in fact, i sat next to janet yellen in those days.d to come into my office and go, are you coming out today? so, i hit it really hard there. i felt like i had a lot to learn. and i did. david: you were there when janet yellen was there? jay: vice chair. david: so she became chair when you are there, and also ben bernanke. so who was the better chair? [laughter] jay: it is a tie. [laughter] david: ok. so when the opportunity came for you to be appointed as chair, as i recall, there were several candidates that were considered by the president. had you ever met the president before? jay: i never had met him. i met him for the first time when i had my interview for chair. david: how long did you spend with him? jay: less than an hour. i can't remember exactly how long it was. david: ok. so after it was over for you, you said, i did that pretty well and i will get this job, or you didn't know? jay: i didn't know. i felt like the interview had gone well. david: you are a guitar player, right? jay: i am an amateur musician. yes. david: you

the honorable janet yellen. she served as a member of the board of governors and the federal reserve system for 14 years and prior to her appointment as chair, a position that is sometimes referred to the second most important person in government. when president obama appointed her to the role in 2013 she became the first woman to serve as the chair of the federal reserve. in her time as chair and throughout her extraordinary career she has demonstrated what her predecessor at the fed described as quote begin a lifelong to improve the lives of average people". as chair she focused how the fence work to shape the job market and address inflation and striving to improve for american families who have been deeply impacted by the great recession, working to build an economy that could benefit all members of our society. prior to her time as chair she served as president and chief executive officer at the federal reserve bank at san francisco where she played an important role in identifying the key factors that wou

this is very much a different type of fed than we had seen with janet yellen even just two years ago.his is a fed who is basically telling us they're going to hold rates steady and be patient for a longer period of time. the issue, i think, that we're seeing from the fed is, you know, they're basically trying to, you know, both placate it is markets, the economic views there, and they're trying to fight back against some political pressure do you think the economy is on path for recession >> we don't think that the economy is going to hit a recession. certainly not over the next 12 months yes, the yield curve is starting to invert, but that's a long-term process. not something that happens overnight. what you typically see is that, you know, once the yield curve officially inverts, let's say based on 10s and 2s, then you have nine to 24 months before something actually happens from an economic perspective. you know, at this point, yeah, some parts of the curve have inverted, but not the full curve. it's okay for the fed in our estimation to be cautious and patient here, but it's a ver

janet yellen, former fed chair speaking with robert kaplan in dallas at an event they sponsored sayinghe right thing for the fed to do the pause now, wait and see what happens. she doesn't see a need for rate cuts. she said it could happen, but she is not looking for it. she is optimistic. tom: thank you very much. our bloomberg global economics and policy editor kathleen hays. we have inflation data around 9:30 local time, expecting a pickup in consumer prices and producer prices as well. be important for profitability and the policy decisions of this for bank. still with us is our guest. company insured $1 trillion in trade transactions globally. thank you for staying with us. what is your reading of what we heard from the central banks, ?whatcularly the fed will change their calculus and the decision to move up or down in terms of rates? is there anything you have seen over the last 24 hours of builds on your calculations in the spect -- in that respect? >> we have a scenario of a soft landing for the global economy, so it will be status of quote. -- status quo. them to 20, we are g

janet yellen would be giving him the fed policy he wants now. >> i think that's right. >> herman cainmoore. you're on capitol hill. >> mm-hmm. >> republicans have seemed to be falling in line on some of these borderline nominees. >> mm-hmm. >> they complain about it, get cranky about it. when it gets to committee they all seem to fall in line. >> yeah. >> will that happen here? >> i think so. >> both of them? or do you think one of them. michael thinks herman cain is a bridge too far. >> i think it depends on what comes out about these two. >> we know a lot about them. herman cain got driven out of a race because of sexual harassment. >> sexual harassment, yes. >> allegations. >> yes, allegations. steven moore has $75,000 debt to the irs; i believe. it's not looking good. if they can get past this storm and there is nothing else that comes out, we know about herman cain already. purdue and georgia knows herman cain well. he comes out -- >> that's georgia. that's a home state thing. >> still, i think is this a hill the republicans will die on? >> mitt romney seemed to mock it. he said,

