march of 2020 to march of $22016.00 trillion $1.05 trillion of which will be printed by the federal reserve so yes you're having a surge of growth you will have insurance insulation a surge in nominal interest rates. and then you're going to have a massive fiscal and monetary cliff later this year into 22 and i think it's going to cause enough 2nd pull all market in the bottom south the answer is in your view the bank of america is basically wrong because they're calling for the end of a 40 year ball market in the beginning of a secular bear market in the bond markets a year and as a pending more of the same they'll be a crisis in the markets which will be responded to by another massive purchase of bonds by the central bank so imagine 6 trillion here on here printed in the last 12 months and we know that sense 2008 there spend 17 or 18 trillion or more printed to try to keep pace insolvent banks up and running so how much can they go where as any limit can they go 3040 trillion worth of sculling well you're running into a bit of a problem with the dollar here max you know the dollar is a heav

caroline: to that end, we know the federal reserve is so focused on the labor market and they want to run it hot because they want a full employment that we were seeing prior to covid. those at the very bottom starting to be lifted up and the participation levels were wider. is there a risk of people being out of the labor market for so long we would never get back at it? elise: i don't think there's going to be the kind of scarring people talked about in the great recession which didn't occur. many people continue to go back into the labor foyer base the labor force and the recovery continued. people were not permanently sidelined in the way many thought they would be and it's completely understandable. nobody would blame the workers because their sector was wiped out. they will be coming back in. we need to pay attention to what policymakers are going to do right now and that relief is essential to have a full recovery and by that necessary relief to workers and their families and state and local governments. romaine: we talk a lot about having a more equitable recovery and a lot of

when asked about how this could work if we were to have digital currencies as part of the federal reserve. >> soe're collaborating with mit on a multiyear effort to build a hypothetical digital currency for central bank use. the bottom line is to move forward on this we would need buy-in from congress, from the administration, from broad elements of the public. and we haven't really begun the job of that public engagement. cheryl: i want to adhere he also said cryptocurrencies are not really useful stores of value. your reaction. >> look, our big thing as a company is helping creators get paid whether that creator is a public figure or an artist, and cryptocurrency is the easiest way for us to do it at this point. there's a lot of regulatory compliance work that goes into accepting and transacting, and we definitely want to take that on. we're not diehard believers in crypto the for payment, but nfts and the technology that they rely on is fundamentally a blockchain native technology, so we definitely are believers in that long term. cheryl: it is fascinating, whats' happened with this jack dors

so-called dot plot. the dot plot indicates -- and we can put it up right here. pretty much what the dot plot is, you know, indication of where each federal reserve member stands. ow believe that you will see an earlier rather than later increase in rate hikes. but it's 2022 that now has four of them. those four little dots out of all, what is it, 18 or 19 of the federal reserve members. and then longer run, yes, they all pile in. i want you to hear specifically what jay powell said when one reporter asked him, the dot plots are starting to get a little crowded here. we don't have that sound bite, but in essence, he said, don't be surprised by that, nothing to see here. goldman sachs' ceo has taken a lot of heat recently for comments that employees should return to the workplace as the pandemic finally appears to be under control, but recent meetings with top executives suggest that may not be happening anytime soon. charlie gasparino has the breaking, exclusive details. >> liz, goldman tells us what they did today, i'll get into what they did today, is not a reflection of this recent controversy that you've read about how david solomon, the ceo, is forcing peop

in 1913 under the federal reserve system, congress abdicated that right and gives it to this so-called fed institution, of the 12 federal reserve banks are owned by wall street, that is true. it is a privatized system that hides under an image of republicans to duchenne, the fed. -- institution. president lincoln dealt with this in 1862. he was losing the civil war. he created greenbacks, he took the advice of the head of the ways and means committee and he created greenbacks with no debt. the fundamental difference between greenbacks and the federal reserve system ease that you don't have interest rate on it. host: thanks for calling. let's hear from jeff on the federal debt now. caller: i haven't called yet. i've been listening for a long time. personally i think this whole issue -- host: randall's town, maryland. democratic caller. caller: how are you doing. i was calling about the national debt you were talking about. and the money we are going to lose. what about the money they are saving. that's good to be a lot of pension checks, social security checks, money that they will have

