is that putting the independence of the us federal reserve into question?mself to take credit for the interest rate cuts that we expect to happen this year anyway? yes, there have _ happen this year anyway? yes, there have been _ happen this year anyway? 1&1: there have been expectations dialled back in terms of the number of interest rate cuts that the federal reserve will actually bring in because of the buoyancy in the economy. and i think what we are seeing with rises in the stock market and wealth perception is that that might make inflation pressures a bit worse potentially. yes, he is trying to put pressure on the federal reserve and everywhere when it comes to world leaders, central banks, and i think we have seen it before. i don't think it is really going to sway opinion at the fed. i think they are likely to continue the course of action already discussed in the upcoming meetings there will be looking at the data rather than what president trump has to say.- rather than what president trump has to say. indeed. thank ou ve trump has to say. indeed

he's not resigning from the federal reserve overall. mike: no. he's resigning from a vice chair for supervision position that is relatively new. so, there is something of a president here -- precedent here, and his issue is does he want to stay on to fight with donald trump about what regulations should be. they were going to re-propose proposals in the first quarter, but that now appears to be kind of dead because the trump administration wouldn't want it anyway. he is not resigning as a governor of the federal reserve, meaning there is an opening and donald trump can only elevate someone who is on the board. he can't put in a new vice chair for supervision as governor, because it isn't an opening until january of 2026. scarlet: i see. as he won a month the vice chair for supervision? is this a role he's looking to fill? mike: that's an interesting question. in wake of his decision to resign on february 28, they said they would not move forward on any major regulatory proposals until a successor it is in place. well, mickey bowman is the bank re

reserves. every single bank in the united states had a federal funds trading desk. reserves from each other to make sure they were all in compliance. then ben bernanke comes in and he puts in quantitative easing and abundant reserves, and we have flooded the banking system with deposits. if you have a $100 bill in your wallet, 60 of those dollars were created in the last 16 years. the other 40 were created in the previous 2219 years. -- 219 years. that's how much money the fed flooded into the system. and then what this means is that banks no longer trade federal funds. charles: right. >> there's no market for them anymore. charles: right. >> so then you have to ask yourself with, where does the most important interest rate in the world come from? there's no market, nobody trades it. and guess what in the federal reserve just makes it up. they literally make it up. and that's how -- that's why it only moves in quarters on certain days. there's no other market in the world that moves like that other than other central banks. so what i'm getting to the here is that th

the federal reserve can't control energy and food costs, which are set globally factors including climate, but they can control service prices so, they decline, that's when the fed will feel more confident enough to cut interest rates. if will feel more confident enough to cut interest rates.— to cut interest rates. if you look at 396 _ to cut interest rates. if you look at 396 roughly, - to cut interest rates. if you look at 396 roughly, which l to cut interest rates. if you | look at 396 roughly, which is look at 3% roughly, which is where we are right now, but still 4% above the federal reserve target. what does that tell us about how tough the battle is going to be to bring it down and make a difference, because we've seen the profound effect it's had and how it had a knock—on effect on the election result. a knock-on effect on the election result.— a knock-on effect on the election result. effect have been saying _ election result. effect have been saying this _ election result. effect have been saying this for - election result. effect have i been saying this for months, that this i

i am so frustrated with the federal reserve. just particularly the powell federal reserve.like they have lost their way if they ever did have a way and everything they do seems to hurt one group of people and that's main street. and to your point, scott's point at the hearing today. rich folks have never done better than they have over the last four years, and you keep rates at the level they are, they keep getting billions of dollars in checks and go out and spend it and for some reason the federal reserve thinks that's the average person out there and tries to punish them so now instead of paying 15% on the credit card you pay 23%. delinquencies are through the roof. people are suffering. is there a way to blow up the federal reserve and remake it in a way where main street comes before wall street? >> well, the goal is, as president trump has said, to bring down inflation and bring down interest rates. when the fed punished a private sector, by raising rates, but says nothing about government overspending, what they're really doing is hallowing out the private sector and

