chair powell: yes. sen. warren: ok. so there are two ways to get more money into people's pockets. the first is providing payments like stimulus checks and un-lemon insurance, which i strongly support -- and unemployment insurance, which i strongly support. the other is by canceling the debt that people owe so they can spend elsewhere. the largest category is student loans, and most of that debt is to the federal government. those payments are paused, but the clock is running out. on new year's day, the medium borrower will have to start repaying more than $200 a month to the federal government. that is the time when our economy needs people to be able to spend more money, not less. mr. chairman, you have said in testimony before congress that you think that rising student concern" whenain looking at the overall household debt picture. you have also said that it is rising fast and is now large. there's increasing evidence that shows students who can't pay that debt have difficulty having normal canonic

chair powell: yes. we are not going to be identifying specific associating that test with specific numbers at this point. really the question is what do e mean by that language. really the overarching message, rich, is our guidance for both interest rates and asset purchases will keep monetary policy acome dayive until our maximum employment and price stability goals are achieved. that's a powerful message. so substantial further progress means what it says t means we'll be looking for employment to be substantially closer to assessments of its maximum level and inflation to be substantially closer to our 2% longer run goal before we start making adjustments to our purchases. i would also point out that by increasing our asset holdings, we see ourselves as adding policy accommodations. there will come a time when the economy does not require increasing amounts of policy accommodation. when that time comes, and that will be uncertain in any case is give ys off, so i can't you an exact set of numbers. we

i'm sure chair powell can respond. >> chairman powell? can i get a commitment from you to review this loan? chair powell: it is inappropriate for me to comment on specific loans. people make representations. we set out clear rules and they have to be obeyed. we will always look. if they are not obeyed or incorrect representations are made, the consequences will follow. what.y good, to secretary -- very good, thank you. a lot of discussion has been taking place about whether these programs have to expire or whether you are allowing them to. interpretation is that you have no discussion and that. -- in that. i can't help but to think that the results of the election would be different, your interpretation will be different. have you had a chance to speak to incoming treasury secretary at yellen? have you discussed your intention to end these facilities? secretary mnuchin: we are cooperating with the transition. i had a very good working relationship with her when she was the fed chair and i have advised her that my reading of this and inter

chair. powell: thank you senator brown. provided ande have continue to provide very strong support for the economy and workers in particular through the use of our tools we remain committed to using all of our tools to their fullest extent for as long as is necessary. to get us through this difficult period. we thought about this collective effort, this governmentwide effort as one that involves getting the people and the businesses that constitute the economy across the chasm created by the pandemic. adding them safely to the other side to the post pandemic economy. that the fiscal policy particular the cares act deserves the lion's share of the that bridge.ating we may need more on that front. from the standpoint of the fed, they will continue used tools and those will include section 13 three facilities which remain available to us under the law. the secretary pointed out they can be backed up by exchange stabilization funds should the legal requirements be met. sen. brown: does the fed have an

chair powell, two-part question. if anything, would prompt the fed to shift treasury purchases toward the longer end of the curve as you did with your prior qe programs and does your guidance today on asset purchases foreclose the possibility that you could at some point lengthen maturities while simultaneously tapering the monthly purchase amounts >> well, nick, on the first part of the question, i wouldn't want to sort of talk about hypothetical situations. we look at our overall stance of policy, overall financial conditions, we look at what's going on in the economy, different parts of the economy we ask ourselves, should we change our policy stance we do that at every meeting. we look at where financial conditions are now and we feel they are appropriate for now any time we feel like the economy could use stronger accommodation, we would be prepared to provide it right now we're providing a great deal and we happen to think it's the right amount. you mentioned -- i think you're referring to the idea of maintaini

distinguished witness, the honorable jerome powell, chair man of the board of governors of the federal reserve system. he's served on the board of directors of governors since 2012 and as the chair since 2018. chair powell has previously testified before the committee and i believe he does not need any further introduction. without objection your written statements will be made a part of the record. each of you will have five minutes to summarize your testimony. when you have one minute remaining, the yellow light will appear and at that time i would ask you to wrap up your testimony so we can be respectful of the committee members time. you are now recognized for five mites to present your oral testimony. >> ranking mbers of the committee, i am pleased to join you today to discuss the

