and there she is in front of the humphrey hawkins' testimony this time in front of the panel. back after this. being a usaa member because of my service in the military is something that makes me happy my name is roger zapata and i'm a usaa member for lis usaa. we know what it means to serve. get an insurance quote and see why 92% of our members plan to stay for life. man 1:man 2: i am. woman: ex-military? man 2: four tours. woman: you worked with computers? man 2: that's classified, ma'am. man 1: but you're job was network security? man 2: that's classified, sir. woman: let's cut to the chase, here... man 1: what's you're assessment of our security? man 2: [ gasps ] porous. woman: porous? man 2: the old solutions aren't working. man 2: the world has changed. man 1: meaning? man 2: it's not just security. it's defense. it's not just security. it's defense. bae systems. >>> we are back on "halftime report" and the countdown to brex it is on. one day away from the historic vote to decide if the uk remains in the eu or not. wilfred frost is on the ground in london to join us abou

while humphrey hawkins testimony is a key part part of congress' oversight of our nation central-bank, it is not sufficient to provide congress and the american public with the full picture of fed policymaking. i've often remarked during these hearings about the importance of striking the right balance between transparency and independence. one of the fed stated reasons for maintaining is independence is to avoid politicizing this decision. i agree that politics have no place at the federal reserve. while the line between politics and policy can be quite fine, it should nonetheless be clear and on ambiguous. the feds should act, i believe in a manner consistent with the statutory mandate in the interest of the stability of the u.s. economy. whether or not such policies align with the goals of congress or the administration. our central-bank is independent and should remain so. the desire to preserve the fed's independence should not preclude consideration or additional measures to increase the transparency of the board's actions. the cover so argue that better disclosure monetary poli

one before the press corps after the meeting to it a week after that her humphrey hawkins testimony.es and is a little bit stronger saying we need help. we will drive the conversation forward here are on bloomberg radio and a little bit. foley, us will be jane senior foreign-exchange strategist. she has a great perspective on the synthesis of the moment with your >> this is bloomberg surveillance. tom keene is in new york. i will be watching yields every minute, because this is a picture for the german government bonds tenure. 0.02. earlier on we have to tenure are yield at a record low. be bonds seem to have no signs of reversing, stocks are down to date with european stocks 1%. >> these are yield movements further off the curve. we are some in the two-year these arespace, but dynamic moves in the 10 year and 30 year bond. when need to go to our bloomberg business flash. 2014, oil prices have led to 120,000 energy workers losing their jobs very that is according to oil and gas u.k.. 450,000 two years ago, and now have fallen by 25%. more problems for volkswagen, december south korea

this is probably the least anticipated humphrey hawkins- ish appearance. why is the fed so pessimistic all of a their? they brought down interest rates, but you can see the lower lines show that the fed is still way behind the market in terms of its anticipations. tom: and the two dot lines down there -- michael: that is jim bullard. we put together the fed forecast versus actual growth. tom is going to hate this chart because you do not like a lot of lines. bottom -- line at the all the others are the fed growth in the last three or four years. they have been way too optimistic. it would be good if they could explain why and how their models are seeing the world these days. francine: so we have the dot plots. we have heard janet yellen talk twice about the u.s. jobs report. the killer question is what? michael: when are you going to raise rates and why? what is going to get you to move if we have not been able to move under the circumstances we have seen? donovan, your view has been optimistic. can you maintain your optimism in the background that this gi

i think people don't realize what they used to call the humphrey hawkins testimony by the fed. a lot of anxiety and a lot of unknowns. lauren: i think we have seen the fear trade play out with gold before today. up seven days in a row getting back up 1300. we have seen the fear trade and i think it's going to get a lot worse next week. unfortunately we are going to be trading based on what happens on thursday all week so it's an end of next week kind of big game that's going to effect things. charles: gary, beyond some of the other things, the market is essentially been sideways for a long time. we haven't had a new high this year. we did show some resolve but we have been range bound for so long. what do you think the market is looking for so make a decisive move either way? >> that's a very good question, charles. we've had everything from oil prices crashing, gold taking off, the fed raising, not raising rates. the market has everything thrown at it. as you point out correctly, it's moving sideways. personally i think it's waiting for who we vote in as president. maybe we do

you're here for your twice a year report on humphrey-hawkins. i've gotten through some of it. i just have really a couple questions that maybe you could address. you say early on that inflation has continued to run below our 2% objective. the federal open market committee expects inflation to rise to that level over the median term. so you're meeting your target there. the pace of improvement in the labor market appears to have slowed more recently suggesting that your cautious approach remains appropriate. what other things in the economy suggest that it may be slowing down, we're pretty far out in this economic expansion. are there other things in your report that you could point to? >> so there are mixed developments in the economy. one thing we do note is that investment spending has been unusually weak in recent months. and the combination of particularly weak investment spending. of course investment spending has been very weak because of the decline in drilling and drilling and mining activity. the rig counts are way down because of the decline in energy prices. but we'

while humphrey hawkins testimony is a key part part of congress' oversight of our nation central-bank, it is not sufficient to provide congress and the american public with the full picture of fed policymaking. i've often remarked during these hearings about the importance of striking the right balance between transparency and independence. one of the fed stated reasons for maintaining is independence is to avoid politicizing this decision. i agree that politics have no place at the federal reserve. while the line between politics and policy can be quite fine, it should nonetheless be clear and on ambiguous. the feds should act, i believe in a manner consistent with the statutory mandate in the interest of the stability of the u.s. economy. whether or not such policies align with the goals of congress or the administration. our central-bank is independent and should remain so. the desire to preserve the fed's independence should not preclude consideration or additional measures to increase the transparency of the board's actions. the cover so argue that better disclosure monetary poli

humphrey. she seemed so lonely. there were two senators paula hawkins from florida nancy kass about from kansas. i went to my high school history teacher. thesis on alls the women who ever served in the u.s. senate. today 20 women in the senate. you need to learn the names and faces of all the senators as soon as you can. [captioning performed by the national captioning institute, [captioning performed by the national captioning institute, [captioning performed by the national captioning institute, bob it woulday hi have been a mistake. did you come from wisconsin and spend the whole year there. john: senator proxmire's style them through. cokie roberts: where did you live? john: the republicans had just taken the senate and proxmire didn't know what he was going to be having any pages. even though he was the senior senator. word until just days before i was still in the senate. and when contacted the senate's office is where the pages later. their board houses but they're all full. i rented an apartment at 220 c street southeast. the congressional plaza hotel. cokie roberts: they had some inter

humphrey. she seemed so lonely. always wore beautiful ultra suede.r -- ultra john: there were two senators paula hawkins from florida nancy kass about from kansas. when i finished serving as a page, i went to my high school history teacher. i want to do is thesis on all the women who ever served in the u.s. senate. he said, how many have there been? i said 15 total. today, 20 women in the senate. cokie: nowhere near enough. up until there were nine, there were never more than two to john: -- more than two. john: the day i started as a page, one of the older kids and said to me you need to learn the names and faces of all the senators as soon as you can. i said i know them all. i am so ready for this. sitting there on the rostrum, i neither names. i wanted to say hi. [laughter] hi, bob. [laughter] cokie: that would have been a mistake. so did you come from wisconsin and spend the whole year there. john: senator proxmire's style -- cycle of them through. he had at least three year. them through. cokie roberts: where did you live? john: the republicans had just taken the senate and proxmire didn't know what he was goin