minister of finance, by the way, prudently kept silent to put out this fire, her successor in federal reserve system jerome powell, who has already raised the key rate of a good option three times. they don't have either to sacrifice growth for inflation reduction or inflation for growth, the dual threat posed by an economy that is noticeably slowing down while simultaneously struggling with skyrocketing prices has split administration allies, senators, elizabeth raven, many economists on the left, fear that rate hikes could result in job losses and reverse the gains made under the biden administration. while as others say the white house must step back as the fed takes drastic measures to bring down scorching inflation. in general , nothing else. cunning language, if everything is so good, then why are white house officials trying to rewrite the definition of a recession, no, we are not changing the definition of a recession. yes, you go to wikipedia, you could add jean-pierre corinne, a real battle of edits unfolded there in a day. the page about what a recession is was changed 47 times. as a resu

the clerk: federal reserve system, michael s. barr, of michigan, to be vice chair for supervision of the board of governors. mr. durbin: mr. president. the presiding officer: the whip from illinois. mr. durbin: i ask unanimous consent that the senate vote at 2:30 p.m. on confirmation of executive calendar number 976. the presiding officer: without objection. mr. durbin: there will be two roll call votes starting at 2:3. they will be on confirmation of the barr nomination to be vice chair of the federal reserve and motion to invoke cloaks on -- cloture vote on the herrnstadt nomination and more votes at 5:30. that will be confirmation on the herrnstadt nomination and the heinzelmanman nomination. i have a request for nine committees to meet during today's session of the senate. they have the approval of the majority and minority leaders. the presiding officer: duly noted. mr. durbin: mr. president. the presiding officer: the senator from illinois. mr. durbin: mr. president, earlier this week i introduced the senate and those who f

portman is looking at chinese espionage and spying in the federal reserve system.ave caught some people red-handed but there are still some that they have not caught. there is some fed research people that seem to be on the take from communist china, giving them our models and various research information. this is part of the ongoing chinese attempts, whether it is cyber hacking or direct spying, espionage, whatever it is, throughout american business, throughout american technology, and now we are reminded once again that they're going after the federal reserve system. it is absolutely incredible and the bidens should be much, much tougher on china. jackie: to your point, larry, we've got a sound bite from congressman mike waltz. talking about how china so ingrained in the united states. listen to this. you can react on the other side? >> they already dominate pharmaceuticals. dominate solar panels. in this case, now it is our food supply. in addition to this land that they're buying up, they've also bought the nation's largest port processing plant. they know if

the mark of 4,000 points would return, however, the further decision of the us federal reserve system depend on the incoming macroeconomic statistics. the economic recession in the states is already reflected in the reports of the largest companies, figures for the second quarter. here such flagships as microsoft and google turned out to be worse than forecasts. and today the results of their work will be presented to apple unicredit is studying options for leaving russia schitgeneral, that is, an urgent sale for a symbolic amount of unicredit does not suit preferable from the point of view of the bank's managers looks like an adequate deal with investors from countries friendly to russia. this is primarily china india and turkey in addition, the italians. we would like to sign an agreement under which it would be easy to buy the division back, in other words, unicredit seems to be about to leave, but is already analyzing how to return back. this is not surprising because the russian subsidiary , an important part of the italian business bank net profit of unicredit russia in the seco

all, the economic world recession, as well as the increase in the discount rate in the us federal reserve systemis a key element of price regulation on the commode markets, writes that iran is reducing its oil in order to to compete with the russian federation on the chinese market, and you know when it comes to iran, we cannot ignore the specificity of this country's relations, if you understand what i'm talking about. the sanctions that were adopted against iran, but just a few weeks ago, it could still be about some kind of nuclear negotiations between the usa and iran, and this, they say, could even lead to the lifting of certain sanctions from this country, and uh, i would say to reduce the tension in the world energy as far as i understand the market, jose borel, i managed to talk to representatives of iran literally the other day, and bloomberg publishes the news that iran is ready to lower the price of its oil. to be honest, i don't understand how you can talk and after that something will change, well, there must be some prescribed duties and what to promise, if you talked to representa

