janet yellen: thank you, judy.t's a pleasure to be with you. ♪ judy: today the washington post published excerpts from a new book by reporters carol leonnig and phil rucker describing how -- that contain the shauna hsing -- astonishing details of how the military were about former president trump's actions in the final days of his administration. to join -- to talk about that i'm joined by nick schiffrin and yamiche alcindor. some blockbuster material in this book. let's start with what we were just discussing. and a lot of it has to do with the fears on the part of the joint chiefs chair mark milley. what were they? nick schifrin: yes. so, milley and other military's fears about what president trump was capable of, about the lack of confidence in his decision-making really accelerated when trump fired secretary of defense mark esper. that was in early november, when trump was threatening to fire other senior officials, including cia director gina haspel, and when he installed loyalists to run the pentagon. current

janet yellen saying it could be medium term.is inflation story >> good morning. i don't think it's fearful it is recognizing that what's your definition of transitory? how long if it is medium term or long term, it could last for a time it will take time to fix the supply chain issues. there is inflation, dom. you have a cpi at 5% 10% in the last few months ppi 7% annualized. the prices paid and ism report and you are back to 1979le leve. you have wage increases and shelter now on the rise because moratoriums have been lifted part of this is going to be transitory whatever that means in terms of the timeline some of it is not transitory i think the wages and shelter are things to keep an eye on 9.2 million job openings out there. the economists in the jolt company is saying that you can't find jobs. they can't find people to fill the jobs they have to increase wages. you and i have anecdotal information about the pressures that we're seeing in terms of pricing. the key going forward is do companies have pricing power that is wha

a huge win potentially for janet yellen.finitely a huge win for janet yellen and the biden administration and the united states coming back from a time when most countries were not listening to us on foreign policy. it is in most of the countries interest to come to some kind of deal. they've wanted to avoid a race to the bottom. you do not want to say the irish are on the bottom but they have made money by having low tax rates. this does not prohibit countries from having higher tax rates. it is expected the united states and others will be above that. when companies are looking at where they should locate, it will be a question of not just taxes, but other expenses that should even out. it also should get rid of some of what we used to call in versions in the united states, where companies would move their mailing address to another country like ireland and keep other production facilities here to pay the irish tax rate. taylor: it is interesting. how some of those countries respond? ireland, switzerland? are they involved

janet yellen optimistic u.s. lawmakers can approve the 15% minimum rate this year. mixed messaging. the u.k. repairs to lift covid restrictions, including its mask mandate, but the vaccine minister says face coverings will still be expected indoors. good morning and happy monday, manus. i know for a lot of investors and probably everyone in england, it is a tired and sad morning. amongst the tears, they have to figure out what will happen with all of these various central-bank decisions as we start to concern ourselves with have we reached peak global growth? what we hear from policymakers so far this week will have a big difference on how you trade the change in global growth. manus: yes, and as i have said, it is a redressing of the central bank decision, sort of the harvey nichols display of what to expect. the ecb goes for a light touch, what will the rbnz do? if you look at the pboc versus christine lagarde, i am surprised the euro has not moved lower. in many ways, it was a reiteration of what we already knew. for her, it was about what shape does the clearer

today we have an interview with janet yellen in the show. what's driving the action in the final action of trade. jay powell testifying for a second day to congress, this time in front of the bank committee, facing questions about inflation, the economy and more those highlights ahead jobless claims hitting a pandemic era low and the empire state manufacturing index blew a past expectations. morgan stanley rounding out the strong bank results. 59 minutes to go in the session. energy, tech, small caps are seeing the biggest decline and we have a big first on cnbc interview coming your way from california janet yellen joining us to talk about the global minimum tax deal, her read on inflation with the new numbers this week, the tech crackdown in china and more and also the day the checks go out for the child tax credit for american families. >> we cannot wait, looking forward to that interview. looking straight to the market tech pulling back, energy also underpe underperforming. mike is tracking it for us. >> the weakness in tech giving back

janet yellen was optimistic lawmakers can approve minimum rates of at least 15%. a fast-track budget bill, the secretary-treasurer he didn't say if the plan would require a two thirds vote in the senate, an almost impossible get, given republican opposition. it's coming to rome. italy won a dramatic 2020 final against angled in a penalty kick after a 1-1 draw. england scored the first round of the match in just two minutes. leonardo baluchi tallying the equalizer in the second half. extra time didn't change much, and the final shootout was ugly, with italy missing two, and english a heartbreaking three. global news, 24 hours a day on air and on bloomberg quicktake, powered by more than 2,700 journalists and analysts in more than 120 countries. this is bloomberg. at least it's the world cup next year, anna. anna: something to look forward to. bloomberg right the latest headlines for you. let's stick with the world of sport. that tense showdown between italy and england. take a look at the reaction we've seen from newspapers and those countries in italy. we are euro