the fed chair, then chair janet yellen, announced at the end of quantitative easing, saying the basic message here is that u.s. economic performance is good and even though many analysts think we're overdue for another recession, america's economy continues to show signs of resilience. thanks, in part, to the quantitative easing that the fed undertook all those years ago. joining me to take a closer look at this is cnbc editor at large, john harwood. it's funny to hear those two things in the same sentence. best, strongest economy ever and we should get into quantitative easing. quantitative easing is important in moments where you require serious stimulus to an economy. >> it doesn't make any sense as an economic matter, almost any economist you talk to would say, and in fact, almost every economist did during the obama administration while quantitative easing was going on, at least on the republican side, economists said, oh, they ought to raise rates back up, they ought to normalize. donald trump said that. many republicans said that. the janet yellen started that process, it's con

he voted with janet yellen. in fact, he only had a couple rate hikes under his time when janet yellen started under her time. he would have seen that before criticizing his actual policy. i think it's interesting on a personal level that you appoint someone that you then criticize because they're not doing what you want them to do. i think he wants them to do what he wants them to do more quickly.as possibly with other entities in washington. but i also think it's just - - out of alignment that he has looking at the markets. and ultimately, they're coming to the thin conclusion point which is that there might possibly be a fed cut in rates by the end of this year. and if it happens, then chairman powell will say it's because of data. and president trump will say it's because he toldhim so. the net result will be the same . >> - - is in lexington, mississippi and you are on with author nomi prins. >> thank you for taking my call. my name is - - and i'm a primary care physicianwho happen to come to mississippi . m

maria: i thought it was really interesting to hear former fed chair janet yellen make comments aboutnt's nominees for the federal reserve board. i know you've been spending lot of time at the fed, by the way, and she said individuals will find it difficult, a couple of individuals will find it difficult to come with a political view to have a great deal of influence. now, president trump wants to nominate on the federal reserve board herman cain and stephen moore. what's your take on that? >> so i think we need to distinguish different policy views from different political views -- maria: yeah, really. >> just because mr. moore in particular, i really don't know where mr. cain is, but steve moore's been out there a long time, and his views are perhaps more in line with the president's, but that doesn't mean they're not legitimate -- maria: you don't want politics on the fed. >> well, or yeah. you know, i think we need to separate those issues. they shouldn't oppose him because he's got different views or new views. that might be healthy. maria: what is your take on the economy? larry

the federal reserve, janet yellen, previous chair, we don't like to be beaten by america for too long a great job, has done a good job, but from canada and not related to the bank of england. i suspect they will look to somebody under the tenure of mervyn king, for instance. a bit early to tell but i am sure we will find out as things go on. this made me laugh, sharon white, married to robert chote, chairman of the 0br, both in the running, interestingly. interesting breakfast conversation, i should imagine. apparently there isa i should imagine. apparently there is a fight for toilet supremacy... what does that mean? it is the battle between hand dryers and paper towels, a little bit to do with recycling, that we had so much about, hand dryers, despite the cost that goes into them, the environmental issues and mining alls to make motors, are way more environmentally friendly. paper towels are not but they are cleaner and all the research says, you prefer clean hands to more efficiently dried hands. —— ores. prefer clean hands to more efficiently dried hands. —— oresm ta kes efficient

first thing that comes to mind max when you say that is a you might recall accompli years ago janet yellen famously said we never see another financial crisis in her lifetime remember that one. and then she said i think she's back in january so what even a couple of months ago she said oh you know europe might lead us or the whole world into recession. i think she dropped a few cards on the table they're telling us coming yeah and in the u.s. has clearly slowing too there are some as we speak some so there's an occasional positive data point in the u.s. but everything else retail sales durable goods employment report. you name it the first quarter g.d.p. everything points to a slowdown and as we spoke the three of us back in january i think this year ends up looking a lot like the counter year two thousand and ten where we had come out of the great financial crisis in two thousand and nine unaided the fed had done this one off policy is least that's what we were told of quantitative easing it was going to be a one time deal wasn't monetizing the debt don't worry about that known and ana is