the debate you understand that the fbi is frustrated because they believe they've given the federal reserve systemruitment and how aggressive they are. i hope the chairman of the federal reserve takes this seriously, congress is going to have to provide some oversight if they don't. maria: general can we really blame the chairman of the federal reserve isn't this about the president of the united states. this comes from the top this is nothing new as he just said the fbi has been warning us for years how many times do we have to hear christopher wray tell us that china is an adversary and continuing to undermine this country. what does it do j do about it, they canceled the china initiative. how does this white house justify constantly rolling over for the communist party of china? here we have the evidence, senator portman telling us that they are even stealing from the federal reserve they want to replace the dollar with the chinese currency being the dominant currency of the road, they are stealing surveillance they are stealing as an intellectual property for years, what do we do, we can't tel

the economy of the european union, true 100%. well, there is still such a moment that the federal reserve systemed the discount rate, which made it more attractive to invest in the dollar, but here the question is different: the investor, who sits on the world financial market and looks at where to invest money , looks at the war is located on the european continent and there is actually a danger that the war will go on and if we carefully look at how the poles and the baltic countries are reacting today, how they are already forming possible lines of defense with belarus and the russian federation at the extremely serious complex problem with the kalinin rad and blocking the within the limits of transit sanctions, that is, at the moment, the level of tension has risen very strongly and investors are fleeing from european currency to american currency, today there is an active active outflow of investments from europe to america

high assessment from the money of the world this is a high assessment of the work of their federal reserve system because despite despite the fact that in june there was almost a record inflation in the united states, in july it was already significantly tamed and today this is the increase in the dollar rate, this is the result of the fact that consumer sentiments are very optimistic, people in the united states began to buy more according to the survey of their institutions, people, and people's expectations regarding inflation have become significantly lower, and the policy of the fed seems to everyone to be quite professional and creates confidence in everyone . that biden has appointed the highly professional leadership of the federal reserve service - this is a regulator that deals with inflation control, and to the question in the white house and to biden himself about what you will do with inflation. and you advised ferenc what should be done. maybe there should be a res to work better, yes, that is, the journalists constantly tried to provoke the president to intervene in this situation

federal reserve system, we know that just recently there was a record raising the discount rate by 0.75points. that's it for the united states - this is really a record of such jumps, and some experts believe that this may not be the last, so events in the eurozone, we can see further, the rate of the central bank remains or not. andriy just a simple question for our average tv viewers , for example, they took a pig, slaughtered it, sold it at the market, earned some amount of hryvnias, and knowing that it is possible, so to speak, to cover a little bit of inflation, and people, for example, would like that hryvnia transfer to some other no less progressive currency , euro, dollar or polish zloty, that's just a simple question, simple advice, where is the best place to put money . can we put money on deposits in our long-reliable ukrainian banks? well, you can't buy a lot of land for one pig. say well bucket 2 3 well look, if we speak in simple language well, there is a war going on in ukraine now and today we will talk about investments there, let's say uh, multiplying your savings of

bank , and why is the dollar growing because there, on the contrary , the position of the federal reserve systemincreasing their discount rate and will continue to to increase the significant increase in the yield of assets, e.e. financial assets in dollars, by the way, about the transmission that i spoke about during the transfer, it increases the rate of its accounting simply immediately force yield rates there on the deposit market, on the securities market, on the government securities market, and er, more is better, the prospects of er, the american economy, it will grow faster this year, er, as for ukrainians, er- well, i'll be honest, again, from the point of view of a ukrainian who lives in europe, that is, the situation is a little better for them, because they are there. well, they will spend a little less, that is, because, for example, our dollar exchange rate and our exchange rate and the euro, that is, they are tied there, if they are now conditionally one to the other, but before that they were one to the other. for example, ukrainians spent 10% there three months ago, today they

at the same time, the federal reserve system has a tough policy.

