lael brainard. is there some significance there in terms of someone who has a lot of market's respect, also perceived as a little bit dovish i don't know that her replacement would not zbln the thinking was that brainard was a good countar part to powell who's not an economist brainard is an economist she has a lot of experience working internationally as well, so she brought that expertise to the table. i think she's going to be missed in and of herself. but the key is how she's replaced is she replaced with a macro economist at that top level? you know there's this thing they kind of call the troika, new york fed, president chairman and vice chair of the federal reserve board. those three are seen as the key policy makers. brainard has been in there she's been a little more dovish. not necessarily on policy. she has voted with the chair and supported the chair in all of these rate hikes we've had from march on forward but her explanation for what will happen with inflation going forward has been m

will markets rally on the lyle brainard news?ow that lyle brainard is enough news to rally the markets. she does have a history of actually being both hawkish and doveish over her time so i'm not sure that's a guaranty dove. i think in regards to that, maria, you have to lack at consistency of messaging from all the fed governors over the few months. the reality is they've all been revised up and while m2 has slowed down, money supply, there's still enough money in treasuries general account. loans in banks are up. i don't think we are out of the woods of the inflation are up. i don't think that lyle brainard can be doveish so i don't know if the markets will react favorably to that one announcement. maria: one thing that we will be looking at today and the cpi are wages, right, we are watching wages that continue to be so tight even in the face of layoffs. so trillio becomes the latest to announce layoffs. the stock is up 2%. yesterday it rallied on the news, so you've got jobs still plentiful even if the face of cutbacks. how d

sources say president biden will name lael brainard as his top economic advisor, as he prepares for a likely reelection campaign. plus, japan's prime minister nominates kazuo ueda to lead the boj, after governor kuroda's 10 years at the helm. we are waiting for earnings news from norsk hydro. we have a number of companies reporting the latest results. through the day we will be speaking to the ceo of that company, or at least one of the senior executives in the next couple hours. there we go, norsk hydro, full year dividend share of 5.65 corona. -- krone. that is amiss in terms of dividend per share full-year for norsk hydro. we will speak to one of the senior executives, the cfo, on those coming earnings at 9:30 a.m. london time. let's check in on these markets and see how things are positioning ahead of that crucial cpi print. the forecasts are around 6.2% year on year for the january number for cpi. the focus on services, with the importance of the wage data as well, and how that factors in. we had that new york fed survey out yesterday giving a little optimism to equity markets in

. >> all right >>> still to come this morning, the president picking fed vice chair brainard as his topconomic advisor how might her departure affect the fed? we'll talk to alan blinder >>> take a look at the futures here two-year is off the session highs of the morning but still near 4.64% "squawk on the street" continues in a moment. the first time you connected your website and your store was also the first time you realized... we can do anything. cheesecake cookies? [together] the chookie! manage all your sales from one place with a partner that always puts you first. godaddy. tools and support for every small business first. the eagle has landed. that's one small that a step for man...irst. hey, what's up? uh... houston... we have a situation. how did you get here? you're characters in our video game! video game? yeah, it's what we do with xfinity 10g. it's like, you know, the best network imaginable. what the heck is that? those are the bad guys. are they friendly? the 10g network, only from xfinity. one giant leap for mankind. >>> welcome back to "squawk on the street," rick sant

yvonne: you have janet yellen as treasury secretary and now potentially lael brainard. two fed officials, former fed officials leading that charge. continuing that fight against inflation that will still be the key theme. david: she vacates -- her white house post would create an opening at the central bank. yvonne: they would need another vice chair. david: that one is open for applications. so, apply at your own risk. rishaad: it is not official, but there you go. yvonne: speaking of another post. rishaad: lovely segway. [laughter] yvonne: we thought it would happen by now but the markets at this point do not care about this official announcement of the boj governor. they have made their bets already it is not amamiya, so if it is ueda or not, this looks like a normalization could be priced sooner than expected. when it comes to japanese assess, .6% higher on the knee pay and topix. take a look at how banks stocks are doing. five-year highs on that speculation. dollar-yen seeing some strength today. yes, we are continuing to watch bond futures as well. david: up for a

about the fed three fed presidents indicating they may be needed for inflation advice chair lael brainarderal reserve vice chairman in a long time job officially leaving the federal reserve for a white house to become the president's top economic advisor. what does that mean in terms of policy? i remember when jay powell wanted to get reappointed he went political and started telling us inflation was transitory because lael brainard was right there. >> then you got reappointed. >> in the old days our friend tom honing would dissent and go back a little further it was a lively debate i'm not sure that it matters lael brainard was a lifetime death is left because the committee is consensual there's no disagreement or debate they sound hawkish or dovish when they talk to james but the fact is nobody disagrees the chairman or chairperson has the power and why does it matter. >> when things consumers confidence all of the other indicators that were talking about consumer confidence is really negative and it's not getting better and the symbolic prices like eggs and groceries and energy is way