i mean, look, the federal reserve policy committee has four new voters this year, boston federal reserveusan collins, chicago fed president, austin gu goolsbee ad jeffrey schmidt. i would like to know if they're going to be a little more guarded when it comes to their expectations because frankly, dennis, i mean, the fact that the market was expecting seven cuts this year and the fact that the market was expecting what it was expecting last year, how does the fed come up with these ideas to message out to the market so we're hanging on every word that they keep to the expectations that they set in the first place? >> well, it's very frustrating, i know, for those of you in the journalism profession and certainly for the public in general, because it's 19 voices, only one of which really speaks for the committee and that's chair powell. the rest of the people basically provide their own opinions and those opinions may or may not translate into policy at the end of the day. so you end up with really a lot of diverse opinions out there and it's hard to draw conclusions. you mentioned the ne

it's a big week for markets, with the federal reserve set to make its first interest rate decision with donald trump in the white house. plus, the president of poland tells the bbc that he's not in favour of restoring russian gas flows to western europe. hello and welcome to business today. i'm steve lai. it's a big week for markets with investors eyeing the federal reserve�*s first policy decision of the year on thursday. their meeting comes hot on the heels of us president donald trump's comments to attendees of the world economic forum in davos last week, where he demanded that interest rates drop immediately. also during the week, we get report cards from a tech giants microsoft, alphabet, meta and tesla. for more on the outlook for markets in the new era of trump, let's bring injameelahmad, chiefanalyst at gtc global trade. the central bank is completely independent of any kind of outside interference and we have to take into account here that sometimes the bug is worse than the fight because last week, yes, interest rates, but in the lead up to the november 2024 presidential elect

in the us, the latest minutes from the federal reserve showed that officials were eager to slow the pacef interest rate cuts this year. they cited rising inflation risks on the horizon as donald trump returns to the white house. of the minutes from the fed meeting in the summer show officials have adopted a new stance when it comes to interest rate cuts amid upside i'm steve lai. in the us, the latest minutes from the federal reserve showed �*to that officials were eager to slow the pace of interest rate cuts this year. they cited rising inflation cuts this year. they cited rising ii as tion cuts this year. they cited rising ii as donald trump returns horizon as donald trump returns to the white house. of the minutes from the fed meeting in the summer show officials have adopted a new stance when it comes to interest rate cuts amid upside risks to inflation. policymakers are in no hurry to cut rates and would like to see more evidence that price increases are coming down. the minutes, fed officials also expressing concern about the impact president elect donald trump's policies could hav

that's boosted hopes as far as more interest rate cuts from the federal reserve.losely watched official jobs numbers on friday. let's bring in mike mussio, president of fbb capital partners — a wealth management firm based in bethesda maryland. welcome. if you can look at stocks and bonds this morning, it is shaky, they are struggling to recover. today, very much on tariff. there is a lot of uncertainty about what these tariffs will look like. you have some saying he doesn't expect those tariffs have a significant impact on inflation. do you think the markets are overreacting to this? i markets are overreacting to this? ~' ., ~ , markets are overreacting to this? ~' . ~ , ., this? i think the markets have been bracing _ this? i think the markets have been bracing since _ this? i think the markets have been bracing since the - this? i think the markets have| been bracing since the election about inflation being stickier than we hoped and when the federal reserve started lowering rates in september. we don't hundred basis points, which is the fed controls. we are fl

jonathan: let's go through the federal reserve. on the 29th, we have a federal decision and most believe it will stay unchanged. what will change the story between now and then? aditya: we have two more cuts for this year and that's it. the risk is they do less than that rather than more. in terms of this month, i think the bar for cutting in january is very high. you would need a disastrous jobs report. march is possible. what would it take to cut in march? it would be something like the un-implement rate continues to move up as it has done in the last couple of months and then inflation could benefit. if those two factors work out which we expect them to do to a certain extent, then you will get another cut in march. jonathan: i wonder your thoughts on the previous round of forecasts, how much they have been influenced by the potential policy change of the incoming administration. aditya: some folks accounted for policy changes. that is what powell said. some didn't say whether they did or didn't and some aches with police that t

