so, lael brainard, please. [applause] lael: i want to thank the ambassador for that kind introduction. it is a real pleasure to be here at the council on foreign relations. in recent months, financial conditions have eased and are encouraging signs that domestic consumption has regained momentum, but today's tentative signs of labor market slowing remind us that we cannot take the resilience of our recovery for granted. in today's circumstances, risk management implies we should wait for additional data to provide confidence that domestic activity has rebounded, and reinsurance that international of this will not derail progress toward our goals. as we consider the appropriate posture of policy, the question is does the data provide confidence that economic activity have -- have strengthened notably -- has strengthened notably? the labor market has slowed. nonfarm payroll employment increased of 115,000 over the last three months, well below the 220,000 per month average pace over the preceding 12 months. altho

food good to see you, governor brainard. it's been said in recent years corporate profits were the at an all-time post-war high as a percentage of gdp, whereas employee compensation was at a post-war low as a percentage of gdp. are those measures in the same place today and how do you view what has been higher than historically normal corporate profits and lower than historically normal employee compensation? >> so, in fact, interestingly, we have started to see a bit of an upturn in the labor share, and as you pointed out, the labor share had fallen to historically very low levels. and we're only seeing the beginnings of tentative signs of an upturn there. but obviously, you know, there's food news potentially for households and for the domestic consumer. potentially fo ll lly good news distributive point of view, distributive trends over a very substantial period of time. but there, i think, is too little of a, you know, sort of trend in this direction so far to really make, you know, very firm conclusions about what we've

brainard for not only a wonderful presentation, but comprehensive responses to a variety of actions. thank you so much for taking the time to be with us. [applause] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] [captions copyright national cable satellite corp. 2015] c-span, the arms control association awards hiroshima survivor setsuko th urlow the person of the year award. then, a discussion on the future of the u.s. nuclear weapons program. after that, a news conference of bernie sanders in california. that's followed by hillary clinton campaigning in long beach, california. >> tsa administrator peter have injured testifies today about tsa screening delays at u.s. airports. he'll appear before the senate homeland security and governmental affairs committee, live at 10:00 a.m. eastern on c-span three. the u.k. votes on whether to remain in the european union. today, british prime minister david cameron and u.k. independence party leader nature nigel for roche will debate the issue. at 4:00 p.

charles evans and fed governor lyle brainard are scheduled to speak. factory orders and the ims services reports are out and that is what to watch friday. >>> americans are spending more on cars and trucks and in the process borrowers are paying more and making payments over a longer period of time than ever before. according to experian, the average auto loan has topped $30 f thousand for the first time ever. the average term of the loan, 68 months, the longest averagexper >>> mortgage rates continue to inch higher amid market speculation that interest rates may be steered higher by the federal reserve. freddie mac reports that the 30-year fixed-rate mortgage averaged 3.66% in the latest week, up slightly from 3.64% the prior week. >>> rising home prices are bringing house flippers back. it's not all about finding foreclosures to flip. there aren't many of those left anymore. this time it's a bigger gamble on better houses. and as diana olick reports, potentially bigger rewards. >> that kind of matches the windows. >> reporter: if you don't have cash

at the same time, nearly 460,000 simply dropped out of the workforc fed governor lyle brainard says caution when it comes to interest rate policy. >> recognizing the data we have on hand for the second quarter is quite mixed and still limited and there's important near-term uncertainty. there would appear to be an advantage to waiting until developments provide greater confidence. >> reporter: one final statistic. last month the number of people working part-time because they couldn't find a full-time job, or had their hours cut, jumped by 470,000. adding to concern about a job market that may be losing momentum. for "nightly business report," i'm hampton pearson in washington. >>> and joining us now for more analysis on today's jobs report and what it will mean for any interest rate hikes by the fed is lindsay piexa, chief economist at steeple fixed income. one of the things that worries you and many on the street is it was widespread weakness in this particular report,? >> that's exactly right. it was a very disappointing report. much weaker than expected. but when we dig into the details

so, lael brainard, please.el: i want to thank the ambassador for that kind introduction. it is a real pleasure to be here at the council on foreign relations. in recent months, financial conditions have eased and are encouraging signs that domestic consumption has regained momentum, but today's tentative signs of labor market slowing remind us that we cannot take the resilience of our recovery for granted. in today's circumstances, risk management implies we should wait for additional data to provide confidence that domestic activity has rebounded, and internationalat of this will not derail progress toward our goals. as we consider the appropriate posture of policy, the question is does the data provide confidence that economic activity have -- have strengthened notably -- has strengthened notably? the labor market has slowed. nonfarm payroll employment increased of 115,000 over the last three months, well below the 220,000 per month average pace over the preceding 12 months. although the unemployment rate mov

