and the treasury secretary, janet yellen, described it yesterday, that it is, quote, "a profound economic and moral victory for our country." end of quote. since i took office, we've had record job creation, 5.6 million new jobs since january 20 of this year. the unemployment rate has fallen to 4.6%. we're seeing more new small businesses, higher wages, and more disposable income. fewer children in poverty. fewer people getting unemployment checks. none of this was inevitable. it was because of the american rescue plan, which virtually every democrat in congress voted for and every republican voted against. it was because of the hard work my administration has done to try to solve the challenges in our economy, instead of just pointing fingers and complaining. now -- now it's time to build on our success and cut costs further for families. that's what my build back better plan does. it will lower out of pocket costs for childcare, eldercare, housing, college, healthcare, and prescription drugs. these are the biggest costs that most families face. in fact, a new independent analysis releas

i mean, you saw janet yellen saying it's just transitory and that she's going to retire that word.iously, you know, that's something that we have to take very seriously. liz: we hear you congressman, mitch, where do you come down on this because we see another wake-up call for democrats, new york times reporting new internal memo from democrat pollster that is being widely circulated among democrats, hey, you are out of touch, you're focusing too much on social issues rather than the economy which they -- the polls that people are saying, they believe it is in bad shape, we could see consistently cnn, msnbc and other networks focusing on racism, claiming that americans are, you know, about -- racists and it's all about white supremacy when we have real serious underlying problems and polls show americans aren't that way. what do you say to that? mitch: liz, all you have to do full up your gas tank, 5.25 for super unloaded regular old gas station. all you have to do try to heat your home this year and see prices for natural gas or put food on the table and realize that the supermark

my next guest grilled janet yellen and jay powell today.sman lance gooden is up right after the break. ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. living with metastatic breast cancer means being relentless. whose resumes on indeed match your job criteria. because every day matters. and having more of them is possible with verzenio. the only one of its kind proven to help you live significantly longer when taken with fulvestrant, regardless of menopause. verzenio + fulvestrant is for hr+, her2-metastatic breast cancer that has progressed after hormone therapy. diarrhea is common, may be severe, or cause dehydration or infection. at the first sign, call your doctor start an anti-diarrheal and drink fluids. before taking verzenio, tell your doctor about any fever, chills, or other signs of infection. verzenio may cause low

day two of jay powell and janet yellen's testimony on capitol hill. dudley says accelerate the taper. we will speak to the former new york fed president after he warns it will be too late if the fed doesn't speed up its tapering december. and omicron concerns. the variant pops everywhere as countries tighten travel rules and germany talks about potentially a mandatory vaccine. from new york, i'm alix steel, with my cohost in london, guy johnson. welcome to "bloomberg markets." you were just at an aviation conference. what was your biggest take away? guy: short-term, there is an impact. that impact is manifesting itself in europe. i talked to a bunch of u.s. ceos. at the moment, they don't see any affect. thanksgiving was really strong. they expect christmas to be strong. so it feels from an aviation point of view at the moment to be a very european problem. alix: i just wonder if we are six weeks behind you guys. is it going to be our problem right after the holidays? guy: we will wait. we will watch. we will see. but the consensus at the moment is th

. >> you mention the treasury secretary former fedy chair janet yellen is in favor ofd eliminating the debt limit. she reiterated that at a house hearing earlier this fall. here she is talking about democratic congressman of illinois. >> someone has voted to approve the spending. some on this call has in some fashion decided what will be paid for tax revenues and somewhat uniquely we give ourselves the authority to decide how much off the residual which is paid with debt and we are going to pay for. it is political suicide. i am and cosponsor and supporte. two and the default act and take that away from congress because congress has proven that we cannot be trusted with that responsibility. secretary yellen what happened specifically with mr. foster's bill that you support simply eliminating the debt ceiling so that we do not have to deal this in the future and focus on real crisis. >> yes i would because i believe when congress legislates expenditures and put simply tax policy and determines taxes and the crucial decisions that congress is making. finance the spending and tax decision

