interest rates, but tariffs by their can be their nature can be inflationary and through the federal reservethey can cut rates in whether they can cut rates in 2025. the reaction we are in todayis 2025. the reaction we are in today is a seeing inmar—kets today is a of anticipation, = -:7 the rates could 7777 7 7 rigggggggun be expectation. the rates could be setting higherfor expectation. the rates could be setting higher for longer than what we were anticipating heading into the h=dfia fit... the as: very finding mt... tiff em very much. tariffs but "the goal should be that things result incooperation." france's central bank governor said trade tariffs would "increase economic uncertainty," had a "fair and balanced" trading relationship with the us. let's explore this more now with sam lowe, consultancy. countries around the world are trying work out what the trying to work out what the tariffs mean. 0r trying to work out what the tariffs mean. or could it mean for eu? : biggest fer the ee? eet the e'ddflt' partner fer the ee? e.et the e'ddflt' partnerfor fer the ee? e.et the e'ddflt' partner for

economy and the federal reserve and u.s. fixed income.not my opinion, based on the opinion of market participants, there is no debate. this is just bad for growth and ultimately could lead to further disinflation. if you put the because up in america and have to eat the overcapacity coming out of china it's the europeans that will do a lot of that eating. yields are down across the curve in germany. the two-year is seven basis points. the 10-year is down six. that speaks volumes this morning, whether there is confusion about what it could mean for treasuries, there is very little confusion about what all of this would mean for the european bond market. let's give you an update elsewhere. let's cross over to yahaira. >> president donald truch says he will have separate calls regarding tariffs with the canadian prime minister as as well as mexican president claudia sheinbaum. trudeau has pledged 25% retaliatory tariffs plus ontario's premier is ending its contract with star link. president trump's tariffs include plans to get rid of an exem

stuart: trump wants federal reserve to lower interest rates now and jay powell not so keen s.t a clash? >> the clash is jay powell thinks the way to control inflation is by depressing the economy. it's not the way you do it. do it the way reagan did and cut taxes and cut regulations and you get a stable dollar and relatively stable dollar and economy booms. jay powell doesn't understand it and he'll get a lesson just like canada and mexico did. stuart: that's a rosie outlook and fix the tariff situation and go for the tax cut extension, and you figure out how to lower interest rates. the market and economy would love that. >> it's deepening them and include ago cut not just in the corporate rate but seeing a cut in personal income tax rates and getting ashed the whole blue -- arnett the whole blue state and salt detoxes. stuart: rosie forecast if i ever heard one. >> it's great for a monday morning. stuart: you're all right, steve. glad to have you on. thank you, steve. back to the markets and they're coming back a little. after both the president of mexico and trump said they

and so that's why you're seeing the federal reserve. >> because even though they rely on data, it isated. looks pretty good. but you implement a policy like this. and if it immediately affect inflation that really fight against what the federal reserve is trying to do. and that's to get our inflation down. so, you know, you have to imagine that the president wants to do that so we can accomplish 3 major objectives of getting energy, food and rent down for that the average person. >> and so some of the other areas that would get hard hit hard from tariffs will be automakers out of mexico and canada, the crude oil that comes into the united states from canada. you toes. i mean, there any sector that would not be touched? >> just about every just about every sector we import about 3500 goods, different goods from mexico and canada. u.s. auto makers here would would definitely be impacted. we produce about 16,000 vehicles a year, 70% come from mexico. 6% come from canada. big effect on us. we want to build homes make homes affordable. we need what, canada we import. a lot of wood from ca