, janet yellen -- janet yellen, about the treaty. i want to go back to the canadian fisheries treaty of 1888. this through grover cleveland -- not grover cleveland alexander. treaties are not siebel things, art -- not simple things, are they? >> that when i have forgotten, but no, i think you have made a very good point. to get a treaty, you must get 2/3 of the senate to agree. janet yellen in venice over the weekend conceded that it could be a year before we get her minimum global corporate tax. i think it could be even longer than that yet i do not think the votes were there in the senate to approve it. tom: are the votes in europe? doesn't europe have to agree on all of this before the u.s. steps in? greg: of course, ireland is the one that steps in all the time. i think there's real concern that it can't win approval and wash -- approval in washington. lisa: is there a concern that both sides don't have consensus, and this is just noise to try to pressure companies into acting differently? greg: i think so, i may be pressured cou

>> as we heard janet yellen say, there are two pillars to this deal.e is pillar number one, which would make multinationals -- require multinationals to pay tax in the places where they operate, which is very different from the current system which is based on where they are based. pillar number two, calls for a minimum tax rate of at least 15%. so far, 130 countries have agreed to this proposal. leaders of the oecd pushing this are hoping to get approval for this later this year when the g20 mate -- meets. and then the plan would go into effect next year. yvonne: we heard from janet yellen saying, she is optimistic about this. she offered her rough framework so far. what are really the chances of this going through in the u.s.? >> well, the big issue is that for pillar number two, that is one that congress can pass on a simple majority in both houses. democrats control both houses. that is something that, if the bind and demonstration wanted to happen, likely it means it will happen. pillar number one is the problem , the one calling for companies --

larry: congress a wl on the global taxation is completely unconstitutional, treasury secretary janet yellenn really want to triple tax american champion companies, on the other hand i have a feeling my pal steve moore is going to say ireland is a solution of the problem steve moore freedom works committee to unleash prosperity hotline, before we get to ireland it's important to let folks know what is in this two pillars in this inner companies are going to get whacked twice and let's not forget the getting get whacked at home because they don't want to raise a protect the minimum tax in the u.s., there's a heckuva way to promote investment in productivity and higher wages. >> we showed during the years the donald trump is done in 2017 we cut out business tax rate for corporations and small businesses and we saw a huge amount of investment come into the united states one of the reasons we have not just job gains but wage gains andd. i knw donald trump is very proud of, it worked and i know we want to reverse top policy in this tax plan i called the tax scheme the janet yellen wax these busin

treasury secretary janet yellen has had -- has set a rough timeline for when the biden administration hopes congress can take up parts of the tax guidelines. she believes it will choir at two thirds vote in the senate, and impossible hurdle without republican support. >> written names to be negotiated. maybe it will be written already in the spring of 2022, and try to determine at that point what is necessary for implementation. vonnie: sidney reported a record 77 a new covid-19 infections on sunday. the new south wales state government says that means it's lockdown is unlikely to be lifted next week as scheduled. some economists estimate this is costing 70 million u.s. dollars. australia's national government has pushback plans for a travel bubble with singapore until at least the end of the year. billionaire richard branson and virgin galactic have successfully completed a long-awaited test flight into space. branson and five employees experienced a few minutes of weightlessness as the space plane reached peak altitude, about 85 kilometers above the earth. it kicks off a landmark mo

that is the job janet yellen god.f they don't choose jay powell, people are betting on her to get the four year term. rishaad: thanks a lot for that. global economics and policy editor kathleen hays. the ecb is not the only one deciding on the cost of borrowing today. people who want to know what they are doing about growth, they have revised down the growth targets from 4.1 to 3.8%. it is about the resurgence of the virus and the response to it, which people want to know and how it is impacting growth. david: you could look at one metric, which is inflation, which is not been a problem in indonesia. the reason i bring that up is when you look a real rates because inflation has been benign in indonesia, real rates has been far and above what you have in inflation issue with real rates falling. i am not saying you could make the case of the hike that with the fed hiking rates and inflation remaining low, there might actually be some rationale and logic for thank indonesia to consider rate divergent especially as the fe

we'll talk with treasury secretary janet yellen about this, after the news summary. the united states will not be sending large numbers of troops to haiti. haitian officials had requested a u.s. force, after the country's president was assassinated, but president biden rejected it today. he spoke at a joint news conference with german chancellor angela merkel, at the white house. >> we're only sending american marines to our embassy to make sure they're secure and nothing is out of whack at all. the idea of sending american forces into haiti is not on the agenda at this moment. >> woodruff: as chancellor merkel was in washington, her country faced a flood disaster. more than 60 people have died after record rainfall sent rivers pouring across western germany and belgium. torrents swept through towns, leaving whole neighborhoods in ruins. people had to be airlifted from rooftops, and more than 200,000 homes lost power. in the western u.s., firefighters spent another day battling dozens of wildfires. one, in southern oregon, covers an area larger than new york city. it

