in the federal reserve we understand that experience matters. i strongly share that sense of mission and am committed to making decisions with objectivity and integrity based on the best available evidence in the long-standing tradition of monetary policy independence. mr. president, thank you again. >> now i would like to give the floor to dr. brainard. >> mr. president, thank you. i'm deeply honored that you are entrusting me with this responsibility at a critical time. i'm committed to putting working americans at the center of my work at the federal reserve, meaning getting inflation down at a time when people are focused on their jobs and how far their paychecks will go, supporting a growing economy that includes everyone, ensuring that financial markets are thriving and resilient and that the economy is sustainable for future generations and serving all americans in every community across the country and ensuring that the federal reserve reflects the diversity of the communities that we serve. i was privileged to work with chair powell as

but what about the scope of the federal reserve? they wanted it to be a more inclusive labor market but when that factor in climate change. where do you see regulations going that direction? peter: the focus on full employment president biden place at the center of his agenda is squarely within the fed's monetary policy. naming powell, re-nominating powell and naming brainard as vice chair is putting an exclamation point behind the chair in a way that privileges employment more. the climate change issue is interesting and divisive. the question is what can and should the central bank do to combat what most people would regard as the existential crisis of this generation and coming generations? there, there's much less daylight between powell and brain hard than may have suppose -- powell and reynard as many have suppose. the fed's primary mechanism for engaging with climate risk will be supervision and regulation, not monetary policy. that's different from other central banks. the ecb looks at climate risk through its monetary polic

it is a testament to the federal reserve.or all the progress we have made, we know we still have faced challenges --serious challenges. we know there is a lot of fear and uncertainty in the country. we know it is tougher families to keep up with the rising cost of gasoline, food, housing, and other essentials. it is a worldwide problem. it does not make it easy for americans but it is a worldwide problem. every country is dealing with the same problems emerging from the pandemic. supply chain bottlenecks. disruptions caused by spikes in covid-19. elevated prices. they are all taking a bite out of our family budgets. perhaps no entity pays -- plays are more important role in navigating those challenges than the federal reserve, because it is the fed's job to balance two key goals. the first is to achieve maximum employment, to get as many americans working as possible. the second is to keep inflation low and stable. to meet these goals, it will require patience, skill, and independence. that is why, today, i am nominating jero

potential and enormous uncertainty for our economy, we need stability and independence at the federal reservey's proven the independence that i value in the federal -- in the fed chair. in the last administration he stood up to unprecedented political interference and in doing so successfully maintained the integrity and credibility of this institution. it's just one of the many reasons that jay has support from across the political spectrum n.2018, he was confirmed with 84 votes in the united states senate. his approach as fed chair has earned the respect and support of groups from the raffle awful to the business roundtablebury brings me to one more reason why i have chosen to renominate jay. i believe having fed leadership with broad bipartisan support is important, especially now in such a politically divided nation. i believe we need to doing everything we can to take the bitter partisanship of today's politics out of something as important as the independence and credibility of the federal reserve. this is vital to maintain public trust in an independent institution like the federal res

potential and enormous uncertainty for our economy, we need stability and independence at the federal reservejay has proven the independence that i value in a federal chair, fed chair. in the last administration he stood up to unprecedented political interference and successfully maintained the integrity and credibility of this institution. it is one reason why he has support from across the political spectrum. in 2018 he was confirmed with 84 votes in the united states senate. his approach as fed chair has earned the respect and support of groups from the afl-cio to the business roundtable, which brings me to one more reason i've chosen to renominatejay. i believe having fed leadership with a broad bipartisan support is important, especially now in such a politically divided nation. i believe we need to do everything we can to take the bitter partisanship of politics out of something as important as the independence and credibility of the federal reserve. host: that is the president from yesterday talking about the renomination and mentioning matters of the economy. he is expected to do that

it's a testament to the federal reserve. for all the progress we have made, we know we still face challenges, serious challenges. we know there is a lot of fear and uncertainty in the country. we know it is tough for families to keep up with the rising cost of gasoline, food, housing, and other essentials. it is not just an american problem, it is a worldwide problem. it doesn't make it any easier for american but it is a worldwide problem. every country is dealing with the same problems emerging from the pandemic. supply chain bottlenecks. disruptions caused by spikes in covid-19. elevated prices. they are all taking a bite out of our family budgets. perhaps no entity plays a more important role in navigating these challenges than the federal reserve. because it is the fed's job to balance two key goals. the first is to achieve maximum employment. to get as many americans working as possible. the second is to keep inflation low and stable. to meet these goals will require patience, skill, and independence. that is why, toda

