we've got to start changing how, operates, federal reserve, why 8 trillion-dollar balance sheetobody can explain it nobody at federal reserve nobody can explain why they have that they are losing money no one can explain at federal reserve, by the way, no one has been held accountable for signature bank or for first republican november, 23,000 employees nobody has been held accountable. that is wrong. maria: senator the economy is going to be front and center when you all come back, from recess, to washington. not only are we talking about the potential for impeachment inquiry, out of the house but, also, the government runs out of money the end of suspect. what is your take on the appropriations process? and where this goes? past september 30 will we have a government shutdown? >> well if we have a government shutdown it is because joe biden and chuck schumer have decided that is what is going to happen, we have had months to come up with budget we have -- doing nothing on budget, chuck schumer, has not brought anything to the floor, in with regard to the budget, what they are

however, thanks to the minneapolis federal reserve, federal reserve system is worth every penny when it comes to doing things like this. they have reconstructed a cpi for this period, 1916 to 1920, a cpi that's available at the minneapolis federal reserve's website for those students who are looking for a term paper and the cumulative price increases across that period, it's a basically the fourth four year period of where we're running. we ran at 84%. so we had 84% it nearly prices, nearly doubled. in other words, it was a period of stunning inflation, stunning inflation. again, probably related to supply chains and and monetary expansion. the classic sources of inflation between 2019, 2023 being less than the organization i hit up the cpi. by 19%, which is a striking increase in prices in both periods. we're populated by war external disturbances, regional conflicts that threaten to derail rates of economic expansion expansion. all right. so you so my premise is laid i hope successfully there are striking parallels between these two periods. and so it is, i think as a result of thi

the senate will continue work on more executive nominations including for the federal reserve.atch live coverage of the hous on c-span, the senate on c-span2, and reminder that you can watch all of our congressional coverage with our free video app c-span now, or online at c-span.org. >> c-span is your unfiltered view of government. we are funded by these television companies and more. including cox. >> -- is extremely rare. >> hi. >> your friends don't have to be. >> this is joe. >> when you are connected, you are not alone. >> cox supports c-an as a public service, along with these other television providers, giving you a front row seat to democracy. >> next, treasury secretary janet yellen and the commissioner of the irs danny warfel talk about modernizing the irs, and forcing laws for the wealthy, filing goals, and paperless processing. notes [no audio] >> good afternoon. i'm harrison smith, director of the enterprise digital team at the internal revenue service. i'm excited to be here today at 22nd technologies, with one of six sites on multiple partners scanning forms for

bank of san francisco and in 2010 president obama appointed her vice chair of the federal reserve, nominating her to be the chair of the federal reserve were she was the top anchor of the nation from 2014 to 2018. she has been a strong advocate of the irs in our workforce and we greatly appreciate her and all the efforts to secure funding for the revenue service to help us transform and modernize our tax system. please join me in welcoming secretary janet yellen. [applause] >> thank you so much for the lovely introduction and it's great to be here with all of you . before i begin, i would like to speak about the recent decision to downgrade the u.s. credit rating. over the past few years the american economy has seen an historic recovering from the depths of pandemic downturn. over 13 million new jobs have been created since january of 2021. our unemployment rate stands at 3.6 percent near historic lows. overall annual inflation has declined every month for the past year and our economy continues to grow. in the longer-term the united states remains the world's largest most dynami

on the academy were looking forward for the and favored inflation indicator from the federal reserve the federal reserve chairman jay powell laser focus on core inflation doing going forward he's concerned without food and energy prices how sticky it's been about 4%, the president refusing to change any of his policies because of inflation and has come down from the peak of 9.1% but now the federal funds rate is between five and a quarter and 5.5%. the vice president was teed up last weekend about the economy and riff. >> what you hope people will finally be able to say to this gesture that you are most proud of the you been able to do with the president. i know we have bidenomics, what are the things you're most proud of. >> there is a lot, i am proud for example an issue i worked on for a long time the issue of maternal health. >> the latest fox news polling showing 74% of registered voters say the president made no difference were actually made the economy worse the federal reserve offering no relief from interest-rate hikes. >> although inflation has moved down from its peak, wel

the signal is that house prices are reared fleeting and that's not good news for the federal reservews for the federal reserve that is hoping that the house prices and apartment prices come down. it prices and apartment prices come down-— come down. it is easy to criticise _ come down. it is easy to criticise the _ come down. it is easy to criticise the central - come down. it is easy to criticise the central bank would have they done a pretty decent job would have they done a pretty decentjob in navigating the very tricky situation? it decent job in navigating the very tricky situation?- very tricky situation? it has been tricky- _ very tricky situation? it has been tricky. when - very tricky situation? it has been tricky. when we - very tricky situation? it has l been tricky. when we started the inflation battle in terms of rate hikes, inflation was at 9%, the inflation that consumers saw. it is now 3.2% on headline, core inflation is a little bit higher, a little bit higher than the fed would like for it to be. we have a 2% target here in the united states so a lot of progress has