chair powell mentioned the transition just a bit. how happy do you think he is that janet yellen was nominated for treasury secretary what does that relationship ultimately mean for investors? >> i think it's terrific jay is very happy about that you'll have to, you know, of course remember that he served as a governor when janet yellen was vice chair and then subsequently when janet was the chair of the fed so, their relationship goes back in time. they understand how each other operates and what their methodologies are, and what their going-in assumptions are very comfortable relationship. i think that will serve our economy well, because we're going to have, i hope, a fiscal piece that is being driven by treasury, with a monetary policy side being driven by the fed that will start to coordinate, will start to move together in a way that will bring about an inclusive economic growth. as we know, neither of those tools, the fiscal side or the monetary policy side, treasury or the fed, they can't be done in isolation they have to be

in response, you, chair powell, powell, said the outlook for the economy is extraordinarily uncertain. the federal reserve will are the emergency facilities established during the pandemic is backdrop for the economy. so that the two people to stabilize the economy do not agree if the markets are several but it doesn't matter secretary mnuchin doesn't have the authority to recall the 45billion. now i'm leaving out loud so secretary mnuchin were about 2026? >> i do believe. >> no no no. i am reclaiming my time. >> second of all with authority 27. >> reclaiming my time. >> answer my question. is today the year 2026? yes or no. >> of course it's not. how diculous to ask me that question and waste our time. >> secretary mnuchin i think it is ridiculous you are playacting to be a lawyer. >> i have plenty oyears at the department of treasury to advise me. i'm happy to follow up with the chair to explain the legal provisions. >> but secretary do you have a legal degree? >> i do not to me. chair powell you a lawyer? >> i am a criminal lawyer a recovering lawye >> you have a legal degree? >> i

chair powell you a lawyer? >> i am a criminal lawyer a recovering lawyer. >> you have a legal degree? >> i do. >> okay. secretary mnuchin you are trying to tell chairman powell to send over any remaining funds right now the claiming falsely in my opinion that is what the law states. and then someone new disagree with someone who i actually a lawyer. >> a lawyer? >> the congress actually with the law. >> i will the law with congress for what it's worth. it's not hundred 50 billion i think it's approximately 175 billion. >> secretary mnuchin. section 4027 it says you have to stop making new investments. doesn'tay to stop you are making a decision from congressional intent. >> the gentle it is time is expired. >> the gentle man from wisconsin is recognized for five minutes. >> thank you for being here secretary of would you like to clarify your comments and the rationale? i got caught off. >> thank you very much. think that will do is follow up with bad chair and ranking member so we clarify 4027 and 4029. i have

, house financial services committee questions for treasury secretary steven mnuchin and fed chair jay powellthis is bloomberg. ♪ chair jay powell and treasury secretary steven mnuchin are back on the hill today. they are going to take questions from the house financial services committee over the c.a.r.e.s. act. that q&a is going to start any moment, but right now would want to bring in bloomberg's international economics and policy correspondent mike mckee. we got the headline of the bipartisan deal right before the hearing started, but now a lot more conversation happening on the hill. michael: there was a lot of questions yesterday about whether we should have stimulus now, stimulus later, how big it should be. of course, chair powell ducks the question of what should be in it. ab there will be more questions they will ask some more specifics, and he will try to make the case that we should do something rather than nothing. yesterday he said we should do more rather than less. interesting to note here that both powell -- well, not both powell -- powell is wearing a mask while powell and m

host: what is her relationship with the current fed chair, jay powell, who i assume will continue on. guest: his term runs through january of 2022. he will be there at least for the's first year of joe biden's administration -- he will be there for at least the first year of joe biden's administration. then he will have to pick someone else. janetwell served on the federation, they had some disagreements but he has continued to meet and speak by phone with her. he succeeded her as chair. i think it is safe to say these are people who can work quite well together. it will be interesting to see now that the outgoing administration has made changes to see what janet yellen does and how that relationship with chair powell unfolds. is a chieftimiraos correspondent for the wall street journal. we are talking about the economic team announced by the biden administration. we welcome your phone calls. republicans, 202-748-8001. democrats, 202-748-8000. all others, 202-748-8002. janet yellen set the tone for what the biden administration wants to do in terms of responding to the pandemic. here