the mark of 4,000 points would return, however, the further decision of the us federal reserve systemwill depend on incoming macroeconomic statistics. the economic recession in the united states is already reflected in the reports of the largest companies; figures for the second quarters of such flagships as microsoft and google turned out to be worse than forecasts. and today , the results of their work will be presented to apple. in conclusion, let me remind you of the exchange rates for today dollar 60 rub. 21 kop. euro 61 exactly, and that 's all for now. roman thanks will briefly talk about some of the central topics of private allied troops of russia dpr liberated the ugolgorsk thermal power plant ukrainian nationalists have been holding the test since the end of may, turning it into a fortified area, our fighters recaptured the object very carefully with minimal damage to infrastructure. new shelling of the cities of donbass from the side of the armed forces fired dozens of shells at the machine-building plant. in horlivka, in a residential area, she was wounded by shrapnel a w

the clerk: nomination, federal reserve system, michael s. barr, of michigan, to be a member of the board of governors. mr. warner: mr. president. the presiding officer: the senior senator from virginia. mr. warner: mr. president, thank you for that recognition and i want to thank my friend, the senator from iowa, for giving me a moment, a personal privilege. i also want to acknowledge our colleague who has been the presiding officer -- mr. president, i want to acknowledge our colleague who was presiding prior to you coming to the chair and acknowledge that it is her birthday today and a day of great celebration in arizona and across elsewhere. i appreciate the senator from illinois being here. i want to acknowledge my youngest daughter eliza who is at the london business school where last wednesday i attended their graduation and my hope is that every one of these young men and women who will be from across the world, the united states, the u.k., nigeria, lebanon, israel, india, singapore, and a host of other countries, one, i wish them all

and therefore, in fact, the federal reserve system is faced with this rather non-trivial task, on theimulate economic growth, and on the other hand, to restrain so to speak, supposedly existing overheating, but which is reflected e in inflation. uh, about a couple of months or 1.5 months ago, the fed revised its forecasts and if the 2.5% that we are talking about today. uh, the interest rate of the fed was supposed to be by the end of the year and somewhere in the 23rd year, but now the forecasts are already 3.9%, that is, there will be the next increase that you are waiting for and have already responded to, including the gold market, which has been on the decline in recent years. now growth has resumed. well , of course, energy resources, too, so to speak, started their upward movement. uh. the same e brand shows e, growth. well, i'm not talking about, so to speak, just a specific gas market, which is in europe, which is generally connected in principle with the global one, but with the global crisis, including the energy one, so yes indeed. yeah , structural shifts are taking place

chris actually joined the federal reserve system i think in june of 2009.e ushered in the beginning of the recovery for the end of the recession from the global financial crisis i consider that a good sign. of course had a very distinguished academic career before coming to the senate at indiana university, university of kentucky and notre dame. the later or he was chairs and then of course today as of december 2020 a governor of the board of the federal reserve. look most impressive i think however that many people maybe don't know is that governor wallick is a kentucky colonel and arkansas commander. traveler on his list of accomplishments those are two great ones. so let's get right into but i will remind everyone the q and eight will be open throughout. i will do my best to monitor the incoming questions. we will get to them. let's start off with just a few points to begin with. so the minutes are out from the last meeting which now feels like it was about an eternity ago. i would sort of like to get your thoughts on how, if you are thinking about the e

federal reserve system. "the wall street journal" had reported the chinese wanted to obtain u.s.c data. in beijing today, the foreign ministry rejected the accusation. >> the report you meioned is a political lie fabricated by a few republican lawmakers who haour ill intentions, which has no factual basis. it seems that some american politicians have chinaphobia and persecution mania. the journal report cited findings from a u.s. senate investigation. the u.s. senate has approved major legislation to boost manufacturing of computer chips. the $280 billion measure includes grants and tax breaks to build chip facilities in the u.s. it passed 64-33. the house will vote tomorrow. wall street appeared to welcome the's action on interest rates and chairman jay powell's statements about what the fed may do in the future. the dow jones industrial average gained 436 points today to close at 32,197, up 1%. the nasdaq rose 470 points, up 4%. the s&p jumped more than 2.5%. two major unveilings in washington today. the u.s. capitol welcomed a statue of famed aviator amelia earhart, the first

chris actually joined the federal reserve system in june of 2009. he had a very distinguished academic career before coming to the fed and indiana university, university of kentucky. notre dame. governor waller is a kentucky cardinal. -- colonel. an arkansas traveler. on his list of accomplishments. let's get right into it. i will remind everyone that the q&a will be open throughout and i will do my best to monitor the incoming questions. let's start off with just a few points to begin with. the minutes are out from the last meeting. which now feels like an eternity ago. i would sort of like to get your thoughts on -- if you are thinking about the economy, in particular, the path of policy has changed since the meeting reflected in those minutes. >> yeah. my position is driven mainly by inflation, which is just too high and doesn't seem to be coming down. so my view is we need to move to a much more restrictive setting in terms of interest rates and policy. what we need to do -- and we need to do it as quickly as possible. i really support the idea