eastern right here, this as president biden plans to name federal reserve vice chairmen lael brainard as top economic advisor, to combat inflation. markets like her we will take a look at reaction she will succeed brian deese, earnings today coca-cola coming in line with expectations, on earnings, and beating on revenue, marriott double beat airbnb after the bell tracking earnings for the fourth quarter oil prize pulling back biden administration, has reported, that it is planning to release more oil from the strategic petroleum reserve, the reserve already at 40-year lows price of brent 85.81 down 1% price of crude oil 79 up-and-down 11 down 1 1/4% stocks higher yesterday big tech leading the rally look what happened the i understand of the day dow industrials up 376, better than 1% nasdaq was up 173. 1 1/2% s&p 500 higher by 46. european markets this morning -- let's check the ft 100 in londer firmer in europe fit up a third of a percent cac quarante up a half percent 31 dax higher by 63 that is one half of a percent as well. >> asian markets like this, we are looking at fractional

brainard a longtime federal of the fed appointed director of the national economic council and leaves a hole in the leadership as it battles inflation andfigures out how far to go. while it was only a tenth of expectations markets looking for details came to the realization the fed, same one they've been trying to hammer, bringing it to %, will be harder than the markets perhaps expected conrad dequadros says there is no slicing or dice of the data table. they're in virtual agreement and rates are more hawkish a tweak down to 5.07 by the end. for fed officials made clear they see rate behinds ahead. summarizing the comments with the title of the speech, quote, our work is not dong, melissa. >> it felt almost like the fed officials today and there are a lot talking whether it be in interviews or speeches, et cetera, were basically grabbing the markets by their lapels saying, listen, we mean it higher for longer. we mean it and maybe the markets are starting to respond. i'm wondering, steve, from your perspective when it comes to harker, we attributed the market turnaround to harker's c

. -- lael brainard.do we have a timeframe? >> clearly, it's an important vacancy that the president will make priority to fill but we will not get into who is on the list or the shortlist. i will just let the president assad. wax is there any plan for the president to visit ohio in light of the train wreck? >> epa administrator reagan was there and held a press conference in east palestine. i don't have anything to share about the president schedule. he will be in poland the beginning of next week. >> a follow-up on the social security as it relates to the debt ceiling. recently, hhs announced proposed rates for medicare advantage that would result in a $3 trillion reduction to the program. i know there is pushback on that characterization. can you explain, how does this square with the president's commitment not to cut medicare or, are there cost-saving measures in there somehow in the broader program that you would not characterize as a cut that is a cost-saving measure? >> i will not go to what secret

now, the vice chair, lael brainard, departs the fed this week. so who might replace her dove hawk? do we know there was a note out from the wall street journal that floated two names, two economists names. they both worked for the biden administration. but i want to talk about janice eberly. she co-wrote a piece in 2019 that found a 3% inflation target, would have been better in the aftermath of the global financial crisis. so it's clear to me that biden is looking for a dove to replace that influential lael brainard seat as vice chair. okay, let's keep an eye on those names. valerie, thank you so much. valerie title in london. well, president biden says vladimir putin has made the world less safe by suspending the participation in a nuclear treaty. but the us president president doesn't believe that it signals the russian leader will use atomic weapons. i have not seen anything. we're not seeing that where there's a change in his posture, what they're doing. the idea that somehow this means they're thinking of using nuclear weapons, international, but not boasting, there's no evid

brainard. jonathan: she's got experience every 20-year span. tom: 25. is totally unsurprising but it happened quickly. lisa: it's a pivotal point for the federal reserve. i think speak into brian deese, she will bring the international prowess. the question about international trade and policy and how that dovetails into the u.s. economy. jonathan: should we get a wrap on the markets? tom: i was distracted by the retail clock. one hour, 11 minutes, 25 seconds until they start my valentine day shopping. jonathan: are the roses on sale? tom: we are going for a more multiple statement. jonathan: ok. futures down .2% on the s&p. yields unchanged on the two-year yield. 460 again after getting that yesterday. are you telling me that is what you do on valentine's day? take the roses out to make the whole thing cheaper? tom: we just do a lovely, beautiful, equatorial flowers. jonathan: like leaves and branches. tom: you can't make it too big because it is a sixth floor walk-up. jonathan: we know your type. tom: henrietta treyz is about ready to walk away from t

what's your advice to lael brainard as she comes in. >> well, lael is going to be fantastic.nce to the job and she will inherit a legacy of extraordinary economic progress in the face of economic circumstances, led by this president and the entire team here at the white house and across the administration. it's been a consequential two years in terms of economic policy and certainly a consequential period in terms of economic legislation, and when you look at the combination of the infrastructure bill, the chips and science bill, investing in semiconductors and that inflation reduction act that you're talking about, you see taking shape a real new industrial strategy for the country, and so there's a lot of opportunity in that, but as the president has been clear with all of us, now is the time to focus on implementation, effective execution and unlocking all of those economic benefits across the country. that will be the task for the team going forward. >> we're still not on an entirely solid ground economically speaking. the numbers have been a little all over the place, th

