jay powell and janet yellen will testify on capitol hill this morning powell released opening statement in her statement yellen says she's confident the economy remains strong. medicines on the market would not be effective against the omicron variant. regeneron has been most successful treatments out there for covid and moderna vaccine has had 90 plus percent efficacy, modern assays overnight that existing vaccines will struggle against the new strain. dow industrials lower. vaccine companies are down sharply, regeneron down two and a third percent. investors are heading for safety with bond prices rallying and treasury yields dropping, hovering 3-week low ahead of powell and yellen testimony and will discuss the state of the economy right now and 1.48%. mornings with maria live right now. joining me right now payne capital management ryan payne, tgm institute james and university endowment chairman denise garthman. gentlemen, thank you very much for being here on a busy morning. james, kicking things off with you comments from ceo of moderna and regeneron worrying the markets saying t

janet yellen call the whole process a self-inflicted wound.omberg. ♪ alix: yields on treasury bills maturing at the end of the year rose after janet yellen said they do not have a lot of time left for borrowing after december 3. she said she will be updating congress on how much time is left. our washington correspondent annmarie hordern joins us. walk us through what else we learn. she is purely trying to put pressure on congress. annmarie: does not look like it will be a merry christmas for congress. we are exactly where we were a month ago when we are able to lift the debt ceiling and avoid coming up to the edge of that cliff. now treasury secretary yellen will have to let congress know again what is that date. maybe into january. she will give us a range time of that date. there is a lot of pressure on congress trying to get through a massive spending intact land on top of the debt ceiling. a stopgap funding measure will be need to be done as well. time is ticking and then we have two weeks of working days left. guy: she cannot believe con

janet yellen is speaking in the function of treasury secretary. she has news for you, stop worrying about the implosion of the yield curve, because the worry is not necessary. she sees a strong and solid the recovery, stop worrying about the biggest one-day move of flattening in the treasury market. that from the treasury secretary, that is a red-hot headline from janet yellen. what we're hearing from his guidance and terms of quality of the recovery and a new slope with regard to how jay powell had handled the ongoing news flow around his trading. let me bring you to ryanair, praising powell's response and the fed to the controversy around a number of members and their trading. profit up to hundred $25 million -- $225 million, lighter than the estimate that i had. second quarter, letter perhaps than -- like her perhaps than -- lighter than the market had anticipated. ryanair is thinking of delisting. this would have to do with brexit, which is where do you want the listing of your stock given the differential? rising stocks, jet fuel edging, appr

we'll ask treasury secretary janet yellen. then we'll ask the head of the minneapolis reserve bank neel kashkari for his perspective. plus we're starting to see the seasonal impact on covid cases, lead something states to encourage booster shots for all adults. we'll check in with former f.d.a. commissioner dr. scott gottlieb. and we'll talk with colorado governor jared polis, whose state isiest of wrestling with a new surge of infections. >> one in 48 of every coloradans are infected and contagious with covid-19. >> brennan: finally we'll ask world bank prendad malpass about fighting inflation. will wealthy countries fulfill their broken promise to help inpolice officerrished nations to cope with a hotter planet. it's all just ahead on "face the nation." >> brennan: good morning, and welcome to "face the nation." progress in our slow march back to normal seems to be a continuing series of starts and stops, and there's a lot of confusion about where we are headed. most sundays, we start the broadcast with a look at what's goin

now the challenge for president biden is selling it here at home what treasury secretary janet yellen has to say about that >>> later we're digging into tesla, call options and the ro role in the run up past $1 trillion. >>> we're back after this. of r. but it's all about the baby steps. maybe it's a jump or eating something green. or taking mom to get that vaccine. ♪ healthier means bringing stuff to the folks ♪ ♪ that really need it. ♪ ♪ like help at 2 am or care that's right at home. ♪ ♪ believe it. ♪ ♪ and caring for them all means ♪ ♪ we're doing healthier right. ♪ ♪ so, let's do it all together people, ♪ ♪ 'cause this is what healthier looks like. ♪ it's another day. ♪ so, let's do it all together people, ♪ 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. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day

