown in their capital market structure to make investors like the ones here in the u.s. more confident about putting money to work there. what happens given the sell-off last week? $17 billion of market cap erased from the likes of didi remains to be seen i think it comes down to earnings and what type of numbers they can turn out in th

other companies who are taking similar steps include netflix, black rock, lyft and "the washington post." the durst organization, one of new york's city's largest real estate developers is going a step further and saying that employees who are unvaccinated after labor day will get fired. most companies are allowing for some rare health and religious exemptions. but the point is that after taking kind of a hands off approach for months and merely encouraging employees to get vaccinated, some companies are taking a harder line here. and another new trend that we're seeing is that some tech companies are rethinking their return to the office. one of them is apple. apple is delaying the reopening ofitz offices by at least a month because of the delta variant. google as well. twitter is closing the offices that it had open in new york and san francisco. this is being driven by health concerns but there are economic consequences too, kate. because clearly the local restaurants and bars and bodegas and dry cleaners that had been relying on local office workers, they're disappointed in that doe

netflix, black rock, morgan stanley, saks fifth avenue, "the washington post", ascension health, lyft more business e es all issues vaccine requirements for all employees. two hours from now president biden will announce all federal workers must be vaccinated or receive regular testing. he will continue to push to get more vaccinated. the unvaccinated are still driving the spread of coronavirus. the cdc says only 1% of the u.s. population lives in an area with low transmission at this point. >>> the u.s. is now averaging almost 64,000 new infections a day. that is 59% higher than last week. almost 40,000 people are hospitalized with the virus and that's roughly 1 1,000 more tha last week. but there are signs that the unvaccinated are being swayed. more than 700,000 vaccine doses were administered wednesday. that's way up from the day before. the average number of people getting their first shot is the highest it has been in three weeks. so let's get to cnn's jeff zeleny at the white house with a preview of the president's message later this afternoon. what is he going to say? >> repor

a nond larry fink from black rock saying the fed will have to switch gears here.to see next year. because this is hurting a lot of folks right now in terms of price increases that are pretty astounding for things like used cars. >> there are two different things. inflation this year has been much, much more than anyone forecast. at the beginning of the year the fed said it would be something like 2% inflation. it looks like it is going to be 4% or 5% inflation this year. next year, it is almost certain that the inflation rate is going to come down from 4% or 5% but will it come down to the 2% the fed believes it or will or will it end up higher than that. i think it will probably end up higher than that next year. and we'll probably need to act more than they're going to act. >> how high? >> i have a number like 3% next year is a reasonable guess. i don't think 3% is terrible. part of why we're getting this inflation is that americans got checks, which is a great thing. americans are getting jobs. which is a great thing. and part of that recovery, the economy is t

other companies that you could see on your screen include "the washington post," netflix, black rock, morgan stanley and sax fifth avenue and lyft. durgan corporation is going a step further and said that employees who are unvaccinated after labor day will be fired. of course, most companies do have some very rare religious or personal health exemptions, but the point is after months of taking hands off approach companies are starting to crack down here. i want to say, this won't be easy. we do have record number of job openings in the united states right now. there is a war for talent. and a lot of companies can't afford to lose the employees that they have. >> that is true. but if most of them do it, if they could get everyone on board it will level that part of the playing field. matt, what about some companies delaying opening their offices or i think twitter said it is closing some of the offices because of the delta variant. >> that is right. so technology led the way at the beginning of the pandemic with moving to virtual work. and we're starting to see some tech companies take

netflix, black rock, morgan stanley, saks fifth avenue, "the washington post", ascension health, lyft. two hours from now president biden will announce all federal workers must be vaccinated o

you've also got the ceos of jp morgan and black rock. think that inflation is going to be temporary. the fed and the white house thinks that the prices will cool off. but no one knows for sure. >> matt egan, thanks so much. appreciate your time. >>> britney's battle is back in court. a hearing going on right now as she fights to get back control of her life and her pop empire. but can she handle it? we'll hear from her. stay with us. t-mobile is the leader in 5g. t-mobile. america's largest, fastest, most reliable 5g network. what can i du with less asthma? with dupixent i can du more... yardwork... teamwork... long walks.... that's how you du more, with dupixent, which helps prevent asthma attacks. dupixent is not for sudden breathing problems. it's an add-on-treatment for specific types of moderate-to-severe asthma that can improve lung function for better breathing in as little as two weeks. and can reduce, or even eliminate, oral steroids. and here's something important. dupixent can cause serious allergic reactions, including anaphy