and in the recent dallas, federal reserve act analysis and the survey more than half of the producers indicated that they would not be truly new. well, unless the price remained above $70.00 a barrel. so, you know, in the 1st instance, president trump's initiatives would appear to be mutually exclusive. are going ahead. we know that the tariffs that he proposes to, to put in place will increase the cost of drilling dramatically. the tubulars, i know of many of the oil patch, your currently acquiring tubulars and even hoarding them for the casing. the piping down whole 25 percent increase in the cost of steel coming across $1.00 board or another is going to have a serious impact and again diminished the opportunity to drill more in the united states. your top 10 about us oil produces needing the price of all to stay above $70.00 a barrel. what will this drill? drill, drill, policy means opec produces in the rest of the world. i won't mean anything for old pack us. oil patch has, has been battered by various policies, volatile policies from one administration to the next. over the last

federal reserve has said that it will quit another group, the network for breeding the financial system because it says its work has broken beyond the central banks mandate from congress. top court has a cd electra and sustainability at yale university. he works at the intersection of sustainability and invest the value, and he joins us now from new haven, connecticut to, to have you with a start. does this mean the lenders going soft on a lining that portfolios with climate change goals? and it's actually unclear what the banks are going to do behind the scenes of these announcements. they could be that they are going soft that they'll use this as an excuse to allow more climate risk and comment and emissions into their portfolios. or they might just leave the, the, the net 0 bank alliance has a, a method to allow them to diversify their portfolio. keep fossil fuel companies in the and, and then let these kind of climate risks klein within there's portfolios, right? so the banks still recognize the risk climate change policy is to the lending portfolios. yeah, i think it's clear that t

but donald trump is trying to trample on the independence of the federal reserve. reserve chair, republican jerome powell, who was first appointed by donald trump and then reappointed by joe biden to another five year term, doesn't sound afraid of donald trump. >> if he asked you to leave, would you go? >> no. >> do you think that legally. you're not required to leave? >> no. >> do you believe the president has the power to fire or demote you? and has the fed determine the legality of a president demoting at will any of the other governors with leadership positions. >> not permitted under the law? >> and so donald trump, who likes to flaunt his power, didn't realize that he was flaunting his powerless ness with jerome powell today. the lie donald trump told to the world economic forum today is a lie he has told just about every day of his political career. it's one thing to tell a lie to people who don't know it's a lie. like trump supporters at a trump rally. it's another thing. it is indeed pathological to tell a lie directly to people who all know it's a lie. yo

jonathan: why do you think the federal reserve is so confused?on the news conference in december. mohamed: how much time do we have? lisa: two hours. mohamed: they are confused in analysis, communication and approach. when you are data-dependent and looking at the futures for the lens of the past, you will get more and more confused. we have not even talked about policy uncertainty, which adds to this. we could solve different levels of unemployment and inflation. whatever probabilities you had, each is associated with different levels of inflation. that is new. the fed -- you heard me say this for a long time -- has to get more strategic in its approach and has got to stop being excessively data dependent. jonathan: they say the phrase you use, policy uncertainty. i just think donald trump. what they mean to say is donald trump. i think we heard that in the news conference with chairman powell. i would love your opinion on this. why are some officials willing to preempt policy changes and factor that into their observations in their forecasts bu

market sold off yesterday after the pipit from the federal reserve.had a lot more bumpy performance for stocks as related to the rest of the year. we have the selloff led by big tech and growth stocks. the dow is down 178, the nasdaq up to get to 75 points yesterday at 4:00 o'clock on wall street. european markets are higher, take a look at the eurozone higher across the board in asia overnight, take a look at the numbers, the chinese hitting a 16 month low after the treasury yield sent the dollar higher intercourse after the news yesterday that the pentagon added chinese companies to the blacklist. joining to the conversation already long, broken frontier strategy ceo ed attorney mehek cooke bullseye and enjoyed refund and portfolio manager adam johnson. former trump administration official republican strategist tricia mclaughlin. "mornings with maria" is live right now. ♪. maria: kick it off with a hot topic of hour pretrip officials offering expanded state and local tax deductions at mar-a-lago meetings this weekend and exchange the salt republican