here is their preferred measure, you had been a key -- you have janet yellen and jerome powell.nd not even able to push inflation of. -- off. what do you do? carol: exactly right. up next, spies and refugees make bogota casablanca. risk alld the new nuclear power plants face thanks to climate change. carol: this is "bloomberg: businessweek." ♪ carol: welcome back to "bloomberg: businessweek." jason: join us for bloomberg the everyday on the radio. and catch up by listening and subscribing to our podcast. carol: and you can find us online at businessweek.com and our mobile app. mercenaries, spies, double agents are all gathering in bogota. jason: the troubles in venezuela are turning the colombian capital something at casablanca -- like casablanca. carol: were seemingly everyone is trying to help or take advantage of the christ. -- crisis. >> something like 1,000,000.3 moved -- 1.3ve moved. immigrants have and columbia is relatively stable, i don't want to overstate that. jason: after years of being the opposite. >> that is right, these marxist guerrillas. suddenly, you have a co

number two, it has fallen over time associated with demographic pressures, with janet yellen being rightan economy hot, you get people back into the labor force. the way i think about inflation, a basket of consumer prices. 70% is goods and services, where prices don't move very much. they are sticky. is very flexible, things aat are imported, things with big energy component. the story of the last five years, there's been an inexorable increase in sticky-price inflation. gradual and slow, going up because of pressures, first labor resources becoming less abundant, then more and more tightness. flexibleened, the price inflation has been negative, i.e. the dollar has been appreciating, particularly against specific economies -- pacific economies. when the dollar price stops increasing and we see oil prices feeding into fixable price inflation, we no longer will have that curve. has the structure of inflation changed enough? will the fed be able to react fast enough? vincent: so if you ask central bankers why inflation is low, they will say that inflation expectations are well anchored. if

janet yellen indoors the fed's stance, speaking in dallas earlier -- endorsed the fed stance. -- mariorio draghi us, draghi, probably the uncertainty hit europe a little bit harder. however, he does not see estimates of recession rising. that is important. he also says the first line of defense, he sees it weakening and then picking up in the second half, it will be targeting financing through banks and maybe another look at negative rates. things that they think mario draghi is alluding to. rishaad: looking at bonds here, of competition. what are they watching? pmi, and job reports, inflation, all important around the world. how is this going to play out? that is important for bond traders, but we look more broadly, talking about inflation and what it mean for people with china and the charts. chinese inflation, i think it is going to get more and more. three lines, and all of them are below 2%. the turquoise one, just at 1.8 percent. the yellow when is the ecb. they are at 1.4, and then japan and ifne point 7%, 1.8%, you're going to look at what is going to get bonds to rally, it is goi

pce in white, here is their preferred measure, you have janet yellen and jerome powell.utting rates and not even able to push inflation up. even to 1.8%. conundrum. what do you do? carol: exactly right. up next, spies and refugees make bogota the new casablanca. jason: and the new risk all nuclear power plants face thanks to climate change. carol: this is "bloomberg: businessweek." ♪ ♪ carol: welcome back to "bloomberg: businessweek." jason: join us for bloomberg everyday on the radio. and catch up by listening and subscribing to our podcast. carol: and you can find us online at businessweek.com and our mobile app. mercenaries, spies, double agent, and refugees are all gathering in bogota. jason: the troubles in venezuela are turning the colombian capital into something like casablanca. carol: seemingly everyone is looking to help or take advantage of the crisis. >> something like 1.3 million immigrants have moved. refugees have left venezuela. next-door neighbor. proximity. the other thing not to forget is so many colombians moved to venezuela when it was in oil-rich pa

personally, i see some real challenges in the labor market from a tightness perspective, so does janet yellen. i think the fed will be stuck between a rock and a hard place. some slowing global growth but tighter markets in the u.s. vonnie: are you shifting any of your money around, changing allocations? some a normal most asset products, particularly all the sector bond funds, we have basically doubled cash in the last six months. this is going to be a market where we see more volatility. if you see the fed chasing economic outcomes with financial conditions and stocks, in general, financial conditions, economic outcomes -- the chicken and egg problem. which one do you get first? chasing sentiment will add volatility. , that isot chicken/egg something else. we are stepping back from prices that we think are not economic, and we are excited about having good payment from cash from the inverted yield curve. vonnie: where do you anticipate putting that to work at some point, when might that be? what you saw from a pricing standpoint -- let's take stocks in the u.s. use our earnings rise and pe