>> there is a great deal of trust in janet yellen.k at the way that they followed the debt limit. i would ask you all to embrace the irony and how this all worked out. what just happened is mitch mcconnell says -- he has 10 votes to clear this threshold that will allow democrats to pass the debt ceiling with a simple majority. only in washington. jonathan: the redline. they never crossed it by doing this. looking forward to that and looking to the airlines, up in the market by 1.77%. the likes of american airlines rallying as well. a three dose rating can neutralize the omicron variant. tom: not back to pre-omicron 2020. jonathan: lisa, rallied off this news and rolled over, all over again. lisa: it comes down to the threshold. the u.k. put restrictions in place, even if there is some sort of positive news on the booster shot. there is a different threshold. i think you are seeing that play out in the markets. tom: is that the plane where you fly standing up? jonathan: i think you are thinking about what people thought about ryanair.

lisa: i think about yesterday's testimony from jay powell and treasury secretary janet yellen, a heatedtroversy between the senators and treasury secretary yellen about whether this bill pays for itself. can you talk a little bit about what the messaging is here and what the truth is? ritika: the method -- jack: the messaging from democrats is that it pays for itself. that relies on some assumptions that are not concrete, and definitely some gimmickry. there are major provisions that would expire that they plan to re-up in the future. whether they would pay for those extensions, that usually doesn't happen, so that artificially reduces the cost. aside from whether it is paid for in this 10 year window they discussed is the fact that the spending is frontloaded to an extent that, according to the cbo, it would add somewhere around $800 billion in the first five years, and then the taxes would sort of start to reverse that if they don't extend these measures. so the truth is yes, there could be an inflationary impact because of how it is structured, and future legislation to build on this

janet yellen and your commentator there. but thanks for taking my call but alabama is the poorest state in the union and i'm they don't want to do anything for black people in alabama. >> host: any thoughts? >> again you're bringing up a specific issue that is aside from the question of the debt ceiling . and the debt ceiling, all of these are that's another issue. reparation, what should we have and should we not. all of these are issues that need to be dealt with and get subsumed under this craziness of throwing the ball back and forth. it's really even like a hot potato, i'm going to make it look like you're raising the debt. let's remember the way in which the debt was most raised recently before it was the tax cuts. and in the last white house. we were supposed to pay for themselves and they didn't significantly raise debt and the deficit and the debt and the idea was we will do it so much he would have to start talking about cutting social security and medicare but then covid-19 happened, we should have expected that s

this triggered quite a few economists, a triggered the treasury secretary, herself janet yellen, who said inflation was under control. so what do you feel about this word? hyperinflation now becoming mainstream? do you think hyperinflation is going to happen soon? it usually happens suddenly, right? so is 2022, possibly a year that that could happen. it's like you're walking up a staircase slowly, slowly, slowly, and then you get pushed down the elevator shaft. the result is catastrophic and it happens within minutes. so it's a similar type of situation. and as far as jack dorsey, i've, i've been suspended from twitter, but it's probably the only thing that i would ever agree with jack dorothy on, is that we have hyper and inflation. and you know, if we have a chart of the nasdaq, if you pull it up, you can see the hyper and plate inflation in the way that assets selected. asset prices have absolutely exploded, which is made the currencies worth last year buying less than the currencies and everybody out there knows that there's hyper inflation across from spectrum. i mean, you know,

i want you to listen to what treasury secretary janet yellen said this week after senator john kennedy>> i disagree with your assessment of build back better. it is fully paid for or even more than fully paid for. and cbo just completed a comprehensive review of it in which they found essentially the same thing. and i believe it was important that it be fully paid for. >> tyler, given that the treasury secretary and the congressional budget office are both saying the same thing, that it is paid for, why still the pushback, specifically from manchin and sinema? >> yeah, i think we have seen from the start of these negotiations that senators manchin and sinema have had concerns about just overall spending from the government this year. remember, it's not just the build back better bill that they're trying to push forward but they've already passed the 1.9 trillion dollar stimulus bill in march. so the next tranche of spending is something manchin and sinema have been concerned about. as we've seen inflation rising, as we heard in that interview that sinema did with cnn, she outlined that