thoughts with the faculty and member of the spartan family >>> president biden set to name lael brainardhe national economic council. >>> and ford is cutting 3,800 jobs in europe as they focus on electric vehicles. >>> and adani group is hiring grant thornton for the review over the hindenberg allegations. >>> and nbc universe allal lookt win back nba rights for the next few years. >>> and crossing moments ago, reuters reporting that paramoun global is working with advisers on possible sale of simon & schuster >>> for more on the big cpi report and what it means for the market and your money, let's bring in two of our favorite people kevin simpson at capital wealth planning and michelle girard, head of nat west markets we have the wonky revisions released in the dark last week, michelle, which changes the comparisons a bit. it is weird. what are you looking for >> you know, they do this every year with the seasonal factors all it does is it raised the revised numbers to look at higher q4 inflation at the end of last year that was offset by lower inflation earlier in the year. it has to d

president biden has named lyle brainard to be his top economic advisor.aves a vacancy at the fed. do we know who the white house may tap to fill the fed's vice chair role? lauren: report say it is austan goolsby. he was economic advisor to president obama, serving as president of the federal reserve bank of chicago. he would reported the replace brainard as she becomes the white house economic policy director. here is the question. as vice chair, goolsby would be instrumental in influencing jay powell. he hasn't said much recently on inflation or rates. he did back the 25 point hike last time. the last i have on inflation is something he told fox business in november, too soon to see if inflation has peaked. the report would be austan goolsby. ashley: we are down but perhaps trying to come back a little bit, we were down a lot more than this, more than one% on major exchanges, now we are down half of 1% across major exchanges. let's bring it in lou, good morning, should people be scared of the fed and what their next move, cpi came in hot in january, and

brainard would replace outgoing economic council director brian deese, and the appointment would seek alongside treasury secretary janet yellen as key players in the administration's economic policy. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am alice atkins in this is bloomberg. tom, francine? tom: coming up our conversation with the uae's energy minister. his thoughts on oil supplies, europe's energy crisis, and recession risk. stay with us for that interview. this is bill burck. francine: welcome back to the open, everyone's. look out for the bank of japan and u.s. api and stocks are gaining ahead of that. point 3% higher for european stoxx 600. tom: brent $86 a barrel on the u.s. plan to sell more crude from reserves offsetting a gain from russian output cuts and rising chinese demand. our fellow anchor manus cranny spoke to the uae energy minister, suhail al-mazrouei in dubai. he responded to concerns that china is -- china's reopening will throw global markets out of balance. su

what is he going to say about lael brainard?t inform his run in 2024 but also the strategy for the federal reserve of which she was more dovish? jonathan: one hour and 24 minutes away. thank you. lisa: thank you. jonathan: i will forward that address later. joining us is anna han of wells fargo. your research yesterday, thank you for being with us. why is the bear market over? anna: when you look at the signs in the market you are seeing the credit spreads compress. that is something that is rare in this time when the market is expected to fall into recession. you are also seeing volatility is being pretty contained on the equity side. this is what we .2 everyone loves to point to which is a strong -- we point to which everyone loves to point to which is movement from a bear market. tom: the hope and prayer has been a short squeeze. when and how do we get beyond a short squeeze? anna: you are absolutely right. what has been leading the market is the stuff that has not performed well. they had a very strong balance to start the y

. >> reporter: i wanted to go back to another think that vice chair brainard said recently she said she doesn't see signs of a wage-price spiral i wonder if you agree with that? >> i do. we don't see that yet, but the point is, once you see it, you have a serious problem that means effectively in people's decisionmaking, inflation has become a salient issue, and we can't allow that to happen. that's why we worry the longer we at this i think it's becoming less salient we have seen some data people really don't like inflation. as we see it coming down, that could add a boost. you look at the sentiment surveying, they're very, very low. with 3.5 unemployment and high wage increases, why can that be? it has to be inflation >> reporter: that's what you're looking at most closely, consumer expectations? >> that's at the very heart. essentially we believe that expectations of future inflation are a very important part of the process of creating inflation. that's sort of a bedrock belief in one way or another, it has to be we think it's important, and in this case, i would say the risk eight m

lauren: lael brainard and reporting that lael brainard will be tapped as new director of national economic counsel and coordinating policy, negotiating with congress and would replace brian dietz and jared burnstein reportedly chair of the economic advisers and the white house has not made a public announcement. ashley: all right. we'll wait for it. thank you very much, lauren. now this >, the ratings for the super bowl are in and it was a great game and most watched. tesla just increased their profits for the fourth time this year. this year? it's only february. how much more you'll be paying for your new ev. and the u.s. may have misspent hundreds of billions of dollars on ppp and unemployment insurance and one congressman call it is the greatest theft of taxpayer dollars in american history. grady trimble will have that report from capitol hill next. ♪ get refunds.com powered by innovation refunds can help your business get a payroll tax refund, even if you got ppp and it only takes eight minutes to qualify. i went on their website, uploaded everything, and i was blown away by what they