and then later, a discussion with the former federal reserve chair janet yellen. and then more road to the white house coverage with democratic presidential candidate and tech entrepreneur andrew yang. he will be holding a campaign rally at the lincoln memorial in washington, d.c.. you can watch these stories live on these.org or listen the c-span radio app. and then join us for how the recipients of the goldsmith prize came about their stories. of that tonight at 10 p.m. eastern hearing on c-span. congress is out this week. most representatives and senators are back in their home withs, meeting constituents. house speaker pelosi is leading a delegation on a trip with stops in germany, the u.k., and ireland. the 116th congress returns to april 20 ninth. immigration reform remains a priority. the senate will continue the confirmation process for district court justices. you can watch the house live on c-span in the senate live on c-span2. want, to he was simply three giant networks and the government supported service called pbs. was simply three giant networks and

let's remember his last ad of the campaign that was an attack on george soros and janet yellen and theceo of goldman sachs, all jewish, again, with wads of cash. going back to the anti-semitic tropes. i think as a country we've got to reflect and we've got to call out anti-semitism every single time we see it, whether it's a cartoon in "the new york times" or whether it's the president of the united states. we've got to call it every time, every single time, regardless of ideology, regardless if it's from somebody we like or somebody we dislike. regardless if it's republican or democrat or anything in between because it is triggering people and it is having a cost of life. >> kir stint, it's also just a little confusing to hear president trump talk about these things. with charlottesville, for instance, he's decided to give a hearty defense of robert e. lee saying he was a great general and that's actually what he was referring to in charlottesville, he now says, in trying to explain why he said there were good people on both sides. he said the people he talked to, in fact, robert e. l

he wants the easiest monetary policy as possible, by the way, something he criticized janet yellen for keeping rates too low when president obama was president. >> and steven moore defended herman cain. they have each other's backs on this. >>> the latest democrat in the race for president getting a warm welcome from a hometown crowd. mayor pete buttigieg's rollout after this. ♪ when i had my brother take me places, it was always like, we had to get there early so i could smoke a cigarette before we go inside. i'm a pain - i'm a little sister! we always had to stop for cigarettes... yea exactly it's true. get up... first thing smoke a cigarette. before lunch... after lunch. another one on the way home. before dinner... after dinner. now that i am talking about it, i'm kinda feeling like i lost about 4 hours of every day. i didn't realize it was that much. i know. i decided i needed to find an alternative... so i started looking and then juul came up. i did both for a while. and eventually i just switched over, it was very quick. i honestly feel like i remember recently you asking me li

. >> janet yellen was fed chair for four years the only move on interest rates was to raise them. and, you know, needless to say, barack obama was president when she first did that so, i think that, once again, i would return to my original point. i have been covering the fed for many, many years and whether it was bernanke or jay powell, i cannot detect a political bias i want to give them the benefit of the doubt full throated advocates for trump's policies does not necessarily mean that once they are sworn in, that is the way they will do their job i am only saying that is what trump's intention is as for the markets, look, if you're of the view that inflation is dead gone and never come back, it's irrelevant these people are d, if you think inflation is a problem, you ought to worry >> it is pretty ironic that both sides want a dubbish policy. so, i think, you know, trump is more in the democratic side versus anything else at this side which is pretty ironic. >> someone agreed with that point of view without being a highly partisan pick thank you. >>> shares of general electri

i much preferred than janet yellen or ben bernanke. he should not have raised rates in december. that did cause a market retractions slowing of the economy, the president is right on that. if every mistake i made at end of the year, i would be in trouble. president has perfect right to weigh in on all these issues. he may well be right that caused that much of a decline in real gdp. jay powell should consider all the factors when making decisions. connell: interesting the politics that plays into all of this. and forth overlie gasparino steve moore, a friend of yours,. >> yeah he is, whether or not he gets nominated to the federal reserve board, whether or not he gets confirmed, charlie's reporting that he will go to bat for him because he want the him as a counterweight to jay powell. what do you make of that? >> i don't think that is true. i think steve moore is fin fine person for federal reserve board. he has qualifications. knows his economics. a great writer on economics, has been great for years and years. knows the field well. he would be a wonderful member. whether he is

it is reminiscent of when janet yellen was first in charge of the fed and willing to let inflation and the economy to run hot. that is maybe what the fed is willing to do here. they don't mind if the gdp number picks up in the second quarter because it has been weaker recently. they are willing to see a bit of growth, let inflation to what it will but they will take a long pause and that is good for other asset classes like equities. matt: thanks for joining us. mark cranfield, bloomberg and life strategist. strategist.liv today's question of the day, does the car market have macro significance? is it a canary in the coal mine, as it seems to continue to weaken? mliv team onthe your bloomberg terminal. we are live at the shanghai auto show all day today and tomorrow. we will hear from our top interviews with executives including vw's ceo, lamborghini's ceo and bmw's cfo. that is something you don't want to miss on bloomberg tv. now let's get to the historic cathedral of notre dame in paris. it has been gutted. 500 firefighters worked through towersht to save the two but not the spire.