when we look at things like the losses of the federal reserve, this does have significant impacts.acts in terms of fiscal policy. this is money that the treasury is no longer getting. that is essentially at taxpayer expense. continuing to lose money on a weekly basis. it is not simply that it is now 200 billion but now it is earning money again. it continues to lose money. i do not think there's a chance that the fed sends a single dime to the treasury while trump is in office. that is a huge loss of federal revenue. on top of that it does have an impact on monetary policy. the reason for these losses is the fed is printing money to pay financial institutions for keeping liquidity parked at the fed. ironically in the name of fighting inflation they have been printing money. this will eventually get to a point where it has more of an impact on monetary policy and where it actually begins to impede your ability to tighten sufficiently to get inflation under control. we are not anywhere near there yet because they have not truly begun to bring inflation out of this economy. much of wh

maybe you are both aware that in september of 2022, the federal reserve put out that that fed meeting had the first projections for 2026. in those projections, they were telling us that inflation was not going to get back to target until 2026. that's the first time they officially said it. what they also said in the report that was released with the press conference was that they were not willing to raise rates enough tobring inflation back to target sooner than 2026. and that was in 2022. so they told us already that they are not willing to damage the economy enough to bring inflation back to target. so to the point both they are making that rate hikes are hur paps on the table and i take the other side of that. they are not willing to do it yesterday, today or tomorrow. while higher rates for lopger than the market originally anticipated should be your base case and it is the market's base case right now, at this point i don't see why they would hike rates. >> i agree with you. i think we are making the same point here. markets can do well in the higher rate environment where they a

they are notes, they are liabilities of the federal reserve. in other words, what we call money, the fed, that is the fed's debt. now it's perpetual non-interest bearing. you know, you're not going to get any dividends on your on your $20 bill unless you invest it. and you're turning into a different form. but the point is, most money or what people regard as money is somebody else's debt. the central bank typically. but it could be other other, other forms of issuers. well, now we're moving pretty quickly into a world and you mentioned this, jp where we have, you know, bitcoin and, you know, i mean, there are thousands of crypto currencies in to name a lot of ripple's and other very well known one tether is one of these so-called stablecoins where. you give them a dollar, they give you a tether, but you're supposed to be able to reverse that, to give them the tether and get your dollar back. well, is that true? remains to be seen. no one's quite sure where all the money is, but i bet that's the idea behind it. but whether it's tether ripple, b

cftc, the sec, the federal reserve have all been involved in regulatory turf debates but who's in charge who should be in charge, who is currently in charge should be in charge, who they can convince congress to put in charge. and you said in your prepared remarks you think the cftc should fill this gap and your prepared both, you said during your tenure, and you said and there, and after, that you're going to be an advocate for the cftc. why? why should the cftc, which is generally viewed, you can tell me i'm wrong in fact, but she kept on a wrong instead of the opinion that cftc is viewed as a smaller, more junior agency certainly to the federal reserve and the sec. why should the cftc fill this gap? >> i want to adjust better we are certainly smaller, like quantitative come its map, there's a a reason we have a thousand people. appropriators come congressional appropriate and authorizers. ask any american taxpayer would expect give us the money we need and that's the money dasha will lodge within 10% range of what i think my budget request is but we should expect congress to give us a

we have the federal reserve's qt program still ongoing. many think it will end at the beginning of 2025. it is because banking reserves have dropped below $3 trillion. many analysts see that level as the comfort level of reserves in the banking system, so we might risk another repo funding squeeze if banking reserves dip further than this. something to watch out for as expectations of one the federal reserve might end their qt program ramp-up. lizzy: and coming up on the program, it was a stellar 2024 for south african bonds which outperformed other emerging market countries and generated a whopping return of 14%. we will take a closer look at rainbow nation's economy next. stay with us. this is bloomberg. ♪ lizzy: all comeback to "bloomberg daybreak europe." it's just gone 6:13 in london. let's go to south africa where the second half of last year saw the country's bonds the best performers among 18 other emerging markets, generating a total return of 14%. but coming to power of a ruling coalition, the first item 30 years between the anc a