let's have a look now at another central-bank, certainly the departure of lael brainard has left a vacancy. who's going to fill it. here's first word news with vonnie quinn. vonnie: officials reached out to a key democratic ally discussing filling that vacant role. chicago five -- the chicago fed president is under consideration. he says he spoke about white house officials about the vacancy but would not disclose if any names were circulating. a key china advisor president biden is said to -- the security council. special assistant to the president and the nsc senior director for china and taiwan is leaving her post next month. white house officials say her exit plans are not related to tensions over the alleged chinese spy balloon. world bank president david is stepping down early giving the buy demonstration more time to find a replacement. the lender says he believe his job by the end of june. washington has called for reforms of the world bank to reprove its ability to respond crises including by change in pandemics. global news, 24 hours a day, on air and on bloomberg quicktake, powe

lael brainard going to affect these negotiations? >> when dr.ves to the national economic council this is going to be the number one issue that she will have to tackle, and she's going to be leaning on long-term relationships that she has up on capitol hill to try to advance those negotiations and broker some sort of deal but right now it's sort of a stalemate between the hill and the white house with republicans on the hill saying, you know, president biden show us your budget. well, the white house is planning to release its budget on march 9th, and then perhaps from there, republicans will look at the fine print on what the administration releases and figure out what's this the blueprint that they don't like and that they want to cut out as what they see as wasteful spending. treasury is usually more conservative on what it calls the x date, the date when it sees a potential default in the works. it said june 5th. you don't like to get too close to that because of how much it can rattle domestic and international financial markets. treasury i

president bynum will name vice chair brainard as his top advisor. she would replace brian deese. she would work alongside a former fed official, treasury secretary janet yellen key players in the administration's economic policy. the u.s. environment protection agency says norfolk southern may be liable for cleanup costs related to the derailment of a train carrying hazardous materials. it started a massive fire in ohio earlier this month. the norfolk southern spokesperson says they will continue to perform or finance varmints of monitoring or remediation. global news howard by 2700 journalists and analysts and 120 countries. i'm john hyland and this is bloomberg. ♪ >> welcome to bloomberg markets. kriti: they were so much build up this morning and now we are getting a mixed reaction. the s&p 500 is flat on the day. at the same time bond yields moved as much as 10 basis points on the 10-year yield. now higher by about five basis points. you are still seeing the market move. really breaking apart the correlation we have been so accustomed to in the last year. the dollar not doing

lael brainard is going to have some insight into that. reserve, federal reserve is independent. they're going to keep the two things separate, but you bring somebody in who has been sitting next to jerome powell for some time, it's interesting. >> jerome powell gave an interview, he said he's never heard from joe biden. >> up next, mike pence versus the trump special counsel. the former vice president president, cnn is told, plans to fight a subpoena demanding he tell a grand jury what he knows about donald trump's efforts to steal the 2020 election. a landscaper. a hunter. becacause you didn't settle for ordinary. same goes for your equipment. versatile, powerful, durable kubota equipment. more goes into it. so you get more out of it. ♪ ♪ ♪ ♪ ♪ hey, man. you could save hundreds for safe driving with liberty mutual. they customize your car insurance. so you only pay for what you need! whoo! we gotta go again. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ overactive bladder, or oab, can change your world. like going h

and to replace leo brainard at the fed. [inaudible question] >> say the last part? we don't have any personnel and announcements to make it this time. i can say that under the department of labor, julie sue will serve as acting secretary, which is common. as far as personnel announcements i don't have anything to share at this time. filling those two roles is critical and important and a priority. i just don't have anything to share. >> what are you looking for when the labor secretary talked about economic payments -- taking -- empowering unions, innovation drives, are you looking for a labor leader? is this something you would like to see in the next from the fed? >> both very good questions. i will leave it to the president to decide what is the -- what it is he is looking for in those two key critical possessions. no one will replace marty walsh. he is one-of-a-kind and incredibly effective and we are thankful for his service and we wish him well. i do not want to say that is what we will be looking for. it is for the president to decide. as far as the president

federal reserve vice chair lael brainard has been picked byjo biden to replace brian deese as one ofconomic advisers. the change to the president's economic team comes as the fed is trying to fight inflation without causing a recession. now, all of this has prompted executives at some of america's biggest banks to give a more upbeat assesment of the us economy. goldman sachs, bank of america and wells fargo — their words mark a shift in tone and reflect the growing belief that the federal reserve is winning its battle of taming inflation and avoiding a recession. let's delve into that a bit more with janet moyee, head of market analysis at rbc brewin dolphin. thank you forjoining me. key to all of this is the us consumer, harissa led —— how resilient have they been and what are they spending on? american consumers have been pretty resilient. the way that consumers spend is either by having a job, have their savings, and thejob market having a job, have their savings, and the job market is really strong and we saw a bumperjob report injanuary, bumper job report in january, right? bump