president when he was a private citizen hammered president obama and said that the rate cuts by janet yellen et cetera. there is some history here certainly but you know economics better than anyone. i guess i'm wondering -- it's true. i guess i'm wondering if you agree with calls for the fed to lower rates when the economy is so strong, when you've got the stock market flirting with record highs, when you have this near record low unemployment. if the economy is so great, which which hear repeated from the president, why would you need to do anything like cut rates? >> well, again, i'm not going to give them rate advice. i think there are a lot of people on wall street that have expressed opinions similar to the president. i'm still 100% all in on 3% growth for this year. the way to think about it is there are two little bits of insurance for strong growth in year. the first is we're seeing high income growth especially at the bottom, the bottom 10% we posted our cea twitter feed their wage growth is 6.5% right now which means their consumption should go up a lot this year which gives you i

to take someone that agrees with his economic views, that was the case when barack obama chose janet yellennappropriate. and it happens to be true. i was the one said if donald trump was elected, we could get 3% growth and full employment. wages are rising. by the way, when i get to the fed, erin, i'm going to be dogged in terms of promoting growth. i want to be the growth. i want high wages for workers, stable prices. i disagree with the idea that higher wages are a problem. we want higher wages for workers. >> so the top banks testifying on capitol hill this week were asked specifically about your previous statements supporting overturn of the gold standard. >> i don't think i said much about the gold, i'm not in favor of gold standard, i am in favor of using commodities as forward looking indicator where prices are. >> i want to play something. do we have steve? here you are. >> i think we have to reestablish some kind of gold standard. >> we need to go back to a gold standard. we really do. >> what's your opinion on the gold standard, would you advocate that to mr. trump to make america

janet yellen is endorsing what we are hearing from the head.nutes on the heels of those numbers that showed more week this. >> we will leave it there. our global economics and policy editor. this is bloomberg. ♪ a check of the latest business flash headlines. creditors have extended the deadline for potential buyers to declare interest. out ontial deadline ran wednesday, but sbi capital says it will run until friday evening. 20,000.loy it was once a corner star of the is $1 travel market but billion in debt. >> tencent in the spotlight with a new game winning the green in china. it is one of 40 locally developed games to be granted official approval. china suspended all mobile game approvals for several months. lyft hit a record low on news uber could file for an ipo this thursday. it is expected to be among the 10 biggest of all time. they are seeking about $10 billion, five times more than raised last month. softbank expected to earn a boost when they go public. the company may lose its seats board.ride hailer's softbank, at the end of 2007 t

the notion of no inflation is misguiding >> i go back to janet yellen i will tell what's happening that'seresting premiums is going to go up again. they got a lot of pipelines right now. the wells seem to be getting maxed and coming down quickly than anticipated and producing a lot of natural gas, something you talk about the idea of how much gas is being flared and the carbon footprint. 6.9 million automobiles, just being flared it produces so much gas. >> you know from space you can see where their flare is you are out there and you s see -- what are you nodding? they're sensitive for this it proves a monster amount emissions. our president is prohibition >> he wants you to flare everywhe everywhere >> right here if there is an opportunity he would get on it >> i don't know. >> but, production actually, numbers are coming down. they're almost at 12 million >> i think we have to take into account with - that's a big component. triple e is always in place. i don't know how high it can go with our economy slowing down. i think our economy is not slowing down i think one of the things we ha