canada a flurry of executive actions at the white house in a flood of earnings reports and the federal reserveng rate study, take a look at january stocks indeed on a high note and that traditionally means a good year for the market global investment in cio bob dole is always great to speak with you you said we should feel good and positive when it comes to corporate earnings for the year and also the fact that you do have a new administration in place. >> all accurate we're in the middle of fourth quarter earnings report started off with the banks which are off the charts since then pretty good there are things we can pick on as long as the economy is okay earnings will be okay and that's what stocks are watching carefully especially at elevated multiples next week we will get the jobs report for the month of january in the slow process of higher employment continues. as the jobs report something to keep a close eye on. >> absolutely some signs in the appointment reports are weakening, slowly i don't want to alarm anybody we need to watch it carefully but as the jobs go so go the consumer and

number one, you look at the federal reserve and all the a trillions of dollars that the federal reserves in money every year regardless of who is president. that has some impact on inflation. you look at the spending that the government has done, both republicans and democrats alike, and thank god for doge. they're look at waste, fraud and abuse, just got access to treasury payment accounts to showcase all of the fraud if going on, billions and billions of dollars. they're already saving billions of dollars a day. we have to look at spending, we have to look at tax cuts as well. but it's very important. there are multiple factors that go into inflation. we have to recognize that and try to fight our way forward and grow the economy in a way that a wages grow with the challenges we have ahead and that people can afford eggs and gas again. we can't do that right now until we fix the system. jon: we were just looking at a scrolling list of some of the products and companies that are going to be affected, and it seems like virtually every sector of the american economy potentially could be

but richard, i guess the question is this all comes at a moment when the federal reserve is, in a sensemfortably on hold, obviously wanting to wait and see. they've paused in their rate cuts. they want to see some of the data and the policies work their way through. and so it feels as if, at least based on how jay powell characterized things last week, they're at a spot where they don't really see huge risks to doing nothing. is that is that fair? >> yeah, and i was. >> fascinated this morning or yesterday. >> where president trump said he agreed with their decision. >> yeah. >> that's news, i'll. >> tell you that because. >> he rarely. >> agrees with powell on the fomc. >> look the real. issue mike isn't the real issue. here is. >> what. >> does the. >> fed control. >> and i'm going to give you a quick numerical breakdown. the federal government last year fiscal year just ended in october took in $4.96 trillion in revenue. >> that's taxes. >> and fees. they paid out almost $1 trillion in interest. so imagine a business that 19 or 20% of their. intake goes to paying interest. you wouldn

government does not spend 5 or 6 trillion like biden did or does not print another 8 trillion like fed federal reserveat is what we learned with the chinai tariffs, i can read you, on joe's point. everyone -- i am watching "wall street journal" quoting larry summers, former treasury secretary, kentucky republican, rand paul, a friend mine, here is some people who are not afraid of the tariffs, and don't think they would have take any economic harm. ready? art laffer, larry kudlow, kevin warsh, stanley druckenmiller. ja-- jamie dimon,. kyle bask. do i need to go on, a lot of people, who don't live in left wing exting circles are not worried about it would like too track down drugs as much as possible whatever the cost and half a percentage point for a few months is nothing burger. >> fed staff came up with the same thick. larry: they did. >> in si september of 18. >> what it they say. >> a one off price level adjustment. larry: chris waller said the same thing. >> one time small move up in prices, maybe. it won't be inflationnary long-term, it was in i just was looking at charts that shows impact of th

well, that time in american history, there wasn't the federal reserve. there wasn't fdic. if you invested all of your money, you lost it. if the economy changed and about every 5 to 10 years there was a depression and every and every and between those depressions, there were recessions. so brown was not the only man by far who had many occupations during his life, but he always was a sheep rancher, and he was actually one of the most well renounced sheep and wool merchants in the country that he knew his his world. matter of fact. he took a trip to england to help sell some of the wool. he was in a consortium and he actually walked some the battlefields in england to get an idea. he studied military tactics. he had something in his mind that he didn't want a war happen, but he figured there was going to be some violence to get rid of slavery. and it turns out was right. just a follow up question. do you think there's kind of a between that and the claims grant was a failure? i says a farmer. yeah. if the tractor grass detractors, you know, look for anything weakness, then