laura: one of the more bizarre but predictable, shouldn't call it bizarre, they trotted out janet yellenhe democracy summit to trash our tax laws as somehow anti-democratic. watch. >> especially when it comes to help people. taxes or how they don't. last year more than $600 billion was withheld from public coffers because of our broken tax system. the country is deprived of funding for things that benefit everyone. laura: they get to decide what benefits other people, by taking other people's money but the money always stays in washington to grow, does it not? >> exactly right and here's the message, you just heard it out of the mouth janet yellen that the american tax system is fundamentally evil and fundamentally backwards and needs to be fundamentally changed, the same message of were you look from this administration, america is fundamentally flawed. they are totally wrong about that and as it turns out the american people don't like being told they are a bunch of backwards idiots, parents don't like being told they are domestic terrorists and the american people aren't going to have

>> that is exactly right, you just heard the message out of the mouth of janet yellen that the american system now is fundamentally evil and fundamentally backwards needs to be fundamentally changed. it's the same message everywhere you look, america is fundamentally flawed. you know what, they are totally wrong about that and as it turns out the american people don't like being told they are a bunch of backwards idiots. parents don't like being told they are domestic terrorists in the american people just aren't going to have it. they know who the real idiots are here. it's the people in charge of this administration. it's time to stop apologizing for america and start standing up for america and making it strong again and that should be the test in front of us. >> laura: totally jealous of the e.u. because it is really hard to make political change in the e.u., the weight is organized with all the multiparty systems. you can tell the democrats here are like, we are glad we are getting the higher gas prices but we love your system, your crackdown on free speech. i need to remind everyo

janet yellen discuss what we learned with neil dutta.il is paring gains and opec kicks off the first day of two days of debate, a planned output increase. we will discuss what we learned that they are and what to expect ahead. the who's chief scientist says the vaccines will likely protect against severe cases of the new omicron variant. we will discuss the commentary that is bringing some calm back to markets. a quick check of what is going on in terms of the numbers. we are in rally mode with the s&p 500 up 1.1%. still not making back what we lost yesterday friday -- yesterday and friday. it looks like the market is better prepared for jerome powell's hawkish tidbit. market shares at 144.94. the u.s. dollar index is unchanged at a relatively high level of 1182. only $.57 to 6675 a barrel -- 66.75 a barrel. something that caught my eye is the turkish lira, the central bank intervening in foreign exchange markets. the lira initially strengthened on the news but has given back some of those gains. you can currently purchase 13.7 5 -- 13.2

and here's janet yellen extending the stimulus saying it was necessary and helped a robust economy.ten. >> inflation is a matter of demand and supply. it certainly is true that the american rescue plan put money in people's pockets and help them meet expensive that they have and contributed to strong demand in the u.s. economy. speech was the acknowledgment that the extra money that went into the american families went out the door because of inflation caused that spending? speak up she wants to take a victory lap. every time they speak, we were in an emergency situation a year ago. the government shut down the economy and it turns out it was a great move. we had the shortest recession on record and we had the v-shaped recovery. but now you go back earlier this year and we were not in that same emergency. the economy was open and people were flustered we just had another 900 bucks in december. we did not need that money. that took us over the top. you did not see the word inflation anywhere. look at the google searches. no one googled inflation until that money went out and all of a

well, janet yellen is not known for being a crime expert. is a well connected, well known liberal, but the university bowed to janet yellen and put the professor under investigation. this is janet yellen who is conconfirmed to be secretary of treasury under joe biden. in october joe biden was asked for police officers should be fired if they weren't vaccinated. he didn't hesitate. he immediately said yes, fire them. these are officers who have been putting their lives on the front line every day since day one of the pandemic. joe biden's mantra for the police, vaccinate or terminate. this is happening all across america. for example, more than 150 massachusetts state police have resigned over the vaccine mandate. joe biden would rather see unvaccinated police sit at home than let them continue doing the job they've done all through the pandemic. the last thing we need to do right now is reduce the number of police officers on our streets. last week democrats in this body gave another promotion to an antipolice liberal. every democrat, every