i think if it was still the janet yellen fed, a lot of the weakness in the economy would have been characterizedransitory. one of her favorite words. this time, the fed messaging has not signaled the weakness stretching from late december into january and february was transitory. this will categorize -- impact how they categorize the incoming reportke the latest jobs strength and early signs consumer spending is bouncing back. if the fed is caught by surprise that the economy is stronger than expected, this will impact the reaction function. one thing i would add that to the notion of president trump calling from a stimulus, president trump's advisors would be wise to caution him that fed policy can often have consequences for the party holding the white house. if there is excessive inflation, that caused the change of party in 1976. a heavy-handed central bank response caused the change of party in 1980. financial instability caused the change of party in 2000 and 2008. scarlet: in other words come study history. >> too much poncho could be a problem even though he is trying to get the fed to b

he is the one who asked janet yellen effectively to leave, and he is the one who nominated jerome powell he said he regretted that decision. not so much getting rid of janet as much as hiring jerome. to your point, and the parent story there which was a brilliant analogy, is it the same president doing the same thing all over again but without interest rate hikes in the interim justified though they might have been, would we have seen higher gdp figures in the ensuing period? >> well, to answer the question directly, sure. if you had poured jet fuel on the fire, the fire would be larger. unfortunately, you might also be burning some things down and have collateral damage. neil, obviously this is in the context of the warmup to the campaign which has already begun. neil: exactly. >> so as one who comes from the nation's midsection myself, as one who has a wife who hails from upstate new york which continues to struggle, i don't know that this is something that is going to be a compelling argument for people who continue to ask where is my economic recovery and there's no doubt the 3.2% gd

you can't tell me janet yellen and ben bernanke weren't political in any way.sidents of the united states have a long history of knocking heads. it's not surprising that the president would try to put his stamp on the fed by bringing in two guys from non-academia and two guys that are probably going to vote to lower interest rates in the face of jerome powell, who wants to hold things steady. so why is he getting a lot of pushback? could be the allegations that surfaced during his presidential run. i'm not sure. but i think greg and danielle have it right when it's going to be a lot easier to go with stephen moore than herman cain. i wonder if these are the best two guys that you could find. i really like finding people that are not necessarily cut from the same academia cloth as the rest of the fed and aren't going to subscribe to the group-think. but are these two really the guys that we want? robert caplan came from the private sector. i think he's got a great mind, he knows the financial sector, knows the shadow banking system. neil: they are easy money adv

. >> no doubt about it and by the way, janet yellen probably a liberal democrat -- >> i wasn't going thing because -- janet says politics aren't necessarily anything like her husband, but her husband is a noble laureate that's like stiglets lefty almost, isn't he san francisco fed -- >> yes, yes. >> and we don't talk about it a lot of times when they're from that side, but if it's the other -- it's a lot of things. >> the difference may be the public -- >> crazy right-wingers unhinged >> educated -- >> wingnuts. >> if i could jump in, because i agree with you that -- >> stephen moore is educated you don't like his policy -- >> moore is a smart guy. there's no doubt. >> they're all smart guys, and some have ph dchs and some don't. if i could jump in, i don't think that the president will fire anyone at the fed, although he's absolutely introduced volatility to this conversation, but don't you think he's introduced volatility across the board? >> yeah, lots of situations -- >> it's in general, trade, the markets, on the fed. so, i think that it's like strap on your seat belt kind of vol

later this afternoon, georgetown university host a discussion with a former federal reserve chair, janet yellent two.eastern on c-span and more road to the white house coverage with them a candidate andrew yang holding a campaign rally at the lincoln memorial in washington, d.c., live at 6:00 p.m. eastern. you can also watch these events live online at span.org or listen to them live on the free c-span radio app. tonight on the communicators, from the state of the net conference in washington, d.c., speak to daphne er

janeter: people like yellen have come up to say central banks run the risk of not having enough resources the worst. what is your position on that? >> it varies across central banks. after the financial global crisis, the fiscal stage for have shrunk and the monetary policy because of the very unconventional monetary policy -- it has also shrunk. -- it is smaller that it was before. haslinda: what is the biggest risk for singapore? certainly -- the is one risk. the impact is not immediate. if we look at our growth numbers is simple.n 2018, it if you look at the asean partners, they remain quite good. at the same time the element has been impacted. uncertainty has increased. and for making long-term investments, they will adopt a wait-and-see approach. this can in turn affect sentiments. it is something we need to watch carefully and hope we have an earlier resolution to the trade dispute, that we can allow investors to plan with greater certainty. haslinda: how closely are you watching the fallout from brexit now a no deal brexit is becoming more real? thegeopolitics across region, we are