in the federal reserve chair and cut straight now. in the criminal justice system prosecute district republican presidential candidate in the myth of the campaign. as we know, donald trump faces 91 criminal cases and all tony's. and complaint were all parties made money so criticizing the judge's decision from the very beginning has been motivated donald trump of some crime, any crime to undermine this and prevent but they fear most. there's a reason why they are afraid because he poses a threat. when we look beyond the personalities and donald trump and joe biden we are facing is a threat of far greater shoot, dangerous president is being set. they dismiss our constitution and rule of law. the most important decision. detailing all that's been done. steel our election a insinuation of something that began in 2016. i've met a lot of strong people in my life. entire washington establishment. even a fraction of this stress and attack. she claims president trump only cares about himself. claims he was only doing it for himself. if that w

let's turn to the federal reserve. are there anyone is talking about the federal reserve. rates steady at their first meeting on wednesday. neil dutta saying, it's been one step forward, one step back. inflation has resumed its cooling trend while real activity strengthened in december. good to see you. thanks for dropping by. let's talk about the state of the economy. you are often constructive on where we are about coming into 2025, relative to the crowd, you had more questions on the state of the economy. how strong is the economy? neil: the surface quite strong. we are going to get a gdp number this week probably showing 2.5, 3%, but when you peel back the onion, a lot to be desired. the housing market is quite sluggish, mortgage rates still above 7%. not much going on with respect to sales activity. there is increasing slack in the single-family residential market. if you look at new homes completed for sale, that is up over 50% from last year. that will weigh on construction. the things that you are talking about around tech, that is becoming an increasing part of wh

strings and who is profiting the when i say this is, i mean the math, the world bang for the federal reserve, the dollar itself, the swift payment system, all this has become a set of full, a geo political instruments that the west uses routinely and aggressively to intimidate, restrict, you know, dominate other countries. the, [000:00:00;00] the, this is how they shut down the lowest version of this, of the so called milton grew a large scale. and that was control sensors that scammed hundreds of millions of dollars. tens of thousands of people in europe, africa, and the last in america, lost them money. many with devastations. last or remarkably, the criminal network gain power and scaling ukraine, and the mazda minds of this criminal m. a still is launch shutting down the most of the offices is just the beginning of the investigation. the beginning of the story of the scan, the premium style, the late 2017, the middleton groups, the school center we're located from albania, is to run. it's a key thing, ukraine, that corruption has loan being arrive with crook, civil stripes built relative

released minutes from the december meeting and showing the federal reserve members were undecide on the pace of rate cuts and going to call the markets undecided at the moment and dow is up 31 and down 200 and we've got s&p up two points earlier and low of the session down 34 and nasdaq down 17 points and it had been losing about 181 points and the russell 2000 down 12 and day two of the world's largest technology show and today we've moved from the convention halls and that's from west hall and it's evolved over the last several years into one of the world's biggest auto shows. some 140,000 people rushing in here to see the latest and greatest and not just autos in west hall and aviation making a bigger line every year and delta ceo ed bastian going to join us live fresh off the splashy keynote address at the vegas sphere and team "claman countdown" is there and wait till you see everything going on the parade and partnership on major brands going to top celebrities and tom brady going up on stage and at this hour, sound hound ceo will demo will be in part with ai voice assistan

the federal reserve is politically independent. it is. it needs to not only be politically independent, but be perceived as politically politically independent in order for its policies to actually work. and we have seen counter examples throughout the rest of the world that when central banks look like they are being controlled by politicians, that leads to much worse inflationary outcomes. so very bad idea for trump to be pressuring them. and in fact, trump may be on a crash course with the federal reserve precisely because a lot of his own policies will be inflationary and will be will make it much harder for the fed to continue to cut rates. >> all right. thanks to all. president trump says he's, quote, been through four years of hell while out of office. i'm going to talk next with a reporter who has great sources within the trump administration. i'll ask her what trump's tone could mean for the next four years. plus, this time yesterday, we were telling you about a brand new wildfire raging, burning large swaths of los angeles count