. >> and at the federal reserve? >> so this is something very, very high priority, something we've worked hard at for some time and we're not at all satisfied with where we are. we do a lot of outreach to historically black colleges and universities as well as hispanic colleges and universities and i met with a class of minority history from historically black college and spent an hour with them and we look at kids who study economic and when they do to think about the fed and that sort of thing. there's a lot of work to be done and it's a challenge that we're very focused on. >> i'll be happy to work with both of you in providing individuals, i think, who presently could meet the challenge. thank you, mr. chairman. >> thank you, senator menendez. senator rounds from south dakota is recognized for five minutes. >> thank you, mr. chairman. and thank you to both of our panelists for your service to our country. secretary yellen, i'd like to begin with you. i'd like to direct this-- as i'm sure you're aware, the irs is facing

really start thinking about what i think is a very important sea change both in fiscal and federal reserve policy. >> so money directly in the hands of individuals at the consumer level as opposed to tax cuts that trickle down allegedly through the system and, number two, less concern about anticipating inflation, more concern about actually seeing it i'll come back to you and ask what kind of stock groups might benefit on either side but let me turn to michael for your reaction to that i know that you believe that right now in the face of a wobbly market here over recent days and weeks perhaps you say going to cash is fool hearty. >> i certainly think it is but i always think that market timing, tyler, is fool hearty. i think that markets already feeling uncertain got kind of a wobbly and uncertain message of chairman powell this week. he said, okay, you know, the economy's growing. we expect inflation and not going to do anything about it at the fed. don't you worry, wall street everything is going to be okay we're used to hearing a plan from the federal reserve chairman if things are dire we'll be th

i mean, you've got the treasury secretary who is a pedigreed,d, distinguished economist, federal reserve board, soing it. you're saying it ain't true. >> it's not i say it ain't true, it's what the official science says, the gold standard that everybody looks to. and i can only conclude that people have been somehow misinformed. larry: all right. either thatmi or just uninforme. maybe they just don't do the reading. so, steve koonin, going after fossil fuels, all right, ending carbon emissions, oil, natural a gas, coal, for example, methane in the next four or five years and then a tougher regulation by 2030 and 2035, is that the answer? >> i think rapid and major changes in the energy system are just not going to fly. energy is too embedded throughout society to make changes by tooth extraction. i think instead we need to be thinking about otter doneture if you want to change the system. [laughter] larry: i likey: that. that's very good. i hadn't heard that before. so thee. book's coming out in a couple of weeks. by way of solutions, you don't have to reveal the whole book because i want people t

symbolic of what's to come at excellent points to consider here kristie i thank you so much for your time. federal reserve chairman jerome powell and treasury secretary janet yellen made their 1st joint appearance on capitol hill on tuesday in a hearing on the state of u.s. aka nomic recovery powell continued to warn that the recovery is far from complete despite some progress as yellen touted the 1.9 trillion dollar american rescue plan and the hope that it will help stimulate the economy in the coming months but that's not all the buy administration is reportedly considering pushing for an additional 3 trillion dollars in spending the would be devoted to improving infrastructure fighting climate change and reducing economic inequities so joining me now to go further in debt well tonight a partner and director of training research and education for the market gauge group now michelle let's start with today's hearing we know there was a lot of tension surrounding this latest stimulus package which was passed without the report without the support rather of a single republican so what was the atmosphere li

about where this nation was going obviously in the middle of the pandemic so we could use those numbers by the federal reserve to project where those stimulus checks are going to be spent now so retail sales overall let me set it up there are up by about 10 percent interesting though and that's what's been called the whiplash effect and that's because manufacturers shut down conserve cash did very well at the beginning of the pandemic but i'll quote the c.e.o. of malibu boat jack spring ah he actually says that manufacturers have been flat footed in getting back to business malibu boats is just going through the roof in terms of their sales their sales of was a speeding boats for jet skis and water boards etc i think you should look for the price of used cars to keep climbing not necessarily new but new used cars by about 10 to 15 percent and then another interesting sale that retail that 29 percent is going to is all of these sales so again malibu boats boats and all of these sales why outdoorsy sort of things are the sales actually a projected to go through the roof 84 percent of jen's ias and millennial zx

banks will end june 1 for most lenders, so says the federal reserve. we knew that some share buyback limits have been lifted for the big banks in the united states. now the dividend limits are also being ended. perhaps the end to those restrictions were coming friday end of this month. --by the end of this month. joe: we were wondering when this would happen. these steps were rolled out for a while and telegraphed a little bit. june 30, some of these restrictions are going to end for banks that passed the stress test. joining us now is sonali basak. how long have people been anticipating this, and i guess trying to game out which bank stands to benefit the most from the opportunity to make the capital structure -- sonali: listen, joe, the big have gotten bigger through this crisis. people are waiting for them to return the capital to shareholders will you have seen that hope in the share price, you have seen jp morgan rise 20% this year, you have kim goldman, 25 -- you have seen goldman, 25%. there are political things that remain. the banks are health