at the same time, the federal reserve system raises the key rate for the fourth time in a year for thenomy. it 's like turning off a stopcock if an emergency measure is rushing into the abyss, which can slow down inflation, but at the same time stifle business because the fed is raising the key rate so sharply poses a threat to the economy. this is not what was planned. they would like to hold on to the brakes a bit by gradually raising rates, but they don't have that luxury because inflation is getting worse and worse, and they've already allowed crisis inflation. so now they're slamming the brakes to the floor in front of this background. democrats on the ground are no longer shy. go against the party line. new york. adams entered into a correspondence dispute with biden. we have a financial crisis that you could not imagine in your life wall street is collapsing, we have a recession in the white house continues insist the president will run for a second term, but this is the first time congressional democrats have spoken out against it. i think it's time for a generational change. i

the us federal reserve raised rates again, as the decision was explained by the head of the department, jerome pauly, how the market reacted in our material. federal the us reserve systemfor the second time in a row while continuing to fight inflation, despite the slowdown in the economy and extremely high risks of a recession. in addition, the regulator maintains plans to expand the program to halve the balance sheet to $ 95 billion from september, the decision was expected by almost everyone experts. bloomberg respondents predicted just such an outcome. however. the main thing for the markets was to hear how the fed would act until the end of the year, because economic data is not just weak, but frightening, and raising rates only finishes off the economy, which has already collapsed, but the head of the fed, jerome powell. it doesn't seem to be intimidating. he allowed another big increase and, in addition, noted the commitment to the fight against inflation, and he refused to recognize the recession at all, even optimistically said that inflation would begin to decline in the coming months. we expect to see conclusive evidence. the fact that inflation is declining

economists mentioned this time and time again folks were warning the fed the federal reserve bank or federal reserve banking system rather which manages the health of our economy that look we're seeing a ridiculous amount of foreclosures in our community. we're seeing part of dory loans happening in our community. we're seeing all of these economic breakdowns happening in our community. something is about the drop right some things about to happen and the fed ignored them and then we got 2008 right? so that being said, economic indicator, really how are economy is faring begins with black people? how are black workers doing? how are black women doing? who's entering in an exiting the labor force? and for those who don't know the labor force essentially is whether or not somebody has been looking for work the last three weeks. that means they're unemployed or they're currently working right if people leave that entire group of people. that means that they're no longer looking for work and they're no longer working and that's a bad thing for everyone. right? so this idea of looking at how black workers are doing how

federal reserve for more than a decade. you are digging through this report. tell me more. >> reporter: the report shows the federal reserve is a target of information theft. a sustained campaign against the federal reserve systemport was released by the minority staff and shows china may have recruited one or more federal reserve employees into its talent plan. one person was forcibly detained four times in china and threatened to turn over information about us monetary policy. they open a thousand investigations into the plan to steal technology from the universities in the us outlining a relationship between federal reserve and chinese media and chinese universities. fox business obtained this letter to senator rob portman, ranking member of the government affairs committee. the response said they educate staff about threats and invest in technology and prevent steps. the letter says they take seriously violations of information security policy and investigates thoroughly and defending the investments the fed made adding we reject any suggestion to the contrary. this is a topic of conversation when the fed chairman comes back took testify. stuart: thanks very much. this is interesting. a new poll shows the f

infiltrated fed research assisstants throughout the federal reserve system.on our models and data specific information. china took this guy who was a fed staff guy in shanghai, they entered his hotel room, they threatened him, they kept at him four times, they are paying people to give research notes, confidential research notes. high level security stuff. this -- now jay powell for some darn reason is denying it, he can't deny it, they have the goods on it. the fbi is investigating this, rob portman is running this, he's not a crazy, you know, outlying guy, he's a very moderate common sense guy. >> sandra: john is listening to this. >> federal reserve crisis and i don't know where it's going to go. >> sandra: and you are going to dig into this more at 4:00. >> big story on the website or the journal, the fed should not deny it. the fed has to show what safeguard. espionage all over the economy, john, but right now in the federal reserve our central bank and i would say this is not good. >> john: so president biden has a phone conversation with xi jinping com

