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lael brainard is set to serve as vice chair. central bank watchers are waiting to hear about the other positions that need to be filled. spots are open on the board. we are going to dig into who those candidates are and their importance to the financial system. we are going to start with the white house which gave us an update on where that search process stands. >> this is taking a while but we heard from jen psaki earlier today and she gave us a little better idea of the timeline for an announcement. >> i don't have anything on a timeline. it is still something we would like to announce before the end of the year. so soon. >> let's bring in and along -- anna wong. as you think about how this full to the economics. talk to us about the search and the delay has made any impact on economics for if that search does have an impact, as were thinking about that list of candidates? >> we don't think that the search, the delay in announcing has any material impact on monetary policy since there is just one currently vacant board see ri

if lael brainard had been appointed fed chair she was pretty sympathetic to this idea.ave a feeling -- tom: who lost control of the game? ken: it turned out much better than we thought. the vaccines, the recovery. there is inflation. it is good news. it could have gone a lot worse. i think that story starting six months ago was getting kind of severe that was not where we were, and the stimulus and the bided administration put in place so the fed had to push back. we would not be talking about chair powell mall, we would be talking about lael brainard. i think with that hanging over his head. tom: your graduate work. -- ken: i think we are talking about inflation. that tends to move gradually. i know it has not felt very gradual. if you look at the rate hikes inflations in latin america in the 1980's and the 1990's, the soviet republics, it took a while to take off. it did not happen overnight. you need to react. if we are talking about a crisis, another banking crisis, that can come much more slidably. i think -- much more suddenly. i think emerging markets are just an

tom: one at the great interests of powell and brainard is they really have a very different pedigree.dy quarles is columbia economics. let's renumber that the vice-chairman richard clarida was chair of the columbia economics department. he went on i believe to yale law, off the top of my head. but everybody has a different template to talk about fed policy, monetary theory, and you've got to know who is saying what. jonathan: there is a mystery here. let's talk about it for a moment. priya misra mentioned it. the minutes were inconsistent with the news conference chairman powell conducted at the last meeting. did that chairman deliberately not reflect the consensus on the film see in the news conference -- on the fomc in that news conference for delivered reasons that forget dilbert reasons -- for deliberate reasons? i'm asking a question. tom: check fitzpatrick briefs this morning was bloomberg government. no shut down. so what? what does it mean? jack: so what is a good question. yes, we are going to avoid a shut down once they stopped at measure is signed into law -- the stopgap me

tough on the biden administration but yet you've got powell and brainard renominated i think what thatom a lot of progressives including people like elizabeth warren who has already been against powell. where are the votes going to come from? >> we'll watch that. also want your thoughts on some other d.c. related policy. what are you telling your investor clients about the likelihood of build back better passing after manchin's know last weekend and the discussion still now going on >> i always said and continue to say there's not two political parties in washington, there's four factions. you have the progressives and centrists of the democratic party fighting about this. i think they get something done in the first quarter of calendar '22, but i think it's very small. 1.5 trill onorion or less. what will have far more impact is the administration catching up on covid in terms of variants and testing. what you have with build back better is something that is vanishingly small by contrast to the beginning. it's three types less than democratic progressives started out with it's not goi

i don't think, i want to question you on the brainard you have to be on the other side here we go one word, organized opposition i think i have to turn that way. organized opposition to brainard in a sense that she may not have votes in the senate or do you think that will get through? >> i do not think there will be unified opposition to democrats and we seen vice president kamala harris step in and do a record number of tie breaking votes for nominees so far because of the late harry reid of course, you only need a simple majority. i think there would be support for her. she is quietly been building reasons of the years so whether those republicans feel strongly enough to come out and publicly support her in this environment. probably not that being said, it's not believed there will be organized opposition although, anything can happen. >> i want to say one thing i this i the key is policy and the key part about policy is inflation. it's hard for me to imagine too dovish a fed board at this point no not view those three hikes and to respond inflation i think the question is as to

have any indication that you will get confirmation for the second term for jerome powell and lael brainardyear-end? emily: the senate is hoping to move quickly. sharad brown does want to get these hearings underway. we are already hearing from democrats and republicans that there might be bipartisan support. i will be here today and here on thursday. jonathan: emily wilkins, great to have you assessed. back page of "the new york post" today, "nothing to see here." of course, we will have full coverage of the jets and giants, but we will not force you to see the carnage on the back page. you like that? back page of "the new york post" today. tom: i can't provide wisdom on this other than saying -- jonathan: kailey leinz, would have got coming up? kailey: now you know who's going to be in the playoffs. you have alabama came -- alabama, you have michigan. the alabama half in georgia game was painful for me to watch. i'm just not an alabama fan. jonathan: i thought americans loved a winner. i thought they would love tom brady. they hate him. they don't like bama because they win too much. tom:

he's also obviously nominated jay powell and lael brainard for the chairman and vice chairman of the support fair chan powell. as to -- chairman powell. as to the president's other nominees, they're one of the reasons why president biden's poll numbers are on a journey to the center of the earth. you know, be yourself is the worst advice you can give some people. and so many of president biden's nominees are just barking mad. they're crypto socialists, they're fanatical. if you ask them to consider another point of view, their neck veins bulge and they call you a nazi or a racist. we try to question them in committee but they don't answer the questions. they just refer you, excuse my language, they just refer you to bullshit.com. maria: yeah. >> they don't seem to -- many of them don't like america, they don't seem to. they feel contempt for america. had they should feel gratitude. maria: yeah. senator -- >> i think that -- i'm sorry. go ahead. maria: just real quick before you go, i've got to get your take. do you believe russia will invade ukraine? a lot of worry bubbling up that n

we are putting a lot of faith, i think, given these numbers in jerome powell, brainard and others to get it right >> there's no doubt about it that's exactly right and this is not an easy thing. we all know that and this is a different level than people can fully embrace and understand so it is an incredible time and it's something that -- that's why i think that we are seeing this is such a major catalyst and any time that we're talking about the fed now that the movement in the markets is absolutely extreme it's not just a -- well, we have a move to the upside or the down side it's extreme and these are moves that are absolutely off the charts 500 and 600-point moves based upon that. so the catalysts right now are causing a lot of the different velocities that i've seen and obviously the spikes that i've seen when it comes to the volatility index itself and we are now sub 20 which is a better spot to be because when you get into the 2025 that's in no-man's-land and you get higher than that and now you have volatility and you can trade around that. i think most people are not fans o

in fact, in fact, the vice chairman lael brainard may have trouble getting appointed.apitalist. here is my point, powell has three months or so before the new crowd comes in to get this done using the reserve bank presidents as his base. he has got to do it now. if he waits and waits it will be a disaster, just saying. charles: so in this article though they admit that there will be pain to the markets and it feels, you and i talked a lot about how this fed has become beholden not just the powell fed but the yellen fed and the bernanke fed and the greenspan fed to a degree, they have become beholden to the stock market. is there the kind of will out there to see the market getting slammed as they try to do this course correction? >> you know, that's a hard question is there the will? i think jay powell can go back to being independent. so we'll see about that. his job is to fight inflation right now. charles: right. >> inflation is the number one issue. his job is not climate change. it is not woke employment policies or diversity or equity. it is to fight inflation. t

jay powell's got -- and lael brainard have to worry about confirmation hearings coming up.re not going to do anything to irritate the democrats, the fed's been buying more than half the new treasury debt this year. again, sopping up all that debt issued by these free-spending liberals. so he just said what would make it easy for him and lael brainard to go through an additional confirmation, quite frankly, because these individuals are political animals, if anything. i just -- that a was -- that was my a take on it, barry. maria: barry, your thoughts? >> i tend to agree. i'm a little troubled by the fact that to offset the trump tax cuts jay powell took rates in 2018 up to 2.5% and that was money that was returned to the private sector to do what it will. but then now to help fund an enormous expansion of government, the fed is willing to buy trillions of dollars of debt. i mean, where are the priorities here? i always thought of the fed as a capitalist institution but i'm not so sure now. maria: yeah. barry, it's great to see you. thanks so much for weighing in on all of t

announced his intention to renominate chair powell to lead the federal reserve, and governor lael brainard to be vice chair.nt they have helped lead our economy through the pandemic, and i will continue to work with both of them, and the next federal reserve nominees that reflect the diversity of our country. i look forward to hearing from secretary yellen and chair powell on how they plan to help us build a resilient economy that works for everyone. senator toomey. >> thank you, mr. chairman. secretary yellen and chairman powell, welcome. chairman powell, congratulations on your renomination. despite our disagreements, i look forward to supporting your confirmation. when the pandemic hit in 2020, chairman powell acted swiftly to help stabilize financial markets and the economy. he also implemented a number of sensible regulatory reforms that helped to spur economic growth. and for those who would criticize those efforts, i suggest they look at the past two years. our economy experienced a severe real-world stress test during the worst days of the pandemic, but we've come out of it with th

lael brainard vice chairmanship job confirmation process is coming up, your thoughts? now real key for powell is whether he would be renominated by biden administration once he was,the votes are in congress to basically confirm. but let's, let's not discount the fact that there is a lot of fed seats open that need to be replaced i think almost impossible to think that they are going to be replaced by anybody that isn't dovish or maybe uber dovish, likely the mix of the fed could lean more dovish into next year than less dovish i think key for investors to watch markets may be ahead of themselves we this about pricing in, on aggressive tightening multiple right hikes, the 10-year yael yield is negative 100 basis points that is extremely low by any historical connecticut i am not sure fed needs to get terribly aggressive in second half of the year tighten or raise interest rates many times. maria: all right. we will be watching all that great to talk with you this morning thanks so much. >> you, too, thanks, maria. >> a, wells fargo, we want to give you top story, that w

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