looking at salvation from the chairman of the federal reserve system, there's only so much he can do. i believelisa's reading the entire document on the floor -- jonathan: she is -- lisa: 700 pages. jonathan: she is doing that because we have not. what is in it? lisa: a lot of interesting stuff. i have not gotten to the end. i will be reading it through the afternoon. we have a policy surprise. basically, there has been a policy put down in washington, d.c., the expectation we will get this $1.9 trillion bill passed. the expectation -- the market wants a put on volatility, and the fed is showing they are more willing to tolerate a greater degree of volatility than some traders are operable with peer the consequences of that, the question is how far will it be? jonathan: in looking at the curve, the fed is getting what it wants. -- at the long end, yields have been rising wide. tom: across the history of all central banking, this has been documented -- they want the markets help them get to the policy outcomes. we have seen that, with the way the 10 year yield moved yesterday. you wond

the atlanta federal reserve is so optimistic about stimulus, keep in mind the forecast for first quarteris up 10%. before any of this presumably kicks in. so that is pre, pre, two trillion dollar stimulus. carol roth, former investment banker joins us. larry glazer, mayflower advisors managing partner. carol, that is the high side of some estimates of the atlanta fed but there is also a federal reserve tracking report that says that is absolutely doable, and that is again before stimulus kicks in. what do you make of that? >> welcome to day 315 day of 353 days to slow the spread. people are just over it. there is so much pent-up demand. if you look at personal savings rate, before we talk about any stimulus, it is the second highest level since world war ii, 20.5%. as the vaccine rolls out, as people are looking to get out of their homes, the weather is improving, hospitalizations are down, there is no doubt when you turn the economy back on that is actually what is going to stimulate it. so i don't think it is unrealistic based off low levels we're looking at we see the double-digit pot

so much. >> thank you. charles: coming up why the federal reserve really needs to work harder. week if they're going to prove to ininvestors they're willing to do anything to keep this economy going, hint, hint, the stock market going because wall street sees rates hiking sooner rather than later. i will talk to two brilliant market researchers to get their thoughts next. ng. get real-time insights in your customized view of the market. it's smarter trading technology for smarter trading decisions. fidelity. [announcer] durán catches leonard with a big left. ♪♪ you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down? or. do you find, somewhere deep inside of you, the resilience to get up. ♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪ ♪♪ labradoodles, cronuts, skorts. (it's a skirt... and shorts) the world loves a hybrid. so

federal reserve. the question is, the market interest rate expectation has become to hawkish, and if so, what should theabout that? last night we saw from the federal reserve, a balancing act whereby's, the growth outlook was outdated and great guidance remained pretty dovish. wondered when we might see a similar story from the bank of england today. manus: chris, good day to you. let's see whether there glass turns over half full. with your guidance, which is the potential tightening of financial conditions. trade-weighted basis, that was in the february round. is it tightening by the market going into this market. how tight is this for us? chris: it might have an impact on the bank of england's inflation impact. the bank of england medium-term inflation is close to 2%. but if it was to republish its forecast today, which it won't today, but if it was to do so without changing anything else, the rising sterling, and tighter great expectations would weigh on that inflation forecast. you might just wonder whether some npc forecast members might be worried about that. however, we did have some comments at

i kind very little bit with the federal reserve in the sense that we have so any just inflationary forces out there charles, everything from being led by usually do inflationary technology from technology too bad the demographics and our country in the developing world even in china and the leader of the emerging world. i think good odds of getting productivity this year because whenever we've had growth stocks be the value stocks there is much as we had in recent years, that is followed and picked up in productivity and we still have a lot of high unemployment and low labor participation rate in huge output gap in the economy that is bigger than about 80 percent of the time since 1950 and i think that we still have deflationary culture. it will be hard to change that. so i think i lean towards the view that maybe this is not all bad. if we can juice the pace of the economic growth a little bit, and unnecessarily set up runaway inflation, it feels a lot like the golden meters of the 50s and 60s me. a little bit and it might not be that bad. charles: will maybe the roaring 20s, century lat