black rock and morgan stanley announcing that all employees must be vaccinated to return to the officed sax fifth avenue, "the washington post," ascension health, lyft also requiring the shot to work. and today president biden is prepared to announce that all federal workers must get vaccinated or face strict protocols like regular testing and masking. >> so overnice, disney announced that starting tomorrow all guests regardless of vaccination status will be required to wear masks indoors. apple is returning to its mask mandate for customers and staff at most of its u.s. stores. and overnight, twitter announced it is closing its san francisco and new york offices just two weeks after reopening them. a cnn analysis of cdc data found that 71% of americans now live in counties with high or substantial covid transmission. the message might be getting through the pace of vaccinations has increased. 35% since last week. >> about one third of eligible americans have not been vaccinated. when many of them were asked about it, they say because the vaccine has not been fda approved. it just has

so people like larry summers, larry fink who's the head of black rock, a big wall street you remember the folks at bridgewater, a hedge fund, are all saying the fed is too complacent, that while some of this is temporary, they're worried some is not temporary, that housing prices will continue to rise because demand exceeds supply, that wages are going up, and they're afraid the fed will wait too long to raise interest rates and repeat the mistakes they made in the 1970s when they let inflation get out of control. on the other hand, other people look at a different historical period and said this is something like the end of world war ii, there is a lot of disruption because we've come back from the pandemic, and they expect it to decline. an important thing is what happens to inflation expectations. if financial markets in particular begin to build in expectations then -- that we'll see much faster inflation, that could lead to a self-fulfilling problem. >> woodruff: what determines if that happens. >> does supply grow enough to meet the demand and, you know, there are a lot of peopl

black rock, morgan stanley announcing all employees must be vaccinated to return to the office.re' there's sacks fifth avenue, ascension health, lyft, also requiring the shot to work. president biden preparing to announce all federal workers have to be vaccinated or they must face strict protocols including regular testing and masking. >>> overnight as cases surge in the u.s. disney announced starting tomorrow, all guests, regardless of vaccination status, will be required to wear masks indoors. apple is returning to its mask mandate for customers and staff in most u.s. stores. twitter announced it is closing its san francisco and new york offices. that's just two weeks after reopening them. a cnn analysis of cdc data found that 71% of americans now live in counties with high or substantial covid transmission. some of the messages about vaccinations might be getting through. the pace has increased about 35% since last week. >>> now, masks will now be required in broward county public schools when teachers and students return next month. that decision by the school board is setti

bonds that are [inaudible] this account is fully funded, which means that we sent $1.1 billion to black rock, and they bought $1.1 billion of u.s. treasury bonds, replicating the treasury benchmark that we set. the synthetic exposure refers to holding of market treasury futures. to match [inaudible] and requires about 10% of the actual exposure in cash. that is $40 million in cash funding to gain 400 million of economic exposure to the one to ten viewer treasury mix. the remaining 160 million cash is available to be drawn should we have a large capital call. however, if you see on the six calls that we did not use this 160 million cash. that means that we have sufficient cash, and that means we do not have fund level leverage. if you see, all the exposures add up -- [please stand by]. >> the annual cost [inaudible] was 63 basis points, which included 30 basis points of administrative fees and 33 points back to our lending cash collateral account. in total, as you see on this table, we did $11,864 with the access to an additional $50 million at the time when the cash position was the tightest

>> i agree with what black rock is saying. they will do just fine.er building, the high rent district, typically the companies that can afford to be in the high rent district are successful businesses. class b will be a bit iffy. class c is in big trouble. that is where you have the smallest businesses that are most at risk. you have aging buildings with hvac systems that don't work that well. you see people start to hydrate their office space. ashley: very good. thank you very much. we mentioned at the top of the show donald trump will be speaking about the first amendment coming up at 11:00 eastern. we will bring that you live when it happens. colorado congressman leading the charge to break a big tech but does he have bipartisan support to make it happen? that is the big question. i will ask him in a moment. a quick check of the futures. we have seen need out slightly lower in the pre-markets, the s&p and nasdaq up slightly. we wait to hear from the fed minutes later today, markets treading water. more varney after this. some say this is my greate

there's been a big outroar and outrage lately because black rock is going in and buying up single family homes and taking those opportunities a way or competing with the average home buyer and in some cases not adding a lot of value the process. it's not like your funding the guy who's who's building the house. they're just just kind of a middle man. the toll and that's basically being done with taxpayer money. so if you think about this is part of this huge wealth transfer that's happening both on the fiscal level with the small business being closed in the money going to the big businesses, but on a monetary policy level where they're inflating the assets and inflating the value. they're getting more capital to the big guys in giving them this other advantage in the market and it's just it's just unprecedented. we've never seen anything like this and so in terms of how does it all end. there are whole hostess scenarios many of which are not really pleasant, but it's just so hard to say based on. what's happening here in the us and around the world, but that's why you have this huge cry

