when j, powell says, hey listen, we want to get this right. we don't care, we're not gonna be influenced by other countries. that's also a completely false statement. in fact, the reserve is being completely driven right now by other other countries, other central banks and the crypto market. they're being driven by everyone. remember, just a year ago, japan was going around saying that the u. s. would never have a digital currency. he said that it was not even going to be something that the federal reserve ever looked at because he said, of course, the crypto currencies were a fad and they wouldn't be around less than a year later. he's now talking completely differently, say, well, we're exploring it and we're headed in that direction. and when he says by the way that, you know, he's not sure that they're going to do this. they are absolutely 100 percent. going to do this. there's no question about it. he's pretending to say face so that the us doesn't look like they have bungled really the entrance into the digital market . but they have bu

j. powell we talked about it this week it was slightly more hawkish as people expected.ral reserve committee thinks the we will get an interest haiku next year. that could mean the tapering of 120 billion assets that could happen as soon as november/december of this year the market likedit anyway. loose, it is 93 days to christmas. i just checked apparently the american christmas tree association are saying they could experience a shortage of artificial trees some say they are putting up with the same supply cane as elsewhere as well. we have 93 days to go. plenty of time but apparently it will be a bit of a rush. >> it will be a shortage if artificial trees and the minutes that go under them i don't know what kind of christmas it will be thank you. >>> up next, janessa is tracking the days ahead. >> and a daring rescue of man's best friend. best friend. >> and for our floors, sweeper's textured cloths lock all kinds of dirt, dust and pet hair. unlike my vacuum, it sneaks under and around places. look at that!! dust free and hassle free. stop cleaning and start swifferin

j. powell there? what will they have to be given?ucus and you will not have your way >> look, i was saying, we remind clients all the time is that president biden is navigating the narrowest congressional majorities since grover cleveland. so he has visited as a first term democratic president. so this is incredibly challenging. so the idea that, you know, progressives can come and accept that they would get all of what they wanted is probably not realistic just looking at those narrow congressional majorities and i think that at the end of the day, becky, look, a half a pound is much better than nothing. right. so they at least will get something. we are still talking about in addition to the $1.2 trillion bipartisan deal $2 trillion or more or less, so they are still for sure getting something and within that, importantly, a lot of the priorities that a lot of progressives and moderate democrats have wanted for years, the child tax credit, child care tax credit, what have you. it's not to say they're not getting into anything here

and continuing with bernard k and janet yellen and j powell, they believe that they, it's up there their purview to reinterpret the role of the central bank. and those grand pianos said greenspan has said that they don't try to manage the economy anymore. they, they're only there to clean up the mass when bubbles pop by printing more money, which creates another bubble. so the question is, who's a better central banker? is that china because they're acting as a central banker because it's all amalgamate or into one office. the ccp they're doing the banking in the politicking. it's one, it's one communist call a bureau, or is it the federal reserve bank or is russia, you know, elvira not the law is raising interest rates aggressively. and proving to be the best central banker of the mall, either us china or russia. and i know i miss pronounce her last name as i always do, i get her 1st name, right the al virus. well, again, this is the fashion of this episode is new york. so new york is like, you know, we just pronounce everything in new york if you've been new york, new york, i'm sorry,

but even j powell is saying that the fed can't protect the market if the debt limit isn't raise like you mention. now, what kind of a fall out could there be for the markets that have been writing on record highs over the last year? well, one of the things we just mentioned was that interest rates would rise, housing would go down, plus a lot of the money that people get from federal funding like social security, medicare, military, salaries, all that goes away, tax refund. so essentially what you're talking about is a situation exactly what paul says. i love that he actually said that yesterday, because i haven't heard him say that before. it's the big but we can help you. so this really goes back to let's help cooler heads prevail in terms of coming to some kind of compromise. now speaking of what the fed can do, we heard from powell addressing plans for the fed to start tapering, bond purchases whenever he spoke on wednesday. and there wasn't a sell off in the way we have seen in the months past. so have investors just come to grips with the fact that is easy money policy really c