maria: we saw pivot after the federal reserve turned hawkish at the end of the year they made it clearnue the cutting spree in 2025 and yields went up take a look at the ten year treasury yield or .64% the federal reserve expected to take the pause at the first policy meeting of the year, fed chief jay powell signaling three cuts that governor lisa cook issued more caution yesterday, the labor market has been somewhat more resilient while inflation has been stickier we can afford to proceed more cautiously with further cuts vice chair michael bar the agency's top banking regulator has announced he will step down at the end of february. members of the trump administration and a lot more deregulation. what are your thoughts on the bed move and how that fits into allocation strategy. >> the fat has gotten more hawkish even though they cut in december they signal they will do fewer rate cuts over this coming year when we spoke we were talking about how the fact the consensus was 5 - 6 cuts coming into december and the end of 2025 and that needed to be ratchet back. we need to ratchet back,

we'll dig into those comments and the impact that move, if approved by the federal reserve, could havethat when way too early comes right back. >> when you need brutal honesty, when. >> you need. >> answers first thing in the morning, when you need. >> to go. >> deep inside washington and. >> hear from someone who's been. >> there. >> you need your morning. joe weekdays. >> at 6:00. >> only on msnbc. msnbc premium. >> gives you. >> early access and. ad free listening. to rachel maddow's chart topping series, msnbc original podcasts, exclusive bonus content, and all of your bonus content, and all of your favorite msnbc this charmin ultra soft smooth tear has wavy edges. it's no ordinary square. charmin ultra soft smooth tear has wavy perforations that tear so much better, with more cushiony softness. enjoy the go, with charmin. yet. >> over 500,000 homes were broken into. the party's over. >> porch. pirates and prowlers. this is the bionic solar floodlight from bell and howell. it showers a massive 1000 foot area of ultra bright light all the way from your house to the road or the whole

i would be remiss not to mention the federal reserve. are kind of a sideshow and await, because they need to wait and see what happens with the new administration and what kind of policies they put forth. does the fed matter as much as it did for the last meeting? carol: we think the fed definitely matters, especially as you look through the year. but the interesting thing is even some of the commentary, markets will look hard at the commentary that comes out of the fed. it won't be the rate decision, because for most market participants it's a question of is it one cut or two, and where in the back half of the year is the potential cut. people expect the fed to stay somewhat higher for a whole lot longer. that said, they will look at the commentary come and perhaps there is enough meat around the bones of the initial executive orders that came out monday and tuesday of this week so that the fed can start factoring that in as they are thinking about how they start creating those models that anticipate what might come out of this. you got

the answer is, will be the when i say this is, i mean the math, the world bank, the federal reserve, the dollar itself, the swift payment system. all this has become a set of the geopolitical instruments that the west uses routinely and aggressively to intimidate a restrict you know, dominate other countries, the literal ways to colon one struggling to proclaim the truth. the other thing and villainy. winston churchill, world war 2, the now become one of the most lucifer big nato countries. time to about 20 minutes. we sites hosting the 2 and us military personnel in addition and according to opponents defense ministry statements in the next 10 years. so we'll be more than a 100 new us military bases to build these people of tones. it's a huge minute we spend is due to the french proposed by russia, of the movie shooting those out if they, if you need them, but sort of safety. so the met the actors as part of the other stuff up. yeah. let me is the concept off of the edge up that goes at mama jr is back on that. and that's the often challenging, authorized, made the art because it's

you're going to see a real reaction from the empire of the federal reserve and other central banks and fighting that ferociously and the real -- whole reason bitcoin rose up, stuart u was high-tech cry for help for what governments were doing to the currencies. stuart: okay, we're watching people arrive into the rotunda building for the wearing in. we're looking at family -- squaring in and looking at family. i saw eric and barron trump bringing up the rear. he stands out because he's 6'9 tall. that's eric and there's barron trump. interesting character. don't know much about him, but he's 6'9 and everybody knows that. i think they're almost all assembled now in the building. the swearing in will begin very shortly but they've got to get it all in the right place. there's some -- >> packed very tightly in that room. they weren't planning on cramming 650 into that room when all this started. stuart: that's right. it was not going to be indoors and radically reduced the number of people to be right there. >> look how jammed in they are. there's not an inch of space between anybody. stuar