. >>> marvel studio's "black widow" rocked the box office this weekend, bringing in more than $215 millionmated 80 million north america take was a record for films opening in theatres and online, it is the biggest opening weekend since 2019. thank you for watching. i'm rose mary church. "early start" is up next. you're watching cnn. have yourselves a wonderful day. (sounds of car doors closing) (crash sound & tires squealing) (phone chimes) this is onstar. we've detected a crash from your phone. is anyone injured? i don't think so. good. help is on the way. is there anyone i can call for you? my dad. okay, i'm calling him now. flowers are fighters. that's why the alzheimer's association walk to end alzheimer's is full of them. because flowers find a way to break through. just like we will. join the fight at alz.org/walk not touching is still touching protection. adding lysol laundry sanitizer kills 99.9% of bacteria. detergent alone, can't. lysol. what it takes to protect. ♪ ♪ watch the olympic games on xfinity ♪ ♪ root for team usa and feel the energy ♪ ♪ 200 plus nations, over 300 event

includes kind of a who's who of investors, many of whom we've named in the press release, for example, black rockcted -- because of exactly what you just cited, melissa, there just aren't a lot of opportunities to get exposure to kind of adult well-run compliant com companies that care about carrying themselves the right way. that was one of the first things that impressed me about brendan. he has the law firms and bankers and the banks he had on this transaction, jpmorgan, jeffries, coupled with my friends at wells fargo. it's really just kind of a good -- kind of a good mix that creates a trust that will attract -- >> we've got to leavite there thanks so much >> thanks for having us. here's andy listening to my goals and making plans. this is us talking tax-smart investing, managing risk, and all the ways schwab can help me invest. this is andy reminding me how i can keep my investing costs low and that there's no fee to work with him. here's me learning about schwab's satisfaction guarantee. accountability, i like it. so, yeah. andy and i made a good plan. find your own andy at schwab. a moder

like those two are on the same page, which kind of contrasts what we heard earlier this week with black rock'sarry fink who believes that inflation could be more of a permanent feature of our economy as well as yellen's predecessor and treasury steven mnuchin who came on our air saying maybe the fed should be doing a little more to take control of this. >> and mnuchin's predecessor larry summers way back who also has been ringing that bell you put together what powell and yellen said, and it really does buy the policymakers time. if you're defining -- look, hey, we're under promising. we think this could be several more months of elevated inflation readings and you have powell saying we're humble about our ability to forecast this stuff. we realize we've underestimated it it still kind of pushes out that date when you have to say you said it would be down back towards 2% by this moment. i think preserving flexibility makes sense. they're looking at the same math, the same kind of year-over-year dynamics in terms of why we're up so much because of used cars and hotel prices and everything so it

also the head of the black rock allocation team.rn people who wanted value and they wanted it open economically seeing those places where you can buy that i don't think i have both eyes on the fed. the amount will taper be being incredibly deliberate. at the end of the day at the end, we get gross supply people buying the 10-year note that value is coming down. it is surreal. you still have pension plans that need a risk free asset. i'm not even talking the interest rate risk they'll be there as a base for fixed incomes. it is not even pension funds this is part of why the fed should taper yesterday rates aren't going to back up that far the extraordinary demand for assets and what's happening in the fixed income issuing that structure product issuing at levels that are the wrong price. the demand for quality assets are epic driving this need for quality assets creating the value in other parts and the equity market. where we are going is different. some of these prices are truly eye popping. it is hard to give balance when you go t

for middle east economies, now that opec can its allies have agreed to raise production of black gold. i'm rock rental and south dakota where native americans are dealing with the legacy of the u. s. government boarding school program and varying the remains of children who died long ago and far away. ah, ah, it's time for the journey with sponsored by cattle airways in the western pacific. yesterday's tropical depression has not been named and is a tropical storm in far. it's not particularly big yet, but it will grow as indication of disrupting the normal seasonal rain, which is you see is not a straight line anymore. the one that lives she runs from japan to china, chinese and they'll be big showers, growing as you can see, all the way from more or less the yellow reverse or the western yankee down towards you. none but hong kong, where shall as well basing. not necessarily very big showers, and japan allows she try picture a scratching off the shadow as this storm grows, it goes towards this sudden islands of japan. we're q chain and it will be pretty big about how he gets he and also talk