we take our cue from the tone that chair powell struck in front of congress.in, the risk is doing too little, not too much. if you have something that does something good, you go ahead and use it now. caroline: julia, you still wait on fiscal stimulus, something that fed chair powell has fought for time and time again. thinkort of affect do you looking at this asset purchase would have as we remain without that sort of support. >> i think the benefit of doing the extension now is picking out an insurance policy on market conditions. partly, they are buoyant because the fed has backed them up with a very dovish reaction function if they start looking hesitant or like they are trying to fine-tune policy now, then market may be less sanguine in the face of what may be some very real risks in the near term. i think there are a lot of stars aligning somewhere in the middle of 2021 when the vaccine is widely available. it is a long road. isyou know, fiscal support still very much in the area. it looks like they are closing in on a package. it may be substantial, it

chair powell: thank you. i would say this. we have provided and will continue to provide very strong support for the economy and for workers in particular through the use of our tools, and we remain committed to using all of our tools to their fullest extent for as long as is necessary to get us through this difficult period. collectiveabout this effort, this governmentwide effort, is one that involves getting the people in the businesses that constitute the createdacross the chasm by the pandemic, getting them safely to the other side, to a post pandemic economy. think, frankly, that the fiscal policy, particularly the c.a.r.e.s. act, deserves the lion's share of the credit in creating that bridge so far. it may be that we need more on that front, but from the standpoint of the fed, you can be sure we will continue to use our tools, and those would include section 13 three facilities which remain available to us under the law, and as the secretary pointed out in his letter, they can be backed up by exchange stabilization fund

jonathan: it all takes us to chair powell in a news conference later this afternoon. what are you looking for? the december meeting as a snooze fest. there's a bonus round this year. this is not a snooze fest. it is going to be quite interesting how he frames what they are going to do, given vaccines and given a slowing economy. the other issue is we got powell, we've got juergen, and we got jose. there's a small destruction going on during the fed press conference. jonathan: it took you two minutes. for our audience, this is what is going to happen during the news conference with the federal reserve. about halfway through, tom keene is going to sit on the other screen watching spurs versus liverpool. [laughter] screening thewo- news conference and not listening. lisa, when you engage with the content a little bit later after that news conference, when tom pontificates everything chair powell has just said, just assume he did not pay attention during the whole of the back half. [laughter] that my favorite part is we are giving an accurate look ahead to what we are goi

half-full.lass fed chair jay powell says the u.s. economy will rebound strongly in the second half of next year. of england the bank prepares for his final rate announcement of the year. policymakers are set to leave stimulus unchanged with a brexit deal yet to materialize. and bitcoin deal. worthsays it could be 400,000. good morning, everyone. welcome to "bloomberg surveillance." i am francine lacqua here in london. let's get straight to the markets. a lot going on with bitcoin. it is interesting to hear that conversation with scarlet fu and tom keene on bitcoin, scott saying he sees a going to as much as 400,000, and we could go to that level because of policy, the fed could start printing money. hope of aaining on vaccine, the dollar strengthening, labeled currency manipulator's, and then overall, the pound actually climbs, with officials cautiously predicting a brexit deal within days. now let's get to the bloomberg first word news in london with leigh-ann gerrans. hi, leigh-ann. leigh-ann: good morning, francine. the u.k. and e

what can the fed do, chair powell, to make sure that workers don't get left behind again?> thank you, senator brown. i would say this we have provided and will continue to provide very strong support for the economy, and for workers in particular through the use of our tools, and we remain committed to using all of our tools to their fullest extent for as long as is necessary to get us through this difficult period we've thought about this collective effort, this government-wide effort as one that involves getting the people and the businesses that constitute the economy across the chasm created by, you know, by the pandemic, getting them safely to the other side, to the post-pandemic economy, and i think frankly that the fiscal policy particularly the c.a.r.e.s. act deserves the lion's share of the credit in creating that bridge so far. it may be that we need more on that front, but from the standpoint of the fed, you can be sure that we'll continue to use our tools, and by the way, those tools would include section 13-3 facility which remain available to us under the law