she worked with janet yellen.ct, a lot of people thought if hillary clinton had won a race to the white house, lael brainard would have been hillary clinton's choice to head the treasury. this is why there is so much spotlight for her. she is in as the likeliest person to get this job. people have talked about rafael bostic. as for -- the vice chair of bank supervision. senator warren, a liberal democrat, every time she can, when he testifies, and she got after jay powell last week as well for being too soft on the banks so that is a voice which will be urging the president to go ahead and pick somebody else to take this seat. maybe we will find out by september but there's going to be a lot of voices. i think what is interesting is because she is a woman, because she is so well-qualified, a lot of people figure she is the first choice. when it comes to the markets and invest is and maybe even janet yellen, at a time like this when the economy is still coming out of that deep recession, we are still worried about

what kind of negotiating leverage does janet yellen have given the fact she needs to wrangle together congress to get the u.s. on board and the parameters of that? >> it is a very good question. right now the leverage they have is global momentum. i spoke to the german finance minister after his meeting with the secretary and he said the train is going. given the fact you have so many countries even in the developing world coming on board. you go to the point that this goes the hands of congress. republicans do not like this and it will be very difficult potentially through budget reconciliation they can get 15% global minimum tax. that other pillar, they need two thirds of the senate to vote for it. lisa: senators and congressmen had been off for two weeks, they come back to washington this week. how high on their agenda will this minimum tax rate versus the infrastructure and some of the other proposals? >> you guys in new york keep saying the week starts tomorrow. in washington it starts today. they are landing today and it is all about infrastructure. there is also a timeline, the

secretary of state janet yellen, secretary of treasury janet yellen, she's really warning that somethinghat treasury will have to take "certain extraordinary measures" to prevent the united states from defaulting if congress does not act quickly the debt ceiling comes up by august 2. your thoughts on that? >> well you know they've got a history of being able to juggle the books and chase their own checks for months, so i'm afraid that's a little boy who cried wolf too many times. we've been down this road before we've got to try to get it right unfortunately, i think we're going to get it wrong and i think, as you say, it's going to fundamentally change america, not for the best, when what you're effectively doing is a massive stimulus at a time in which the economy is in many ways overheated. charles: yeah, i mean, i've lost track of how many times this debt ceiling has been raised. it's a trivia question now, it could be final jeopardy. let me ask you sir, before i let you go with a minute. this morning, china imposed sanctions on former commerce secretary wilbur ross and some others.

and lets he be very clear, too, about what janet yellen and the biden administration is doing. i believe -- i agree with what david said before. this is the wrong path to go down. europe should be cheering because now they're going to get a shot at american international corporations. so, in the end, these corporations do not really pay tax. they are going to pass that along to the consumers and who is going to be the big loser is the american people. i believe that. >> all right. real quickly, i wanted to address something maybe you do at the outset and saying the tax hikes might never come to pass and that's planned in the united states. you might be right about that, judging by the markets, hitting records amid the worries and central governments pile on. so the markets are right on this, this is not going to come to pass? >> i think that it will end up being some modest increase nowhere near what joe biden proposed. we have james madison and alexander hamilton to thank for this. you have to do work to legislate and the sausage making involves people getting on board. 50% de

why janet yellen said we'll see several more months of rapid inflation. >>> intel is in talks to buyhip maker global foundries for $30 million in what would be the company's largest acquisition. >>> plus, mask mandate, l.a. county requiring all individuals vaccinated or not to put their masks back on inside >>> we'll start off with the market markets themselves i'm glad to have both of you along for the ride this morning. mike, i'd love to start with you. i had a couple of conversations this morning with people who at least are still around to actually have conversations with perhaps a bit more pain in the underlying market than seemed to be the case sort of at some of the big names that we look at, or even the broader indexes. >> yes. >> whether it's oil or health care but some real pain is what i was hearing from at least a handful of market participants during the course of this week. >> all you have to do is really look at the russell 2000 or look at even the s&p 500, but the equal weighted version, and it's been lagging so whether you want to call it a little bit of a stealth co

. >>> now coming up amazon's profits, handbags and janet yellen all those things converging in italy. you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. look...if your wireless carrier was a guy, you'd leave him tomorrow. not very flexible. not great at saving. you deserve better - xfinity mobile. now, they have unlimited for just $30 a month. $30 dollars. and they're number 1 in customer satisfaction. his number? delete it. deleting it. so break free from the big three. xfinity internet customers, take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. >>> a rally for big tech hit a speedbump today. ama