wanted to go back to another that fed vice chair brainard said recently. she said she doesn't see signs of a wage price spiral, and i'm wondering if you agree with that. >> i do. yeah, i do. i don't see that yet. but the whole point is, you know, once you see it, you have a serious problem. that means that, effectively, many people's decision making inflation has become a really salient issue. and once that happens, that's what we can't allow to happen. and, you know, so that's why we worry that the longer we're at this and the longer people are talking about inflation all day long every day, you know, the more risk of something like that. but,or no, there's not much -- it's more of a risk, it always has been more of a risk than anything else. by the way, i think it's becoming less salient, and people -- we've picked that up in conversations, and i've seen some data too that people gradually, they're glad that inflation's coming down. people really don't like inflation, and as we see it comes down -- coming down, that could also add a boost to economic --

. >> two women professors, carrie dimon and janice everly considered to replace lyle brainard as fede chair. they were both advisers to president obama, highly qualified, mary daly of the san francisco fed is the name also being tossed around. seth carpenter, chief global economist at morgan stanley. guess who is out? reportedly, austan goolsbee. also president of the chicago fed, senator bob then and does. stuart: okay. i will move right along. no comment from me at all. it was the commercial break i'm talking about. tesla down nearly 4%. >> there to report the new york factory faces further racism allegations from employees, investors looking for a catalyst for tesla. it could come next week. stuart: show me sinemaarche, movies down. lauren: they are recovering. it was down sharply earlier, they swung to a fourth-quarter loss and missed revenue. i was saying avatar 2, such a strong box office performer. the storms could have kept people away during the fourth quarter but i looked at the concessions which average concession $7.43 a person. that's a lot. $7.43. do you purchase your s

president biden, as inflation continues to rise, nominating federal reserve chair lyle brainard who will replace brian dietz who will to step down earlier this month and jared bernstein who is expected to take over as chair of economic advisors. they are trusted advisors to craft my economic agenda and our country owes them a debt of gratitude for their service as they transition out of the white house. i'm pleased to announce new leaders will deliver my economic vision and finish the job. republican lawmakers blasting president biden after the latest cpi report, inflation was up 6.5%. house majority whip tom never said president biden took a victory lap on the economy but today's report confirms he is living in an alternate reality, americans watching prices go higher by the day. other republicans, senator tom cotton writing biden stopped caring the inflation caused by his policies is far from over. congresswoman lauren bogert said the inflation and -- congressman andrew klein, continues to fail the american people. it was a mixed session but all the data, and the nasdaq and the s&p dow

powell and brainard.istration i don't know when the change takes place. austin goolsbee. he is mentioned to replace here. who comes off the alternate list this may be semantics. >> becky, this is a clever question i'll explain why the chair usually brings the fed governors along with him or her depending on who it is it is very, very rare to have a governor or a vice chair dissent from the fed chair i don't show that because there is not a lot of volatility there. perhaps a guy like waller who has been hawkish, might dissent. some of the new people, like lisa cook and phil jefferson, i don't think if they are in the midst of dissenting. that dissent tends to come from the new fed presidents there is no replacement for brainard she is supposed to leave around february 20th. that seat will remain vacant that seat has to be confirmed by the president. they will be with 18 members rather than 19 >> steve, thank you. >>> coming up, draftkings beating estimates in the latest quarter. posting an earnings beat >>

fed chair lowell brainard talked about it as well her number was higher than the real number that came.1%. it seemed to be achieving that goal at a lower funds rate than they themselves forecast so in a sense there is victory to be declared i think the thing that will stay powell's hand on being dovish at all is this concern that inflation came back a couple of times once it seemed like it was going down and this idea that they're going to need substantial evidence and to reach a funds rate that is what they call quote/unquote sufficiently restrictive. >> and it is interesting because we're now in a position where it would seem the burden of proof is starting to shift toward folks who say inflation is going to remain high and sticky. and you are starting to hear people say, look, there is a cost of living adjustment in social security coming through, that's going to create spending power. we still have a lot of, you know, housing market is actually even showing like it has refreshed demand here. and corporate borrowing costs are back to where they were, i don't know, five, six months a

like take a look hat interest rate picture as federal reserve advice chairmen longtime dove lael brainard officially no foundations leaving for white house to become the top economic advisory succeeding brian deese, we had economic data, prices higher across the board ft 100 up 6 cac quarante up 84 dax higher by 38, uk latest cpi showed inflation is falling coming down, for third month in a row, in uk, in asia overnight red he across the board south korea biggest week spot deadline 1 1/2% others moving fractionally lower hong kong down 1 and a half percent as well in washington, still no word, no details with whatsoever on three unidentified objects, shot down, in the sky over the past weekend, reports shows u.s. intelligence officials were tracking that larger chinese spy flight since it lifted off southern coast of china tracked it throughout america, didn't shoot it down until over south carolina and flight able to capture images of our nuclear installations, how much surveillance is communist china doing on america, what images dataed by beijing get flying across the country an entire