so look, charles, we're seeing the federal reserve get involved and guess what? maginable that the federal government would get involved in this business but that looks exactly like where we're going. back to you. charles: no doubt about it, thank you so much, gerri. i want to bring in josh rosner graham fisher coauthor of these are the plunderers, how private equity runs and wrecks america. josh, i can't wait to talk about your book. let's pick up what gerri was showing us. the battle lines have been drawn. we understand why governments want to protect fiat currency. by same token we understand why consumers like the these are used in china not only as transactions to watch, punish citizens. paypal news, major step in direction maybe no one in authority wants us to go. >> remember, stable coins unlike crypto are backed one for one with dollars. charles: right. >> so they really are a digital representation of the dollar in your pocket backed -- charles: not a new version of currency though because some governments hey, you're this is like when states used to issu

i hope as andy said the federal reserve backs off you don't hear inflation by making people poor, letmy recover but we have headwinds, overseas we know what's happening, china's not doing as well as people had anticipated. europe is in told drums, leave things alone but unfortunately the federal reserve may be tempted to do a rate increase and consumers are getting more and more in debt, debts are being renegotiated at higher levels especially commercial real estate so we have headwinds out there so back off pretty hope the job reports give the federal reserve pause but i'm not optimistic they seem to be determined to crush the economy somewhere. maria: what did you make of the wage numbers up four tenths of 8% on annualized basis of 4.4% if you like the jobs market is quite tight. >> that is right a lot of the labor participation tells you a lot of people have entered the workforce yet we have a relatively low labor per dissipation rate and businesses still have not gotten over the fact in many sectors it's hard to hire people so i think the job market in that sense will be a lagging

so we are told tom: of the federal reserve. of jp morgan makes clear, there is a negative payroll statistic out there somewhere. i do not know where it is. we are taking our suite time to get there. jonathan: will not be on friday. you will be here on friday. tom: the kids are back. they are in their school thing and are worried about this. jonathan: september weather in new york is the summer equivalent in the u.k. i am not letting go of summer. tom: we will go to jackson hole,, out from the walk up i have on in manhattan, the leaves beginning to change across central park. jonathan: you love that. tom: the a tumble change we are beginning to see. jonathan: what is it, leaf peeping? tom: yeah. very good. jonathan: thanks. florida's gulf coast preparing for tropical storm idalis, expected to make landfall on wednesday as a category one hurricane. some areas of the state could say -- see 10 inches of rain and flash flooding later this week. moments like this for florida, governor desantis has a day job. has a day job away from t

much of the focus will be on what federal reserve chairmanjerome be on what federal reserve chairmanerome powell be on what federal reserve chairmanjerome powell says chairman jerome powell says when chairmanjerome powell says when he delivers his speech on friday. investors will be looking for signs the us central bank is nearing the end of its push to raise interest rates which are at their highest level in 16 years. by making borrowing more expensive, the fed has been able to try to tame inflation but if they go too far, the us economy could slow down too much. the chief us economist at tivo press told me her expectations on the interest rates. . ., ., rates. the final inflation has been the — rates. the final inflation has been the defining _ rates. the final inflation has been the defining moment l rates. the final inflation has | been the defining moment in jerome powell's post pandemic helm at the fed. what i would be looking for is, given the recent progress in the data where core inflation in the us has fallen significantly from the highs of 2022, willjerome powell be ready

has historically been known as banker to the rest of the world, the federal reserve slows downhat's not going to be the case this time, i think the bank of england is such a great example because as you pointed out the inflation story is much worse in england and in the rest of the uk, as it is compared to the us or even the rest of the continental europe, that's going to be an issue when it comes to whether or not the bank of england, andrew bailey at the helm of it can really follow the lead that jay powell is setting. whatever ha--ens that jay powell is setting. whatever ha ens in that jay powell is setting. whatever happens in the _ that jay powell is setting. whatever happens in the united _ that jay powell is setting. whatever happens in the united states, - that jay powell is setting. whatever happens in the united states, kritil happens in the united states, kriti good to see you, coming up at the middle of september. around the world and across the uk, this is bbc news. let's take a quick look at some of the other stories making headlines here in the uk. rishi sunak ha

