brainard. why don't i just hand over to you, really looking forward to what you have to say. >> i'm delighted to be here. thank you to coindesk for inviting me to join you here. technology is driving dramatic change in the u.s. payment system. we saw the pandemic accelerating the migrations of contactless transactions and highlighting the importance of access to safe, timely, and low-cost payments for all. with technology platforms introducing digital private money into the u.s. payment system and foreign authority, exploring the potential for cbdc's and cross-border payments, the federal reserve is stepping up its activities on cbdc. as you know, chairman powell announced plans to solicit public input on this issue last week. developments are sharpening our focus on cbdc, first some technology platforms of developing stable point for use of payment networks. stable coins vary a lot in the assets they are linked to, the ability of users to -- and extent to which a central issuer is liable. in c

brainard. really doesn't require much of introduction. dr. brainard is of course a of the federal reserve board of governors. she's been in that role since 2014, and before that she was in that sector of the us department of treasury. she's had a host of expenses on the international and domestic stage and we're thrilled to have you join us, dr. brainard. why don't i just hand over to you are really looking for to what you have to say. >> i'm delighted to be here, thank you to michael and coindesk invited me to join you here. technology is driving dramatic change in the u.s. payment system. we saw the pandemic accelerating the migration of contactless transactions as highlighting the importance of access to safe, time and low-cost payment for all. the faculty preference introducing digital private money into u.s. payment system and foreign authority, exploring the potential for cbdc in cross-border payments, the federal reserve is stepping up its activity on cbdc. as you know chairman powell an

doctor brainard, it was a great pleasure to hear your insights and we will kickoff consensus 2021. so glad to have you, thank you very much. >> thank you very much. >>. >> we're joined next five susan crabtree which is white house national political correspondent for real clear politics. good morning susan . >> good morning bill. >> host: it's been a busy time for the president overseas, returning midweek but a busy week domestically at least certainly on the things that he's interested re in. the infrastructure proposals in congress and the vote, the preliminary vote on the senate on voting rights. tell us about his week ahead. >> guest: it's back to basics at the white house. the more basic, less glamorous job of legislation. when lawmakers left town there was significant progress being made on bipartisan progress being made on three different things. infrastructure as you mentioned, voting rights and the police reform bill. we have a meeting today with the white house, president biden meeting rswith financial regulators. we don't know too much other than it will focus on regulat

. >> yes, it is my great pleasure to introduce doctor lael brainard, really does not require much of an introduction. doctor brainard is of course a member of the federal reserve's board of governors and she's been in that role since 2014 and before that, she was another an undersecretary of u.s. department of the treasury. she has had a host of experiences on the international and domestic stage and we are thrilled to have you join us, doctor brainard. why don't i just hand over to you, really looking forward to what you have to say. >> i'm delighted to be here.

pay attention to paul, claire reda, williams, and probably lael brainard as well. those are the folks that i'll be paying attention to. the rest of the committee is important but i'm not sure that they will sway over all policy. lisa: michael, before we go, do you have a sense about whether your view has changed after this meeting? michael: it has and it hasn't. the fed did something that i was surprised at. i didn't expect so much dispersion at the fed. but it reflects the confusion of on the part of investors, the confusion on the economic community. how much of this inflation is transitory? how much is this going to stick down the road? we don't know. the question is, are you comfortable? this could turn into a more inflationary outcome. jim bullard is saying he is worried, but others are not. this is not likely to turn into a rampant inflation rate. the point is, we will not know for several months. the u.s. labor market is confused because of all of the support measures in place. we are not going to really know until how labor supply, wages will move until the

lael brainard. really doesn't require much of introduction. dr. brainard is of course a of the federal reserve board of governors. she's been in that role since 2014, and before that she was in that sector of the us department of treasury. she's had a host of expenses on the international and domestic stage and we're

governor brainard noting risk on both sides of monetary policy right now, police giving a nod to thethat inflation pressures could percolate that they are already aware of that risk. nonvoters right now recently pushing harder for those talks. on top of that you have the pressure yesterday of the beige book release that had the fed acknowledging an increase in price pressures and those still loud anecdotes of companies pointing to higher input prices and shortages of workers. all this amounts to the next fed decision in a couple of weeks, we will see how much this is brought up around the table and if any minds will have changed on how to read the inflation data. manus: what about the consensus view on inflation? i was slightly tongue-in-cheek about larry fink. i said it's a bloomberg phenomenon. if you been in the markets for about 40 years, you've seen rates at 14% and inflation at 10%. more importantly to the point from larry is, if you want a green economy and you want this green spending, then maybe you have to tolerate slightly higher and faster inflation. michelle: that is an