. >> and the op-ed piece cool written by janet yellen and samantha power, they wrote, the united states must be a model for the wider world. the idea of democracy is inseparable from the idea of america, and we cannot sport free government abroad if our institutions with her at home. leading off our discussion tonight is samantha power, the administrator of the u.s. agency for international development. she was president obama's ambassador to united nations. ambassador power, thank you very much for joining us. we really appreciated. >> great to be back. >> what is your ambition and the presidents ambition for this summit on democracy? >> i think it has snuck up on some at home and abroad that we are in the 15th street year of freedom in decline around the world. president biden with this summit is going to issue a wake up call to anybody who still slumbering on that fact. we are also bring democracies together. some full-fledged democracies were checks and balances are working relatively well. some facing their challenges. we're coming together with humility, knowing we all have someth

janet yellen has said that december 15 is the date where congress needs to send something by that date to the president to either suspend the debt limit or to raise it to a certain level. how we get there is an open question. republicans said they will not be part of raising the debt limit or suspending it again. they want democrats to use the budget reconciliation process which averts a filibuster for that. that says all kinds of procedural things that could add a lot of days and minutes to the clock if you will. it is unclear when they will start the process. we will see. we are also in the middle of another big debate over the build back better plan. i see this is in the senate now, and the senate is debating the parliamentarian, looking at the facets of it to see if it adheres to the rules of the conciliation process. those are the three big ticket items that the congress wants to dispense with before the end of the year. i dislike so much attention to the clicking -- ticking clock or the pinched calendar or things like that. it does feel like we have a few weeks until the end of t

biden administration, coauthored an op-ed piece in "the washington post" with treasury secretary janet yellenthis week, representatives of more than 100 nations will gather virtually for president biden's summit for democracy. the gathering is a recognition that the world's democracies need a new strategy. for the past 15 years, the number of people living under authoritarian regimes has been rising, while leaders of many democratic countries have been chipping away at fundamental rights and checks and balances. in addition to the worldwide battle between democracy and autocracy now under way, the summit will consider the necessity of worldwide distribution of covid-19 vaccines. 57% of the world's population has received at least one dose of coronavirus vaccine. only 11% of the people in africa have received at least one dose of vaccine. as of today, the united states has donated more than 300 million vaccine doses to over 110 countries. the united states leads the world in vaccine donations, to the point that the united states has donated more vaccine than all the other donor countries of th

treasury secretary janet yellen calls the country's economic recovery remarkable. >> we're averaging half a million new jobs per month since january gdp now. exceeds its pre pandemic levels. but fed chair jerome powell says the pandemic could still reverse that progress after the detection of a new covid-19 variant greater concerns about the virus could reduce people's willingness to work in person. >> which would slow progress in the labor market and intensify supply-chain disruptions. powell says that could fuel more price increases supply chain problems have made it difficult for producers to meet strong demand, particularly for goods. increases in energy prices and rents are also pushing inflation upward, but powell says most experts still believe inflation will decrease significantly over the next year. >> and in an effort to help the fed may stop its aid to the bond market sooner than expected. officials are also concerned about the harm that will come if congress fails to increase the nation's debt limit in the next 2 weeks. we will eviscerate our current recovery. >> in a mat

government to pay its bills for everything from social security to military salaries treasury secretary janet yellen said in action from congress would have prompted the first default in american history. >> and again, don't expect republicans to join democrats next week to raise the debt ceiling. but with this crisis, seemingly averted, a democrat said they want to now pivot to trying to pass president biden's build back better plan in the senate by christmas for now in washington, raquel martin, back to you in a thank you for that update. recount. >> coming up next on the kron 4 morning news the rise and fall of one of hollywood's biggest stars. >> actor jussie smollett found guilty for staging a hate crime will have that story once we get back. actor jussie smollett has been found guilty on 5 of 6 felony counts in connection with staging a racist anti-gay attack in chicago. >> the jury deliberated about 8 hours over 2 days now 2 brothers testified that smollett recruit them to fake the attack near his home in downtown chicago. back in january of 2019 kaylee be sohn has that story for us. jussie s