silicon valley bank and signature require the use of extraordinary authority by the ftse, the federal reserve, and the treasury, the so-called systemic risk exception, under the federal deposit insurance act, to protect depositors, setting aside the least cost requirement to the deposit insurance fund. that experience should focus our attention on the need for meaningful action to improve the likelihood of an orderly resolution of large regional banks under the federal deposit the expectation -- under the federal deposit insurance act, without the expectation of invoking it. so i would like to discuss this issue in light of our recent experience, and in particular, i believe there are important changes to capital regulation, resolution planning requirements, including long-term debts, bank supervision, and deposit insurance pricing that would make a repetition of the current much less likely. so just to provide context, people's memories are remarkably short, even two or three months. just to provide context, and may be worth recounting events of earlier this year, just as a reminder. when si

that is something investors have been eager to find out, the next move by the federal reserve.ployment data from adp says that they are keeping a close eye on the labour market.— labour market. what you are seeinu labour market. what you are seeing is _ labour market. what you are seeing is growth _ labour market. what you are seeing is growth that - labour market. what you are seeing is growth that is - labour market. what you are i seeing is growth that is slower in terms of monthlyjob creation but much more sustainable. then you add that to the overall unemployment rate, which is near record levels and expected to hover around record lows on friday with the government release. what you are seeing what you sum up the fax is an economy that looks well—positioned to achieve that soft landing. the? achieve that soft landing. they have been _ achieve that soft landing. they have been quite _ achieve that soft landing. they have been quite resilient. - achieve that soft landing. they have been quite resilient. i - have been quite resilient. i thought it was interesting when you me

and could it be enough to persuade the federal reserve to leave interest rates unchanged next month?et's bring in our north america business correspondent michelle fleury. firstly, talk us through the reasons behind this uptick. inflation had been easing gradually, why has it gone up? some of this has to do with comparisons of where we were last year and the way the data is compiled but some of it is things like rising housing costs and stuff like rising housing costs and stuff like that. i think broadly speaking if you talk to most economists, they think the economy, the world's largest economy continues to move in the debt right direction and if anything they are pretty optimistic after this report hoping that it means the federal reserve might not have to raise interest rates any further as it tries to team inflation because when you strip out things like food and energy costs which tend to be more volatile the underlying picture looks pretty good and that is why you are seeing traders on wall street reacting positively in the markets rose on the news. ,, . , , ., ., ., the news.

so, the federal reserve has a meeting _ all feed in?erve has a meeting next _ all feed in? so, the federal reserve has a meeting next month, - all feed in? so, the federal reserve has a meeting next month, and - has a meeting next month, and after the results today, folks are broadly expecting to leave rates unchanged. there's the fact that they will walk the line of reinforcing theirjob is not done yet. we often talk about the fed in terms of interest rate hikes or cuts, but interest rates are currently at a 22 year high. evenif are currently at a 22 year high. even if they leave them where they are, that's still having an impact on the economy and still playing a role in terms of bringing inflation, which is still quite far above from where the fed wanted to be. farmers across britain have been struggling to harvest their crops after wheat, barley and hay have been flattened by the wind and rain and the soil is waterlogged. one farmer in wiltshire says the losses are "heart—breaking". our reporter liz beacon has the story. so this is

>> decreasing or increasing the money supply -- it's really about having a federal reserve that stays focused on protecting the dollar instead of trying to prime the pump through lowering interest rates or zeroing out interest rates as we did in the period of quantitative easing, and creating great hardship for americans when the adjustments and the interest rates raised back up are happening. look, for more than several decades we have had the federal reserve basically trying to do two things at once. achieve full employment and protect the dollar. and when i was a member of congress i actually authored a bill that would end what's called the dual mandate. i think the federal reserve should be focused on protecting value of my dollar and hold the president and congress accountable for policies make sure americans are working and achieve full employment. >> thanks, everybody. >> sandra: ok, we missed it right off the top there, rich, he did take a question on the new trump indictment, said he hoped it would not come to this. we'll effort the exact response to that but did move on to t

their, home of the federal reserve. and that, in my view, won't be a bad. thank you. so. i missed mr. chance will take some questions now. yeah. yeah. right in front. um, thank you very much for the lecture. it's wonderful to have someone present an argument so powerful, so clearly. i was going to you about bomberg, if i'm pronouncing that right. he said a nation's interest rates reflects culture. i don't want to put you on the spot, but i would be very interested in what you of our culture. thank you. i mean, not that it is an interest loan, because if one were to take that comment of bambaataa at face value, you would say that we have been the most civilized society in the entire history of civilization because we've had the lowest interest rates. so the more i thought about that, the more i thought, well, perhaps not. and but the argument, the original argument and this is not just but this is an observation that was seen that was mooted in the 17th century when people looked at, for instance, the dutch dutch republic. and they saw that dutch had the rule of law. they