the federal reserve chair jerome powell holds a news conference to talk about his agency's monetary policy actions during the coronavirus pandemic. is the nation of central bank would keep its policies in place like low interest rates until further notice. this runs an hour. >> we are strongly committed to achieving monetary policy goals congress has given us, maximum employment and price stability. since the beginning of a pandemic we have taken forceful action to provide relief and ability, to ensure the recovery will be as strong as possible and limit lasting damage to the economy. my colleagues on the fomc and i reaffirmed our strong forward guidance for interest rates and provide additional guidance purchases. these measures will ensure monetary policy will deliver powerful support to the economy until a recovery is complete. economic activity has continued to recover from its depressed second-quarter level. the reopening of the economy went through rapid rebound of activity, real gdp rose at an annual rate of 3.3% in the third quarter. in recent months, household spending, durable go

smith: thank you chair powell. i also want to extend my thanks to secretary mnuchin for his service. >> senator kramer? thank you mr. chairman and thank you to witnesses. let me also say congratulations to the chairman. a wonderful two years as chairman. you've been great to meet in the committee and i appreciate your approach. also thank you to senator max sally, senator tillis. we will miss you both and we are grateful for your service. ie issue on my mind and one wake up thinking about every day about how we will tackle ppp forgiveness. i want to address a couple of things directly to you, secretary mnuchin. you know senator menendez and i along with senator tillis, nema, france allies have introduced a bill that makes loans less and supposed to be forgiven. loans$150,000 unless makes up 85% of total loans, but only 26% of the dollar amount. both chariman powell and secretary mnuchin have said during this hearing that what businesses need is grants. forgiveness was a major component of our bill. once again, in m

fed chair powell has urged congress to approve additional spending as the covid crisis ramps up rated the house committee, he said it should focus on aid for unemployed workers, small businesses, and state and local governments. >> there are many sectors that could use help. i would start with the labor market. despite the rapid progress getting people to work, there are still 10 million people out of work because of the pandemic. mark: chair powell has been advocating for more government stimulus, noting monetary policy can only do so much. governor cuomo said delivery of the first vaccine for new york is expected to be enough for 170,000 residents. regulators,by u.s. the doses are expected to arrive december 15. european union regulators are laying out new safe travel recommendations. the guidelines will make it

that were completely shut down i think you may recall the initial facilities were opened by fed chair powell and me using money that we had in the exchange stabilization fund. that was a, kind of a way we were able to do it quickly and those funds now are very clear in law that the original facilities can still be used in an emergency i think, you know, congress entrusted me with $500 billion it was an extraordinary responsibility many of the democrats at the time referred to this as my slush fund and, as you know, the announcement of those facilities opened up the markets. so, we took $250 billion, we used it to announce additional fed facilities we made direct airline loans but the majority of the money we never spent. matter of fact, of all the fed facilities we did about $25 billion in gross lending so, this really worked what happened was the mere announcement unlocked the private markets, the private markets took over. there was $429 billion that i had that, you know, i prudently wanted to recycle for other things and that's what we agreed to do and to areas of the economy that need it

fed chair powell saying the treasury's does not need the federal reserve, it does not need his presencet many would debate at the moment, it does. if we do see the initiation move to where it wants to go, what they care about is inequality. they hoped to drive unemployment to the very lowest possible. they want a hotter market, a hotter overall economy. why is that so different from what supporting asset classes is like? kris: now it is two different things. before, a lot of sentiment was driven on the idea of the fed put. how many traders have said, yeah, i am going low on the market because the fed is going to back me up. if the case now is not focused on risk assets and it has shifted into something different, the sentiment behind the fed remains, and i would argue it does not. if the fed removes itself from risk assets and the polarization of how the prior administration looked at the fed, now basically evaporates, it's two completely different ballgames. the sentiment that regular traders and investors will have will not be as strong as if you know, ok, the fed is going to step in