and in terms of this, in a situation that the treasury secretary janet yellen describes on the ground like our observations just here in north carolina, is that everybody, it is like the roaring twenties people are out there, spending every single hour of the day is rush hour people are out there, spending consuming and it's it, it's wild because also like there are no workers. so it's total entropy decay chaos like every or you go any, any supermarket, any restaurant, any, the post office like there are no workers there. and there is lines out the door for every single thing you do. the dry cleaning in our area used to be 24 hour turnaround for years. now it's $67.00 days. so because they don't have any workers . so there is a kind of chaos and entropy and just disintegration happening very rapidly. well, this is the faustine bargain that really began with reagan. you know, the famous reagan satcher era of financial liberalization. this is when america decided to send all of its high paying jobs in factories to china, and the message from reagan and his, his subsequent presidential p

. >> reporter: federal reserve chair jerome powell and treasury secretary janet yellen warned a senate panel that uncertainty over the supply chain, and the omicron covid-19 variant, may cause inflation to rise into the new year. >> greater concerns about the virus could reduce people's willingness to work in person, which would slow progress in the labor market, and intensify supply chain disruptions. >> the progress of our economic recovery can't be separated from our progress against the pandemic. w.h.i.p. inflation concerns could prompt the send to taber stimulating the economy through bond purchases. >> now the economy is strong, and inflation pressures are high, so we are looking at, going to discuss the possibility of a faster conclusion. 4 the treasury secretary urged congress to late raise the debt limit by december 15, and offended the presidents massive social spending bill. >> you are going to add trillions more through the billback better. >> billback better is will lead paid for, and will not add to debtor deficits. back president biden traveled to minnesota to sell the b

he fixed that current treasury head, janet yellen needs to be way more concerned about inflation. though his opinion of her may have something to do with his other view, that the lack of women who work in math and science is probably due to issues of intrinsic aptitude. there's not a lot of data out there to support his conclusions on gender. though there is some showing that larry summers is intrinsically an, as he thinks that all the money coming in from the trumpet biden's stimulus is the infrastructure bill. and now whatever they can find, the reconciliation package to wheel out on a stretcher are all causing the economy to overheat over. he is an interesting metaphor using the situation, given the state of the actual economy for to be completely accurate. we'd have to imagine the supposed risk of overheating taking place in the middle of the yukon, where you're wearing a speedo filled with ice cubes lay re thinks the economy needs time to digest all this deeply inadequate public investment or else inflation will knock society out of control, but it's not at all clear that gov

as, as early as i was recently, 67 months ago, the official policy from janet yellen and others was that the economy was suffering from deflation. and we said that was actually a very so fast way to look at it. that was a manipulation of words. the problem was insidious and incipient and growing inflationary pressures, as evidenced by the blows in an asset price. as we said, this was all basically lying on behalf of the federal government. then we entered into the transitory inflation phase that we're, we're exiting now, but this was very predictably coming after the lies about inflation, didn't work anymore. and the real inflation hit now, or at another juncture, where they're saying that it's really now entering a secular inflationary period. or a semi permanent and inflationary period, exactly. as we predicted for a very simple reason. when you print 40 or 50 percent of the nation's money supply within the preceding 12 months, you get inflation. i mean it's like 2 plus 2 equals for johnny and blaming consumers for buying stuff is the kind of the height of hypocrisy. and it's the heigh

as, as early as, as recently, 67 months ago, the official policy from janet yellen and others was that the economy was suffering from deflation. and we said that was actually a very so fast way to look at it. that was a manipulation of words. the problem was insidious and incipient and growing inflationary pressures, as evidenced by the explosion and asset prices. and we said this wasn't basically lying on behalf of the federal government. then we entered into the transitory inflation phase that we're, we're exiting now, but this was very predictably coming after the lies about inflation, didn't work anymore, and the real inflation hit. now we're at another juncture where they're saying that it's really now entering a secular inflationary period, a semi permanent inflationary period, exactly. as we predicted for a very simple reason. when you print 40 or 50 percent of the nation's money supply within the preceding 12 months, you get inflation. i mean it's like 2 plus 2 equals 4. java yell and blaming consumers for buying stuff is the kind of the height of hypocrisy. and it's the height