they did, but the nominal component had to widen, because the federal reserve was hiking rates.ow that the rate hiking cycle has ended, that is not going to happen anymore, and tips are going to offer that hedge many were hoping to offer last year. >>> what about the supply outlet that many are talking about the fact that the u.s. auction sizes keep increasing, in particular, because they do have a huge funding program that they need to account for. who is going to buy these u.s. treasuries? >> that is the question that everybody is asking, especially because in the past, the few weeks, we have seen stabilizing around 1.2 trillion. this means that there is no outflow coming in from the facility to buy deals which put a big question marks on whether we are going to see some flow coming in from bank reserves. if we start to do that, then there is going to be less liquidity in the financial system, and banking sector pressure might become a crisis. obviously this is something we are monitoring closely, and if we have tail events coming up from that, we might have a chance of the fe

host: just this past week of the federal reserve bank of new york reported americans are now $1 trillion in credit card debt. to help us understand that and what it might mean for the broader economy, we are joined by matt schultz, chief credit analyst with lending tree.com. tell us about lending tree. what does your company do? guest: lending tree is an online marketplace where you can go and search for reddit card loans, auto loans, personal loans, mortgages. we are not a lender. we are a middleman to help people find the best prices on loans and compare rates, but we also have an editorial team that creates a lot of great content to help people make smart decisions about their money, and what to do when they have acquired credit. host: you said you are more of a broker, a guide for folks shopping for credit cards, for loans. what is lending tree's relationship with the credit card companies? guest: lending tree on the business side collects a bounty for every person who successfully applies for a credit card through our site. in my role, we have editorial independence in terms of what

. >>, federal reserve chairman jerome powell talks about the inflation range and how the fed is prepared to increase interest rates if needed to tackle high inflation. chair powell also spoke about the economic outlook during a speech at the federal reserve bank economic symposium in jackson hole, wyoming. >> thank you, betsy, and good morning, everyone. at last year's jackson hole symposium, i delivered a brief, direct message. my remarks this year will be a bit longer, but the message is the same. it is the fed's job to bring inflation down to our 2% goal and we will do so. although inflation has moved down from its peak, a welcome development, it remains too high. we are prepared to raise rates further if appropriate and intend to hold policies at a restrictive level until we are confident that inflation is moving sustainably down toward our objective. >> the unprecedented pandemic related demand and supply distortions and on i will >> forces are working together to bring down inflation, the process still has a long way to go. even with the more favorable recent readings. the u.s. tot

they were falling as investors turn focus to federal reserve chair jay powell.hey may know where the fed stands, maybe more clarity but don't hold your breath with regard to interest rate policy. we have the markets tanking at the moment. 10-year yield up certainly off the highs of the week. right now 4.233%. let's bring in cliff corso, president, cio of advisors asset management with more than 41 billion of assets under his purview. i tell you we had some weird behavior with the bond market and specifically nasdaq this week. things seem to be getting more into i guess an equal balance, right now what do you make of the market moves? >> well i think, certainly today, as you were talking about earlier we've had the stock market selling off. i think you were talking about boeing but i think it is, beginning to sink in that perhaps powell won't be that dovish tomorrow. that risk does exist. if you think about where rates were a few days ago we had the 10-year breaking through cycle highs at 4.34. so the market, if you look at the action in the market over the last

we have seen inflation explode which led to 12 federal reserve increases devastating homebuyers today. >> mr. ramaswamy, you are listening-he did mention you

you know, i think at one point i say in the book, in to the federal reserve, for instance, that one conclusion i have is that the federal changes the governors more than the governors change the federal reserve in terms the appointed leadership. and i did of want to give people a sense what it's like to be in those positions. and again, 99% of the phone calls you get will be people asking you to rescue them. and we, for instance, you know, as has been, you know, several calls from governor newsom to the white house and and others during silicon valley. and i did want to give a sense of this is the pressure you feel. and i also, you know, relay some the stories at the time where, you know, there were press accounts calling for me to be fired and run out of town because. i wouldn't rescue the mortgage industry during that time. so again and one sided sort of pressure, the easiest thing is to do is just to give and i wanted to make the argument, the book why you shouldn't give in and why a principle approach that is based data and based on analysis, you know, is a preferred way to go that it can