janet yellen and attract record of leading us out of the pandemic. she was fed chair and the commerce supports powell's renomination. they are saying this. respected at home and abroad chairman powell help the u.s. in her economic partners successfully navigate the challenges from the pandemic. powell must be reappointed or reconfirm by february 28 when his term ends so the continuity from the federal reserve level. one interesting note, the harassment she was the senator she voted no on powell in 2018. david: thank you very much, market watchers luke lloyd and michelle. investors like lower rates but today the market is up despite the fact that they will not get rates as low as low as fed chair brainard would have them. >> the market loves that jay powell got reelected. the biggest thing the market hates is uncertainty. if he didn't get reelected, it becomes very uncertain out there. the fact of the matter is jay powell is accommodative and probably over accommodative in the market loves that. they should love in the long term. the most important th

he and janet yellen will be testifying in front of the senate banking committee. we know what they will say in their opening statements. the chairman will talk about inflationary outlook. he also talks about the downside risk. that will be important for his language especially ahead of the jobs report on friday. also coming up in terms of economic data a conference form dashboard consumer confidence. we saw a slight uptake in october that we expect to see come down in november. inflation risks, virus concerns, how much are they weighing? we will see if that trend holds. finally at 1:00 p.m. eastern time the vice chairman of the federal reserve will be speaking. does clear that echo when he said days ago or has that thesis changed with about two weeks to go? jonathan: the vice chairman unleashed in the final moments of his term. unleashed, a little bit later on. for our audience on radio tuning in, everyone talking about the interview with the modernity ceo. i will bring in the quote. there is no world where you think this is the same level he is talking about vacc

janet yellen speaking to "face the nation." and economic advisor brian deese.y are clearly worried about inflation. today, the president will sign the infrastructure agreement in law. he wanted to make sure he had the full show and dance with leaders on the right and left joining him on this signing. potentially when he does, this can be a way to build up those terrible poll numbers we saw over the weekend. tom: the vectors moving in the wrong direction pat will be compared to the former president, mr. trump, shortly. how does he turn that around, particularly by the symbolism of powell v. brainard? annmarie: one thing i will say was this poll was done after the bipartisan infrastructure agreement was voted on. the administration likely thought that would give them a boost. it has not yet. potentially today's assignment, potentially the president going to the road this week, going to agm plan and a number of other places to talk infrastructure that could help him. when it comes to powell versus governor bryan already -- powell versus government brainard, we do

janet yellen says controlling covid-19 is the key to easing inflation. speaking on face the nation, janet yellen said it is important to understand that the current because of inflation in her view is the pandemic. she also said she expects inflation to decline by the second half of 2022 with prices returning to normal and labor supply and demand handers -- patterns normalized. china's covid czar has defended the strict containment policy. according to the local news, the official called it the most efficient way to protect chinese people saying the measures have not hindered the chinese economy. the latest outbreak is in a city where tens of thousands of university students are in lockdown on their campuses. and china gets a new bourse. it is intended as a platform for small and medium-sized companies who have trouble raising capital. about summit -- 70 companies will migrate and an additional 10 will be viewed for the first time. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more th

treasury secretary janet yellen says inflation will get under control once the pandemic is under control. during an interview on face the nation yellen said the pandemic has thrown supply chains and labor markets into chaos. the former fed chair expects economy will return to normal when more people are willing to eat out, travel, and shop in stores. that's your cbs money watch report. head to cbsmoneywatch.com. i am diane king hall. >>> 4:46. if you are just waking up let's get a check of weather and traffic. >> we'll begin with mary lee. >>> good morning. we are looking at a foggy start. as we head through our day, mostly cloudy and temperatures a bit cooler today. we will continue on the cool down as we head through at least the middle part of the week. checking visibility and a dense fog advisory in effect until 11:00 for the areas in gray for sacramento, solano, san joaquin valleys. we are down to a quarter mile for santa rosa. a live look at san francisco with the fog, low to mid 50s at this hour. we are looking at the low pressure system to our north and that's bringing flooding i

and don't miss jerome powell and janet yellen's testimony.e preprepared testimony -- a lot of people said this was dovish, but i thought it was balanced the chairman talked about the omicron variant posting downside risk to employment, but he also talked about inflation with this -- we will use our tools to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched. tom: my emphasis is on the labor report that we start picking up on tomorrow and into thursday and into friday's job report. i think the jobs report, this factor is more important. three month moving average. what if the on employment drops even more than surveyed. jonathan: take a three month average and for darts, because that seems to be what is happening. we talk about it every month, that range once again wide. kailey: by hundreds of thousands wide. pretty much every jobs report we have had over the last six months or so, because it is impossible to forecast in this economy. without people would come back in the labor market wants s