potential and in enormous uncertainty for our economy, we need stability and independence of the federal reservee federal chair and in the last administration he stood up to political interference and in doing so successfully to maintain the integrity and credibility of this institution. it is one of the many reasons why jay has a support across the political spectrum. in 2018 he was confirmed with 84 votes in the united states senate. his approach as fed chair has earned the respect and support of groups from the afl-cio to the business roundtable which brings me too one more reason i have chosen to renominate j. i believe having fed readership with a broad bipartisan support is important. especially now and such a politically divided nation. i believe we need every thing that we can to take the bitter partisanship and take politics out of something as important of the independence and credibility of the federal reserve. this is vital to maintain public trust and independence intuition like the federal reserve. that is why i am so proud to nominate doctor lael brainard to serve as vice chair of

it is a testament to the federal reserve. for all of the progress we've made, we know we still are facing challenges, serious challenges we know there's a lot of fear and uncertainty in the country we know, we know it is tough for families to keep up with the rising cost of gasoline, food, housing and other essentials it is not just an american problem. it is a worldwide problem. it doesn't make it any easier for americans, but it is a worldwide problem. every country is dealing with the same problems emerging from the pandemic supply chain bottlenecks, disruption caused by spikes in covid-19, elevated prices. they're all taking a bite out of our family budgets perhaps no entity pays a more important role in navigating these challenges than the federal reserve, because it is the fed's job to balance two key goals. the first is to achieve maximum employment, to get as many american worker -- america's working -- working as possible the second is to keep inflation low and tastable to meet these goals it is going to require pati

how much patience is there for the chairman of the federal reserve? will he be the chairman through next year? can he look through this and wait for the recovery of employment and hope the participation rate gets close to where we were? tom: slow new cycle this evening, maybe after 5:00 p.m. jonathan: you think we might here soon? i think this decision to wait is starting to look clumsy now what the incoming data, and the lack of clarity we've got on what the fed looks like next year. tom: we saw the congresswoman from wichman -- from richmond come out in the famed commonwealth speech. lisa abramowicz, that is a primal scream this morning. just do something. lisa: just do something when it comes to either building bridges and roads, but also with respect to inflation. i do wonder the messaging from the white house, how much there is an attempt to cast blame on the federal reserve for some of these issues versus trying to figure out how they can affect the supply chain disruptions. how did they message this going into 2022? tom: what you don't know on

it's a testament to the federal reserve. for all the progress we've made, we know we still are facing challenges, serious challenges we know there's a lot of fear and uncertainty and it's tough for families to keep up with the rising cost of gasoline, food, housing, other essentials. it's not just an american problem. it's a worldwide problem. it doesn't make it easier for americans, but it's a worldwide problem. every country is dealing with the same problems emerging from the pandemic. supply chain bottlenecks, disruption caused by spikes in covid-19, elevated prices, they're all taking a bite out of our family budgets. perhaps no entity plays a more important role in navigating these than the federal reserve because it's the fed's job to balance two key goals. the first is to achieve maximum employment, to get as many americans working as possible. the second is to keep inflation low and stable. to piece these goals, is going to require patience, skill and independence. that's why today i'm nominating jerome powell for a

>> the federal reserve has been putting the pedal to the metal.we're doing everything we can to support the economy, and we hope that that's going to, you know, get us going next year sometime. >> jacoby: qe was an experimental way for the fed to inject money into the financial system and lower long-term interest rates. the way they did it was to literally create new money and use it to buy huge amounts of things like mortgage-backed securities and government debt from banks and other institutions. their hope was that the lower rates would spark more spending and borrowing throughout the economy. >> it's almost like alchemy. you can create money out of thin air if you're at the central bank. so creating more money puts more money in the banking system, put more money out there for the economy to take it and put it to work and to grow, and to restore itself. >> jacoby: as news of the fed's actions spread throughout the financial world, andrew huszar, a former fed official who'd left to work on wall street, got the offer of a lifetime. >> i was sitt

and i found one institution has been at the center of it all: the federal reserve-- the nation's central bank. >> it is the most powerful and least understood institution in the country. it really is difficult to overstate how important this story is, and how big this story is, and how much it matters. >> jacoby: i've been speaking to current and former fed officials... is that really the first time you're in a suit since covid? >> from the waist down. >> can i take my mask off? >> jacoby: ...economists, and titans of finance. >> nobody knows how this is gonna turn out. this is an experiment. >> jacoby: i've heard that over and over-- that we're living through an epic exriment run by the fed. >> i believe this is the economic story of our time. >> jacoby: an experiment that's been dramatically changing the american economy. >>frontline is made possible by contributions to your pbs station from viewers like you. thank you. and by the corporation for public broadcasting. major support is provided by the ford foundation: working with visionaries on the frontlines of social change worldwide.