it shows we are still below the 2% federal reserve target so that means right now, we won't see higher least and that means more risk on trade along with the tech stocks and i think that is moving bitcoin prices. i know you brought up some block chain minors and they should get a lift today thanks to the bitcoin prices nearing record highs again. stuart: there they go again, block chain up 10%. overall, we are looking at a rally at the opening bell which will take place in approximately seven and a half minutes. (deborah vo) i was hesitant to get the hearing aids because of my short hair, but nobody even sees them. (vo) discover the exclusive, new miracle-earmini- a nearly invisible hearing aid from the brand leader in hearing aids with over 70 years of experience. (deborah) when i finally had miracle-ear and i could hear for the first time, i started crying. i could hear everything. new miracle-earmini. so small and comfortable that no one will see them, but you'll notice the difference. call today to start your 30-day risk-free trial at your local miracle-ear. how do we ensure famili

so, the federal reserve chair was trying to be a obliging towards the presidency served and that's why he was at his best under kennedy. >> and reagan. >> you know, carter appointed -- >> but again, this constant showboating on a daily basis by the individual governors, i don't recall that in my youth years. >> i hate, that afrin about that. it does more harm than good. >> thank, you that's where i wanted to hear. >> when i was a child, i worked for the federal reserve and actually work under paul volker, i was one of his secretaries or clerks or whatever they were called. i did some speeches, i did his correspondence. anyway, he is chairman when put up with it. and just basically -- by the way, he is chairman and didn't know what he was doing. the good news is he did it right. the bad news is, it might have not always been so. so it depends on who the president is. carter wouldn't let him do his job even though he appointed him. reagan did. reagan said, do whatever it takes to get rid of the inflation and volker did. right now, there's something about that. i don't agree with one of t

overwhelming thought is a non-sophisticate is the headlines we are seeing here are so un-american, so not the federal reservenother world and frankfurt. jonathan: yields come in a little more in italy to 0.64%. we are down around three basis points. the ecb saying pepp purchases over the next quarter significantly faster. that is an ecb that is just leaning into some of the volatility in the high yields we have seen, the higher peripheral spreads we have seen. tom: how does it dovetail into what we are going to hear in the press conference? jonathan: i think it backs up the words of president lagarde if she comes out strong with what we have seen on yields in italy and germany. this idea that they can come in more quickly with the pepp program, full flexibility of bond purchases. it has been difficult to reconcile what would have seen -- what we have seen in the bond market with what they have said, so that is some verbal intervention with real policy to back it up. here's our plan. this is how big it is. it has full flux ability. this is what we are planning to do. that gives a little bit of emulation -- of

>> right, but it gives you a direct example of why the independence of the federal reserve is so importantnd the idea that the politicians will directly control the currency or money or interest rates is something that gives all markets around the world concern. you think about it, what is the premium you that get for having an independent central bank. you get a quick look at it when you look at 10% decline in the currency right there >> yeah. i guess there's not a leader in the world that ever likes to not keep his foot on the pedal of economic growth. and really the best laid intentions of central bankers, sometimes, this runs counter to what the leader of the country wants while he's president, or while he's in charge during this move >> well, you know, joe, that kind of raises a good point about powell here. i think powell's done a very good job getting us to this point but remember he's given everybody pretty much everything they want. this has basically been the easy part for him look, i don't want to say easy, yount staid that because he's taken pretty revolutionary steps in terms

second question is are you concerned that there might be a sabotage so to speak of your policies by programs that the federal reserveght be putting forward? >> no i am not concerned that there might be sabotage. it is a independent agency, and i respect that. and i think that we have to face the fact that interest rates are not in themselves a cause of inflation. they are a consequence. and when you have, as we have, had double digit inflation, back to back for two solid years, now the last time that happened was in world war i. and when you have double digit inflation, that way there is no question that interest rates are going to have to go up and follow that inflation rate. so the answer to the interest rates, is going to be our program of reducing government spending tied to the reduction of the tax rates we spoke of to bring down inflation, and you will find that interest rates come down. we ask from the fed and will ask for a moderate policy one that supplied in regards to legitimate growth. all of these things have to work together. but i don't think if they deliberately raise interest rates, and the reason t