and we think that is important to have done >> that of course was fed chair jay powell earlier this week outlining the fed's asset purchase guidance. what does substantial progress actually look like federal vice chair richard clarida joins us now for an exclusive interview. welcome back good to have you. >> hi sara how are you? >> i'm doing i think the big question out of the fed meeting this week that hopefully you can clarify is, what does substantial progress look like on your goals that he you would consider parring back the asset purchases. >> the chair saidet very well. substantial progress means we want to make substantial progress toward reducing unemployment and moving inflation back close the our 2% goal the coronavirus dug a deep hole for the economy. the recovery so far has been robust there is a way to go and so substantial progress obviously will come into view as we get closer. but that's a ways away right now the focus is on providing the support the economy needs to get us through this tough stretch >> i guess it does feel a little mig, mr. vice chair. why not set speci

chair powell: with the labor market, i think we ought to remember that despite the rapid progress in getting people back to work, which is so welcome, there are still 10 million people out of work because of the pandemic. joining us this trevor greethham, head of mostly asset at royal london asset management. what are the markets hoping for? markets werenk the expecting a compromise much closer to the republican end of the scale. keep in mind the democrats wanted to $.4 trillion, and we are getting just short of $1 trillion. what is $1 trillion these days? there are certainly a lot of focus on the georgia runoff, because of democrats were to win both seats, they could come back with a stimulus package later. and we have got a light at the end of the tunnel with the vaccine developments. so the markets are taking a pause for breath, but the positive fundamentals for next year is still very much in place. francine: but are they already priced into the markets, trevor? what needs to happen for markets to go up from now? trevor: i think probably what needs to happen is we need to get bet

fed chair jerome powell sees the u.s.g strongly in the second half of next year, but promises to keep supporting the economy. decision day. the bank of england prepares for its final rate announcement of the year. likely to keepe stimulus with a brexit deal yet to materialize. bitcoin at 400,000? scott minerd says the cryptocurrency's fair value still has a way to go, even as it hits record highs. matt: let's take a look at european futures. we are seeing gains really across global futures today. europe is no exception. 3 of 1% are almost 2/ the gains on the ftse. dax futures up 1%. looks like we could see another big gain german stocks, even as we suffer through this harder lockdown. here's the global macro movers screen. on the left-hand column, you will see equity index as the trade starts to hit live. -- shouldn should be start to populate. typically, the ftse is the first out of the gate and i am starting to be skeptical about whether or not this gmm screen is correctly loaded. none of the equity indexes have opened

chair powell, are you in fact a lawyer?ormer lawyer, a recovering lawyer. >> you have a legal degree, correct? >> yes, i do. >> okay. so secretary mnuchin, you're trying to tell chairman powell to send over any remaining funds right now, and you're claiming, falsely in my opinion, that that is what the law says. and you've gotten into a disagreement with someone who is actually a lawyer. >> are you a lawyer? >> "are you a lawyer?" there are millions of people listening to me right now who know that katie porter is a lawyer, who know katie porter went to harvard law school where elizabeth warren was one of her professors. and the lazy mind of steve mnuchin doesn't even know that. and the breathtakingly lazy staff that surrounds steve mnuchin don't know that, or didn't tell him that. and were incapable of preparing him in any way for the utter humiliation he suffered today while testifying to the honorable katie porter. elizabeth warren answered steve mnuchin's ridiculous question on twitter. i've known katie porter since she

fed chair jay powell sees the u.s. economy performing strongly in the second half of next year but promises to keep supporting the economy. decision day on threadneedle street. the bank of england prepares for its final rate announcement of the year. policymakers are set to keep stimulus unchanged with a brexit deal yet to materialize. and bitcoin's rally. the cryptocurrency tops $20,000. scott minerd says it could be worth $400,000. good morning, everyone, and welcome to "bloomberg surveillance." i'm francine lacqua in london. tom keene in new york. in the last 20 minutes, we had huge news out of france. the story of the day, emmanuel macron testing positive for covid-19. yesterday he had a working lunch with the prime minister of portugal. we understand he also had various meetings with his cabinet but at all times the president -- or almost at all times -- he is wearing a mask. that is by people surrounding him. he has mild symptoms and will self-isolate for seven days and continue working from self-isolation. 32 ye