and a the chinese have tried to infiltrate fed employees and infiltrate our federal reserve system toat tiktok and social media, what are they doing? they are gathering information on our children and they're building profiles of our children so they can use these profiles against them when they become adults. so they are going into every single sector of american business and american society. they're gathering information. they're infiltrating our churches, our universities. they are going anywhere they think they can gather information, build a virtual you of you, if you will, and later use that information against you. china is our adversary. they are not a competitor. maria: this is exactly what we were just talking about with mary kissel and you were jumping in with mary. this is what she just said. they could be using all of this as blackmail, adam. jump in. >> well, it's clear. and senator blackburn, thank you for making it plain and simple for you. senator, i also have to ask you, it makes me uncomfortable to see the governmental locating capital. what is it we intend to do w

well, the truth is in the form, of course, of the measures of the us federal reserve system.ut these are, as it were, signs. yes, and then there is a correction - the fed raised the key rate, but oil sank. and it seems that the americans are now a little easier, but who will buy american goods in this situation? this question to this question biden has an answer in conversations with middle eastern partners, and who will buy under such declining resource prices for american products, they are ready to buy them, they prefer chinese products, they are cheaper, and a new situation arises when they are ready to wait for the valued states. but it seems to me that they are not very ready to sacrifice. for their sake, whatever it is, because they know that it cannot bring any benefit. well, it seems to me, the same fate, er, she expects another american initiative to artificially limit the price of russian oil. yes. uh, the united states continues with other countries of the seven and discuss the price range from 40 to 60 dollars is artificially cut off from the market. once again t

systems. >>> a federal reserve board is considering another big interest rate hike that could take effect before the end of this month. it is leading to a lot of questions about whether the u.s. is headed for a recession or if we are already there. all this comes as a lot of people are struggling with record-setting inflation. we are getting some experts from cm gaeta, a financial planning experts. >> two executive orders of declining in the united states which is concerned with productivity. why u.s. productivity is going down and not up. that usually leads to a recession. there is some interesting components in this particular environment. we are seeing the fed raising interest rates to combat inflation which we expect to drive down productivity. we are taking money off of the table in the u.s. economy, but we have really, really strong numbers in employment and especially in the bay area we have san francisco unemployment numbers at 1.9% i believe right now, so july will be an interesting month because july is when we get out of the economic data for the quarter and we also get the cpi inform

and therefore, as a matter of fact, the federal reserve system faces this rather non-trivial task, ont a couple of months or 1.5 months ago, the fed revised its forecasts and if the 2.5% that we are talking about today. uh, the fed interest rate was supposed to be by the end of the year and somewhere in the 23rd year, now the forecasts are already 3.9%, that is, there will be the next increase that is waiting for you and has already been reacted to, including the gold market, which has recently been declining somewhat. now growth has resumed. well , of course, energy resources, so to speak, also began their upward movement. uh. the same e brand shows e, growth. well, i'm not talking about, so to speak, the specific gas market, which is in europe, which is generally connected in principle with the global one, but with the global crisis, including the energy one, so yes indeed. yeah on today there is a structural shift, and, uh, the situation is also affecting such favorites. in general, recent topics like sustainable development, because many corporations, as well as securities of many

it was a year when, in order to fight inflation, they raised the key rate above 15%, the federal reserve systemstates is only slowing down the growth of world prices a little, and they have inflation, but they don’t have a recipe for restoring inflation . this is very important, because, uh, if the democratic party now loses its positions elections. or even a significant part of them will retain, then nothing will fundamentally change, because the american economy is going down, and there is a lot of talk about a recession, about the fact that a reduction in gdp will come, and what does it mean? is this a new crisis? mm. well, you know, uh. now, if you remember november last year, october november, then there was also a lot of talk about a global recession, that a crisis of a truly serious crisis would begin. he doesn't like that kind of talk. he likes everyone to be positive, that everything was fine, and the statistics were wonderful, and then he comes, and in such a situation we can talk not quite about a crisis, but about a decline. that's when there was the american crisis and the western