a a difference between the federal reserve and that ecb yesterday was start. lagarde saying 2022, forget about it. the chairman did not do that. there was real humility from the federal reserve to say, next year, who knows this is how we will respond to things if they change. that was not what we heard from the ecb. tom: i am going to go to michael darden. he said, this is proto-keynesian rubbish. this is the chairman straddling the true angst over rising inflation, stagflation and a rational thought about where we go. a nominal gdp, where we go on the inflation trend and job permission. jonathan: it sounds shake, but dependent seems to be the take away the federal reserve. there is a huge balance of risk. upside for inflation. higher for longer. lisa: it is one thing to be data-dependent in an environment moving at a normal pace. it is another to be data-dependent at an economy that is changing at a breakneck pace. to then understand the dynamics here. the question i have is will the fed have enough time to adjust bond purchases and rate hikes should the data

the federal reserve will be held by chair powell. we wait to to hear who will be nominative to senator, your reaction to the peg. >> i think it was great news. in jay powell, we not only have continuity, we have someone the markets are comfortable with. we have someone both democrats and republicans alike respect. i think he will be overwhelmingly reconfirmed as chair. and lael brainard as one of the vice chairs, we have a known quality. strong credentials on the democratic side. >> i wonder as someone who will be among the first to vote, if you agree with the administration when it comes to its baseline argument on inflation. is it transitory or will prices continue to rise? >> we have all been a brits -- a bit surprised at how big the inflation bump has been. we are obviously in uncharted territory. we have never gone through a complete economic shutdown and how long it is taking to get the economy reopened, we have seen certain blips that have been transitory. how i the costs went up and they're starting to come down. trying to he

the federal reserve has not on much.we do not get pushback, the market will see it as encouragement. let's finish on what it means for the currency. better to travel than to arrive. we may not hike interest rates through 2024 geared -- 2024. down under and up here in the united states, down about 0.8%. tomorrow at the federal reserve, it is about two things. tell me what is next, give me a better view on inflation and about how the latter informs the former. tom: i like how you have the all-star youngling go. the down under thing. -- the australian lingo, the down under thing. jonathan: do you like that. tom: frances donald joins us and she has written an important essay on all this talk about policy mistakes. let's folded into the word transitory. a transitory policy mistake. when a central bank screws up, what do they do? frances: it depends on who they are, but traditionally they have pivoted back. we are going to see central bankers who may be get a little too excited in validating those front and moves and you see t

or a positive account at the federal reserve? that's what bond sales are for. and that's what the coin could be for as well as peter, i want to come back to you on this because, i mean, obviously this is a broad conversation about the state of debt that we will continue here throughout the half hour. but, but the question is, what are really been negative? the downside of holding all of this debt because it does seem like there's a lot of given taken this while the dead is a huge problem. it doesn't help capitalism. it interferes with capitalism. because what happens is the government is, is taking resources away from the private sector and diverting them to public spending. and this undermines capitalism. it undermines savings and investment and all the things that we need to grow our standard of living. the problem is much of this that now is being monetized by the central bank, the federal reserve prince money to buy up all this debt. and all that is, is living a massive inflation tax on the economy. and this is only getting s

liz: breaking news returns, president joe biden nominates federal reserve chair jerome powell to remain at his post, the president making formal announcement just over an hour ago but it an end to speculation that said lael brainard has the inside track to replace powell, brainard does not leave empty-handed. the markets are endorsing the continuity, the s&p 500 on pace for record close and the dow is shooting higher by 285-point the nasdaq down 29 and it hit a new high in the session and you can see from the picture and the tech heavy started to climb back off the floor and perhaps the ten year treasury yield indicates a market endorsement, the benchmark yield sailed above 1.6% and its climbing higher at 1.63% for the ten year yield, after weeks of speculation president biden announce jerome powell will serve as second term as chairman of the federal reserve over lael brainard will serve as vice chairwoman. of course it has to be approved by the senate. powell has been a favorite of u.s. bankers and also u.s. investors, he is largely regarded as lightning speed to save lives in the eco