. >> next he federal reserve chair jerome powell holds a news conference to

tuesday treasury secretary steven mnuchin and federal reserve chair jerome powell are on capitol hill for a senate banking area on the coronavirus response. that is live at 10 a.m. eastern on c-span. at 3 p.m. a discussion on economic policy under the incoming biden administration from the brookings institution. on c-span2 the senate returns at 10 a.m. eastern to consider executive and judicial nominations. 12:30 p.m. president-elect joe joe biden introduces his economic personnel which includes the nominations of janet yellen as treasury secretary and neera tanden as white house budget director. >> you are watching c-span2, your unfiltered view of government. created by america's cable-television companies as a public service and brought to you today by your television provider. >> next, hearing on ways to combat plastic pollution in the oceans. a senate appropriations subcommittee look at the economic and environmental consequences of pollution, waste management assistance for developing nations, and ways to support ocean conservation. >> senator leahy, sorry'm late. so then. d has

. >> chair powell, have you had any conversations with the incoming biden administration? and i'm curious how to get your thoughts on the relationship with treasury and how that differs from the past couple of years. >> i have had the typical meetings with the transition team with our agency and other agencies learning about what we do. and i really have only spoken to former chair yellen to congratulate her on being nominated and just to say i look forward to working with her. i did work closely with her before she left for five years and has stayed in touch. i have not discussed policy and i will not do that. >> thank you for taking questions. you have been asked before so let's try a little differently now. the equity markets seem to be telling two different stories about where things w are headed on the stock market and bond yields does that concern you at all? or with those asset valuations with a highly accommodative fed policy? >>. >> with financial stability we look at a broad range. and with those over time and to evaluate if we are doing a good job. and publishin

treasury secretary steven mnuchin and federal reserve chaired room powell encouraged

i'm caroline hyde could fed chair jay powell will host a virtual press conference and to questions intime tom i'm joined by my cohost keene, michael mckee scarlet fu for. let's go to mike for the decision. change in monetary policy come that was expected. they will not buy anything more. they are going to keep buying $80 million of treasuries and $40 million worth of mortgage- backed securities every month until "substantial further progress has been made towards the committee's maximum employment and priced ability goals." these asset purchases, the fed says, help foster smooth market functioning, thereby supporting the flow of credit to households and businesses. sticking an extra sentence in there to clarify that they are tying

. >> on wednesday treasury secretary sten mnuchin and federal reserve chair jome powell testify before the house financial services committee about the federal responseo the coronavirus. that's livet 10 a.m. eastern on c-span. at two p.m. t house is back theegislative work on a bill requiringhe securities and exchange commission to phibit and diesel this to any foreign company whose public accounting firm does not adhere to u.s. auditing standards. c-span2 the senate is back at canadian eastern to consider jucial and executive nominations, and on c-span3 at 9:15 a in a senate armed services subcommittee hears some na and marine corps leaders about mility readiness. that is followed in the afternoon by a senate homand security subcommittee hearing on the government's response to cyber threats durg the pandemic. >> tuesday on capitol hill lawmakers held a news conference to unveil a bipartisan covid-19 emergency relief bill. the measure would provide $908 billion in aid and include a liability provision to temporarily protect businesses from coronavirus lawsuits. this is 40 minutes. >> p

. ♪ chair powell: there are many sectors that could use some help.espite the rapid progress in getting people back to work, there are still 10 million people who are out of work because of the pandemic. jonathan: work to do. that is the message from the federal reserve chairman jerome powell on capitol hill over the last couple of days. from london and new york, good morning to you while. alongside tom keene and lisa abramowicz, i'm jonathan ferro. radio, bloomberg tv and here's the price action this thursday morning. speaking of the job market, jobless claims coming in about one hour, 12 minutes time. equity futures going nowhere after another all-time high in the equity market on the s&p 500. in the fx market, some new levels for 2020. $1.2133, upwhich about 0.1%. a weaker dollar over the last month or so. in the bond market, yields breakout this week. on what? that is the debate. 0.926 1% is where the 10 year yield is right now. you've got a record high in the equity market, some real dollar weakness for 2020 in the fx market, and a little bit of