j. powell thinks the economy has passed the test for starting to taper. >> many on the committee feel thetests for employment has been met. others feel that it's close. they want to see a little more progress there is a rate of perspectives. my view would be the test, the substantial further employment is all but met >> rates, the federal market committee split 9-to-9 in 2022 or not 7-18 see a hike. fund rates 1% for 2023, 1.8% for 2024 they currently show a 65% chance now, a december 2022 rate hike that's about where it was before the announcement it was expected. zero rates and asset purchases, remember, they were pandemic emergency programs they're going to hang around well into next year we learned yesterday even though the economy has come a long way from the worst days of the pandemic >> steve, i don't know if you've heard jim grant, when we were talking to him about this. just the idea that this is a big ballooning issue that eventually is going to catch up when you talk to people who think we can ease our way out of this, is the expectation that we eventually shrink the balance sh

j. powell she left her opinion at a bank committee hearing yesterday. >> over and over you have acted tos you a dangerous man to head up the fed and it's why i will oppose your renomination >> powell's term expires on january 31st warren was the only senate banking committee member to oppose it back in 2017 if you ordered apple's new iphone 13, it's possible you may have a wait for a delivery the news service now saying a wave of covid-19 infections in vietnam has slowed in production that's where the phone's camera are assembled. >> all right let's get to don chu for a look at the individual names that might be moving in the pre-market >> joe, what we have right now a pullback you pointed to this notion people are buying the dip a little of a relief rally so there is a reason why maybe there is that response to what's happening with the nasdaq, specifically because the last time that we saw a real market pullback was kind of the interest rate scare back in the late/early winter/spring this year. the pullbacks have been rather shallow since then what we seen is a pullback to a level that

j. powell will be speaking at 2:30 eastern time. now a massive story.already has a licensing deem is potentially we think they may have bought the rights outright. bear in mind, the licensing deal in 2018 costs $100 million as well, the price tag for this could be absolutely enormous it means they will develop a whole host of titles johnny and the chocolate factory. philip, frances, i don't know if you've heard of my personal favorite, danny champion of the world. he actually loves the story. >> i had the whole complete series >> i can't say i've heard of that one always appreciate that restanessahas your mid-week >>ea rdy or not they come, the fuji reunion tour is upon us is having healthy gums. keep yours healthy with crest advanced gum restore. it's clinically proven to detoxify below the gumline. and, it restores by helping heal gums in as little as 7 days. because you cant have a healthy smile, without healthy gums. advanced gum restore, from crest. the #1 toothpaste brand in america. i wonder where froot loops come from? follow me! ♪♪ just follow

what happens when j powell decides that your purchases are frivolous that month and he like, take some out of your c, b, c account, your essential buy digital currency account, right, exactly, to just be a nightmare, very chinese amount respect. now let's go back to america for a 2nd. you know, it's built with checks and balances throughout the entire system. you've got various branches covering the freedom of the press and other things. one of the ways that america kind of saves itself is another checks and balance system. we have a lot of power in the states, and we saw that in the civil war. you know, we had a civil war and america may go into another civil war situation where the states, who are going to abide by the constitution are on one side of the civil war. and those who want to become chinese social credit score mimics are going to be on the other side. i think, you know which side of the up and i'll have all the bit going, hey, we're going to take a break. and when we come back, much more coming here way, the me why the make no, you know, borders and the blind number please

they would like to join in with the federal reserve and j powell, and they would like to make sure that the money that's being printed goes in to their pet causes, like climate change, etc. so they're, they're not waiting for the political process to resolve itself. mesh their, their, the barbarians are at the gate of the fed. they're like move over j pow. we want to print the money and we want to print the money for our causes because we ourselves realize that the political process is dead. it's all about who prints the money and a l. c wants to be the money printer now mesh and she's going to be out. this is 11 aspect richer, 100 percent bang. i don't hear about it. not mattering. the bad no matter who's in charge, whether it's foul or a o. c gets her away and they replace them with who is a minneapolis fed chairman of brand or whoever they want is be the fed is ultimately going to do is ultimately going to carry out the wishes of the admin as the administration, whatever the administration is, the so, well, the power when there are no c gets a replacement bang, you know, there's, the