it is that we think that under current law if the tax cuts were to expire the federal reserve would keep monetary policy easier than it would otherwise. otherwise there is a sense, which is a theoretical issue, because the fed is going to watch what actually happens over the course of the year. we are trying to say, what would happen in the hypothetical world in which the tax cuts, you know, entirely expire, as in current law? that is what we're are trying to do. that is one part. the monetary policy could offset some of the drag from the expiration of the tax hike. there is another sense at which the expiration of the tax hike -- of the tax cuts, the expiration of the lower rates another provisions is widely anticipated. we would anticipate that businesses and consumers would, -- would spread their response over several years. it would not be going from december 30 first to january 1 that all of the effects take place right then. and then the last part is that camino, the change in the tax provisions affects essentially every household that pays taxes in the u.s. but most of the dollars

side interesting beach because the want to see this is, i mean, the math, the world bank, the federal reserve, the dollar itself, the swift payment system. all this has become a set of the geopolitical instruments that the west uses. routine the, an aggressively into a date, a restrict you know, dominate other countries, the, [000:00:00;00] the hello and welcome to cross top, where all things are considered. and peter level, it would be nice to see in the new year with some optimism. unfortunately, this is not the case. the accumulation and deepening of many problems from last year are still very much with us. so fucking love brace for impact, the cross talking 2025 on joined by my guess story to send me away in budapest is upon password. the guy goal, which be found on youtube and locals. and here in moscow we crossed to marks or boulder. he's an international relations and security analyst, right? building cross lock roles in effect, that means you can jump any time you want. i always appreciate it, mark, i'm going to go to you 1st and i'm going to kind of give vent a little bit here during

the federal reserve cut the short term target rate by 100 basis points or one full percent.nfortunately for their dreams and wishes, the long term ten year bellwether treasury bond on wall street went up by 100 basis points, thereby signaling to the fed stop your re-inflating or what do you make of that? so the markets are telling them clearly they're making a big mistake. this is the worst bond performance during a rate cutting cycle since the 1960s. the fed did an emergency rate cut of 50 basis points in september. you and i counseled against that. they did it. and the bond market said we don't like it. mortgages are a full percentage point more expensive than when they started cutting rates. this erodes their credibility. it makes it's the street telling them they're not sure they've got confidence. they know what they're doing. this is after keeping rates at zero when inflation was at 9%. they cannot compound these errors. i suggest they take a timeout, step back and revisit their conduct of monetary policy as this whole saga. really a big vote of no confidence for jay p

creation of money by the federal reserve and it is, yes, money exceeding demand. larry: i had so many great interview withs your dad on this subject back on another network that i won't have to mention, but it's good to have you here. senator paul, let me play you some sound from russ vote, the incoming director of the office of management and budget in his confirmation hearings yesterday. take a listen, please. >> the president has promised the american people a federal government that works for all americans, not the interest of bureaucrats and we have $36 trillion in debt and fiscal house continues to be a mess. we're now in a situation where it's surpassing what we spend on defense and we have to put forward budgets and spending plans as a budget process needs to work again. larry: so i gather you support russ vough and had your own idea on deficits and debt? >> we need to cut spending and going to start with a benchmark of spend what comes in. yeah, there's a lot of things we might be able to cut like $400,000 for studying whether lonely rats use more cocaine

i think that it could be -- we will see the policies of the federal reserve, the spending policies. congress sets spending policies. sen. hassan: look, i'm going to cut to the chase because i'm out of time, but at the end of the day, what you are articulate is a double standard, and it is disappointing to me. thank you, mr. chair. chair crapo: thank you. senator daines. sen. daines: i think what we are seeing in this committee is we have a divide between 2 very different philosophies about how to go forward and what is best for the american people and this economy and what is best for global competitiveness. i remember sitting right in this chamber as we were debating whether to launch a multiple trillion dollar massive spending bill, a $2 trillion covid bill, the inflation reduction act, massive, multitrillion dollar bills that even democrat former secretaries of treasury said could be inflationary. and indeed, it was. you compare that outcome to we are going to return back to the policies of the prior trump administration, that when you lower taxes for businesses, the american peo