economics, neil, thank you so much for joining us, you put out a note this morning talking about myths regarding the federal reservet off the bat, is the market testing the fed in some way here? neil: i don't think so. i mean, i think you mentioned the 10-year yield, the treasury market. that's largely a growth of expectations, why would the fed push back against 10-year yields, it would be akin against pushing against rising growth optimism. that seems foolish. what would people prefer, have the federal talk down the economy and then the fed knowing something about the outlook that no one else does pushing the yields lower, mission accomplished, i guess? i don't really quite understand it. i think the bigger story is that, yes, interest rates are up. if you look at broader physical conditions, joe, this is a point that powell made beautifully last week is that broad physical conditions remain accommodative, look at corporate credit, they're basically at the tights, there hasn't been much in the upturn of the dollar, equity markets are quite buoyant, when you look at the aggregates of the financial markets, it's co

i wanted to come back or they understood what the federal reserve is doing and how i can contribute. so not taking it too seriously everybody had setbacks and we have to move on. >> is wonderful and is actually as one door closes and another one opens up in i ran for in australia where i applied to be a professor at the university at the australian university so i am coming back and i didn't get the job and the next thing that happened was i got to go to mic -- m.i.t. and i had a wonderful year there. i joined the world bank and the rest is history. we have to recognize that not everything we strive for world happen but belief in yourself and persevere and look for things that give you a sense of contribution to make your community, your country and the world a better place. talking about getting to a better place janet i know one thing you are very concerned and i'm very concerned about is the disproportionate impact of this crisis on women, on young people adults with low skills. i'm talking about a recession that impacts women and they used session to look into. how do you see steppi

is now the discussion about the idea of another operation twist where the federal reserve because interest rates are getting soe front end of the curve and could go negative, they will sell their short duration assets like treasury bills and start to buy the longer mature ri assets that would drive the rates down. >> and that is -- that's the part of the story that is what our audience may not get, because they think you are getting a stimulus check and buy gamestop, but no, the surveys are showing that a huge percentage of the stimulus is going to be saved or pay off the debt. but putting something into the ek ching i-- checking or the ss account is a government knock-on effect even as doing something as benign as that with the stimulus checks. >> that is right. that is kind of what i get into with the paper is that you to get into this arcane world of monetary policy. and how it all works at the federal reserve, but the u.s. treasury keeps the checking account, if you will, with the federal reserve. when they spend money out of that account, it goes into the economy, and in this case, it is going out in the

obviously with stimulus in the minds of the people but also the federal reserve is an add of tools they they've been pondering now operation twist so operation twist basically what it does in the end is what we've had most recently which is where the long term rates rise faster than the shorter term so what that does is it literally tourists by they buy long term bonds and they sell short term bonds and that twists the yield curve if they come out and do that that couldn't stimulate the economy without necessarily the same bubble warnings that we're hearing so i would be looking at the infrastructure plan potentially i y t i'd be looking at oil and energy right now and of course i would still be looking at those food commodities because i think they're about to take off even further and now kristie less than 2 months after founder sheldon adelson it's death his company say it's actually pulling out of las vegas know i know casinos are one of your passions why is the company moving in this direction. yeah this was actually a surprise move as las vegas has agreed to sell its landmark properties in las vegas which includes expedition

concerns remain over inflation and what the federal reserve will do as the latest $1.00 trillion dollars stimulus package nears president biden's approval so joining me now to discuss is here schiff chief economist and global strategist at euro pacific capital now peter gold has been in a downward trend so is this rebound we saw earlier likely to stick well you know i've no idea it wasn't that you know impressive a move considering how much gold has dropped proceeding this this move on the tuesday a lot of things that were beaten up bounce back today look at the movie saw the tech stocks that had been really getting hammered as rates are rising so i don't know if we've seen the lows in gold but i know for sure we haven't seen the highs so with this correction is over the price of gold is going much much higher. and there is a lot of talk that it still has a long way to go and that this is just the beginning now we've also heard a lot of talk about inflation and you yourself have said that the federal reserve is between a rock and a hard place right now because it couldn't fight inflation even if it wanted to so how long do you see jerome p

federal reserve is absolute critical. mr. quarles is also assumed, sue martin graduate of columbia law degree at gayle. so let me now turn my friend and calling the chair of financial stability board randall k quarles. randy. you are muted randy. there you go. >> sorry, the mute button was missing on my screen for a moment, sorry about that. and thank you, thanks adam for that introduction. it does not leave much time for the speech. but thank you for that very generous introduction. it's an honor and a pleasure at the peterson institute driven much of the most important economic history over my entire working life. i've always been engaged with it. i only wish we could all be there in person. so perhaps soon. a little over 420 years ago a crowdpleasing local poet on the lightly populated island in the north atlantic made popular phrase that is entered our language. beware the ides ofde march. caesar ignored the soothsayer and the results were not good. if recent history is any indication maybe we should keep that warning in mind as well. in march of 2008, we witness a significant domino fall in a chain o