i'm a big believer in the federal reserve system and the federal reserve banks, young 12 different officers at 12 different banks and ethics people here and compliance was not well exactly the same, was a little bit different and also the rules, we did not imagine the problems that would happen, they may actually have been clients with specifics of our rules, and don't do anything that would that's clear that was a good appearance. we are where we are and we have to do with it for rightly in transparency and own it, step up to me this moment. i am totally committed to doing that again if there's better ideas i would love to hear them. i think we have so far made a good start. >> you spoke with the administration officials, does that include the president? >> i'm not going to answer who i spoke to at all. i'm not going to start down that road. >> were to go to jeff cox for the last question. >> i'm going to dig a little bit deeper unemployment we see what's been called the great resignation, folks leaving their jobs and record numbers. is there any feeling there that you been accused of figh

the federal reserve yesterday, there was no dissent. at the bank of england, not a surprise, there is dissent. jonathan: no change on monetary policy, if we can get my microphone activated. 7-2, the vote on interest rates. two dissents. they leave interest rates unchanged. on asset purchases, also some dissent on that. some voting to and asset purchases, but things unchanged. tom: i know you are going to bring in our expert on this from london to -- from london, guy johnson, but guy, bond -- [laughter] jonathan: can we start this again? tom: good morning on radio and television. what is so important here is beneath the surface, we would get more visibility today from governor bailey? jonathan: the guidance is coming from the bank of england that the rate will have to rise over the coming months to meet the target, so what you've got is some dissent in the early part of this conversation, but ultimately they are setting us up for a rate hike at the bank of england. it is just not happen -- it has just not happened today. tom: we will do

host: our next guest thomas hoenig has served as the federal reserve bank of kansas city and is a distinguished senior fellow at george mason university. welcome back to washington journal. guest: glad to be back. thank you for inviting me. host: we can start out picking up on the comments of the new covid variant. after the news came out on that, it was not good news on black friday, it was a bad day for the markets. what do you think the administration has to do going forward to reassure not only the markets but the broader swath of americans that the economy, at least in terms of its response to covid and the oma chronic variant -- and the omicron variant will be stable. guest: the most important thing you can do is find out what this new variant brings to us. that is an environment of uncertainty and uncertainty is difficult for the markets to deal with or for consumers to deal with or businesses. we have to get to an understanding it better, making sure it can be dealt with. i assuming that will be possible given the ability we have so far shown in dealing with some variants of covid. we h

the money that is manufactured by the federal reserve. so your problems are not with capitalism. there were the socialists, institutions that are creatures of government. professors go ahead and respond to that. well, you know, it used to be a private capitalist economy early on and because it had so many problems it couldn't solve. it created the very institutions you not want to see as having drop from the sky. they didn't, they created the federal reserve back at the beginning of the 20th century because the monetary system of this country produced a panic every 15 minutes that couldn't be coped with these ins we call shaws. very look, wait a minute, let me just finish point. it's like corporate, when you will destroy economy paper, let professor will finish and then we'll get right back to your response here. right? well, you know, this is an old conversation. well, let me, let me summarize it by and by the following, over the last 30 years, the most rapidly growing economy in the world is the people's republic of china. the united st

how do you hope the federal reserve might be able to ease the growing inequality?rian: one of the things the president was most impressed by over the last couple of years has been there focus on developing this new monetary policy framework that puts at the center maximum employment broadly defined and looks at driving and economic recovery that brings along parts of the labor market and parts of our society that have previously not benefited from economic growth and opportunity. that is a framework that is new and important and one that i think they will be committed to pursuing even as we go into uncertain times and need to deal with the threat of inflation. on the fiscal policy side, that is a core focus of our economic agenda. it's something the infrastructure bill will help support and the build back better agenda by investing across childcare and eldercare would be a key way to help more women, particularly women of color get back into the workforce. we've seen this pandemic create really unfair disadvantages for low income parents who have to make the choice