today inadvertently, treasury secretary janet yellen supported it.nator mentioned on —- senator manchin has said stop spending, go on a positive way until next year for the 4 trillion-dollar bill until we see how inflation turns out and janet yellen said today that she now thinks the inflation might come down in the second half of next year. okay. they should get together and we should applaud all the spending and taxing until the second half of next year. that is what i heard today on the tv show and i think it's a great solution. do nothing. no more spending and by the way the federal reserve that janet yellen used to run has gone crazy with money printed so they are financing all of this government spending that keeps it accelerating so listen to senator manchin a blue dog democrat no more until you are well into the second half of next year what your own treasury secretary is saying about the inflation rate which may not come down but let's wait and give her a chance. steve: [laughter] i went to listen to you as well because they could be dealing

a report from "the washington post" -- "janet yellen said democrats should be able to approve a fixedthe debt ceiling without gop support if necessary." emily wilkins, your take? emily: secretary janet yellen seems willing to say what a lot of democrats are thinking but don't want to go public with, if republicans don't come along, they will have to do this via reconciliation. they will need to raise the debt ceiling. it will be much worse for them if they do not. senate minority leader mitch mcconnell from kentucky said repeatedly republicans will not join with democrats on raising the debt limit long-term and it is something democrats need to do on their own. secretary yellen seems to put two and toast go together and say, we are going -- two and two together and say, we are going to have to do reconciliation. this is a process that takes multiple weeks. they are potentially looking at december 3 deadline, although they could use extraordinary measures to extend that into 2022, but if democrats want to address it before the new year, they might need to start the process in a few wee

janet yellen crypto currency today, she seems hell-bent on derailing.hink of the crypto, their path to economic independence so hardly -- how does yellen and company continue to be the stable coins and crypto and piquant all the time? >> i don't trust folks like her and the federal reserve have totally underestimated inflation, they told us it would be much lower, targets were to present, we are now 6.2%. the is ahead against inflation, returns we are seeing not just crypto but gold and commodities are good hedges against the inflation we are seeing. i do want to say in response to your previous just paying down debt, there's historical evidence we have in the united states, we were responsible after world war ii, we have enormous debt. right now under the biden administration, we are at nearly 126% but in 1960, prior to lbj and the great society, were at 52% in 1980, 35%. 56% in 2000 so it's not that we can't be responsible, we can and we must. charles: by the way, one of the roaring 1920s, government lower taxes, cut spending and took their savings an

powell and janet yellen it's made more by the emergence of the new strain of the coronavirus.or pat toomey we will head to that break an important note, don't miss the next edition of cnbc.com pro talks tomorrow at 10:00 a.m. eastern time, sarah eisen will speak with chkaty katy wood you don't want to miss it. "squawk" returns after this. >> feel stuck with student loan debt? move to sofi and feel what it's like to get your money right. (phone chimes) ♪ ♪ ♪ i jump up on the stage ♪ ♪ and do my money dance ♪ ♪ i throw some money up ♪ ♪ and watch the money land ♪ ♪ i do my, i do my i do my money dance ♪ move your student loan debt to sofi - you could save with low rates and no fees. earn a $500 bonus when you refi... and get your money right. ♪ i do my money dance ♪ where's mom? she said she would be home in time for the show. don't worry sweetie, she promised she'd be here for it. oh! nice shot! thanks! glad we have xfinity. with wifi speeds faster than a gig. me too. [claps] woah! look! [chuckles] mom is on tv! she's amazing! [screams and laughter] yeah! xfinity brought us tog

good morning >> good morning, frank treasury secretary janet yellen says december 15 is the date to watch. saying the treasury would be left with insufficient resources to keep financing beyond that date the new date is 12 days later than the december 3 deadline that letter based on the fact that congress had just passed the $480 billion >>> disney shut down hong kong park after a positive covid test any person who visited between november 14 to 16 will have to be tested. they have been plagued with mul multiple closures since the start of the pandemic. >>> musk sells another $900 million in stock assuming he will sell the full 10% of his shares as he promised to do. he's now about half way there. looks like the market is starting to take that in stride, frank. >> those are billionaire problems >> thank you again >> investors are making the the biggest gains. 29% over global equities expecting a global economic boom saying inflation is transitory still tops the list of tale winds including rate hikes by central bank and china we'll have much more ahead when we come back twitter rolling ou

