daytraders and robin hood traders and cheap money and goes directly to the doorstep of the federal reserve bank and other central banks around the world that have allowed this to happen now up until $971.00 there were 2 ways you could anchor a market now would be either making a reference to gold or making a reference to interest rates now starting in 1971 the gold was taken off the table no more reference to gold in the currency markets and therefore no more reference to gold in any market it was all fear referring to other fear. relying on the u.s. and the u.s. dollar to be the ultimate reference currency however and leaving interest rates to be our interest rate differentials to be the anchor that is hurting the under lying foundation of these global markets but starting was 0 percent interest rates that got down to 0 under bernanke. and have gone negative under janet yellen there is no anchor whatsoever for pricing any of these markets at all so it's purely what i call the murmur ations the starlings in the sky that are trading in patterns that are based purely on well nobody knows exactly

too much margin then alan greenspan came into office and he rewrote the definition of the federal reserve bank and he said we're no longer going to try to stop these problems we could only mop it up. after the fact and that was the mandate for greenspan bernanke johnny allen jay powell they they're just there to mop up the problems they're not there to try to stop the problems so you're saying is right even a new era which is that wall street realizes that they're going to try to out rightly cause the problems it is whatever way they possibly can knowing that they will get bailed out immediately so this is taken a new twist of of fraudulent margin related behavior in fact the reserve is complicit so exciting that they going from being responsible to irresponsible now and in 2021 they're actually causing the crashes they're causing the crashes yeah in a way so you know i don't know if it was like intentionally set out to create the system what happened is the bond vigilantes you know even though the fed is supposed to be independent i think they came under pressure from the government because t

i will just note a few research conferences, the federal reserve bank of san francisco is really active there. we just did a conference on economic risk to climate change and financial regulation. we were working also out of the federal reserve bank of new york and so richmond, atlanta, they have all done some really interesting research collaboration. >> as the new administration begins to rebuild the scientific enterprise around climate change, which has suffered a lot of blows over the last four years and restore scientific integrity, i think your insights into the baby gaps would be very valuable to cross over as we are thinking about what investments to make in terms of that scientific enterprise more generally. you mentioned that the fed just joined the network on a greening the financial system. they got some low back. there was a letter sent by 40 some members of how suggested that the fed was succumbing to outside political pressure and that the intention of this was will just do target and savored industries. how to answer the critics? >> yeah, so i would actually say that thi

federal reserve chair jerome powell on monetary policy. >> welcome back, to another webinar. to everyone worldwide, we are happy to have jay powell with us. the chairman of the federal reserve bank. and the governors of the federal reserve. chairman powell: good to be here. markus: good to have you. we are very grateful that you're with us today. a quick overview of the topics we would like to cover today. we would like to talk about deflation and inflation perhaps, and that about financial dominance and fiscal dominance and debt levels. and then we will contrast the covid crisis with the global crisis of 2008. and all about exit strategies later on. with the new inflation targeting which came out of the fed, i was wondering if you could specify a little bit more of the free and framework, the time period that it takes now behind it, the maturity of the debt contacts, how long it takes on average. and then inflation as well, because now with the covid crisis, the consumption cost is shifting over the time period. so it is expensive. how do you measure inflation this way? and a little bit on this new framework, which the audience would like to learn more about it. so, jay, can yo

the chairman of the federal reserve bank. and the governors of the federal reserve. hi, jay. good to have you. chairman powell: good to be here. markus: thanks a lot. it is great to have you. he is part of the advisory council here at princeton, so we are grateful you can spend some time with us today. a quick overview of the topics we would like to cover today. we would like to talk about deflation and inflation perhaps, and then about financial dominance, a little bit of fiscal dominance, debt levels. and then we will contrast the covid crisis with the global financial crisis of 2008. we will talk about central bank independence, and also about exit strategies later on. let me start with the new, flexible inflation targeting which came out of the fed, i was wondering whether we can specify a little bit more the framework, the time period that it takes and the rationale behind it, the maturity of the debt contacts, what is the average, the price, how long it takes on average. and then about inflation measures as well because now with the covid crisis, the consumption cost is

the president of the san francisco federal reserve bank joins us from california.for joining us today. as i was saying before we went on, it is good to see you again because it has been so long since we've gotten to see each other. >> you, too, thanks for having me. michael: i have got to start with the news of the day, ugly all this claims -- ugly jobless claims figures. even if the numbers are somewhat distorted, do you think they are telling inaccurate story of the economy right now? >> the pain we are seeing in the labor market is greater than a symbol number like jobless claims. we can quibble about this number or that number, but the jump we saw is unexpected, in my view. when i talked to the contact in the communities and businesses, you see this in the mobility data -- as goes covid, so goes the economy. these are real people without jobs trying to cope with what is a terrible pandemic. michael: do you anticipate it will work the opposite way, that once the numbers go down, vaccinations rise, people will get hired back quickly? mary: we saw that in the earl