. >> the federal reserve, at its december meeting, was at or near the point, after cutting by a quarter, of slowing its policy easing. the rate cut that they did enact was seen as, "finely balanced." it was a finely balanced call, and some wanted to not cut at all. that is more than just one dissent. not everybody has the vote. the minute say that the fed cut rates to maintain the strength of the economy and the labor market, while continuing progress on inflation, because they believe they were restricted. the risk between inflation and unemployment were seen as roughly balanced. inflation had eased substantially, the remains somewhat elevated. what you will hear next is a lot of the back-and-forth of the meeting between those most concerned about inflation and those less concerned. the pace of the inflation, had slowed, some said. upside risk to inflation had increased. several were concerned that this inflation may have stalled or risked stalling. on the other side, some people said this inflation was still apparent across the board, especially, in market prices, as opposed to the no

i think the federal reserve, i think the people who watch the fed, i think markets have probably gotten inured to this commentary from the president. and i think it's something the fed, you know, takes into account. well, the president wants lower interest rates and whatever his reasons may be, that he thinks interest rates ought to be lower right now, but i don't think it affects them in terms of their making a policy. what it would be interesting would be in that demand. is there any actual action from the president regarding how he might get to lower interest rates in terms of messing or having any effect on the makeup or the structure of the federal reserve? and we don't hear that at the at this point. as you know, kelly, the last things we heard from the president about the fed was let powell finish. he expects powell to finish out his term. both he and the treasury secretary or the treasury secretary nominee have said that. so i don't think it's a big impact. it's a different regime from the biden administration. in terms of talking about the fed. we should expect this. but the qu

breaking news out of the federal reserve. steve liesman, what's the story?> we have the minutes of the discount rate meetings with the federal reserve. what we learned, kelly, was that only eight of the 12 banks leading into that december meeting requested a cut in the discount rate. that is the board of directors. they meet. this is an indication perhaps of where the president of the federal reserve bank wanted them to go. sometimes they direct them. sometimes they don't. but only eight of 12 wanted it, which four did not, kansas city, megacap, dallas and st. louis did not request a quarter point cut in the discount rates. that suggests that four of those presidents are a little more hawkish, at least the boards are, perhaps the presidents as well. some directors were cautiously optimistic on the outlook. others, however, most directors cited uncertainty about potential changes to trade, fiscal and other government policies as affecting their outlook. importantly here, two of the four banks that didn't request the discount rate are headed -- kansas city hea

after three interest-rate cuts in a row it looks like the federal reserve will take a probable causeite president trump's direct call for another cut to the benchmark rate. economist and trump advisor judy shelton has quite the opinion on whether the fed member should comply with trump's demand and what might happen if they don't "the claman countdown" is coming right back on a very busy day, we still have the fear index of 22% (vo) weight loss. for so long, i felt stuck. but zepbound means change. zepbound is for adults with obesity, to help lose weight and keep it off. activating 2 naturally occurring hormone receptors in my body, it works differently. it's changing what i believe is possible when it comes to weight loss. it's changing how much weight i lose. up to 48 pounds. and changing what happens. don't take if allergic to it, or if you or someone in your family had medullary thyroid cancer or multiple endocrine neoplasia syndrome type 2. tell your doctor if you get a lump or swelling in your neck. stop zepbound and call your doctor if you have severe stomach pain or a serious

trump has signaled that he wants somebody else at the head of the federal reserve, but won't take any steps to try to remove powell. powell has signaled in return that he's not going anyplace, that he doesn't believe. the president has the authority within the law to remove him, and therefore he's not going. and so that sets up a very public dispute here, melissa. you know, we've seen white houses very grumpy at the fed in the past. doesn't always erupt into public view and doesn't always erupt into public view in the first week. but that's what we're seeing here. back over to you. >> all right. eamon thank you. eamon javers from washington. you know that's a big claim. >> that he. >> is trying to. make there. can he actually do anything. i don't i don't think he can. >> yeah it's. >> a dangerous. >> conversation in terms of but it's not political. >> but the federal reserve. >> controls the. >> front end. >> they lowered. >> rates in september. >> the front end of the curve. >> has been sort of stable. >> they don't. >> control anything past that. you would think. >> i would. >> hope