this comes as treasury secretary, janet yellen and federal reserve chair j power, testified on capitol hill for the 2nd day on their institutions hand handling of corona virus relief. during his comment to congress on tuesday, powell said the fed may have to look a that rolling back quantitative easing at a faster pace than originally plant. but at this point, the economy is very strong and inflationary pressures are high, and it is therefore appropriate in my view to consider wrapping up the paper of our asset purchases, which we actually announced at the november meeting perhaps a few months sooner. and i expect that we will discuss that at our upcoming meeting in a couple of weeks and with inflation rising well above the fed's threshold of 2 percent . for the last 8 months, the head of the nation central bank finally admitted rising prices could be more then transitory a word he has repeated over and over recently. so i think the word transitory has different meanings to different people. to many, it carries a time, a sense of, of short lived. we tend to, to, to use it to mean that

while federal reserve chairman j paul and treasury secretary, janet yellen also testified before congress on tuesday. how sparked a sharp reaction from investors after he told the senate banking committee, that there is a chance the fed will speed up its plan to taper bond purchases by more than $15000000000.00 per month in the months become. but at this point, the economy is very strong and inflationary pressures are high, and it is therefore appropriate in my view to consider wrapping up the paper of our asset purchases, which we actually announced at the november meeting perhaps a few months sooner. and i expect that we will discuss that at our upcoming meeting in a couple of weeks, of course, between now and then we will see another labor market report, another inflation report. and we'll also get a better sense of the new the new coven variant as well before that before we make that decision. now meanwhile, the oil industry has also taken a hit both west texas intermediate and brent crude features saw drop a 4 percent on tuesday that mark their worst monthly decline since march 20. 2

janet yellen has said december 15 is the date where congress needs to send something to the president to either suspend the debt limit or raise it. how we get there is an open question. the republicans have said they are not going to be a part of raising the debt limit or suspending it again. they want democrats to use budget reconciliation, which averts a filibuster, for that that gets into all kinds of procedural things that could add a lot of days and minutes to the clock. it is unclear when they are going to start that process, but it is also on the schedule. we are also in the middle of another big debate over the build back better plan. this is also in the senate now. the house passed it earlier. the senate is debating, the parliamentarian is looking at various aspects to see if it adheres to the rules of the reconciliation process. those are the three big ticket items that congress wants to dispense with before the end of the year. i see so much attention on the taking clock or the pinched calendar, but it feels like even though there we've got a few weeks for the end of the ye

. >> treasury secretary janet yellen and federal reserve chair jerome powell testified about the federal response to the pandemic and rebuilding the economy. they address several other topics at this house financial services committee hearing including the debt limit, expanded irs authority and supply chain challenges. chairman powell gave his outlook on the inflation rate into 2022. [inaudible conversations] [inaudible conversations] [inaudible conversations] >> the committee will come to order. without objection, the chair is authorized to declare a recess of the committee at any time. as reminder i ask all members participating remotely to keep themselves muted when they are not being recognized. we will conclude today's hearing at 12:15 p.m. members who were unable to ask questions at our t september 30 hearing with secretary yellen and chair powell will be given priority to ask the questions today, and we will return to our normal order of recognition once these members have asked their questions. this hearing is entitled oversight of the treasury department and federal reserve's pa

jerome powell and janet yellen saying they underestimated the inflation and supply chain crisis. >> weroblems of the supply side. inflation has been more persistent than we expected. >> the spending because of the pandemic has been so focused on goods as opposed to services has contributed massively to the supply chain problems. dave: art laugh for joining me now. great to see you. in addition to the fact price stability, making sure your dollar today is worth the same as it is tomorrow or a year from now is their number one job and they miss the number one job it is interesting that powell said he estimated supply side of all this. he didn't, he underestimated the fact that the 11 million unfilled job 7 impact on inflation. >> let me say this if i can for janet yellen and jerome powell, they didn't miss it for the reasons they say, they missed it, a model that doesn't forecast inflation accurately or well, they don't have a good model there and they pop the numbers which is the wrong thing good for government agencies to do. understatement is always better than overstatement, being mo