. >> you do have supporters and the president of the federal reserve bank saying guaranteed basic incometion we should continue to be having. as you know, you have president elect joe biden talking about increasing the stimulus checks for americans always the question remains, how can we pay for it? i reached out to andrew yang and confirmed other information but they wouldn't get back to me on how the plan to pay for the $1 billion program. charles: thank you very much. for more on potential impact of ubi it would have on the economy and also the individual, i will bring in rebecca and local presidents, let's start with rebecca. your thoughts on not only how we pay for the i think if you pay people not to work, you start to take away incentives to develop themselves. i think we have god giving gifts and is a shame we don't have to presume because there's always a check in the mailbox. >> i went to bed in 20202021 would be so much better and so far, we got big tech shutdowns and now we need ubi but we are just moving, i hate to say this but we are moving more toward communism. when the e

the chairman of the federal reserve bank. and the governors of the federal reserve.

i'm john williams, chairman of the come present of the federal reserve bank of new york. with a distinguished history since 1907 the economic club of new york is a premier nonpartisan forum for time of discussions on a wide of issues facing new york, united states and the whole world. mission is important today as ever as we continue to bring you people together as a catalyst sharing diverse points of view. in particular for these challenging times we proudly stand with all communities seeking conclusion after inclusion. like stigma directed expos of our 312 members of the centennial society who are attending today as her contributions continue be the financial backbone of support for the club and help enable us to offer a wonderful and diverse programming now and in the future. i would also like to look with the members of 2020s class fellows a select group of rising nextgen business thought of postgraduate students from nyu stern school of business. it's an honor for me to introduce our special guest today, chair of the guardian life insurance, a trustee at the economic

i spoke to rafael bostic who is the president of the federal reserve bank of atlanta.erview happened yesterday when we were in georgia at mercedes-benz stadium. >> well actually i think inflation could move significantly over the next year or so. one of the things my team is focused on reality we're in unprecedented economy. a lot of signals you get in today's environment will have a lot of noise a lot of volatility. we're trying to look through that, to get to a place where the economy is moving in a much more stable predictable trajectory. we'll take a step back and look what is happening with inflation. connell: are there levels your tolerance would start toing tested on the inflation movement? we used to say 2%, 2.25%, where would the fed have to start making changes? >> we haven't hit 2% in a long time. i would like us to get to 2%, get beyond it. two and a quarter, 2 1/2. the level to me is not as important as the trajectory f we get to a level above 2%, we're able to stay there, we don't have a sense, i don't have a sense there will be runaway inflation, i'm com

i'm john williams, chairman of the come present of the federal reserve bank of new york. with a distinguished history since 1907 the economic club of new york is a premier nonpartisan forum for time of discussions on a wide of issues facing new york, united states and the whole world. mission is important today as ever as we continue to bring you people together as a catalyst sharing diverse points of view. in particular

have known janet since she became president of the university -- excuse me, president of the federal reserve bank of san francisco in 2004. she has been professor now emeritus at the university of california berkeley since 1980, that's 40 years. janet has an impressive record. she served twice on the federal reserve board of governors and was the first woman to chair the fed from 2014-2018. she also served as chair of the council of economic advisors under president clinton and she is currently professor emeritus at the university of california berkeley as well as a distinguished fellow at the brookings institution. some have joked that janet's husband of 42 years, george, won the nobel prize in economics yet he is regarded by many as the second most accomplished economist and his own home. -- in his own home. it can be said all of these accomplishments did not come easily for a woman in the male dominated field of economics. that's 24 students who received doctorates in economics at yale in 1971, she was the only woman and she has been a trailblazer her entire career. now she brings to us the ex

yellen: -- the federal reserve bank of san francisco in 2004. >> all numbers, democrats and republicans, throughout the session. i think it is very appropriate that we begin with the consideration of a person who is so export nearly qualified and who i very much appreciate being willing to return to public service, -- >> -- as well as a distant ghost fellow at the brookings institution. some have joked that janet's husband of 42 years, george, won the nobel prize in economic sciences, yet he is regarded by many as the second most accomplished economist in his own home. but it can be said that all of these accomplishments did not come easily for a woman in a male-dominated field of economics. out of 24 students who received doctorates in economics at yale in 1970 one, janet was the only woman, and she has been a trail blazer her entire career. now she brings to us the experience and leadership needed at treasury at this critical juncture. i believe that janet yellen really understands that the economy is not an abstract series of charts and figures, but a collection of real individuals,