. >> the conclusion i came to and we'll talk about inflation and janet yellen and things like that the thing i say the 10-year could go to 1.3% if the fed is going to buy and not taper, they are buying everything that is out there maybe there really isn't price discovery for the bond market. it is fed induced. why not the same for the stock market no price discovery in the stock market it is just like the bubble in the bond market. >> you youare right. >> then earnings are good. earnings are only -- the price is only the multiple you put on it earnings are good. the multiples are still going up that could all be fed. >> do we come back to these are nose bleed levels and we don't know if there is price discovery? >> we will have paulson on he's pretty good jim will say, look, we get to 4,500 on the s&p we go and retest the 4,000 >> what did yardeni say yesterday? >> he said keep dancing. >> great >> don't fight the fed basi basically. >> if the fed is doing that and federal stimulus spending coming in those are incredible streams >> that was another. there really is nothing on tv. these

the global corporation tax says us treasury secretary janet yellen. i should emphasize it's not essential that every country be on board disagreement contains a kind of inforcement mechanism that can be used to make sure that countries that are holdouts are not able to undermine the global corporation. tax rate is set to come into force in 2023, but negotiations are still ongoing. a final agreement is not expected until the g 20 leader summit in rome and october. the w bad regard was effigy 20 meeting in venice. we asked him about the implications of this agreement, big companies with a turnover of more than 20000000000 years a year, which are highly profitable. they will not be able to shift around revenues anymore and to avoid texas, they have to pay more taxes. and now the estimates at $150000000000.00 euros will be more in the coffers of the finance businesses. and on the other hand, there will be minimal text for many, many companies which have a turn over over 750000000 euros. and this would apply to hundreds and thousands of companies. and it h

the global corporation tax says us treasury secretary, janet yellen. i should emphasize it's not essential that every country be on board . disagreement contains a kind of enforcement mechanism that can be used to make sure that countries that are holdouts are not able to undermine the global corporation. tax rate is set to come into force in 2023, but negotiations are still ongoing. final agreement is not expected. until the g 20 leader summit in rome and october. if you'll be ruling prosperity party has been declared the winner of last month national election in a landslide. victory secures prime minister. i'll be off meant another 5 years in office after coming to power in 2018. i'll be over so profound political reforms and even won the nobel peace prize. but now he's being accused of committing war crimes and b and battles. northern region. the supporters of prime minister be amid hearing him on an election day. their votes helped secure his landslide victory. his prosperity party emitted 400 tens of 436 available parliamentary he'd be as touted t

against the riff lawn, but this will not stop the global corporation tax says us treasury secretary, janet yellen. i should emphasize it's not essential that every country be on board . this agreement contains a kind of enforcement mechanism that can be used to make sure that countries that are holdouts are not able to undermine the global corporation. tax rate is set to come into force in 2023, but negotiations are still ongoing. final agreement is not expected until the g 20 leader summit in rome and october. tracy ok, now where are the ruling? prosperity party has been declared the winner of last month. national election. not in a landslide victory secures prime minister. i'll be off let another 5 years and office after coming to power in 2018. i went over so profound political reforms and even won the nobel peace prize, but now he's being accused of committing war crimes and the battles northern t region. the supporters of prime minister b amid cheering him on an election day. their votes helped secure his landslide victory. his prosperity party emitted 410. the 436 available parliamentary c

the global corporation tax says us treasury secretary, janet yellen. i should emphasize it's not essential that every country be on board disagreement contains a kind of enforcement mechanism that can be used to make sure that countries that are holdouts are not able to undermine the global corporation. tax rate is sent to come into force in 2023, but negotiations are still ongoing. a final agreement is not expected until the g 20 leader summit in rome and october. some other stories now making headlines around the world in ethiopia, the ruling party has won an overwhelming majority and last month, national election, securing prime minister ob meds. another 5 year term in office abi is facing international criticism over alleged war crimes. during the conflict in the northern t drive region, the wife of haiti's assassinated president has made her 1st remarks since the killing of her husband. 14 louise said the attack happened in the blink of an eye without her husband getting the chance to say a word. haitian police accused foreign mercenaries of carry

treasury secretary janet yellen will also be there today.loomberg's maria tadeo joins us from brussels with the latest. maria: yes, and over the weekend in venice, we did get that oecd plan that would see a corporate minimum tax of 15%. it will also give the right to countries to tax multinational companies. coming here for the u.s. delegation, the debate was moving into this european digital tax. the europeans are actually pushing for both pommel and that is eu and the second that is oecd. a lot of this is probably due to u.s. pressures, that the european union has since cited -- has decided to postpone the announcement of that european digital tax, so in principle, to cut a long story short, we are looking at just one type of taxation, not two. the reason for this is very much political. the united states has to vote on this thing. it will have to go through congress. for the u.s. delegation, saying we are not only going to tax you on one front, but coming home with two new taxes. guy: thank, indeed. we will be catching up with maria a lit