they raise the key rate of the federal reserve system, now having a rate of one whole 75% for americanswhich the biden team and the financial system are passing over, are fraught with a drop in living standards on an increasing scale. this does not mean that the growth of world oil prices for other resources will stop, that is, we will observe the phenomena of different components. yes, firstly, it will be a reduction in the purchasing power of americans' incomes. secondly, well, rising prices, yes, as the reverse side of this, as an expression of this is different. uh, at the same time, budgetary and financial difficulties that will not be know what to do? yes, i don’t know what to do with them, and as a result, the decline of the united states in its position in the world. eh, the dollar, in this case, of course, will lose ground. perhaps even faster than now. therefore, such a price as 200-300 dollars per barrel of oil. it's not something incredible. this is something that over time may be precisely because the united states has abused fine-tuning tools, because monetary tools. these

although we were in a depression when franklin roosevelt took over roosevelt had a federal reserve, we had a uniform tax system the day after inauguration in march 5th lincoln offers chase the job chases. well, he's going to have to think about it not so fast lincoln sense his name up. he doesn't have a time for that jason begins to give link a little pinpricks the battle of bull run is one of the early battles that goes terribly chase sends letters around his friends saying this was not a military failure was administration failure, you know, it's true sticking the needle to lincoln someone writes a very negative article about to be the way the north is pursuing. the war chase has the thoughtfulness to put it in envelope and mail it to lincoln himself so he can see what he's being thought of he begins to conspires not too strong a word to conspire with generals asking them if they agree with lincoln strategy and so on lincoln tolerates this because he needs chase's acumen. he's terribly bright and very hard worker and extremely dedicated to the cause but chase really puts them through a lot and any time he do

today, federal the reserve system will raise the base rate by 0.75% again.will enter a real recession even before these midterm elections. and this, of course, is a black swan, it is clear that people like pylosi have a little more resources. naturally , no more resources than any ordinary congressman. she will move away from biden. well, it’s clear that they are also playing here to attract, uh, republicans, as they can with pelosi already solidarize, for example, mike pompeo. he told nancy i'll fly with you. well, yes, we know that, uh, the republicans are playing their game too. uh, they gave zelensky three to six weeks and they came up with those numbers, and adam e smith, uh, head of the congressional arms committee on a trip to ukraine, uh, uh, 3.5 months before the midterms, and uh, everyone here is trying. take some points evgeny thank you very much valentin valentin bogdanov brilliant americanists head of our bureau in the united states on the line communications from new york, please, no matter what statements western politics make, no matter how p

federal reserve properly i think kept the dollar stable. you had episodes of inflation will add to the exchange system and the federal reserve principally did a pretty good job on that. the economy had no other outlets. again it was tightly controlled by high taxes and regulations. there are important issues. ike has many wonderful qualities generalize president eisenhower economics was not one of them. it wasn't one of them. there's a long story thereto is top advisor was arthur burns one of them. burns advised nixon of course the ball down the road in the reagan years burns was ambassador to germany he and i became very, very friendly. he became a mentor of mine. i agreed that i had a point he opposed it throughout all those years eisenhower and nixon saw them work during the reagan years. anyway there were three recessions on the right. this gave kennedy a step up in the election. and i remember his son-in-law is a very dear personal friend of mine. i met nixon in the early 80s i was out of office back on wall street. and his-l son-in-law ed cox to bring in various policy people would go on foreign trips. by the way was very charming. i

the federal reserve properly, i think cap the dollar stable so you had episodes of inflation, but we were under the old bretton woods dollar-gold exchange systemand the federal reserve did a pretty good job. but any time the fed tried to tighten, the economy had no other outlets because it was so tightly controlled by high taxes and regulations. those are really important issues. pike has many wonderful qualities, general eisenhower, president eisenhower. economics was not one of them. there's a long story. his top advisor was arthur burns . he advised nixon. push the ball down the road during the reagan years. he was ambassador to germany and a very good ambassador. he and i became very friendly and he became something of a mentor of mine. arthur creed -- i had a point about lower tax rates. he opposed it -- eisenhower, nixon -- he saw them work during the reagan years. there were three recessions and this is what gave kennedy a step up in the election. he ran as a growth guy and nixon did not deal with much economic, domestic policy. i remember nixon's son-in-law, a very dear personal friend of mine, his daughter and son-in-law are very dear