the turning point in the creation of a central bank, the federal reserve, constituted in 1913, is the u.s. drive towards becoming a colonial power, which is of course itself part and parcel of the first world war which breaks out within a year of the creation of the federal reserve, and then the third significant development in the one that creates the final modular form of money, is the american war in vietnam in the 1960s and '70s. now, i will briefly outline the significance of all of this and then turn to a couple of conclusions. after the second world war, under the so-called bretten woods agreement, the global economy, world capitalism, was reconstituted on a dollar gold standard. the dollar agreed by the american government would be equal to 1/35th of an ounce of gold. the dollar was tied to gold. other major currency were tied to the dollar and through the dollar they were indirectly connected to gold. the dollar was said to be as good as gold as a result. and so long as american capitalism dominated trade markets, that held good. so long as its overall payments were in surplu

loretta mester, thank you so much, president of the federal reserve bank of cleveland, we are very happyould join us today. loretta: thank you for having me. atry: we have breaking news the moment. cnn reporting that a u.s. capitol police officer has died following the violence on the u.s. capitol building yesterday. this brings the number of deaths to five. of course, that includes the woman that was shot yesterday and killed by capitol police. now we have other people also medical emergencies proving fatal from the protest yesterday. cnn reporting that the u.s. capitol police officer has died, and we are expecting president trump to release a national unity video message tonight. recappingare also some of that breaking news. we have been waiting on preliminary fourth-quarter profit out of samsung. that was a miss largely due to tepid smartphone sales as a result of the new apple iphone as well as memory chip prices. in steve to sort of flesh out this story a little bone -- a little bit more. i guess a lot of this went down to apple's new spread of iphones overshadowing the galaxy. >> t

trade war study said the trump administration trade war cost us 245,000 american jobs and the federal reserve bank of new york found u.s. companies lost $1.7 trillion in the price of their stocks as a result of u.s. tariffs imposed on trade wars. do you repudiate unilateral protectionism? dr. yellen: senator, i believe we should try to address unfair trade practices and the best way to do that is to work with our allies unilaterally. when the unfair practices have to do with things like stealing intellectual property and engaging in force technology transfer or subsidies that provide an unfair technological advantage, i think we should focus directly on those practices and work with our allies to make sure that they are addressed. sen. cantwell: we in the pacific northwest believe in an export economy. we wanted to take place so you have to have trade. we want to continue to focus on that. i believe in using sanctions. i think that trump administration failed to be as aggressive on sanctions. i want to make sure that you will use that as an economic tool as it relates to cyber attacks on our infra

in fact, according to one report released by the federal reserve bank of new york, 41% of black-owned business, 32% of latinx-owned businesses have gone under. what would be -- what should be the role of the minority business development agency to help vulnerable and thriving minority owned businesses? sen. wicker: thank you. -- gov. raimundo: thank you. covid has shined a light on the inequities of our economy and the president has made it clear we will build back better and more equity -- equitably. i believe we can play a vital role in that. i have experience as governor and have played a part in economic development. more than half of the people who have participated in our job placement effort because of covid are women and people of color. our commitment to lead in this area and to use the mbta as a very important player in the rebuild effort. sen. blumenthal: let me ask you about broadband conductivity. as you know, many parts of our country, including rhode island and connecticut, are afflicted with the homework gap, a severe barrier to young people trying to stay current, ano

. >> reporter: he has some support, the federal reserve bank, basic income is a conversation we neede in checks for americans. the question is how to pay for it. i asked to this to yang's camp. the details of how they plan to pay for it. stuart: any day now. thanks for joining us. a new analysis says businesses could save billions of dollars if workers partially tell a communicate, partially work from home. how much would businesses actually save? ashley: $500 billion according to global workplace analytics. when we implement a hybrid work model where employees alternate the home and office after the pandemic ends, slaving per worker of 11,$000. 1 million full-time employees with remote work capability, on an average of 2 and a half dollars a week. increased productivity, says the report, reduced real estate, absenteeism and turnover cuts, save an average of $3,000 on commuting costs. stuart: now this, every 16 unemployed workers there are just ten job openings. tell me more about this. >> job shortage and contribution is fierce. right now industries like leisure and hospitality serv