the eu postpones its push for a controversial digital tax, handing treasury secretary janet yellen aig win in brussels. volumes a little like today. maybe it's got something to do with the football. i don't know, but it is the reality. we are off by 0.6%. it is a quiet monday ahead of a busy week. i am amazed. i thought the euro would really react to what christine lagarde had to say. it has not. $1.1867. do we end up with a $1.17 handle this week? it kicked off with this ecb news. just nothing happened. i was stunned. alix: i wonder if we are taking our cue from the u.s., and powell's testimony later in the week, or we are really in that summer calm. here in the u.s., a couple of things i want to highlight. you are still seeing rotation into growth over value, although financials were the second-best performing sector on the s&p headed into earnings tomorrow. the nasdaq 100 is 0.2%, at a record high. the golden dragon china index, those are chinese companies that are publicly listed in the u.s.. i wanted to highlight that they are down by about 0.5%, as it looks like china is going

that might be the tricky part to implement according to janet yellen the other is at least 15%.t could be easier to implement according to the u.s. secretary-general. i guess the jury is still out. it seems that they are in the good way and ocd is estimating that tax deal could raise $126 billion more across the globe. janet, back to you >> thank you anetta, stay with us i want to talk about a subject close to your heart. let's talk about the developments over the weekend on the monetary policy side ecb president christine le guard says they will review guidance on july 22nd speaking to bloomberg, le guard says it will reflect the ecb commitment to spur inflation so, anetta, putting this together, one of the big questions we had last week when we talked about the timing of the strategy review, why would they release it now you? i guess they were trying to prepare the market for an upcoming change in forward guidance >> reporter: that could be the case also, they had their gathering outside frankfurt to bring everybody back together in the physical meeting and what i heard on the

treasury secretary janet yellen ex-pence to get some health and pushing congress to get that global taxjanet yellen tells bloomberg businesses are likely to provide crucial support that may be needed to overcome republican opposition. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. alix: thank you so much. volkswagen ceo herbert diess unveiled his company's plans for global strategy. i a 10% market share in the u.s.. very aggressive in the eb market . i want to get more perspective from philippe houchois who has a buy rating for volkswagen. a lot of this is to catch up with tesla and become the real competitor. did what you see today do that? philippe: what we saw today is very much what we heard before. what is different is we were trying to catch up with tesla. now everybody is doing the same thing, pursuing a similar strategy. it is not just about tesla, it is about the industry migrating to a different way of making autos and getting customers to use thei

jonathan: janet yellen, the u.s. treasury secretary.eene and lisa abramowicz, i'm jonathan ferro. monday morning, here is the price action. down six on the s&p to 4354. outside of that, setting a tone to this market worldwide, the price action comes down. your tenure yield, 1.34 43 percent. yields down by a basis point or two. in the fx market, the euro negative by about 0.3%, down by 0.28%. that is a weaker euro. tom: an important meeting. frame it versus the last meeting. this is not a snood fest -- a snood fest -- a snooze fest. [laughter] lisa: hold on a second, wait. . jonathan: i'll get there. tell me why thursday is important. lisa: it is not just the target, but that they are going to outline what comes after next march. the idea of yes, it is going to continue the bond mining -- bond buying until march, but what next? jonathan: i do think it is ridiculous because we have gone from lower than in close to two to present. if you see the bundesbank last week? having none of it. tom: mr. scholz today talking about they are monitorin

janet yellen said she hoped they would do it before they leave in august. we're really told the end of this would be about mid-october. they probably have a bit of time in august to deal with the debt ceiling. that's why the alarms are not sounding too much right now about that issue in particular here on capitol hill. neil: got it, chad, thank you very, very much. want to go to congressman chuck fleishmann, the tennessee congressman. congressman, in your gut, do you think we'll get the only the infrastructure package that had significant amount of bipartisan support. even today this looks dicey? >> i don't think so. this is purposeful failure on part of the democrats. they will not get the 60 votes they need to reach cloture on a bill that is actually reasonable. i don't think the democrats want a reasonable vote. they want a 4 trillion-dollar bill not only inappropriate in terms of defining infrastructure but it is bloated. it is amnesty. it is green new deal, it is everything plus. it is very sad. the american people really need to understand, neil, this

also a big exclusive interview here on closing bell, the treasury secretary janet yellen full intervieweven her grandpa's dog tags back. get a quote. get a quote. this is franc lefranco, the owner of lefranco construction. specializing in projects like this. and this and this. everything was business as usual, until... urgent. need new contractor for town arts center development project asap. is lefranco construction in? if he was gonna pull this off, he needed to rent another crane. like, yesterday. so he turned to his american express business card, which allows him to pay off his balance over time. and boom. crane time. contract signed. art for all. get the card built for business. by american express. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats

at this point used to have people like jerome powell and janet yellen saying we are seeing a spike intion right now, but that is temporary and it is going to go back down, and it doesn't seem to have much of an impact on what the white house is supporting in terms of federal spending. joe biden fourth a trillion dollar infrastructure and social infrastructure plan, and that is what congress has come up with at this point, so there hasn't been too much of a change there. i think the big take away is the fact that the biden administration is taking inflation seriously as a potential threat if it doesn't wind up going up and going down as some of the government predict will. lisa: how much of a covered is president biden have for the fact that the $3.5 trillion human infrastructure bill that was agreed upon by the senate budget committee is pretty much dead on arrival? it seems like he has some company among analysts. emily: this has a long way to go. yes, hitting a topline number, getting an agreement is a next step, and there are some people pointing out that no progressive signing ont