charles: the federal reserve feels like it's pushed back and we know it's ultimately the most important two cuts this year, perhaps starting in the second half of the year and core inflation close tore target and comfortable and backdrop for a market rally. >> i think so and you heard chairman powell say they're making progress but needs more progress on inflation and we think the fed will be on hold for now till juan thornhill is expectation for first cut and second in the second half of the year and fed seeing progress on inflation coming under 2.5% and not getting till mid year. charles: i feel like the pivot than the pivot and i'm more concerned with the labor market. >> we're comfortable but see what happens on friday and so that are far things are progressing nicely and jobless claims are beneath nice and averaging 170k in job creation and see what the number comes in on friday but probably something close tore 200k for friday. charles: you guys upgraded on thursday and it's bewildering and what's moving healthcare? >> we think that healthcare has been unfairly punished and massiv

he serves on the federal reserve bank of new york. he's he's an institute of international finance. he's a partner in new york city. he serves at the metropolitan of art. these are the business, the council of foreign relations, the world economic forum, business roundtable, mba out of columbia. and he went to the university of melbourne to get his b.a. degree. he is morgan stanley, composer has 10 million and his share values 25 million by third example is as judith missick. she's at morgan. she's also the board of in-q-tel, which is the cia's technology management foundation. so the board of directors of general hewlett packard and she just and she until recently was the ceo of kissinger associates kissinger of course is past but she's down on a down days on board of of a large for foundation all the american actually foundation which supports us british relationships. she worked at lehman bank barclays but she was the deputy director of the cia. from 1983 cia. from 1983 to 2005. and there was one other woman who was in the cia as well. so they have intelligence connections her mo

inflation is sensitive it will risk price increases for oil, food and cars and immediaty to the federal reserveja rates interest rates and jobs in the industrial heartland will be lost as american produces cannot compete with the higher input costs canada and mexico lose trust in us and retaliate as their economy suffered. drug risks will increase your skin's outgoing prime minister justin trudeau reacting. >> tariffs against canada will put your jobs at risk. potentially shutting down auto assembly plants and other manufacturing facilities. they will raise costs for you including t food at the grocery store and gas at the pump. >> last night at the hockey game in canada the crowd booed when the american anthem was played. ottawa went on to win the game over the minnesota wild six -- nothing too. >> live in west palm beach lucas thank you. president trump cracking down on the flow of sentinel into the u.s. with tariffs taking effect this weekend we will show you some of what's been stopped from coming into the country, that ic next. yay - woo hoo! ensure, with 27 vitamins and minerals, nutrient

some economists say these higher prices could reignite inflation and prevent the federal reserve fromg interest rates which means rates on things like credit cards, home loans and mortgages could stay higher for longer. janai? >> janai: we will be watching these impacts on consumers' wallets and you can tune into "this week" later this morning following president trump's new tariffs on canada and mexico. george stephanopoulos speaks with canada's ambassador to the u.s., kirsten hillman, about her country's response. gio? >> gio: now to the confirmation battles ahead this week. after contentious senate hearings last week. perry russom is here. good morning, perry. >> reporter: good morning to you. this will be a major week for the controversial cabinet nominees as they work toward confirmation. we're waiting for votes on kash patel, robert f. kennedy jr., and tulsi gabbard. all three had their senate confirmation hearings last week. patel is trump's pick to run the fbi, and his hearing was combative at times as he faced tough questions from democrats about his loyalty to trump. he deni

i mean, if tariffs go into place, if they stay in place for a long time, it could prevent the federal reserve from lowering interest rates, which of course would mean higher borrowing costs, higher mortgage rates for everyone. so there's so much at play right now. and we're going to find out in just the next few hours whether or not these tariffs do, in fact, take effect. boris. >> we may get some indication of what's going to happen based on the readout from this call. so we'll be watching for that. matt egan live for us in new york. thanks so much, brianna. >> president trump again saying that he'd like our northern neighbor to join the united states what i'd like to see canada become our 51st state. >> we give them protection. military protection. we we don't need them to build our cars. i'd rather see detroit or south carolina or any one of our tennessee, any one of our states build the cars. they could do it very easily. we don't need them for the cars. we don't need them for lumber. we don't need them for anything. >> canada not on board with that idea, to say the least. but trump's obj