the federal reserve has nothing to do with capitalism. under a capitalist exist on the market, would set interest rates, not the federal reserve, and under cap close them. we would have found money, not the money that's manufactured by the federal reserve. so your problems are not with capitalism. there were the socialist institutions that are creatures of government. professors go ahead and respond to that. well, you know, that used to be a private capitalist economy early on, and because it had so many problems that couldn't solve it, created the very institutions you not want to see as having drop from the sky. they didn't, they created the federal reserve back at the beginning of the 20th century because the monetary system of this country produced a panic every 15 minutes that couldn't be coped with these in. we call us very long wait a minute, let me just finish your point. it's like every corporate when you will just draw economy. peter le professor will finish and then we'll get right back to your response here. right? well, you k

the federal reserve quickly stepped in by cutting interest rates and buying bonds.was monetary policy has been widely seen as successful in staving off economic collapse. but as quickly as the economy went down, it rebounded. there has been some setbacks, the economy continues to grow. it is why the us federal reserve believes now is the right time to scale back. it now is the right time to scale back. , ., ., , back. it is time to taper within because - back. it is time to taper within because the - back. it is time to taper- within because the economy has achieved essential for the progress towards our goals, and we don't think it is time yet to raise interest rates. there is still groundcover to reach maximum employment both in terms of employment and in terms of employment and in terms of employment and in terms of participation. the su - -l terms of participation. the suwly chain _ terms of participation. the supply chain bottlenecks and shortages persist. it is a big reason inflation is at a 30 year high and job growth remains weak. they maintained is temporar

jonathan: walking a fine line at the federal reserve.neapolis fed bank president neel kashkari speaking over the weekend. your equity market positive and on the s&p, 0.2 percent. yields shaping up as follows on the 10 year right now. yields come in almost a basis point to 1.5545%. looking for the president's next move. we are down by 1.32% on wti this morning. we are looking down to d.c. because there's a huge focus on the latest polls in washington on the president and this administration and the very fact that we see the growth figures where they are, but ultimately it seems to be inflation that shaped the story. 70% of americans rating this economy negatively and that washington post/abc poll. tom: as we position the have and have-nots as well, a morning note confirms the university of michigan buying conditions level is back to where it was i believe in 1978. let's go to emily wilkins on the political ramifications here of inflation. what is the to do list for the white house, besides hold meetings? emily: it is going to be a good da

it's a testament to the federal reserve. for all the progress we have made we know we still face challenges, serious challenges. we know there's a lot of fear and uncertainty in the country. we know it's tough for families to keep up with rising cost of gasoline. food, housing, other essentials. it's not just an american problem. it's a worldwide problem. doesn't make it easier for americans but it's a worldwide problem. every country is dealing with the same problems emerging from the pandemic. supply chain bottlenecks, disruptions caused by spikes in covid-19. elevated prices. they are all taking a bite out of our family budgets. perhaps no entity pays a more important role -- plays a more important role than the federal reserve. it's the fed's job to achieve maximum employment, to get as many american workers, mayor americans working as possible. the second is to keep inflation low and stable. to meet these goals was going to require patience, skill, and independence. that's why today i am nominating jerome powell for a s

is going to join us shortly. -- on the federal reserve.orcelli of rbc is going to join us shortly. this is bloomberg. ritika: oil is heading for its longest run of weekly losses since march. president biden is keeping investors guessing whether they will intervene to hold down prices that have heard consumers. the price of gasoline in the u.s. has had a seven-year high. the president is considering a number of moves, including the release of oil from the strategic petroleum reserve. one of the messiest spats among democrats, the state and local tax deduction known as salt. democrats in high tax states want to expand it as part of president biden's economic plan. progressives are opposed. donald trump has got a court when to shield his presidential diaries, call logs, and other records for now. a federal court of appeals has granted the former president's request to keep materials from being leased -- from being released to a congressional committee. the climate summit in glasgow talks have run into new obstacles. country disagree on how to

the yield on the 10 year now hovering near three-week lows ahead of today's testimony by federal reserve chief jay powell and treasury secretary janet yellen, all that on capitol hill this morning with comments expected on the various impacts to the economy and of course inflation. it's been a roller coaster for the market since on of chron variant was reported. gauges bouncing back yesterday after friday's big-time selloff. european markets this tuesday in the red, losses in england, france and germany, north of 1%, in asia overnight markets mostly lower as well. south korea the worst performer, the kospi down nearly 2 and-a-half percent. "mornings with maria" is live right now. ♪ i'll never let you go. ♪ i'll never let you go. ♪ maria: good morning, everyone. we have fresh new uncertainty and concern this morning on wall street over the new covid strain. it is sparking a selloff in stocks and yields are rocking higher. take a look. dow industrials right now down 433 points, the s&p 500 down 46 and the nasdaq is down 77. this after the ceo of moderna saying in an interview that he expec