here is janet yellen on our common needs. real shift on how the world is going to cooperate to make sure capital income bears its fair share of paying for common needs. is there any history where the congress of the united states gives a damn about common needs? >> what they need to grapple with right now is figuring out whether this needs to be legislation or a treaty that needs to be endorsed and approved by congress, but secretary yellen has told our colleague in brussels in an interview that the republican side will see a lot of requests, a lot of encouragement from businesses saying to protect american businesses, they will need approval on this deal to end the race to the bottom, but we have not heard a response from the business community yet. tom: i don't have the numbers in front of me. my entourage didn't get them to me. but apple literally in the last number of hours has announced that tim cook has migrated united kingdom profits over to ireland to pay a lesser tax. is that telling, that that is going to go away? >

we are a connected global economy. >> how -- i mean every word that janet yellen speaks people listends very closely, so what is the economic threat of the delta variant? >> well i couldn't agree more with secretary yellen. countries that have a high vaccination rate are still seaing outbreaks among those not vaccinated. and then if that forces them to refrench a little bit from the reopening, that ends up being a drag on the global economy and you're seeing the headlines out of europe as we speak now. and so it is a concern. i do think secretary yellen is right, we need to do everything we can to help the world get vaccinated for their sake but also for our own sake because it is an inner connected world. and by the way, if new variants emerge abroad that are even more potent than the delta variant, that could end up coming back to america and that should be concerning to us, too. >> that is a great point as well. because this virus learns and it gets even more foolproof. so we got about an hour ago the highest jump in inflation both on a month over month basis and a year-over-year b

janet yellen just concluded a meeting, getting a handle on the risks here eric rosengram called tetherk to the financial stability. jeffrey zhang and a yale school management director dr. gary gordon, it's called taming wildcats, stablecoins. they are talking about regulated currency that banks created. during this 25-year period 1/3 of all banks failed. they couldn't redeem their own notes. ominous. what lessons account 19th century teach us about stablecoins? let's check in with dr. gary gordon the frank class of 1974 professor of the yale school of management thank you to "mad money." >> thank you very much >> professor, i know many viewers are not familiar with stable dl coin but we're familiar with tether can you explain where stablecoins fit in and explain why yellen, powell and rosengrin are concerned about the concept of stablecoin. >> they're concerned because stablecoin issuers resemble banks. you give them $100 and they give you $100 worth of their coins with the promise that you can redeem your coins at any time one poor one soit's the one for one part which makes them bank

here is what janet yellen had to say about one of her concerns around the delta variant on cnbc earlier today. >> i do think it is a risk i think it is not just a question of the united states, it is a question of risks around the world. i am very concerned that although advanced countries are making good progress with vaccination in many parts of the, and especially in low income countries, vaccine rates are extremely low. as long as that's true in this virus and it is easily transmittable across borders we have to worry about the development of variants that could pose future threats. >> so, tim, your take? >> well, we're talking about demand factors and again, guy, maybe people don't want to drive to the bronx so some of the gas demand is part of this but jim is talking about supply dynamics and that is so much more important when we're think being oil for last ten years and if you think about u.s. production, opec was out there saying they think non-opec production is going to be 2.1 million barrels of additional oil in the market and they think there is any digsal 3.3 barrels of de

the treasury secretary janet yellen joins us. then, insurrection aftermath. joint chiefs of staff feared former president trump was laying the grouwork for a coup in the wake of the 2020 election. and raising the future, many point to child care for u.s. military families as a potential model to correct an increasingly unequal system. >> if we want a country that's going to be forward leaning, that's going to have a strong

credit that will benefit almost nine of every 10 children in the country, with treasury secretary janet yellenermath-- how the chairman of the joint chiefs of staff feared former president trump was laying the groundwork for a coup in the wake of the 2020 election. and, raising the future-- many point to child care for u.s. military families as a potential model to correct an increasingly unequal system. >> if we want a country that's going to be forward leaning, that's going to have a strong economy, we have to invest in what's good for chil a

the dm, their focus on the cryptocurrency narrative, with the pushback that we are getting from janet yellen on all of this. talk to us about this. julie: they are interested in allowing their users to do whatever they want online and increasingly all these big companies are trying to help investors purchase crypto whenever they want and essentially interact with it in terms of payments and other kinds of opportunities. so, paypal is right there with it and other crypto and in the first quarter they launched to the ability to pay with crypto. with the consumer merchant network you can now pay in a very integrated, easy way and it is probably one of the first applications to allow that to happen so seamlessly through the wallet. caroline: it will be so interesting to watch them fight over the same turf, not to mention robin hood going public tomorrow. our next guest, saying it's time for the fed to directly serve main street. a federal reserve economist joins us next to discuss how the fed could become a bank for the people and how they could be using currency to play their part. this is bloo