federal reserve board member lae brainard outlines some of the considerations the federal reserve board takes into account when deciding whether to raise interest rates. this is about an hour. >> we've got a wonderful crowd here. welcome, one and all. i am part of the council on foreign relations and i feel very privileged today to welcome our outstanding guest. to turnou've been told off your cell phones and so forth, so i will go in and just tell you some few facts about , whonor lael brainerd became a member of the board of governors federal reserve system in june of 2014, and her term 2026.nd in january for four years prior to her appointment of the board, she served as an undersecretary to the u.s. department of treasury and as counsel to the secretary of the treasury and in those roles, she was the u.s. representative to the g20 financial deputies and the g seven financial deputies and was a member of the financial stability board. she was awarded the alexander hamilton award for her splendid also served as deputy national economic adviser and deputy assistant to was hist clinton

she wants to see more data before the rate hike, brainard is a fairly outspoken dove when it comes to fed and monetary policy and raising rates and she's really bouncing on today's data. bouncing off today's data saying that the data has slowed. talks about coming down from the 220 three month average to just 116 three month average now and she still sees labor slack in the economy. she knows involuntary part time work has gone up. the participation rate has gone down. she goes on to say that the risk to inflation and the growth outlet are both tilted toward the downside. she said there's uncertainty surrounding the brexit vote. she can't rule out adverse near-term reaction to brexit that could affect the u.s. and possible risk from china remain as well as emerging markets. she goes done on to say conditionsion behind financial turmoil we had. they remain pretty much in place as far as she's concerned. overall she's progressed towards the fed's goals but not enough to warrant a rate hike, scott. >> okay so the employment report was a dud. now if the next one is a dud, or even a disapp

brainard for not only a wonderful presentation, but comprehensive responses to a variety of actions. -- variety of questions. thank you so much for taking the time to be with us. [applause] >> citizens have got to feel that their vote matters. that their voice patters. and whether they can not spare a a personnt to help running for office or whether they can write a big check, they have concerns and their struggles will be listening to and followed up on. wisconsin senator tammy baldwin talks about her career in public service and wisconsin medical history. changeelped shepherd the noteby senators were appointed by the legislatures but demanded elections. i don't know if it was the first to come but the idea that it would not be the party bosses who made the decision on whom the nominees would be in smoke-filled back rooms but rather the people who were going in free chance to vote and fair elections. 8:00 p.m.night at eastern on c-span's q&a. >> next, republican presidential candidate donald trump at a campaign rally in california. efforts toussion on combat isis and al qaeda. after

brainard for not only a wonderful presentation but the most comprehensive responses to a great variety of questions. so thank you so much for taking your time to be with us. [ applause ] . >>> coming up tonight on c-span 3, tsa administrator peter neffenger on airport security delays and then a hearing on efforts to recover art stolen from victims of the holocaust. after that a discussion on the future of u.s. food safety. later a look at white house efforts to increase safety of the u.s. food supply. >>> tsa administrator peter neffenger testified on tuesday about tsa screening delays and security operations in our nation's airports. he addressed the senate homeland security and government affairs committee about how his agency has addressed these issues and ensuring passenger safety. the hearing is an hour and a 45 minutes. >>> good morning. this hearing will come to order. apologize for my tardiness. what should have taken ten minutes took an hour. but i want to welcome the witnesses. try to catch my breath. appreciate your testimony. obviously there is a fair amount of interest in

since that time in february, governor brainard suggested that financial tightening associated with cross border spillovers may be limiting the extent to which u.s. policy diverges from economies. new york fed president, bill dudly, said global consequences impact the mechanisms in the u.s. and influence the effectiveness of our monetary policy and achieving our objectives. the question is not will be never escape but will we escape any time soon. and does the fed have the capacity to defy the global pattern of zero rates if that is the global reality. >> we have the capacity to have different rates in rest of the world. but we have to recognize this differentials in our stance of policy impact the value of the dollar and that is linkage back to the u.s. economy. >> the time of the gentlemen from has expired. >> the current wealth gap between income households and the rest of the country is widest it has been in the 30 years. the great recession, d distroubling gap has profound effects on people. african-americans lost 52% of their wealth and latinos lost 60% but whites only last 15%. wha

. >> i thought it was brainard, the fed governor.or the low funds rate and keeping it low. he says we've shifted to a new regime. the old forecast model we had worked okay for a couple of years, there was a little bit better growth, north of 2.5%. now that we've settled on the 2% growth, it's time to let the model fit the reality of what's going on. he says under the current regime this is the best guess for where the economy will be going. goes along with what yellen said when i asked her how have you brought down rates in the future. she said some of the head winds that we thought were temporary look like they'll be permanent. >> the headwinds are the fed itself. >> yellen didn't mention that, joe, as one of them, joe. i can see how you think that. >> there will continue to be headwinds to economic growth. >> low productivity in the u.s. weak global growth. >> chicken and egg. >> we didn't mention the fiscal regime but that's something other fed officials have talked about, sort of the lack of fiscal stimulus from the regulatory si