the united states without registering either with the occ or with the fdic and then with the federal reserve. but again, it's unclear exactly what he means by that because he didn't specify. >> i also. >> would love to know from you what exactly is going to potentially cost more. i mean, we talk about the grocery store. that's kind of the easiest to digest. i mean, no pun intended there. well done. it's the most accessible for us. but it's not just the grocery store. it's if you're. taxing aluminum, it's getting on planes. if you're taxing glass, it's every single apartment building and how much it's going to cost to rent an apartment. there are so many of the unforeseen costs that come along with tariffs. >> yeah. and now that we do know that there's a delay in the mexican tariffs, perhaps until maybe march, we'll have that conversation again. let's talk about canadian oil because that is a major import into the united states. some estimates say that gas prices could rise at the pump between 15 to $0.25 as a result of that. but when it comes to everything else, we have to remember we import

this week, the federal reserve held its independence on interest rates. the fed chair, jerome powell, ignored donald trump's demands that he put out on truth social for rate cuts. i think it's easy to think, well, nothing matters when it comes to trump. in the wall street journal today, peggy noonan wrote that trump has achieved 100% cultural saturation. maybe, but he won with 49% of the vote, 4 million votes fewer than biden won by. in 2020, 50% of the country voted for someone else in november. trump is confused. he's confusing 100% submission by republican lawmakers as 100% submission by all of us, the rest of america, because the most important person in america is not the american president. it is you, the american citizen. that delusion, the fact that trump doesn't know that, is going to lead to overreach. despite the current president. americans think of themselves as good people. when trump was asked if he would visit the crash site in dc, you know, to thank the search teams who have been working around the clock in frigid water that reeks of jet

consumers, investors, the federal reserve, everyone is much more sensitive to price increases right now. and the auto industry could be particularly hit hard because they treat north america like it's really just one economy, not three. we see parts that can go across the border multiple times before a car ends up at a dealership. and so that's why wolf research has estimated that the cost of a typical car sold in the united states could increase by $3,000, all because of these tariffs. and it's obviously not just cars right from mexico. that's the number one foreign source of vegetables and fruit into the u.s., including tomatoes and avocado. from canada. we get minerals, foreign oil. we get wood and cement. and the u.s. imports 4 million barrels of oil every single day from canada. 4 million. that's four times what the u.s. gets from opec. and analysts have warned that you could quickly see an impact to gas prices, particularly in the great lakes region. rocky mountain midwest, because without that canadian oil, you could see gas prices go higher. and so that's probably why president

much of that debt is being bought by the federal reserve that is printing money to buy that debt. and that goes into the economy. sen. marshall: that will impact interest rates as well. one of the goals would be to get interest rates down. what's going it going to take for interest rates to meaningfully come down, not just what the fed is doing? mr. vought: it will require us to get a handle on our spending, to have deficits that are much more manageable. sen. marshall: thank you. chairman, i yield back. chair graham: senator whitehouse. sen. whitehouse: welcome to the seat recently occupied by myself and i am delighted to see you there and i look forward to working with you. chair graham: me too. senator whitehouse: mr. vought, the backdrop to the conversation we're having here is indicated by this graph which shows from 1980 to 2020 how income has grown in the united states. the bottom line showing essentially no income growth is the bottom 20% of income earners. as you can see, their household income has stayed essentially flat. the second line up, this lower one is how the top