we are waiting for -- awaiting janet yellen.e want to bring in the bloomberg correspondent michael mckee. what stood out and what are you looking for? michael: not a lot stands out because the treasury and fed chair are trying to be as circumspect as possible, because as you repeated over and over in the immortal words of william goldman, no one knows anything about the new variant yet. how hard does jay powell push back the idea that the fed will taper faster, or does he pushback at all? you look at his statement and you see this, poses risks, increased uncertainty, could reduce, would slow. a lot of conditionals as the fed chair tries to keep his options open. here is why. the fed does not have to make a move every day. their next meeting is december 15. you can probably expect jay powell to talk about the u.s. economy has performed better during each successive wave of the coronavirus. if that is going to be the case the fed is not going to be as concerned with what happens. you can see -- i understand the treasury secretary

but lael brainard was in the treasury, and as you know, janet yellen was the head of the federal reserve. there could be a shuffling of chairs here, and jay powell was underneath, worked closely with janet yell when he was at the fed. -- yell when she was at the fed. as of right now treasury saying, no, that's not the case. liz: thank you very much. here is the breaking news. it just hit the new york federal reserve web site. they just put out their operation schedule showing reduced asset purchases from the fed's decision to taper its $120 billion in monthly bond purchases. as we're watching the 10-year yield, earlier this morning it was at about 1.57, now it's at 1.584 right before the show it was just 1.58. so we're starting to see that move there. let's flip it over to the market action. dow jones industrials up 145 points. the high of the session was a gain of 190. s&p up 28, the nasdaq jumping 13 if 0 points. russell -- 1340 points. russ -- 130 points. russell punching into the red. j&j is pulling a ge. by the way, so is toshiba. all three announcing this week they will be breaking

do want to point to this janet yellen quote from the weekend, basically saying jay powell has done aretty good job, but what is important is that president biden chooses someone experienced and credible and that there are a range of candidates, not necessarily weighing on one or the other, despite some of the previous discussions. they are today, not only did we get president biden siding be bipartisan for structure bill at 3:00 p.m., president biden and xi jinping of china are planning to meet virtually. how much do they discuss some of the supply chain disruptions, as well as the climate agreement they just came to that a lot of people described as progress, but water down? jonathan: and people getting into the country to find out how to this -- how this pandemic started. lisa: how much does that become an economic concern globally, when that does have ramifications that a lot of people are saying that ship has sailed, and we have already proven that we can't get there? jonathan: data out of china overnight better, showing some stabilization. just quickly, bill dudley later in the

janet yellen spoke about unlocking the potential. we've got to get all parts of the economy back working. that's what rebuilding looks like. those are the ripple effects we need. we need the six jobs. we need the sole proprietors to work. and we need the smaller businesses that are bigger employers to also work. but i think the key thing is that this is what unlocking future potential looks like in a very sophisticated economy like the u.s. a lot works. but when we leave behind communities and neighborhoods and tribal areas or rural areas, we're leaving, you know, opportunity on the side lines. and here is where our small businesses need investment. and this is again why the lender matters. and why it is important that we restore the lenders who have been out there fighting for these communities, until frankly this pandemic we didn't have a lot of people who knew what the acronym cdfi meant, community development financial institution. and now we see intentionality from the federal government, both suds of the aisle in supporting cdf

su: let's start with janet yellen. she says controlling covid-19 here in the u.s.the key to easing inflation. she spoke on the cbs morning news face the nation. she says it is important to understand that the current because of inflation is the pandemic. she also repeated sheehan flex -- expects inflation to decline in the second half of 2022, with prices returning to normal went labor supply and demand patterns normalized. china's covid czar defended the country's strict containment policy, confirming their adherence to a covid zero strategy. the official called it the most efficient way to protect china's people, adding the measures have not hindered the economy. china's latest outbreak is in a a city whose tens of thousands of university residents are under lockdown on the campuses. staying with china, the country getting a new -- it's intended as a platform for small and medium-sized companies that have faced difficulty raising capital because they perhaps are not large enough to list elsewhere. about 70 companies will migrate from an existing chinese board, an