minutes of the latest meeting of federal reserve policymakers have been released. most believe that the battle against inflation is not over yet. there were some dissenting voices, who believe the greater risk would be to raise rates much further because of the risk to the economy. wall street has been poring over the insights into the decision makers thoughts for clues about what happens when the fed makes its next interest rate decision in september. joining me now is steven blitz, chief us economist, globaldata. ts lombard. consensus is that there won't be a rate rise in september. when the federal reserve makes its next decision. do you agree with that?— with that? yes, i think that is re with that? yes, i think that is pretty clear. _ with that? yes, i think that is pretty clear, they _ with that? yes, i think that is pretty clear, they are - with that? yes, i think that is pretty clear, they are looking | pretty clear, they are looking at a federal rate that is finally in repository —— positive territory in relation to inflation and inflation does seem to be

i don't think we can expect the same, the federal reserve has been cautious over the last 12 months,prospects of interest rates rising then markets expect and staying longer than they expect, i do not expect to see a significant change of tone from jerome powell, they have made significant progress but there is still more to be made and he will be wary of how carried away markets can get at the slightest hint that interest rates could stop rising, even start falling next year. it is not 'ust start falling next year. it is not just him _ start falling next year. it is notjust him all— start falling next year. it is notjust him all eyes - start falling next year. it is notjust him all eyes will. start falling next year. it is not just him all eyes will be notjust him all eyes will be on, officials from central banks around the world, inflation causing a headache for so many of them? like you sa the for so many of them? like you say they are — for so many of them? like you say they are all _ for so many of them? like you say they are all proceeding - say they are all proceeding with ext

jonathan: let's practice with the federal reserve next week.t evidence that we are restricted? what would the point to? cameron: leading indicators moving lower, it came out yesterday it's consistent with recession territory. the only thing deriving lower is not real data it's soft data in the yield curve. they might say there is risk but you're not seeing it in the hard data yet. since powell talked about pay be delivered one trillion more gdp in the last year than in the prior year and one million people more employed. where is the pain? jonathan: that is what we've asked, where's the pain? we have to reflect on that 12 months later at five percent and we are where we were 12 months is not better? how did make the argument we are sufficiently restrictive? pliny people are asking this question. what evidence is that were received active and there are logs which they are pointing to for the several past meanings. are they long or short? what can you point to? cameron: i would argue that the lines are longer in variable because of the dynamic of

. speech by the federal reserve bossjerome powell. are waiting to see if we get any sense of whether that could happen. let's look up wall street. the markets down and the nasdaq and tech titans among the big losers. yesterday. that is it from me. you can reach me on social media. we will be back with our world audience shortly. thank you for watching. hello there. on thursday, we had a few showers and thunderstorms towards the south coast of england, and it felt particularly humid across east anglia and south—east england — temperatures into the mid—to—high 20s. but it will feel a lot fresher here for friday — temperatures dropping down into the low 20s, but overall, i suspect arguably a more pleasant feel to the weather, given those lower levels of humidity. a fine end to the day across southwest scotland, but it's in scotland and northern ireland that we find ourselves close to a centre of low pressure. and so, over the next few hours, we'll see some showers at least working into scotland and northern ireland, maybe some longer spe

the signal is that house prices are reared fleeting and that's not good news for the federal reserveoping that the house prices and apartment prices come down. it is easy to criticise the central bank would have they done a pretty decentjob in navigating the very tricky situation? it has been tricky. when we started the inflation battle in terms of rate hikes, inflation was at 9%, the inflation that consumers saw. it is now 3.2% on headline, core inflation is a little bit higher, a little bit higher than the fed would like for it to be. we have a 2% target here in the united states so a lot of progress has been made but there is more progress to come and that last a mile to the federal reserve? preferred rate might be the hardest. i wouldn't say that the victory can be stated yet. i think we still have to see inflation return back to the 2% target. we are waiting on the latest growth figures from india for the three months tojune and economists expect the headline number to show an expansion by as much as 8.5%. rising food prices remain a huge concern in the world's third—biggest eco

the figures suggest the federal reserve's monetary policy is succeeding in taming soaring prices buthejob might not be done just yet. michelle fleury has more from new york. the us government reported that inflation increased 3.2% from a year earlier. that was up from a 3% annual rise injune. the increase is due in part to higher housing, car insurance and food costs. but once you strip out things like volatile food and energy prices, so—called core inflation was 4.7%, the lowest since october 2021. the good news is that inflation has drifted down from last summer's a0 year highs, but it is still well above what the federal reserve thinks of as normal prices and with the overall trend heading in the right direction, policy makers, well, they may feel that they don't need to raise interest rates further. the us central bank, you may recall, raised its benchmark interest rate to more than 5.25% percent, the highest level in 22 years, all in a bid to cool the economy and ease the pressures pushing up prices. so while it's too early to say mission accomplished from the white house to wal