bank, the money printing is creating a wealth and income, get their language at the fed use that j. powell and his predecessors will use to disguise the fact that this is a wholesale rip off is saying we're trying to create inflation. that's the lie. that's the, that is the basic malware just lot. the other lie is, you know, this sort of political war culture war going on is that, you know, when there are people who say make america great. again, these are people who tend to be older. it's not like 20 year olds born at that point. you know, when it was already a very unequal, there are people with memories of this decades of, of, of more equal sort of society and, and where the top to run away with all the wealth and at the fed wasn't intervening like this non stop to rescued markets partly because we had the gold standard for so long into that early period there. but so when, when people are longing for a past, what they're longing for is that sort of where this wasn't happened, where there weren't lords, nobody likes the lord, nobody likes an aristocrat. we fight a war over that. and we

and we've seen stocks more than come back from those losses and celebrate the fact again that j. powell appears to be in the driver's seat and not quite prepared to begin tapering purchases again. that's all that markets need to celebrate is just to be told that the liquidity tap is not going to be turned off. yeah, and i know, even as we hear from other fed officials who say that they're concerned about what power is doing right now, he still continues on not on that same path. now i want to bring up another story here, which is what's going on inside the fed. we've since heard from senator elizabeth warren, who is calling to for the removal of at least 2 fed officials. after reports revealed, they traded stock last year, while also setting the country monetary policy. what kind of action can be taken in a situation like this? and are these practices likely much more prominent than we realize? well, i don't, i think that we would know if they were more prominent because every single one of the 12, a federal reserve district president has indeed released their financial statements . so

get the language at the fed use that j. powell and his predecessors will use to disguise the fact that this is a wholesale rip off is saying we're trying to create inflation. that's the lie. that's the, that is the basic malware. st lot. the other lie is, you know, this sort of political war culture war going on is that, you know, when there are people who say make america great. again, these are people who tend to be older. it's not like 20 year olds born at that point. you know, when it was already a very unequal, there people with memories of this decades of, of more equal sort of society and where the top didn't run away with all the wealth and at the fed wasn't intervening like this non stop to rescued markets. partly because we had a gold standard for so long into that early period there. but so when, when people are longing for a past, what they're longing for is that sort of where this wasn't happened, where there weren't lords, nobody likes the lord, nobody likes an aristocrat. we fight a war over that. and we have them back now. but now it's like call the meritocracy and it's

and one of the points we have heard from j. powell over and over again is the need to get employment stable before they can pull back on the easy monetary policy. now we know you are a fan of this policy, but when we're seeing the best numbers in the pandemic era, is it time to start that paper? what say you, while the fed is just making up excuses because it knows the only foundation this bubble economy has? is the feds easy money policies? i don't think they have any actual plans to taper. and even if they just kind of feign the process by beginning it, they'll never completed because soon after they start the tape or again, if they even ever start, they're going to have to reverse the process. because ultimately the fed is going to expand the q e program and start to buy a lot more government treasury. is it mortgage backed securities in the future than it's doing right now? and peter, you know, i know this is something we've talked about quite a bit on the show when we talk about the feds policy. i don't think we've talked about it with you, but it seemed also that the fed has ha