let's move to ylan mui who has the details for us >>> kelly, treasury secretary janet yellen has sent a letter to congress warning that the nation will hit the debt limit on august 1st. and she said that if congress has not raised the debt ceiling by august 2nd, the treasury department will have to resort to using extraordinary measures in order to pay the nation's bills. yellen did not say how long she thinks those extraordinary measures could last, but she did warn that failing to pay the nation's bills would cause irrepairable harm to the u.s. economy and the livelihoods of all americans. now, cbo has previously projected that the extraordinary measures could last through october or november. yellen said that there are scenarios where the extraordinary measures could run out shortly after congress returns from august recess this year because of the pandemic and changes to payments and to receipts, it's especially difficult to project kelly, she did urge lawmakers to raise the debt ceiling in a bipartisan fashion but again, treasury will have to report to using those extraordinary m

part of that, by the way, is the global minimum tax you see janet yellen, our treasury secretary, negotiatingit is an area that would not only raise key revenues but shutdown some of the offshoring of production and jobs. >> let me ask you about janet yellen urging congress to raise or suspend the debt limit by august 2nd, a couple of weeks from now, preparing to take extraordinary measures if the debt ceiling is not raised in the next seven days. gop senators, as you know, are already resisting. here is what jen psaki had to say yesterday. >> we certainly expect congress to act in a bipartisan manner as they did three times under the previous administration to raise the debt limit. >> what is this about? is it just more obstructionism from the gop? >> yeah, i mean jen couldn't have possibly been clearer about that. not only is this a matter of not allocating new spending, it is a matter of spending -- it is a matter of meeting the spending obligations that congress has already agreed upon, that democrats and republicans have signed bills that spend public resources that take us above this de

and on friday, janet yellen will be joining other central bankers for the g 20 summit in venice.just enough time for the rapidfire around with our guests. frances, i asked you this in march, where does the next 25 basis points on the 10 year treasury come from? is it higher or lower? where do we go? frances: 135 is a key level. i think we might have seen the highs in this cycle. it's totally possible. jonathan: michael? michael: lower. you know where we stand. krishna: higher. they have been very consistent and they have been right so far. jonathan: final question, have we seen a cycle peak in the 10 year yield already, yes or no? frances: i will go with yes. jonathan: wow. michael? michael: yes. jonathan: krishna? krishna: no, not the cycle peak. but the cycle peak will not be much higher than where we are. jonathan: thank you for being with us. this is bloomberg. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get relief. now there's aerotrainer by golo, the ergonomically correct exercise bre

janet yellen yesterday telling cnbc she predicts prices could continue to rise for several more months before they cool off. in focus today, we are waiting for retail sales data as well as earnings from the likes of charles schwab and kansas city southern. meantime, tesla electric vehicle registrations in california, the country's largest ev market, surging 85% in the second quarter compared to a year ago. that according to research firm crossel. more than half of these registrations were for tesla's mid-size suv the model y. an 18-year-old physics student, oliver damon, will join amazon's jeff bezos on a space flight yeks week along with bezos's brother mark and legendary space engineer wally funk. the group will fly to the edge of space on blue origin's new shepherd rocket, scheduled to launch on wednesday. it will be an extraordinary trip. damon will be the youngest person ever to fly in space while wally funk at 82 is set to become the oldest person to become an astronaut. next week's flight comes after sir richard branson successfully reached space on a virgin galactic aircraft ea

against the reform, but this will not stop the global corporation tax says us treasury secretary, janet yellen. i should emphasize it's not essential that every country be on board . disagreement contains a kind of enforcement mechanism that can be used to make sure that countries that are pulled out are not able to undermine the global corporation. tax rate is set to come into force in 2023, but negotiations are still ongoing. a final agreement is not expected until a g 20 leader summit in rome and october. if he o p as ruling prosperity party has been declared, the winner of last month national election and a landslide victory secure a prime minister of the osmond. another 5 years in office after coming to power in 2018 abi oversaw profound political reforms and even won the nobel peace prize. but now he's being accused of committing war crimes in the embattled northern region. the supporters of prime minister, amid hearing him on an election day, their votes helped secure his landslide victory. his prosperity party emitted 410 of 436 available parliamentary p a. b as how did the vote of the