republicans towards the center are arguing that more stimulus, as has been advocated by fed chair jay powellare needed. but there's that other conservative wing of the party saying that policymakers can't afford to put taxpayers on the hook for that type of debate. in terms of where things move forward, if your president-elect biden, if you are trying to kick off votes for another round of stimulus and trying to garner the support of mitt romney, susan collins, and others republicans who have shown a willingness to negotiate with democrats, you now have an opportunity to say, look, even former president donald trump was advocating for more stimulus in the final days of his presidency. carol: kevin, i want to bring it back to larry summers. that really created a whole twitter storm. his concerns were that family incomes are not down. he's concerned about an overheating of the economy. i think this speaks to the stimulus -- not stimulus, the release package congress has just written up. does it really hit the targeted audiences it needs to? we talked about the k-shaped recovery. a lot of peopl

federal reserve chair jay powell sees light at the end of the tunnel.fter the last policymaking meeting of the year, powell is the most optimistic he has been since the pandemic began. at the same time he pledge the central bank will keep providing the economy with plenty of future.well into the france's president, emmanuel macron has tested positive for covid-19. he says he took a test as soon as symptoms appeared. he did not say what the symptoms were. he will self-isolate for seven days and continue to work. the u.k. and european union are heading for a final battle over rights. that is the one major issue in the way of the brexit trade deal. they are cautiously projecting an agreement within days. largelysides have settled their differences over majorther -- over another point. for thetouched 23,000 first time. analyst say the digital currency -- bitcoin and the larger bloomberg crypto index have more than tripled this year. global news 24 hours a day on air and on bloombergquint take powered by 2700 journalists in 120 countries. this is bloomberg.

those are not monetary policy problems i think you will continue to see some pressure from chair powellngress and on the incoming administration to act >> but we have seen that he has been doing that for months and maybe they are moving on that front on stimulus now, but it hasn't happened yet in fact, our economy is a little bit weaker and we are going through thutdowns again. new york is talking about a full pause after the holidays potentially. >> slow down on that the financial crisis in 2007-2009 period had a slow and more sluggish policy response. this one was very fast the paycheck protection program alone will have cost taxpayers as much as the first big president obama stimulus congress did fact and it acted quite a lot. it is just there is a huge hole to fill. i think the fed is acting quite a lot. my point is that the action going forward needs to be fiscal >> we will leave it there. we will see what we hear from the fed tomorrow glenn hubbard. thank you. >> thanks. >>> we appreciate it up next on the show, airlines are playing a critical role in the vaccine rollout this week

the treasury secretary and jay powell, the fed chair, 10:00 eastern on c-span.mily benfer, any final thoughts on the issue? guest: such a good point. we have the ability to end this crisis. we have the ability to prevent the widespread eviction of families and individuals across the country. we can get in the way of the trauma and long-term hardship that children will suffer as a result of this crisis. billion atebt of $25 the new year. we can pay that back, sustain property owners, it is going to require political will to do so. i think that requires all constituents to demand that of their representatives and senators as quickly as possible. when we entered the pandemic, 20.8 million renters were rent-burdened and that number is only increasing every day that they are out of work and every day that that debt is moving forward with them. host: our guest shares the american bar association's task force, the committee on evictions. emily benfer, thanks for being with us this morning. host: we will turn to the election next and the news yesterday from the election

greatly disappointed and where i think there's still a lot of heavy lifting to do is exec a what chair powellhe fed are looking at as well. i'm looking at women's labor force participation rates. i am looking at the un-limit rate of minority communities, of those that are concentrated in low-wage paying service sectors that are going to see longer-term damage from this. so i do think there's a great need and focus on further fiscal support. so these longer-term unemployed folks don't leave the labor market altogether. because of that is the case, it doesn't matter that we've got a v-shaped recovery. it is going to matter that longer run potential growth is damaged. jonathan: the big call from morgan stanley was this v-shaped recovery at the headline level. the complication you are talking about is the disparity beneath. have we already done sufficient damage that it could take years, maybe even a decade, to recover? where can we actually do some thing about it? ellen: i think we can do something about it. the biggest way that you can help those underlying components of the labor market is by