claudia: absolutely not, but the federal reserve is in washington, d.c.. impossible to escape politics. all of those positions are political appointees. i disagree with people who have been advocating for biden to have his chair, knocking powell out just because he was a registered republican and trump put him in place, but if biden wants to do that that is his choice. tom: if you look at the wikipedia for both, it is stunning, the different paths, from wessling university and princeton university. have you ever seen a separation of two candidates as we see now? claudia: i am not sure about that. greenspan was there so long. i have been adamant about -- powell and brainard are an amazing team. together, they do so much more. that could be because they come at it from different backgrounds. powell has looked to brainard for a lot of intellectual leadership. i think they would be -- really knock it out of the park. that is often a chair in waiting position. the fed is navigating the most difficult period in its history since the walker -- volcker era. lisa:

this is a sick can moment for the federal reserve -- a significant moment for the federal reserve.om: mohamed el-erian talking about the theories for the fed. we need to talk about the shift to tuesday. it is quoted from multiple sources that we will see the fed announcement coming up today, some suggesting it could be within an hour or two. we will really have to fold over to a study of the federal reserve now. this is the first indication of an announcement to come today. lisa: the idea here, whether president biden will reinstate jerome powell for another term as fed chair. billy potentially talk about the other leadership positions to be filled? the consensus, it is not clear whether there is daylight between powell and brainerd. if biden wants consistency, it is a perilous time for fed communication. tom: i mentioned rahbari at citigroup thinking it would be a powell selection, but many from the left saying this is a fed that needs to address political and social issues around climate change. dovetail those issues together, and you get lucky with your booking sometime. javier

obviously if the inflation pressures turn out to be transitory and the federal reserve has more time, there is more slack in the labor market than suggested by the level of unfilled jobs. we don't know the answer to those questions at this point. the important thing is the federal reserve is making a choice to strive to find the maximum levels of employment consistent with her inflation objective. in doing that, there is a risk they will be late. kathleen:kathleen: you were the chief economist at goldman sachs. we worked with a lot of the guys on the bond desk explain the latest numbers. then you ran the open markets desk at the new york fed. a very important position before you became the fed bank president. how would the markets take it if suddenly jay powell had to say we have to speed up the taper. with that because the kind of disruption they have been trying to avoid? >> absolutely. that is one reason why the taper is locked in stone. i would be surprised if they sped it up or slowed down. not only did they announce what they were going to do for november they also announced wha

this means getting _ federal reserve.flation down, at a time — getting inflation down, at a time when people are focused on their— time when people are focused on theiriobs— time when people are focused on theirjobs and how fair are their— theirjobs and how fair are their paychecks will go. she is a federal government - their paychecks will go. she is a federal government that - their paychecks will go. she is l a federal government that many progressives would hope would replacejerome progressives would hope would replace jerome powell. progressives would hope would replacejerome powell. among replace jerome powell. among those replacejerome powell. among those disappointed was democratic senator elizabeth warren who said in a statement it's no secret i am pros the renomination, and i will vote against him, citing his failures and regulation, climate and ethics. the appointment still needs to be confirmed by the senate, so far, mr powell appears to have bipartisan support stop at the senate banking committee said i look

and we begin today with this announcement to keep things as they are with the federal reserve bank. yes, president biden is set to nominate federal reserve chairman jerome pal to a 2nd term to lead the central bank. so let's break down exactly where things stand at this point because keep in mind it is the fed policy of printing u. s. currency non stop and without concern for impact of the economy, that may be the biggest single contributor to skyrocketing in inflation, inflation that is not transitory and it is here to stay. so here's the statement from the white house quote, if we want to continue to build on the economics success of this year, we need stability and independence at the federal reserve. and i have full confidence after their trial by fire over the last 20 months. that chairman powers and dr brainer will provide the strong leadership that our country needs. this was a statement from president biden on monday. so let's break down exactly what this means because it means a lot and who better to talk to them. former fed insider yell d martino boost danielle, thanks for