finally, this is what lael brainard was talking about.he employment to population ratio, this is the number of people who could be working who are not working. it is different than unemployment because unemployment only mentions those who are actually looking for a job, and there is still a big difference there. as long as that stays in that kind of range, which will find out friday when we get the jobs report, it is not going to be a wage pressure situation. alix: and it is back to d.c., infrastructure, and whatever job creation we can find there. coming up, we are going to look at how investors are preparing for any tapering signs from the fed, if they are talking about talking about talking about it. dan niles, alpha-1 capital partners senior portfolio manager, will be joining me. this is bloomberg. ♪ ♪ alix: live from new york, i'm alix steel. this is "bloomberg markets." the canaan partners cove harder -- partners cofounder josh friedman expressed some concern about the impact of policy. ♪ >> as i look at the markets today, i think s

2:00 p.m., lael brainard speaking at the new york economic club.ery interesting to see how much she starts shifting her view. she reiterates -- does she reiterate that there are specific metrics, specific time frames they are looking at to determine if this is a transitory surge in inflation we are seeing? today, opec+ is discussing output for the month of july. they are expected to reiterate that they won't be output increases. the reason why oil is surging today is because they said they do see a tightening in the market heading into year end because of how quickly some of the reserves have been drawn down. any details on that could possibly be the most interesting aspect coming out of these. jonathan: lisa, thank you. the everything shortage from chips to your favorite table at 8:00 p.m. on a saturday evening to people in the labor report every friday, that seems to be the story of the moment. tom: i observed this weekend. i had to take a lyft, and it was nine dollars than it has -- nine dollars more than it has ever been. that is the reality pe

the party's deputy leader, angela brainard, has written to the government's independent adviser on standardslso the cabinet secretary simon case, calling for an investigation and matt hancock present behaviour and accusing him of breaching the ministerial code. so we will see if that yields any response from whitehall. the lib dems are accusing matt hancock of hypocrisy over his actions. their spokesperson for health is the mp for twickenham. his position is untenable. it'sjust absolutely hypocritical when he is the man— absolutely hypocritical when he is the man making the rules at the top of the _ the man making the rules at the top of the government to all of us have had to— of the government to all of us have had to follow, and the sacrifices the british people have made for many, _ the british people have made for many, many months. you know, this happened _ many, many months. you know, this happened at— many, many months. you know, this happened at a time where people who were in_ happened at a time where people who were in couples that couldn't live together, — were in couples that co

as governor brainard pointed out, true unemployment is higher than the headline rate and the it is six points below where it was. shouldn't we be doing everything to incentivize work for our spins and shouldn't we be looking at bringing in additional unskilled workers into this country at a time when we have a labor shortage of skilled workers. >> i will try to get -- to answer. i think so a number of things we think are weighing on labor supply right now. those are things that should be exempted to abate and wane and go away over the course of the coming months. so we should be -- we should be seeing our way to strong job creation we think as the year goes on. and there i am thinking of a significant number of people still report themselves as not wanting to work because of being afraid of being infected or carrying the infection to someone they may live with who is vulnerable. also schools not being open is weighing on participation by caretakers. also, unemployment insurance may be interacting with some of those other factors and causing people to go on with their job search longer.

know, as a market participant, what's important is to really just pay attention to what powell, brainard and claire de in particular are saying. they have embraced the framework. they do want this overheating in the economy they did want a broad based and inclusive recovery for them we are not there yet. we are going to monitor the data if there are broad signs of inflation, we will react to that we need a lot more time to get through this period of high uncertainty. >> paul, you have questions about the question of the definition of high employment. >> i think the fed chair did a good job of pulling back on the notion of full employment of where we were in february of last year, 7.5 million people. the rate may have come down on a structure basis in part because of retirement. i thought it was useful and instructive for him to note that they are to the exactly sure where they want to go on the labor force participation rate in the quarters and years ahead. and backed away from the whole notionthat they can't do anything on monetary policy until you get back to the level of february of 2