. >>> vice chair of the federal reserve lail brainard and jared bernstein, an economic adviser for joeto top white house economic posts after today's market close, according to reuters. >>> last week cnbc reported it was likely they would get those jobs. >>> and president biden is celebrating what he calls an historic agreement for air india to buy 220 boeing jets with a list price of $34 billion. he says the purchase will support more than 1 million american jobs in 44 states jon? >> thanks. >>> this morning's hotter than expected inflation data giving the fed more reason to continue its hawkish policy and with higher rates comes the end of the free money era feels like it ended a few months ago. forcing companies to revamp their growth strategies. >> you can't just buy market share with the weight of money and be successful. so, there were some winners, but that was a bad strategy overall driven by cheap money. back to basics means you have to invest in businesses that grow market share, that have new products, that have acquisitions the market is -- has come down some companies are

brainard was named as top can economic adviser. >> and president biden will head to maryland today to push his economic message, a key part of his agenda ahead of next year's election. phil mattingly is in washington with more on the president's plans for 2024. >> reporter: pressure officially has not made the decision yet. he said so publicly and privately. but everything that the president's political team pushing towards is that 2024 re-election campaign. you've seen it in the public messaging, the events that he's attended to talk about his key agenda wins in the first two years in places like arizona and georgia, pennsylvania, they are not subtle, they are all very intentional and that is what we've seen publicly. also you saw the "state of the union" address which put together many of those political themes. an beand behind the scenes they have been building to set the table if whfor what lies ahead. hundreds of millions raised, tens of millions to build out state based organizations in all of those critical battle ground states, all driving toward the moment where the president

lael brainard coming over to run the council from the federal reserve.t comes to what needs to get done, what needs to be negotiated and resolved over the course of the next couple of months. officials are keenly aware of the dynamics here. the president nominating jared bernstein to run the council. one of his closest and longest serving economic advisers going back to his vice presidential days. the team is very aligned in the sense as you heard manu kind of detail there, they kind of understand the dynamics. when you talk to them, they don't a, believe their bluffing and b, that they have political high ground here. the president's speech is a good example of that. you'll see as he hits these remarks, not unlike what he did at the state of the union address are very clear accomplishments, signs of progress in their first two years. they'll detail why they believe republican proposals will undercut that. that's through through the lens of trying to draw the contrasts between the two. they're reshuffling the economic team to some degree. one thing is co

segment from closing bell to "squawk on the street," the federal reserve vice chair, the next one, brainardo the white house two candidates in the running, ja ja janice eberly and karen dynan with positions at northwestern and harvard university in terms of what we can expect all of wall street is going back to research papers, some things that took out dimon -- janice eberly said if the fed had a 3% inflation target not a 2% target, the recovery would have been much faster that's dovish. of course, we don't know this is going to go through a senate confirmation and learn a lot more but it's fun to speculate. >> is it, though some get worried when you start talking about this how would other central banks respond? what would the impact be on the dollar >> also credibility. the fed can't be in an inflation fight saying we could handle a higher rate so probably not likely but wall street can hope. i guess, if you're hoping for the fed to calm down here on interest rate hikes, the move is the opposite and the market has fallen apart again today and lost a pretty decent rally and now at the low

this as president biden is planning to name federal reserve vice chair lael brainard as his top economicdvisor, succeeding brian geist as the director of national economic council. markets will like that. we will talk about it. earnings this morning coca-cola and marriott out before the bell this morning, we will get you those numbers before the opening bell. and we are watching oil prices this morning in the face of the inflation data coming out, the biden administration is planning to he release more oil from the strategic petroleum reserve. the ex strategic oil reserve ata 40 year low. the price of brent is down 1.1%. crude oil, 78, 98, down 1 and-a-half percent right now. all this after stocks finished higher yesterday. big tech and growth leading the rally yesterday. when all was said and done, the dow industrials were up 376 points, nasdaq up 173 and s&p 500 higher by 46. european markets are trading had this way, the ft 100 in london right now is trading up 38, that's about half a percent, the cac in paris is up 37, dax higher by 65 right now. and in asia overnight, markets finish