that will put pressure on the federal reserve to add to the amount of money they are putting into the system by buying the government's debt. those are factors they have to think through because they have to withdraw some of that stimulus if you're going to bring inflation down. part of it is the supply side. what policies we decide and what support to give the labor will have some effect on that. how we deal with supply shortages, getting through the logistics issue, but also our trade policies will have an effect on that. these are the sorts of decisions that lie ahead and will define how deep and how long inflation will last. host: our guest has a phd in economics from iowa state university and was vice chair of the fbi see and a former -- of the fdic and former federal reserve president. the line for democrats and republicans, (202) 748-8001 and independents and others, (202) 748-8002. people see the prices on the shelves but often times they see their favorite products missing. how does the supply chain exacerbate supply chain shortages and problems, exacerbate inflation? guest:

of course, right now, the federal reserve has a lot on their plate particularly when it comes to that rising inflation we've seen across the country, one looming decision they will have, whether to raise interest rates in the coming months. today the president is cementing one of his most important economic policy decisions by renominating powell as the chair to the federal reserve. >> chief business correspondent christine romans joining me as well. christine, oftentimes the president's ability to control inflation can be exaggerated but a fed chair's ability is real, because this gets as arlette was saying to interest rate policy here. do you see implications in this decision for the administration's approach to inflation and what we might see down the pipeline? >> absolutely. the fed is the official inflation fighter and the president gets grief for high gas prices or rising prices for the things we're paying out of covid. the fed fights inflation by tapering back stimulus and raising interest rates to tramp down an overheating economy. jerome powell is probably the most important

chairman powell there of the federal reserve.r equity market shaping up as follows get up seven on the s&p. all-time highs staring down the bottle -- staring down the barrel of the fed. maybe it was mission successful, so far at least. crewed up by 1.37 -- crude up by 1.37 percent. just a bit of a bounce back this morning. tom: we are above $80 on wti. brent crude up 1.4%. don't you agree it is worth watching? jonathan: opec+ is worth watching. lisa pointed that out earlier in the show. will they fold? will they change course? tom: who is the most important person in washington right now? he is a ringer from louisiana. he comes into the congressional baseball game and is definitively the best player to ever play there against a bunch of old men who can barely get around the base, not that i would know any thing about that. his name is cedric richmond, the congressman from louisiana, and his current mailing address is 1600 pennsylvania avenue, where he has to salvage the democratic party for president biden. josh wingrove with us

if federal reserve chairman jerome powell is confirmed he gets another four years. >> inside of the federalunderstand our decisions matter for american families and communities. i strongly share that sense of mission and i'm committed to making those decisions with objectivity and with integrity based on the best available evidence and the longstanding tradition of monetary policy independence. reporter: fed governor lael brainard also if confirmed will get four years. >> confident that by working together we will see a strong recovery for all americans. reporter: a source familiar with the decision from president biden tells me that the president met with progressive and moderate democrats throughout the process. both powell and brainard were told about the decision on friday. >> our country was hemorrhaging jobs last year and there was panic in our financial markets. jay's steady and december sighs decisive leadership steadied markets and put our economy on track to a robust recovery. reporter: in powell's corner, treasury secretary janet yellen and moderate democrats. there was a last mi

and we begin today with this announcement to keep things as they are with the federal reserve bank. yes, president biden is set to nominate federal reserve chairman jerome pal to a 2nd term to lead the central bank. so let's break down exactly where things stand at this point because keep in mind, it is the fed policy of printing u. s. currency nonstop and without concern for impact of the economy. that may be the biggest single contributor to skyrocketing in inflation, inflation that is not transitory and it is here to stay. so here's the statement from the white house quote, if we want to continue to build on the economics the success of this year, we need stability and independence at the federal reserve. and i have full confidence after their trial by fire over the last 20 months. that chairman power and dr brainer will provide the strong leadership that our country needs. this was a statement from president biden on monday. so let's break down exactly what this means because it means a lot and who better to talk to them. former fed insider danielle dean martino. danielle, thank

second term of chair of the federal reserve.r: powell served a first-term during one of the worst economic downturns in recent u.s. history. that's why biden believes he's the right choice, again. >> when our country was hemorrhaging jobs last year and there was panic in the financial markets, j's steady and decisive leadership helped to stabilize markets and put the economy on track to a robust recovery. reporter: powell faces a storm of challenges, rapid u.s. inflation with price spikes for everyday goods like gasoline and food, and supply chain shortages that have left retailers struggling to keep shelves stocked. the central bank must decide how to keep prices stable. >> we use our tools both to support the economy, a strong labor market and prevent higher inflation from becoming entrenched. reporter:reporter: analysts say raising interest rates is one possibility. >> but it's not clear he should do that, because if the supply lines open up soon, and there is some evidence they are starting to, then you don't want to slam on