treasury secretary, former central bank governor janet yellen is saying we are going to see several morewe are seeing. we spoke earlier to our viewers in the week. housing prices up 15% in the latest measure as well, airfares, lodging, car and truck rentals seeing huge unflationry pressures. lyft is cautiously bringing back shared rides, not the first time since the pandemic from monday consumers in philly can book the option allowing multiple passengers. but the key is you're going to have to wear your mask to the sweet tooth that is krispy kreme it's their 84th birthday congratulations. so they're having what's called a birth-yay offer. you can purchase one dozen donuts, and then for one buck you get a dozen of the original glazed ones. you get 11, but what you also get is one special strawberry iced and sprinkled doughnut as well for today only. but that's 24 donuts you got to have a lot of friends around for that. >> a lot of takers when it comes to krispy kreme. >> and personally you will not make it to 84 yourself if you take them up on that for too long steve, thank you very much

the global corporation tax says us treasury secretary janet yellen. i should emphasize it's not essential that every country be on board disagreement contains a kind of enforcement mechanism that can be used to make sure that countries that are holdouts are not able to undermine the global corporation. tax rate is set to come into force in 2023, but negotiations are still ongoing. final agreement is not expected until the g. 20 leader summit in rome and october. nato and ukraine are wrapping up till weeks of military exercises in the black sea. the war games and all $5000.00 troops plus dozens of ships and aircraft commanders aim to demonstrate the strength of the alliance to an increasingly assertive russia. the w correspondent in economy has been on board the u. s. s ross at a story that took part in the maneuvers. he sent us this report on operation seabreeze from the ukrainian port of 1st ships shuddering. the u. s. s. ross, its allied vessels just a few kilometer distance here in international waters of the black sea. joint us ukrainian excise is

don't miss the exclusive interview with treasury secretary janet yellen at 4:00 p.m. yes, gaming "squawk box" returns after this. i know some consultants with great ideas. can they help us improve our digital experience? absolutely. they've invested over $2 billion in tech. that could really help us manage inventory. and save us a ton of dough. then let's take back our market share. checkmate, chess heads. girls, i said “bedtime”! this is franc lefranco, the owner of lefranco construction. specializing in projects like this. and this and this. everything was business as usual, until... urgent. need new contractor for town arts center development project asap. is lefranco construction in? if he was gonna pull this off, he needed to rent another crane. like, yesterday. so he turned to his american express business card, which allows him to pay off his balance over time. and boom. crane time. contract signed. art for all. get the card built for business. by american express. >>> want to take a look at the 10-year yield. it fell below this morning testing the 1.3% thresho

us treasury secretary janet yellen says it is time to end global tax havens and force multinational corporations to pay their fair share in taxes. this deal will end the race to the bottom. instead of asking the question who can offer the lowest tax rate will allow all our countries to compete on the basis of economic fundamentals? the international tax deal protects the free open economic order. it is crucial for investment and growth. yellen also expressed concern about the pandemic, saying the delta variant could threaten global economic recovery and conquer. caltrans says the heat is causing some problems for a highway replacement project that got underway this weekend. caltrans crews are replacing 3500 ft of concrete on northbound highway to 42 network started on friday night cruise plan to have the highway repaved by 10 o'clock tomorrow morning. the work has been planned for months in caltrans says there was a lot of coordination with other agencies, including the chp to get the project rolling. but cruz did not expect such an intense heat wave. in fact, it's been so hot there in concord d

legendary hedge fund manager, as well as warning of very high inflation and is shorting the us dollar. janet yellen, however, says there will be no hyper inflation and.

janet yellen, the us treasury secretary, must be rubbing her hands with glee at the prospect of this.r, for sure. - she is respected and a seasoned diplomat in the financial world. this is something that she very much wanted and, you know, i this is something that really represents the shift - from the trump white house to the biden white house - and it reflects new realities of the global economy. - governments need more money and we are all aware of these i stories of amazon and apple and starbucks sending - their money to places . where they're not doing business, where theyj can pay lower taxes — places like panama and | bermuda, luxembourg, the netherlands, ireland. and of course - it is tax avoidance, on a technical level. for us as consumers, _ and as taxpayers in the uk see, on the high streets and main i streets in the us and elsewhere closing down their shops . because amazon has taken the business away, this - is revenue that's being lost and the taxation goes - with those closing shops. they need to recover, - it needs to come back in real dollars that can be sent to suppo

legendary hedge fund manager, as well as warning of very high inflation and is shorting the us dollar. janet yellen, however, says there will be no hyper inflation and you kind of agree with yellen, probably not for the same reason. but tell us why what your position is, in terms of you see deflation. the primary thing happening in the world today as, as an inflationary, monetary policy running into technology that's increase increasingly the deflationary. so that, imagine what would happen in, in that as, as governments push up printing presses and dr. inflation more and more and more. what would a business driving it were their own rational and rational business to when they try to remove labor faster with technology. so what you're, what you're finding is the policy is designed, you have to, you have to forces colliding and each other and each one is moving faster and faster and opposing directions. i am not saying that someday we don't get to hyper inflation. but by stepping into that trap with central bankers, and they what will happen is they will be more, right, because technology will drive