what we hear anything from chair powell about fiscal stimulus? michael: we would assume.t want to say anything that would get in the way, but obviously the fed knows it can't do a lot more, and needs as much physical help as congress will give. david: thank you so much to michael mckee. there will be a special on bloomberg, "the fed decides," at 2:00 p.m. eastern today. stay tuned for more "balance of power" on bloomberg radio. this is bloomberg. mark: congressional leaders are close to a code relief package. the two sides a major headway according to mitch mcconnell. speaking on the senate floor, leader mcconnell said the two sides have agreed not to leave town until a law is passed. british prime minister boris johnson is the urging the government to exercise extreme caution and avoid visiting with elderly people over the christmas holiday. he stopped short of canceling plans to let households mix. the prime minister told parliament he is not trying to criminalize people's holiday plans. >> a smaller christmas will be a safer christmas and a shorter christmas and a shav

of course chair powell was careful, extremely careful in the way that he said that. but he spent a lot of time -- he was challenged, twice i think with a question about why not more monetary policy now if the recovery is slowing? and it is. surprisinglys detailed and comprehensive. i shouldn't say surprising, but it was detailed and comprehensive. creditcally noted, the condition sensitive sectors of the u.s. have done very well. goods consumption, consumer household purchases of goods are where they were before the pandemic. housing is well above where it was before the pandemic. the parts of the economy that are struggling particularly the service sector, the service sector is not. the state and local government sector is not. those are the places that are being heavily impacted directly by covid and the virus, and it does not really matter how negative your interest rates are, or how many 10 year treasuries you by. those sectors are not going to recover until we get past this health crisis. i thought some of the statistics he gave, particularly about job losses, w

money is totally cheap, fed chair powell said that. if you are going to borrow and spend, now is the time to do it. so, no. the republicans -- trump punk to the republicans and now they look like the little people they are. --omment to the jenna bowen gentleman about cutting off support to other things. remember congress did not get hoursill until may be 24 before, 5000 pages. then they are expected to vote on it? these people have no idea what they are voting on, and that's the way this country is being run. it has run like that in the past. ,hese times are exceptional exceptionally scary times. you it is, i can tell absolutely frightening out there. for everyone playing these upsetting,s it is so i can't stand it. i can't wait until january 20 when that clown is out. host: because unemployment benefits are processed weekly and the legislation was not signed before the beginning of the week, it is likely workers in most states will lose a week of benefits under the expanded program as well as a week with the $300 supplemental benefit.

. ♪ chair powell: recent news on the vaccine front is very positive for the medium-term.nt challenges and uncertainty remain, including the timing, distribution, and efficacy across different groups. it remains difficult to assess the timing and scope of the economic and scope of the economic impatient of these developments with any degree of confidence. jonathan: federal reserve chairman jerome powell appearing before the senate banking committee, going before the house today. worried about complacency. i know that as they worry many policy makers share right now with the improving vaccine news over the last month, through to the end of 2020. from london and new york this morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. shape of the market right now as follows. we fall back from all-time highs. we are down 14 on the s&p 500. -0.4%. near session lows. no drama elsewhere in the bond market after yesterday's selloff. yields come in about a basis point to 0.9 160%. in foreign exchange, a new high for the year, the euro-dollar. earlier in th

. >>> next hour treasury secretary steve mnuchin and fed chair powell will testify to the senate committeepowell said the outlook for the nation's economy is, quote, extraordinarily uncertain and the recovery depends on keeping the coronavirus pandemic in check. we will have more. hey, son! no dad, it's a video call. you got to move the phone in front of you like... like it's a mirror, dad. you know? alright, okay. how's that? is that how you hold a mirror? [ding] power e*trade gives you an award-winning mobile app with powerful, easy-to-use tools and interactive charts to give you an edge, 24/7 support when you need it the most plus $0 commissions for online u.s. listed stocks. don't get mad. get e*trade and start trading today. with priceline, you can get up to 60% off amazing hotels. and when you get a big deal... ...you feel like a big deal. ♪ priceline. every trip is a big deal. someday i'll remind you that you will always be just that. ♪ show her your love is unstoppable. in-store, online or by virtual consultation. only at kay jewelers. in-store, online or by virtual consultation. j

fed chair jerome powell talking about stimulus. at the close the dow turned on us. closed down 44 points. s&p falls short of a record if it settles where it is up six 1/2 points but the nasdaq closes at another record high. second straight and a number of records for the nasdaq. they keep coming up by 63 points on the day.