-- janet yellen did that during her time at the fed, and then the fed reversed course and lowered them back, all the four covid, with no substantial damage to the economy -- all before covid with no substantial damage to the economy. not getting behind the curve. another way to say it is, when you are steering a very big ship that turns only sluggishly, when you see an obstacle, you have to start turning long before you get to that obstacle. that is what monetary policy is, it's a very long killer, because of the lags on the economy. you have to start making adjustments promptly. i think the fed needs to recognize that. i am guardedly optimistic looking at the trends in their rhetoric that they may get on the program and be responsive. the data point do keep coming in in ways that are concerning. i think now, with all of this overhang of political certainty passed us, -- past us, if congress moves quickly, i hope they will, to confirm the powell-brainard team, i think it will put us in a position to carry on as best as possible monetary policies. david: to what extent with the fed be a

this week, we heard from janet yellen as well saying she expects china to abide by some of its early commitments under the phase one trade agreement. potential signs of a thought maybe. -- of a thaw maybe. shery: let's get more on this from our reporters. kathleen, we were talking about the be away holding pat. they pushed back against market expectations of a hike next year. >> it seems like a reversal of those who have been listening to the boe governor. they kept the key rate at 0.1%. on purchases unchanged. this while inflation has been surging in the u.k.. this has spurred a number of hawkish comments as recently as september when he stressed that monetary policy have to act. how do you act, you raise rates. there was a lot of buildup going into this. now, andrew bailey voted for keeping the key rate steady. he said look why didn't you pushback on those rate hikes, why keep the rates steady when you didn't do that? people are referring to him as the unreliable boyfriend. that is a reference to what said about mark carney, what he said about raising rates than the pullback. he pu

on sunday, treasury secretary janet yellen worn american muscle in as price are expected to keep creeping upward. we'll talk shop about when the economy might normalize, and later britain and the you remain in a tug of war over the trade following the contented breakfast deal, we'll discuss. we got a lot to get to the top right and we leave the program with a virtual summit between us president joe biden. and chinese president, seizing ping, being held monday evening. this is a highly anticipated call between the 2 world leaders, and there is much to talk about despite lingering concerns about supply chain disruption and tariff. taiwan will take precedence when the 2 leaders this talk. now we've watched the island region become a tipping point for us china relations, especially after us, special forces are found training the taiwanese 1000000 mil military. that is to say this while china has dispatched more than a 100 aircraft over surrounding waters in the south china sea activating tie was missile defense systems. joining us now to break down what is expected, are boom by the co host, s

annmarie: janet yellen gave her projections to the congressional leadership.will get very close potentially to that cliff with the debt ceiling. that is december 15. a few more weeks out from december 3. experts say it could be anywhere between the middle of december two us far out as the middle of february. this is just another litany of issues added to the list that the democrats need to finish with less than two weeks, technically, of working days. it seems like they will have to work overtime in washington and it will come up to the end of the year with a long list of things that have to get done. with this debt ceiling, one month ago we were in the same position and we had the republicans pave a way, mitch mcconnell allowed 11 republicans to help the democrats get this over the finish line. it is unlikely he will do that again. lisa: is there more cohesion among the democrats now that they passed the bipartisan bill? annmarie: i would say there is not because they are arguing over a number of issues. build back better will be one and you have the national

the third pillar is what we heard from janet yellen.ate she policy person that we now need to see climate change able bit like the bank of england is doing, we need to see climate change as a threat to financial stability, and that will change the way banks will look at it. coming up later, we will speak to rishi sunak, so don't miss that conversation after 3:00 p.m. london time. we have great guests. we have interviews with the mayor of los angeles, the chief coo of lufthansa commanding chief executive of msci -- andy chief executive about msci. it will be interesting to see how they -- and the chief executive of msci. it will be interesting to see how they view climate finance. manus: get those breaking news headlines, will you? put a bit of pressure on them. francine: trying. manus: we all try every day. francine, have a great day. francine lacqua at the cop 26 gathering. the u.s. commerce secretary says a truce between washington and the yuan metal tariffs -- and the eu on metal tariffs will help relations between the states. we wer