would do retail banks want to hear from the federal reserve when it comes to monetary policy? nnectone bank, frank sorrentinoi, shares his insights. the year of the birdie. golf is the perfect activity for unprecedented times. we talked to david love iii, new pga captain, about this season in an era of covid. let's check the markets. stocks not doing a whole lot. s&p 500 is down 1/10 of a percent. lots of talk about the dollar as we have a new treasury secretary. a female for the first time in u.s. history. janet yellen, you all know her. the 10 year yield is down a basis point or two. just want to point to gamestop because it was halted again. back trading up 31%. as governments around the world scramble to boost their programs to stop the spread of mutations of covid-19, moderna's ceo tells bloomberg, do not fear. >> the south africa strain has a high development, higher than those naturally infected, so we believe it is protected right now. vonnie: joining us as matthew harrison, head of biotech industry research at morgan stanley who can give us context on those comments. w

government in particular the federal reserve and other central banks are printing a lot of money because of the coded 19 virus they decided to print money to stimulate their economies this is pushing the value of the dollar down because there are all these new dollars being printed the dollar is going down and people at a particular america are looking for safe havens to put their money into they're looking to gold and looking to bitcoin. a funny gerry mountain lead singer of the 1960 s. a british group joining the pacemakers has died aged 78. 1 of the classic hits which became the anthem at the liverpool football club in april recorded it in tribute to. the national health service after a short illness related to the hospice. the top stories this hour in an order recording leads to the public u.s. president on trump pressured georgia's top election official to overturn the election result he asked him to quote find more votes during that hour long conversation the people of your year i mean the people of the country are angry and there's nothing wrong with saying that you.

government in particular the federal reserve and other central banks are printing a lot of money because of the coded 19 virus they decided to print money to stimulate their economies this is pushing the value of the dollar down because there are all these new dollars being printed the dollar is going down and people particularly america are looking for safe havens to put their money into they're looking to gold they're looking to bitcoin. now $80000.00 exile tibetans are voting for a new parliament president elections taking place in india's northern city of san salah just conceit of the tibetan government in exile since 1959 it's also the base of their spiritual leader the dalai lama who fled china after a failed uprising. well china's space agency says its more probe when one is expected to enter the red planet's orbit next month the probe has been in space for $163.00 days and it's traveled 400000000 kilometers after entering mars orbits it will spend around 3 months checking for potential landing sites before touching down in may so to me to say it has a height about the probe is fl

government in particular the federal reserve and other central banks are printing a lot of money because of the coded 19 virus they decided to print money to stimulate their economies this is pushing the value of the dollar down because there are all these new dollars being printed the dollar is going down and people particularly america are looking for safe havens to put their money into they're looking to gold they're looking to bitcoin. now a rising number of corona virus cases in south korea is forcing many communities to cancel economically vital tourist events from a prime travel to watch on county in the mountains near the border with north korea see how it's dealing with the loss of its annual fire ice festival. because it's a special event to promote a particular type of river trout known as the sunshine or how to package it how to prepare it in every way imaginable. and staged in a town that finds it has a lot of it $77.00 tons to be exact question county's annual ice festival is its biggest event and ice fishing on the frozen river the biggest draw for which it starts breeding

before she ran the federal reserve, she ran the federal bank here in san francisco and taught at berkeley. senator chuck grassley calls her eminently qualified. she cleared the first hurdle, committee hearing. we wouldn't be surprised if she's confirm bid the full senate in a couple of hours. lloyd austin is our new civilian leader of the pentagon. austin needed a waiver from both the house and senate to be considered because u.s. law says former members of the military have to be retired for seven years in order to qualify, and he is not. that waiver passed the houses easily as well. >>> a developing story, derick almena of the ghost ship warehouse fires has pled guilty, connected to the warehouse fire in 2016. this deal avoids a second trial after jurors could not reach a verdict the first time. almena will receive a nine-year sentence. it's not clear how much time he will serve, given the time already confined. >>> baseball legend hank aaron has died. a look at his career and the barriers he overcame to make it in the major leagues. >>> plus the countdown is on to the olympics. we are