federal reserve. edward lawrence, of fox business, joins us to tell us how and why. good evening, edward. >> good evening, bret. even the financial systemimmune from the chinese. this report from the minority side of the senate homeland security and government affairs committee shows a sustained campaign for information theft from the federal reserve. now, the report shows that the fed lacks the counterintelligence expertise and cooperation with the intelligence community. the report claims the fed lacks policies and procedures to prevent theft. it highlights fed employees with ties to china's thousand talents plan. and they maintained access to confidential information that plan sparked thousands of investigations by the fbi for stealing information from american universities. senator rob portman said at least one fed employee was detained in china on four separate occasions and threatened to get information about the fed and u.s. monetary system. a spokesperson at the chinese embassy in washington condemned the report saying china is transparent. china expert and author of hundred year marathon michael pills berry says china will need

but the ting thats federal reserve is doing, they're having some impact but they're going to take some time to work through the systemn the prices we're seeing. so, you know, if you listen to president biden, even if you listen to federal reserve leaders, they say we should expect these high prices to continue to continue for sometime as the economy tries to work through some of the supply chain issues and as the feds rk through the economy to bringn inflation. >> when you say some time, in your opinion can you be a little more specific? i think there are a lot of people looking for relief and to them sometimes could be a month or six months. from your experience, what are we looking at time wise? >> well i'm not a forecaster so i can't say what my opinion of when inflation will come down is. but i will say there are a lot of uncertainties out there. and when you listen to economist lz an the administration officials they say there are a lot of things that will determine the trajectory of inflation that can't be forecast right now. there is the ongoing war in ukraine which as you mentioned in the last package is driv

federal reserve's. on the economic level i think things are much worse. when it comes to the eu, yes, the systemt up that while it is not great and presume of we the evidence suggests we are going to go into recession and the cost of living is high, this is the reality we have to live in and europe has gone through other big crises before. >> is putin playing the long game? is he going to make do with the donbass, or is that a face-saving option? he controls the state media, so there is no opposition there to what he's doing. what is the ukrainian view of how this is going to play out? >> he is definitely playing the long game. let's not forget this war started in 2014, not february this year. in that time, russia has been inoculated against sanctions. for example with a tighter alliance with china. the beauty of being a dictator of course if you don't have to face the electorate on a level playing field. you can manipulate elections and get reelected. and like president xi, try and stay in power for life. but i do think the chinese, the main ally of russia at the moment, they are much more prag

just been a wholesale collapse in assets across the board in anticipation of the federal reserve removing money from the systemt started to reduce their balance sheet this month and all of this downturn has happened before this kicked in. on that note, you mentioned bonds as well. so we had the collapse in stocks first half of the year but investment grade bonds, looking at one of the broad exchange traded funds. you see bitcoin is below 20,000 here. so investment grade bonds lost 11%, that's their worst start to a year in history. so how do you allocate money here? >> well, i do think that, again, as investor fears sort of shift from inflation to growth, i think we are likely to see more stability in the bond market during the second half of the year and with the high-yield bond market spreads right around 100 basis points and yields at 9%, we actually do think you are getting compensated for the higher risk of recession today and the high-yield bond market and that's true for rated bonds as well. we do think the second half of the year, you know, looks more promising for the bond market relative to first hal

system. in our society, our central bank, which is what the federal reserve is, and other countries it is calledk of france or bank of england, historic reasons we don't call it the bank of the u.s. we call it the bank -- the federal reserve. they are asked please fix it and magic happens. the federal reserve can be honest, admit that it's job -- which by the way is written into its charter, price stability -- that's a fancy phrase for saying don't let prices go up too much. when you have an inflation, the central bank, the federal reserve has failed to maintain price stability. what is it proposing to do? it is proposing to come in and raise interest rates as he pointed out. late -- as you pointed out. later today we will have the announcement of the latest raising up interest rates. the idea is to make everybody who owes money worse off, basically, going to have to pay more in servicing your debt and paying your interest. your monthly credit card bills will go up because if you carry a debit because you've been using your card, they can charge higher interest. if you were thinking of buying a