. >> i wanted to go back to another thing that fed vice chair brainard said and she doesn't see signs of a wage price spiral and i'm wondering if you agree with that? >> i do. db of interaural. you don't see that yet but the whole point is once you see it, you have a serious problem. that means that effectively in people's decision making it's really salient and once that happens, that's what we can't let allow happen. you know, so that's why we worry that the longer we're at this and the longer people are trying with inflation all day long every day, you know the more risk of something like that but there's not much -- it's more of a risk, it always has been more of a risk than anything else. by the way, it's becoming less salient and people are -- we pick that up in conversations and i've seen data too and people are glad inflation is coming down. people don't like inflation and as we see it coming down, that could also add a boost to economic activity and look at sentiment surveys and they're very, very low with 3.5% unemployment and and it has to be inflation. once inflation is co

i must ask, lail brainard, will she be replacing you?o. >> thank you for joining us, congratulations and good luck on your next move. >> thank you very much. >> brian deese, thank you so much. we'll see more of that interview tonight on the 11th hour, what's the take away, we have to raise the debt ceiling. we owe this none. >> i'm sad you didn't ask brian about what the white house will do to lower the cost of beyonce tickets and make them more accessible. >> the only thing on your mind were the eagles right now. i can't believe you have the capacity to think about beyonce. >> we contain multitudes my sweet friend. that was a great interview with brian deese. >> and we are going to talk about beyonce. we are going to do it, because you know what, why not? she's got a first world tour in something like seven years. the big question is it ticket master going to be ready for it? not long after you saw the high profile ticket master hearing on the hill. we'll talk about it. but first, the college board taking some key components out of its

the president naming new economic advisers, former federal reserve vice chair lael brainard is beingtapped to lead the national economic council, the president nominating jared bernstein to the to be chair of council of economic ad visors. to the markets now, retail sales coming in stronger than expected. a remarkable number. we'll be talking about the it. the futures lower, is good news bad news? we'll get into that as well, the dow off 135 points in the premarket. and guess what? it's the middle of winter, but you wouldn't know it. it's going on in the mid 60s in new york city. dare i say shorts weather? i co. "varney & company" is about to begin. ♪ ♪ ♪ something to believe in 'cuz i don't believe in you anymore ♪ ashley: a little bit of maroon five for you on this wednesday morning as we look towards central park in midtown the manhattan. good morning, everyone. straight to this story, president biden is facing growing call for answers on the recent string of flying objects that were shot down. the white house is dodging questions about when the president will ever give an update

. >> lael brainard, as she leaves they will be hawkish as some of the doves are leaving.areful where you're making bond trade. i optimistic where we're going. i think earnings hang on. my thesis, strength of u.s. consumer which is 25% of global gdp around 75% of u.s. gdp. tells me a trillion dollars excess cash still to spend we're fine and labor market being as stronging a it is, but, but, fed pushing higher we'll have more volatility than i expected early on. charles: we have less than a minute. i can't let you go. you have intriguing answers to the questions. start at the top most famous biggest mistake in history? >> the biggest mistake in history, i would say 2020. from an investor standpoint. that was the greatest single opportunity in my life to take advantage of a stock market that really had tremendous upside and double or triple your money. >> amazing. ultimate fear ended up being the ultimate opportunity. think about that. phil, thank you so much, my friend. appreciate it. >> thank you. charles: coming up, folks, garrry k is with us. he will break down how we p

surge in unemployment specifically, i wonder if you might comment on the speech given by vice chair brainard, who said that other things may by responsible -- unwinding of these factors. in other words, it may not be wages, may not require unbelow of unemployment rising to get this sector of inflation under control. >> so a couple things. first, on the forecast, you're right, if you take very short term, say three-month measures, they're quite low right now, but that's driven by significantly negative readings from goods inflation. most forecasters would think that the significantly negative readings will be transitory, and that goods inflation will move up fairly soon, back up to its longer run trend of something around zero, something like that a lot of forecasts would call for core pce to go back up to 4% by the middle of the year, for example. that's where the stanable level is, more like 4% so that would suggest there's work left to do. let's say inflation does come down much faster than we expect, which is possible. as i mentioned, obviously our policies are data dependent. in terms of

president biden will likely name lael brainard as top economist this week.he's currently number two dealing with the inflation and interest rate decisions. all this talk about strong economic times frustrating the fed may sound a little odd in the bay area because we're constantly bombarded with news of layoffs. linkedin, talk of more layoffs at meta. twilio talking cuts as well. twilio says no more offices. we're in a situation where the rest of the nation seems to be doing pretty well, while we're maybe not. it's a big reverse. you look at the rust belt, flint, michigan, the midwest and farmers over the years, while california was saying, wow, we are in a money, they were saying we're not doing very well. i think you're seeing a bit of a reversal. >> thank you, scott. >>> 5:16 right now. happening today, we'll find out who the billionaire winner of that powerball jackpot is. the ticket was sold at joe's service center. this is north of l.a. california does not give winners the option to stay anonymous. we'll also hear if the winner is taking the billion do