so don't judge us now at the tip of the iceberg. wait till it's all in. >> yes, thank you. mr. president, the chairman of the federal reserveoard has been implementing policies that are exactly opposite, in basic thrust, from what you recommend. he has been squeezing the productive sector of the economy in favor of the speculative sector. now, i mean, frankly, mr. president, there are important sections of the american economy that are about to go under. and won't even have an opportunity to benefit from the programs that you are putting forward because of the federal reserve's policy. i have a two-part question. first of all, do you think that objective economic conditions justify the interest rate levels that we now have? and i don't mean for your answer to imply a criticism of the fed. it's just an objective question. and the second question is are you concerned that there might be a sabotage, so to speak, of -- of your policies, by programs that the federal reserve might be putting forward? >> no, i am not concerned there would be sabotage. i have met with mr. volcker. but i think we have to face the fact that interest

so look at the federal reserve predicting the economy to grow by 6.5%, which would be the fastest since the 80s. the highest comes from goldman sachs. they're fasting 8% growth. the last time the u.s. grew 8% was 70 years ago in 1951. wouldn't that be impressive? >> charles: that would be impressive. i can't wait. thanks so much, susan. with the economy just starting to rev up, my next guest says the $2 trillion tax hikes will have it crashing back down. steve, so curious that just a few weeks after we were told the economy was so shaky that things were so problematic that we had to pass yet another fiscal stimulus bill. the same administration is saying now let's tax the same economy that was weak and vulnerable two weeks ago. >> doesn't add up, does it, charles? the tax bill, we don't know how large it will be but it's growing. the other day the white house said this would apply to people that made $200,000. it was $400,000. there's tax of an energy tax, carbon tax. there's talk of a wealth tax on top of the higher capital gains tax, higher corporate tax, smaller business tax. all tax

the administration and the federal reserve is actually doing all three. so what is the problem and what risk are we inheriting here. brad: the government is not santa claus, i hate to break into the social some progressives of the world with the government cannot just create wealth. so everything will getting in stimulus benefits, whatever we are getting, some of been diverted to the partisan priorities like the blue state bailouts but whatever will getting we have to weigh against the cost printed anyone honestly say that we just get 6 trillion, 42 grand per federal taxpayer like you said, can anyone take they got that much of benefit out of all of these relief packages. i can't think of anyone who could so was it going. that should bring some serious eyebrows printed. charles: seizing the government cannot be santa claus but there is a real philosophy out there and i'm sure you know about it, so the government can be santa claus robin hood or any easter bunny all rolled up into one. and people are now believing is true. what you say to these philosophies t

course the dallas federal reserve president, robert kaplan, who advocated the federal reserve will likely have to raise interest rates next year to respond to the sharply improving economy. sory, very closely for you. remember these can trip markets up, get them going again, based on what either says. maybe this time yellen will get a lot more attention because what she is advocating in terms of ways to pay for infrastructure and some of the other things that the administration wants to do, including a wealth tax could get disproportionate attention. we're following all of that. we're following what is happening at the border, particularly in arizona where we find our hillary vaughn. hey, hillary. reporter: and, neil, we're going to have more from gila, arizona where a border town is declaring a state of emergency. ♪♪ ♪♪ i'm a verizon engineer, part of the team that built 5g right. the only one from america's most reliable network. we designed our 5g to make the things you do every day, better. with 5g nationwide, millions of people can now work, listen, and stream in verizon 5g quality. and in parts of many cities where people can use massive capacity, we have ultra wideba

federal reserve and its critical. mr. quarles is a cum laude graduate of columbia and has those law degree from yale. so let me now turn to our friend and colleague the chair of the financial stability board will randall k. quarles. randy. you are muted, randy. there we go, sorry. >> the new button was missing on my screen for a moment. sorry about that. and thank you, thank you adam for that introduction. it doesn't leave much time for the speak today but thank you for that. generous introduction and it's an honor and the pleasure to be here at the peterson institute which is a group that has driven much of the most important issues of international policy. i have always been engage with it. i only wish we could all be there in person. a little over 420 years ago a crowdpleasing local fellow on a lightly populated island in the north atlantic made a popular phrase that enter their language. beware the ides of march. caesar ignored it and the results weren't good. if recent history is any indication maybe we should heed the warning as well. in march of 2008 significant domino fall a chain of events that