is an implicit mandate to keep our system functioning at a tolerable level and i think that there are price levels force needs of movement by which the federal reserve be forced to do some thing. you have the bank of japan and other is. lisa: it will be a trend of the fissures that we have. what is the potential contagion area? quest it is difficult to say. i think europe was a mess going into this and continues to be a mess. it has the strain of russia -- tensions with russia and rationing of energy. that does hard to look a lot like the needed 1970's, where it was not just inflation that you had to deal with but a shortage of energy available and consumer purposes. europe has poor political leadership. the ecb is not a incredibly viable central bank. for many it is currency. if we had anything lower, that is the vision that you need to watch out for. jonathan: what are you buying right now? >> yes will be patient with energy. i still think that has value and as cannick will, i think we want to be more aggressive. i think about precious metals still having potential. we are a lot less long today the movers asked months ago. recent strength to becom

federal reserve. d think the easing of financial conditions are desirable or undesirable? [crosstalking] tom: parsing out the financial system versus the real economy, what can they really do to manipulate the real economy? do they have control of the real economy? the answer is not. jonathon: you keep saying more tightness, more tightening based on what we have already done. he just gave off the impression he was ready to wait and see, look around and see what happens. lisa: really? we're not sure what he is actually intending. don't think he knows what he is intending. i'm talking about fed chair jay powell, in terms of where the economy is going. they are aware of both risks. the fact that the fed is saying, we understand that if we go too fast, too far, we could cripple the economy, it even as the economy is weakening, at the same time, they have to fight inflation. the fact that they even gave a nod to the other rest, it has made people bullish. jonathon: we read chair powell's announcement is more hawkish than previously. they plan to push higher than markets anticipate with a 75 basis point hike in september. the mark

federal system, into your economic outlook. steven: we do believe that this economy is reaching a downward trajectory and at the federal reserve is probably less likely to go from rapidly raising rates for using rates to rapidly raising rates to more gradually raising rates. we are both an agreement in that environment, and i think that is the real critical message here that differentiates us from most people on the street. most people want to believe that we have an economy right now where the federal reserve reaches this crescendo in terms of frontloading the rate hike story that they will begin to reverse policy. we don't see that in any way, shape, or form. one of the key think the federal reserve needs to see is a significant easing out of labor market conditions. in an environment in which we just went through covid, where people were ordering just in case, i think the flip of that on the labor market is people are going to be less willing to shed workers than they normally would in a downward trajectory environment. instead, they will look to reduce their hours. there going to be reluctant to shed those workers, and i t

system. the problem is. >> it's a huge economy is a 24 trillion dollar economy and the federal reserve can take action. the chart for them to get it just right. it's like a huge train and you try to stop it and it can't have to coast too. stop. and so what we're hoping is that these aggressive rates are too aggressive. and that's what we think when they come back in september and look at the data will see an inflation is coming down. and bill will lower the rate that are charging banks show for money and that will lower our rates, you know, for lending. and eventually we'll get back to normal at some point. but in the inter, people at the lower income side are suffering the most because, you know, they're they're they're they're paying. the people that are making, you know, below $50,000 right now, 10% of what they're taking home is going towards energy costs. people making over 100,000 to 22% of their total income. so people at the lower end really suffering more and the reaching these rates will also impact people at the lower end. that's what that's what typically happens. so we hope to get this cor

huge amount of the federal reserve every their reserves, when it's sanction so again, on the economic level, i think things are much worse, but when it comes to the you, yes, the system is set up that while it's not great and presumably the evidence suggest that we're going to be going to recession and the cost of living is going high, which feeds into a damn about a lot of the popular parties. this is the reality we have to live in europe has gone through other big crates before. alright. michael is pushing playing the long game. it's going to make do with a don't boss stories are going to, it's enough of a face saving option all but not for domestically controls a state media. so nope, there's no particular opposition that to public up into what he's doing, what the ukrainian view of how he's going to play out. yeah, definitely. he's playing the long game. i mean, let's not forget that this war actually started in 2014, not on february 24th of this year. and then, you know, in that time i saw has been inoculating itself against sanctions. for example, with a tighter alliance with china, which is something they did even during the demik with when i was traveling aro