dani: that was janet yellen and minneapolis fed president neel kashkari.ng it closer to home and talk europe. joining us now is ben ritchie, from aberdeen asset management. it has been a strong 18 months for european equities but you would be more circumspect from here. ben: thank you for having me. great to be in the studio for the first time in a couple of years. there are a number of things i think golding up. none that are major concerns. but providing a little drag on corporate performance. look at the weakness of china. coming from high levels of annual growth and starting to wing. and you have cost and supply chain that we have heard from many guests are putting pressure on margins. on of those things on their own are major issues. tom: you did not mention covid. we have seen some record levels across the continent. i know you have been traveling. i was in brussels on friday. there is increasing concern, for the austrians for example. is that a headwind? ben: earlier this year, even within the lockdowns, you could see high levels of economic growth

and in a letter to house speaker nancy pelosi, janet yellen warns there are scenarios in which treasuryinsufficient resources to finance operations of the us government, to ensure the full faith and credit of the united states, it is critical that congress raise or suspend the debt limit as soon as possible. failure to do so could push the government to default on its debt for the first time pushing the economy into recession and almost guaranteed partisan fight just days before christmas could cancel wall street's traditional santa claus end of the year rally. carley: afghanistan and hunter biden's overseas business ties at the top of the gop agenda. of the red wave continues through the midterm. we are talking about that with sean duffy coming up. todd: will cain live in florida having breakfast with friends with patriot awards. don't know if it is an ice cold beer but something in his hands, coming up next. ♪♪ are not getting you a helicopter. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ some people have joint pain, plus have high blood pressure. they may not b

one source can't find everything you want and janet yellen and treasury secretary says it's going togone by early next year, why is she saying that? >> because she has to, the administration needs her to because of she admits what's going on, they have to change course and stop spending and stop killing energy markets and stop with the labor policies. she cannot tell the truth because the truth demands the opposite of what they are doing which is why the president will not reverse course which is why it's a problem that will be with us a long time. financial markets, if you look at anybody taking an honest look where markets will go next year, everyone says inflation is here to stay transitory was the biggest economic lie we've heard this year. kennedy: jerome powell janet yellen engaging in a lie, doing it to cover up for the president and they should resign for a number of reasons. >> they are doing it to monetize the debt we can't pay. that should scare everyone, that's the inflation. kennedy: nothing easy about quantitative easing. brian, only right here. very good. meanwhile, vi

alix: mario jay powell and janet yellen testifying before the senate -- tomorrow jay powell and janetifying before the senate banking committee. we have germany coming in at 6% higher than estimated. central bankers in europe are talking about the transitory effectiveness. coming up on "balance of power," jason furman will be joining david westin, and the pfizer ceo as well. do not miss that as well. guy: will go over to bloomberg radio and carry on the conversation around omicron and its impact. this is bloomberg. ♪ >> from the world of politics to the world of business, this is "balance of power" with david westin. david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." news of the human variant sent market -- of the omicron variant sent markets starting on friday. as we wait president biden to address the issue, we turn to our washington correspondent, joe mathieu. you can see the podium. we are waiting for the president. i may have to interrupt you. what we expect to hear from president biden? joe: we have to s

powell will appear alongside janet yellen, as for the canceled presidential remarks, scheduled for tomorrow. carley: >> thanks very much. >> chris cuomo is accused of using his position about detailed accusers among sexual misconduct allegations. todd: jackie ibanez joins us with details on the newly released documents. >> reporter: the new york attorney general's office releasing new details on the efforts chris cuomo 4 andrew cuomo resigned from office. and pursuing intel. the wedding girl he refers to, attempted to kiss her in 2019. and getting out of damaging media reports, including a piece, this includes reports by ronan farrow. and everett has nothing better than boiling that's a great sign. and accuses him of forcibly kissing her in his office. and he spoke about the piece, implying business as usual. and cnn deemed those calls and appropriate. >> i'm not an advisor. i a brother. i wasn't in control of anything. i was there to listen and offer my take. my advice to my brother was simple and consistent. bone what you did. >> cnn releasing a statement, quote, we will be having convers