he also serves on the board prosperity now, change labs, and the federal reserve bank' a center for nativen development council. >> [speaking another language] welcome, the democratic national committee. wishes to acknowledge that we gather together to state our values on lands that have been stewarded through many centuries by the ancestors and descendants of tribal nations who have been here since time immemorial. we honor the communities native to this continent and recognize that our country was built on indigenous lands. [applause] we pay our respects to the millions of indigenous peoples who lived throughout this history who have protected our lands, waters, and animals. the united states capital is surrounded by just over a dozen tribal nations that thrive along the anacostia and potomac rivers, and the chesapeake bay area, in the states of maryland, virginia, and delaware. the dnc winter meeting is gathering on the ancestral lands . we acknowledge the following. native citizens and tribal governments have inherent rights in a political relationship with the united states government

treasuries are held by banks of the federal reserve in the united states of america. they can't leave, so whether softwareno is written wherever it's written, the treasuries themselves, they always stay in american, the settling of treasury teachers, of course, is in america, the partner fitzgerald shows was the london stock exchange which, of course, has been registered with the cme properly since the year 2000. so it was just lack of understanding, good for the press,di bad for knowledge, they just got it wrong. >> look, somebody tried to make my state, the deep pockets on a default and i didn't appreciate it and i passed a law against manipulation so i know this very well, in fact, the treasury secretary just got asked by my colleague senator cornyn, no, it shouldn't be ever. u.s. treasuries in debt hierarchy of failure should never have london making decisions before we make decisions, and so i will ask you more for the record about this,, i hope we can get a better answer from you. on the one to one issue, heather had a problem, basically weren't as stable the po

treasuries are held by banks and the federal reserve in the united states of america. they cannot leave. where the software is written, wherever it is, the treasuries themselves always stay in america. the settling of trade futures of course, the partner cantor fitzgerald chose was the london stock exchange which has been labeled -- with the cme since the year 2000. just a lack of understanding. sen. cantwell: i personally -- somebody tried to make my state the deep pockets on the enron default and i passed a law against that manipulation so i know this well. the treasury secretary just got asked by my colleague in a hearing last week what he thought about this and he was like no, u.s. treasuries and a debt hierarchy failure should never have london making decisions before we make decisions. so i will ask you more for the record on that but i hope we can get a better answer. on the one to one issue. that tether had a problem, as a stable coin exchange, you came in, the cftc fined them and then you came into the picture. the question is are you prepared, do you think th

reserves are still abundant. if they were when the runoff began and the federal funds rate has been steady, we track a bunch of metrics and they tend to point to reserves being abundant. we intend to reduce the size of our balance sheet to a level consistent with implementing monetary policy efficiently in our ample reserve regime. we are closely monitoring a range of indicators -- that should provide signals with her reserves are approaching levels that could be somewhat above ample. i don't have anything to say about particular dates. that is just the process. rates appear to be abundant. as always, we stand ready to take appropriate action to support the smooth transition of monetary policy, including to adjust the details of our approach for reducing the size of the balance sheet. on ai it's a big event in stock markets and particular parts of the stock market. what matters for us is macro development and that means a changes in financial conditions that are persistent for a time. so i wouldn't put that label on these events, though of course we are all still watching with interest. reporter: the economist. thank

so this was a reservation that corn planter led and created effectively, independently with the state of pennsylvania against federalwishes as well as federal policy. but corn planter also had a pretty tense relationship. red jacket himself. he presided over a trial of red jacket who he had accused of witchcraft and sought to strip him of his title amongst the senecas. and ultimately, because he disagreed with red jackets politics. corn planter had also overseen negotiations with the united states through the of the century before he pulls away from the public eye. so this memory george washington giving the corn planter a tomahawk. this kind of physical symbol of peace and war, capturing this more or less tense relationship that he had long had with the united states, feels quite appropriate. right. it's really one of the reasons why we sort of hang this memory of washington on, uh, on hatchet region. on the other hand, very different legacy because his was more or less a legacy of peace or at least the message conveyance of international peace between the senecas and the new united states. he thought a peaceful re