monica, gary loves the federal reserve here. the fed is in the process of removing the help that is pushing the economy by tapers of the treasuries it buys. so they could slow down that process or could they slow it down as this is increasing because of the variant? >> a couple of things. gas prices fell quite a bit today. that will help taper down inflation a little bit. but because we're at 30-year highs with inflation, the government and the fed, they have their hands tied in terms of how much they can do in terms of sprinkling more money in the economy. if you think there's more inflation, you want real estate. that is a really valid concern for more investors. >> a great points. we have to leave it there. thanks for your time. on this day after thanksgiving coming out of the turkey fog. thank you, guys. so shoppers out in force despite prices that are out of sight. we dig deeper in the holiday season is shaking out. with inflation rages, when could the federal reserve apply the brakes? in an interview with rafael bostic hap

and in 2017, donald trump appointed him to be the chair of the federal reserve.den announced that he will anomaly him to serve a second for your term as chair as the federal reserve. >> someone no doubt questioned why i'm renominating jay. when he was a choice of a republican president. i'm not picking a democrat. why i'm not picking fresh blood? or taking a fed in the different direction. directly, at this moment both of the enormous potential an enormous uncertainty for a comedy. we need stability, and independents at the federal reserve. >> if these three democratic senators, including elizabeth warren, announced they will vote against the paul nomination. but that is unlikely to change the outcome in the senate and the majority of democrats, and almost every republican senator voted to come from paul four years ago. when the senate vote was 84, to 13. today he became president biden's fuel general in the fight between inflation. >> we know that high inflation takes a toll on families, especially those less able to beat the higher -- like food housing in trans

the sole reason for that is the federal reserve. the federal reserve is a private bank. congress oversees it, but it is a private bank, the most powerful central bank in the world, the new york fed. the new york fed is controlled by j.p. morgan, goldman sachs, and other international banks, those are the shareholders. the federal reserve looks out for the rich. host: let us go to mike from green village, new jersey. good morning. caller: yes. thank you for this, good morning. i think the foremost problem in the united states is the mental health of the president. historically, biden has suffered strokes and other related issues to his health. and he is exhibiting some of the classic strips -- signs of stroke related dementia. host: how do you know those signs? caller: i used to be a researcher in this area. and we used to examine patients to determine the classification within this disease states to test drugs on. host: i will tell you that most researchers say you cannot diagnose someone from television. caller: that is correct, but there are symptoms that are emblemati

vice president of research at san francisco's federal reserve. thank you for your time today. >> thanks for having me. kristen: coming up, it's a story that may remind you of david attenborough's "planet earth." kristen: as we all know, the bay area is home to many tech giants, but 500 years ago, the bay area was ruled by giant of a different kind. we have more on how one organization is hoping to bring back giant redwoods with the help of tree schoolers. >> this segment is brought to you by oakland recycles. ♪ >> since they are an all too rare tourist attraction today, they can be hard -- it can be hard to believe the giant redwoods used to line hundreds of miles of northern california coast, living for more than 2000 years as the tallest organisms on earth. giants.vid and his archangeltr he takes clippings from the tops of the oldest and largest, some 400 feet tall, back to his lab in michigan. there, specialists specialists s technique called micro-propagation to grow them into saplings. from a single sample, a team of scientists can grow an u

have put in the economy, about 6 trillion additional dollars over the last 20 months, and the federal reserveheet on the order of $120 billion per month, and those factors are stimulating inflation further, and for the federal to get through that, without harming the economy, thatis without harming the economy, that is putting the us into recession, and yet not inflation to exceed its current 6%, perhaps hopefully bringing it back down, that will be a very delicate, difficult feat to accomplish. me very delicate, difficult feat to accomplish.— very delicate, difficult feat to accomplish. me very much appreciate — to accomplish. me very much appreciate that, _ to accomplish. me very much appreciate that, thank - to accomplish. me very much appreciate that, thank you i to accomplish. me very much | appreciate that, thank you for joining us on the programme and sharing your thoughts on that interesting situation, the most powerfuljob in central banking and the person who is in charge of the us federal reserve, find out this week. stay with us here in bbc news, we take a look at this plastic scan