j. powell telling the market to get ready because the fed is about to cut back on its bond buying binge none of that rattling the market the stocks popping let's get right to it. steve liesman has more >> the federal reserve suggesting it's on the edge of reducing its asset producing moderation may soon be warranted. it appears as if the fed is headed for announcing it will reduce the 120 billion in monthly asset reductions in november and start it in december >> generally it is viewed that so long as the market is on track, a gradually tapering market that concludes around the middle of next year is likely to be appropriate >> so lowered growth due to the effects of the recent outbreak of covid and found the committee split on when the first rate hike will come some are forecasting a hike next year and some forecast no hike he said the reason news reports and financial disclosures shows the feds code of conduct has to change >> it is now clearly seen as not adequate to the task of really sustaining the public's trust in us we need to make changes and we are going to do that as a conseq

and they're not the same but i would only say that what we saw last week from j powell was the first time he's aired on the side of hawkishness since the fourth quarter of 2018 and frankly, it could be something that the margin that gets the fed being perhaps even more progressive than the markets thought and from where we sit. we don't think that x of the rally of the last several days in the wake of wednesday, that being more hawkish than the market wants or expects right now is going to serve stocks well in the near term. >> you're already calling for expecting a 10 to 15 drop by mid-october, including the turbulence that we've recently seen so at the margins, this could be additional pressure. are rates the driver of this >> rates are very much the driver of this if you look at i part of the narrative is that positioning for one has been largely skewed toward high multiple growth. we've seen the nasdaq out perform essentially almost directly since the last peak in yields at the end of march but again, the fed's dialogue, not just the fed the central bank of norway the bank of eng

j. powell he expects inflation 2% next year sees it moderating now even and recovery shows solid momentum but a full recovery will take time growth, you guys will talk about that 5.5% to 6% this year strong are in the first half slower in the second half. still a long way to go for maximum employment he votes at the fomc meeting he's on board with a taper soon. >> the other part of the equation is, you know, ago taper soon what happens if rates start to really take off to the upside, steve? what's the impact going to be on the next move that the fed may think it has to make and when? >> reporter: you know, i think the fed will see higher rates as observing a break on the economy and offsetting the for the fed to act assuming it's concerned about inflation. a lot will tell. the economy should have higher rates given that it's normalizing. some of that process is just part of normalizing the economy. there could be some inflation concern in there the fed will look closely at why rates are rising is there a term premium aspect to it? >> yeah. as you say, you want them to rise it would be pro

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j. powell and this afternoon's press conference and what it means for the markets. >>> pfizer expandingfederal government and donations, for lower middle income countries. ceo joins us to talk about the deal and the latest on the covid boothers, expanding vaccines to young children >>> and big tech setting up shop in the big apple google's announcement of a $2.1 billion purchase on the west side of manhattan, will other giants follow suit we will find out as the second hour of "squawk box" begins right now. >> good morning him welcome back to "squawk box" right here on c nbc. u.s. equity futures at this hour we'll show you where things stand. ahead the dow is up about 197 points we'll round up and call 200 points for now the nasdaq up. s&p 500 up 22 points all of this ahead of the fed meeting day two. investors will be hanging on every word from the statement's news conference. who will be there? the 21 and only steve leishman will be there. he joins us now with more. steve. >> big day >> yes, virtually. still virtually. i will be there. the fed will issue its statement amid questions a

j. powell's toolbox we will focus on the fed's meeting. >>> plus, martha stewart art to her business, theecting this holiday season. the second hour of "squawk box" begins right now >>> good morning, "squawk box" right here on cnbc u.s. equity futures are looking a lot better than they were looking 24 hours ago right now the dow is opening up 310 points higher. the nasdaq looking to open 124 points higher. the s&p 500 up 38 points we will see whether that holds up or whether some of those folks who bought the dip yesterday will flip. lots of questions this morning. >> the federal reserve is beginning its two-day meeting today. it's got to get started today to finish tomorrow with questions about whether it's ready to start reducing its asset purchases. have i got that right, steve, today? we got to get going. steve leishman joins us with the i don' outlook of the markets in the cnbc -- you got the cnbc service for us >> i do, yes, man, i do. >> that's awesome, steve, tell us about it. >> just relax, joe i don't want you to have you know an incident here. i know how excited you are i am ex