their worst day in around three months — the sell—off accelerating after the us central bank, the federal reserve of the economy. the dow ended down more than 630 points or 2%, the s&p 500 and nasdaq lost more than 2.5%. in percentage terms that was the biggest drop since october last year and it means the s&p is in negative territory so far this year. here's michelle fleury in new york. the federal reserve is going to continue to support the us economy by keeping rates lower, by continue to buy up to 120 —— $120 billion worth of bonds each month. in addition to that, what you are hearing is this idea that the economy is struggling because of the virus and what was interesting to note is that in their statement, the federal reserve added to the fact that they are going to be monitoring progress of vaccinations. something jerome powell talked about in the press conference afterwards was that vaccinations are key to any return to us economic health, something he was at pains to underscore along with another thing that perhaps has not been discussed enough, how the impact of the coronavirus on the e

federal reserve. the european central bank and other central banks making money cheap and allowed this kind of stuff to happen. i got out of the stock market years ago, except for my 401(k). i don't dabble in it anymore. i think one of the other areas in the economy on the rise is crypto. with the dollar becoming as cheap and getting into the gutter as it is i think we will see more bitcoin purchases and increasing the price of other alt coins that will change the economy. you factor in senators like schumer crying for yet more and more bailout money because people can't take care of themselves -- i'm not saying that is anyone's fault, but people are getting into the mindset that we will go to the government hat in hand and the government will keep printing money. eventually -- i don't know if we are to the point of no return for the dollar will collapse. i think we will see a flight of capital into crypto where that kind of manipulation can't happen. host: cryptocurrency. what do you think? guest: i wish somebody could explain crypto to me in 30 seconds or less. back when we were having thanksgiving d

government in particular the federal reserve and other central banks are printing a lot of money because of the coded 19 virus they decided to print money to stimulate their economies this is pushing the value of the dollar down because there are all these new dollars being printed the dollar is going down and people particularly america are looking for safe havens to put their money into they're looking to gold they're looking to bitcoin still ahead on al-jazeera. the house will come to order. the new us congress is sworn in to holds the senate majority is still to be decided to. a mass turnout in iraq to call for the removal of u.s. troops on the 1st anniversary of the assassination of a top iranian general. and steph curry spices things up with a career high 62 points for the warriors coming out with jones. hello there it's been a stormy start to the new year for central parts of the mediterranean and there's no sign of that letting up anytime soon more thundery showers just around italy and the balkans little bit of fermoy still a bit more warm is being pushed up across that eastern

government in particular the federal reserve and other central banks are printing a lot of money because of the coded 19 virus they decided to print money to stimulate their economies this is pushing the value of the dollar down because there are all these new dollars being printed the dollar is going down and people a particular america are looking for safe havens to put their money into they're looking to gold they're looking to big calling and now finally i got to address your question of why can't someone create one out of thin air it's because the computer program doesn't let them write the code that loto the mysterious creator of bitcoin nobody knows who the guy really is he did it all anonymously but he created this beautiful bit of computer code and it says exactly how many because things can be created each day not many and you can't just create one out of thin air unless you're a big clean miner which is a special designation for a person who owns a special powerful computer and creates them under very specific conditions in a very small number i wish we had more time it's been

estimate for the first quarter of 2021, and as a result, you know, most of the central banks, the federal reservee ecb, have forecasts that actually have not reflected the start of the year well, so most likely the ecb in march is going to adjust their forecast. i expect that we will see a double-dip recession in the sense that we are likely to see, in the eurozone at least, and negative first quarter around -1.5%, down to around a slightly positive number, and it technically is in line with a negative recession of two quarters, but it is short-lived. we find that in the second quarter. actually, the rebound in the second and third quarter will be quite strong, because the expectation is that the vaccine will help clear the way for less restrictive lockdowns. but in this current period, where we see the rollout of vaccinations and immunizations being, you know, very differentiated across countries, i do think there will be a short impact on the first quarter. so it is more changes to the profile of the recovery rather than the outlook for the general recovery. for us it means also that most likel

james: the two risks worry about our a shift in policy by central banks, particularly the u.s. federal reserveto a shift in cash rates and bond yields across the curve. it might make a statement saying that they are minded to change policy. where we see bond yields begin -- the up, i think second issue this dependency now on getting justified valuations, were we to get a further acceleration in covid-19 cases, any risk to those growth numbers pulls the rug from underneath the valuation cases. tom: james, thank you so much. and wonderful briefing to get this monday started. ccla chief investment officer. -1.73, just to give back some of that challenging jobs report, maybe some of the central bank uncertainty as well. the vix turns around two big figures. 22.46 on the vix yield. 1.11% on the 10 year yield. that is an interesting number. please stay with us. we do another hour of bloomberg surveillance. congressman stevens from detroit next. this is bloomberg. ♪ tom: this morning, if it is tuesday, it must be impeachment. speaker pelosi coding with urgency, if it is tuesday, president trump will