move. >>> there are other big stories happening as well that involve higher prices including janet yellen'sikes gripping america. >> yellen says fed chair jay powell will have an important role fighting inflation as in the second term as fed chief the biden administration is doing everything it can given the severity of rising prices for a wide range of goods. >> i think we do have to be concerned about inflation. it's reached a level that concerns most americans who are seeing it in their pocketbook when they go to the store to buy food or to fill up their cars at the pump i think it's partly a reflection of the fact the pandemic has had a severe influence in our economy. >> amid ongoing price spikes and supply chain crunches, the heads of this country's busiest ports say they're seeing progress in getting goods off ship, the port directors of long beach and los angeles say they've seen a drop in 33% of aging cargo on their docs, and they'll delay fines. and samsung has apparently picked a home for its $17 billion chip making factory here in the u.s. the company has chosen taylor, texas fo

. >> treasury secretary janet yellen and federal reserve chairman jerome powell testified this morningthe economy and the impact of coronavirus aid programs. live coverage begins at 10:00 a.m. on c-span, online at www.c-span.org or watch full coverage on c-span now, our new video app.

president trump used to tweet about janet yellen. so there's that element of politics involved. central banks, it does not erode their credibility. they are trying to do it right. but we can't ignore that it is chosen by a politician. jonathan: what is more likely, aston villa avoids regulation or the bank of england hikes rates next month? jordan: they are both likely. that is really unfair. [laughter] jonathan: you think we get a hike next month, jonathan? jordan: we definitely get a hike, i think. that is not really a big call. the question is do we see more rate hikes for the rest of the year? that is getting tough. that is why we are short sterling because there's 115 basis points of rate hikes. pretty much every quarter you get a 25 basis point rate hike in that fx curve. that's kind of ok, but anything more, i doubt it. that is why the risk-reward is that banking might do less going forward. jonathan: thank you. big weekend for villa. jordan talked about the white house going after chair powell. use talk about it -- i used to talk about it often. but the former president

that is what treasury secretary janet yellen is missing here. she is causing the inflation, david. it is not being caused by supply shortages or greedy businessmen. that is the result. that is not the cause. the cause is the artificial expansion of the money supply that is exactly what biden and treasury secretary janet yellen are doing. that is -- david: i would argue against you a little bit. usually we're right in sync but i would say the fathers and mothers of inflation are many right now and one of the biggest causing of it are the deficit spenders inside of the beltway, not necessarily yellen in particular but also the fed. the fed has been monetizing the debt that has been spent by both republicans and democrats and of course they're thinking of spending trillions more with these new bills but how is more deficit spending as we can see this is what is happening. look at that last line there. that is the amount of federal reserve actions that have been monetizing the deficit, causing inflation. how is more deficit spending going to help that? >> well, david it sounds kind of

to me, it shows a lack of confidence in powell by joe biden, maybe even a lack of confidence in janet yelleno apparently advised joe biden weeks and weeks ago to renominate powell. it is perplexing to see this. maybe biden is the listening too much to the left, to people like elizabeth warren. if i am jerome powell, i have to be a little concerned after being left to twist in the wind the last two or three weeks. matt: can i play the progressive devils advocate? you are saying it is delusional that this will not cost money over the next decade, but i am sure that the white house would argue, when you make childcare easier to deal with, when you make nutrition more readily available, when you make schools more assessable -- accessible, you're greasing the machinery of economy and allowing us to be more productive. isn't that the progressive version of the lacquer curve? maybe it will work. greg: yes, i think maybe all the individual proposals you mentioned will be positive. i do not think president biden has sold as well. he has allowed the debate to go to the republicans, who has said this w

another member of the mob was janet yellen. she's now our treasury secretary.len wrote this statement at the time. it would be appropriate for the university of chicago, which is the publisher of the journal of political economy, to review his performance and suitability to continue as editor. because he opposed getting rid of the police. to this day, notably, janet yellen has never retracted that statement or apologized for joining the mob to hurt an innocent man for telling the truth. that's fine with her. it's fine with her now. the other activists who targeted him, have they admitted they were wrong? >> no. "anyone still wants to defund the police, stay away from hyde park." no one has apologized or learned anything. the politicians ruining the state of illinois and the city of chicago demand above all that you worship them like gods. as people die around them. as that happens all of this killing is happening very close to where our former president barack obama is billing a massive large shrine to himself, known as a presidential library. total cost to thi