and steve, you know this as well as i vice chair leal brainard was a moderating force in terms of rate hikes and i think this meeting in march with what i think will be still strong data i do think some of the strength is overstated in january and we know what's a head fake but the season aels and what we're seeing coming in in february, think it's still going to be pretty strong, and that's going to give them this cushion exactly as you laid it out, responding to a stronger economy. zmaz going to be appropriate for them to go a half because if they really ratchet up their trajectory going a quarter point isn't -- >> yeah, guys, i wantto make one quick point, which is this is like more pressure coming into a balloon right now that pressure is be being relieved by the market upping the odds of a june rate hike another 25. entire le possible what diane is saying that that pressure gets relieved by a 50 m n. march. >> ten-year yield about 3.91 >> final comment dealer's choice. diane, we'll give it to you really quick >> the bottom line is the fed is data dependent the fed is going to resp

today's announcement said federal reserve vice chair lael brainard will become director of the national economic council. the present also named longtime adviser jared bernstein to chair the white house council of economic advisors. u.s. senators got a classified briefing today on the series of unidentified objects being shot down in american airspace. but they emerged with essential questions still unanswered, including where the objects came from and what they were doing. they also voiced mixed feelings on how much the biden administration should tell the public. >> they can say what they know, what they don't know, and don't reveal sources and methods. that's what the american people want. when you don't provide information and there's a dearth of information, it can lead to wild speculation. it can lead to unfounded fears. sen. schumer: i think the biden administration is being very careful and very thoughtful. a lot of this information people say make it public, but a lot of it is classified or on the edge of classified and it's difficult. amna: also today, general mark milley, cha

instrumental in getting joe manchin to sign onto the final piece of the build back better act and so lael brainardu so much for joining us again this morning. >> thank you. >> and thanks to all of you for getting up way too early with us on this wednesday morning. "morning joe" starts right now. >>> i want to take a moment to say our hearts are with the students and the families of michigan state university. it's the family's worst nightmare. it's happening far too often in this

less referring to chicago financial conditions next, over longer period of time, last week lael brainardsame thing, they are giving more wiggle room, i don't think this upsets his narrative in fact to degree may actually help to your point 37 wall street delegate us all doom and gloom so far we haven't seen become nearly as close to the doom and gloom advertised. >> maria. >> we haven't seen go ahead steve. steve: we've been talking in recent months about this -- um -- divide between household survey number of jobs, and the establishment survey. and so what has been happening is the establishment survey numbers were way higher than the household survey numbers, and so, we've all been saying those numbers you are going to have to converge over time the question really has been, you know was the household survey, to a low or was the establishment survey too high what we saw day, was a huge, huge increase in the household survey if i read right 800,000, so, looks like these numbers have been kind of revised upward, and that is good news for american worker. maria: are a um-hmm yeah, one --

bloomberg is reporting that the number two of the federal reserve, lael brainard will leave for directornational economic council, brian deece's job here at white house. he is leaving the number two spot according to bloomberg to come here to the white house to advice the president on the economy. neil: edward, thank you for that. let's go to luke lloyd, steve moore to digest the numbers, why we're seeing a selloff that we are. steve, why, what is going on? >> the numbers over the last few months, the revisions are showing that inflation has been a little bit higher than we thought. by the way in the first half of 2022 the numbers were revised so inflation wasn't as bad as we thought but over the last six months they have been a little bit worse than we thought. so the progress that we thought we were making in reducing inflation is not quite there yet. now, i'm looking at some of these other forward indicators, things like commodity prices, the money supply, and those are all suggesting that prices are finally starting to level out. but we still have a problem that the prices are about

lael brainard coming here to the white house to be an economic adviser. that selection process for a number two, capitol hill, some on capitol hill are pushing now to have race as the number one factor for that, specifically someone of latino descent. >> when it comes to diversity, you've heard this from the president, from me, from many of us here, diversity and representation is really important to this president. and, you know, we're going to look at, the president's going to the look at a highly diverse group of world class economists just as we did the for the previous fed nominations. >> reporter: so two of the last three people the president got confirmed to the board of federal reserve governors are african-american. this saab a number of -- have been a number of names floated for the next number two spot. the current chicago federal roadway serve president, austin imools by, high on that list. he's also, as you can see, white. of karine jean-pierre says that the president will nominate a candidate soon but would not say if that person would be in

brainard is leaving the fed to lead president biden's economic team he must be impressing people top economic adviser to president obama. other candidates are karen dynan and northwestern professor janet eberly and boston fed president susan collins. no relation. congratulations. >> great >> we haven't heard from him much i'm surprised. you know, if i got some type of getting anything above what i'm doing now. if i were to get a promotion, i wouldn't leave my friends behind >> you would write me every day? >> he hasn't said anything you think the doors at the chicago fed have been enlarged for his head to fit through? >> i think he is busy trying to get up to speed for the new job. maybe if you keep talking, we can get him to respond >> he is nasty on twitter. maybe he is trying to be funny, but -- >> he hurts you? >> sometimes he does you only hurt the ones you love. >> there you go. >>> the congressional budget office says the u.s. is on track to add nearly $19 trillion to its national debt over the next decade that is $3 trillion more than previously forecast because of rising cos