j. powell wants to get another term and it's been at least suggested that he may be more dovish than heim. and are there policy mistakes that could really be long lasting if the fed screws up this exit or stays way too long? are they already behind the curve? >> three months ago i was on cnbc and i said he's the most dovish chairman i had ever seen, and i suggested he's angling for another term i was kind of put down, no, he's above politics he's not angling for another term now there's a lot of talk about, you know, that maybe his dovishness is there for that i mean, i think in the betting markets, which you looked at too, predicted.org, he's the overwhelming favorite, and i think he does have the chairmanship for the next four years. hopefully he will tilt more serious about the coming inflation once he feels that his renomination is more secure, but i think the fed is a little late to this game, i think, and let's just hope they don't overreact slamming rates up and take it easy there >> yeah, big piece, judy shelton, a frequent guest on "squawk box" points to some of the same things

powell. [chime] catherine punchess. [chime] petty officer verse caused joseph h. [chime] lisa j r. [chime] deborah ramser.nda r. [chime] petty officer first-class marsha rashford. [chime] martha r. [chime] todd ruben. [chime] cecelia richard. [chime] edward p l. [chime] judy rollin. [chime] sergeant major robert russell. [chime] william r. [chime] charles sabin senior. [chime] marjorie s. [chime] john sammartino. [chime] colonel david m sales. [chime] commander robert slagle. [chime] janet m scott. [chime] lt. col. michael sells. [chime] marianne serva. [chime] commander dan sanover. [chime] antoinette sherman. [chime] diane simmons. [chime] enter husband george -- and her husband george w simmons. [chime] donald simmons. [chime] cheryl sinnbock. [chime] chief greg smallwood. [chime] lt. col. gary smith. [chime] marie s. [chime] robert spizeman. [chime] patricia s. [chime] edna stevens. [chime] norma serley. [chime] sergeant major larry strickland. [chime] hilda taylor. [chime] lt. col. cap taylor -- kip taylor. [chime] leonard taylor. [chime] sandra taylor. [chime] sandra teegue. [chime] lieutenant [indi

powell. [bell rings] captain jack d punches, united states navy. lisa j raines.a ramser. [bell rings] rhonda rasmussen. [bell rings] petty officer first class marcia d radford, united states navy. [bell rings] todd h reuben. [bell rings] cecelia e lawson-richard. [bell rings] edward b rohanhorse. [bell rings] judy rowlands. sergeant major robert e russell, united states army major, retired. [bell rings] chief officer william r ruitt, united states army reserves. [bell rings] charles e saban, sr. marjorie t salimoy. [bell rings] john p sammartino. [bell rings] colonel david m stills, united states army. [bell rings] commander robert a flay -- a slagle, united states navy. [bell rings] janet m scott. [bell rings] lt. col. michael l sells, united states army, retired. [bell rings] marion h serva. commander dan f schennover, united states navy. antoinette and -- antoinette m. sherman. [bell rings] diane m simmons. [bell rings] and her husband, george w simmons. [bell rings] donald d simmons. [bell rings] chief greg h smallwood, united states navy. [bell rings] lt. co

six, seven minutes to get between powell and embarcadero on the best days due to congestion and thesubway . we knew we needed to make that smoother. we were removed the jrom the subway and found some pretty positive results from a technical standpoint. as the caller mentioned earlier we did look at travel time between 30th and church and embarcadero. you compare that travel time pre-pandemic to this current service plan which of course is the transfer of church we found that thecurrent service plan saves about six minutes of travel time on average . that includes time to transfer from the service down to the subway.additionally we also were able to improve the reliability of that trip. pre-pandemic 68 percent of trips from 30th and church took over 40 minutes to get down to embarcadero and currently the current scenario is taking 30 percent. trips take over 40 minutes. so we do think there's improvements for j writers. of course we're at a big and obvious cost which is that those writers now have to transfer. that is not as you've heard with the passion and input from people already, i'm sure you'll hear more through the comment period after thispresen