janet yellen told congress earlier december 17th was the deadline.rles: thank you very much chad democratic senator joe manchin not a fan of the spending bill appear that will force democrats to scale back an independent patrice, so far, senator manchin has held pretty tough and every time it feels like he may bend he comes out of a statement left field may be right field that he's not going to change his mind with social spending, your thoughts? >> absolutely, charles, i think he's been very adamant not just on the size and the scope of the bill but the key provisions that a lot of moderates and a lot of far left progressive's really are nonnegotiable, particularly paid leave as an example. we sell the 12 weeks scaled down to four weeks passed by the house but a no-go on paid leave and he believes something like that, entitlement should not be reconciliation of the partisan process but through negotiation of regular kind of form of congress. i expect him to continue to stand strong, stand firm with green deal initiative and he's been successful to k

. >> treasury secretary janet yellen and federal reserve chairman jerome powell testified this morningthe economy and the impact of coronavirus aid programs. live coverage begins at 10:00 a.m. on c-span, online at www.c-span.org or watch full coverage on c-span now, our new video app. coming up this morning, the former fbi see vice chair -- fbi see vice chair on president biden's economic policies. then we will talk about rural voters and their impact on elections. "washington journal ♪ host: for many americans the thanksgiving holiday was a return to normal. as part of that, news over the weekend of another new covid-19 variant sent markets falling and governments around the world imposing new measures to stop the spread. how the u.s. will respond was answered in part yesterday. president biden announced new government efforts with much more of a wait and see attitude. welcome to washington journal. we will open the program asking you about your confidence in the administration's handling of the omicron variant. here is how to be part of the conversation. democrats, 202-748-8000. repu

janet yellen saying it is a far, far better thing i do than chairman powell.t is the distinction between treasury taper and fit taper. do we care? michael: we do not care as much as the people in the trading desk but the fed will stop buying as many bonds and notes at the same time the treasury is selling you are bonds and notes. if the fed steps back on the private market has to absorb more. in this case the more they have to absorb is less than it otherwise would be. tom: price down, yield up? jonathan: -- michael: that could be, except of the fed is no longer buying as much it could cancel each other out. tom: jon ferro, lisa abramowicz, and i ought gunpoint had to retail of two cities. michael gapen read it because he wanted to. chief u.s. economist at barclays. how's the treasury taper different from a fed taper? michael: the fed's unique holder of securities. they are different actors. onnet these two things generally cancel each other out but the fed's backing up the market as a unique buyer. that is the main message. i would not take the net comparison

david: jerome powell testified along janet yellen in front of the senate banking committee.re he had back at the biden administration that inflation is transitory. hillary vaughn has a story. david: the line that inflation today is temporary and is transitory is getting trashed today. inflation right now is supposed to check off all the boxes that the fed needs to see in order to hike interest rates in response. powell calls it temporary is it really the best way to describe the crazy high prices americans are seeing every day and could still see until summer. >> is a good time to retire that and explain more clearly. we indicated that inflation pressures will linger into next year. you do stand by that? >> that's our expectation but what is happened the date has been pushed out repeatedly as supply-side problems have not really improved. >> chairman powell painted a picture of the recovery with the omicron covid variant spreading, he thanked people won't want to show up to work because of it. >> the emergent of the variant post downside risk to the employment and economic a

the federal reserve chair, jerome powell, nominated for a second term, and treasury secretary janet yellenng to hear from jerome powell today in some pre-released remarks. the fed chair believes the new covid variant and a rise in cases pose a threat to the u.s. economy and worries might cause people to prefer to work from home rather than work in person. so that could slow progress in the labor market, and in turn it could intensify supply chain challenges. but interestingly he did note economists and forecasters at the federal reserve continue to predict inflation will move down significantly over the next year. in addition to these repaired remarks, investors are going to be watching the q and a from jerome powell and janet yellen, who's due to speak beside him as you mentioned. >>> and news here, jack dorsey is stepping down from the social giant. what more can you say about his departure? you do not need to comment on his beard. >> i'll leave that to you and viewers to comment on. jack dorsey said he thinks the company is ready to move on from its founder, so effective immediately, th