. >> reporter: treasury secretary janet yellen sounded the alarm, by december 15th. >> we eat this or rate our current recovery. in a matter of days the majority of americans would suffer and that would be followed by deep recession. >> reporter: 15 days to do it, the president expect to deliver remarks on strengthening the supply chain, see what he has to say. todd: thank you very much. tucker carlson had this response. >> the federal reserve announced thanks to omicron and not at all due to the decision he has made personally. our economy will be terrible for a long time. we are definitely going to be a lot of mail in ballots in midterm elections for your safety of course. vaccines, we need a lot more vaccines. todd: tensions between the us and its two biggest global competitors on the rise with threats looming on the ground. jillian: more on the us response to russia and china's recent unsettling actions. >> very interesting news, in the -- secretary of state lincoln and foreign ministers in the nato military alliance, and threatening build up of troops on the border with ukraine.

janet yellen continues to believe that inflation is transitory.he slight change compared to what the fed is saying. inflation will come down and i think that is going to be the key. manus: and going on to talk about the conundrum in terms of the labor market. dani does a lot of work on low labor surprised -- supply. she gets a gold star. your paper has gone back to pre-covered levels, fine. but the euro essence of the curve is still a huge monster flattened her. this is something jeffrey gundlach has warned us on. he has warned you cannot leave the canary in the coal mine. he says that the curve flattening is a doubly powerful sign. is the curve flattening a warning sign to you? >> i am and equity managers so i would be thinking of high-yield in the bond market. it's something to be wary of as well. how do you materially change what had been a two or three decade trend, you could just as easily make the argument that covid is a long-term inflationary fact her, working from home, less travel requirements, these questions still haven't been answered

national debt by raising the debt ceiling as soon as two weeks from now, december 15 is the earliest janet yellen has said is possible that the u.s. government would run out of money to be able to pay, make its payments in full and on time. majority leader chuck schumer has talked about wanting to pass the boat back better act before christmas. they would likely still have to go back to the house wants the senate makes changes because the changes that democratic senators want to make in the bill or that the senate parler terrien that budget rules would preclude from including the final package. that is always another big priority. the annual military policy bill. the national defense authorization act is stalled at the moment as an amendment from senator marco rubio that would crackdown on labor camps in a province of china that rubio and others would like to see included in the defense policy bill, but it is having trouble in the house and could potentially do it over there. that though, which has passed -- that bill, which has passed in the past, may fall through the wayside. there is a lot on

i have something which janet yellen says isn't much use to anybody. even mr.l warned us last night that the yield curve, don't worry about it. there are two new things that move it. it's a terrible charge flattening. does it worry you? david: i think it's always right to look at the yield curve. again, in the yield curve and the bond space, that's the area of the market which is most sensitive of asking the question, if the fed with premature hiking, premature tightening of monetary policy conditions, contributes to the right answer to the current backdrop, which is growth slowing to a more normal rate next year and inflation is high because it calls for an expansion of capacity. if you can't address supply bottlenecks by tighter monetary policy and bond markets are very sensitive. manus: thank you so much. david kohl. this is bloomberg. ♪ manus: good morning from our middle east headquarters in dubai. i'm manus cranny. it's daybreak europe. the fence jay powell signals inflation is public enemy number one. stocks the surgeon of the optimism the plan won't der

forward at a time when we hear increasingly passionist -- protectionist rhetoric from the likes of janet yellenna raimondo? andy: i think you're onto something there. with respect to inflation, you can expect jennifer -- you can expect senator manchin to capitalize on the number we hear today to say slow down. but also with the respecter what you're talking about, the protect angle with trade, this is an issue that is out there. kailey: let's talk more about inflation. we have seen the president at least try to be seen attempting to do something about it, tapping the strategic petroleum reserve, trying to do something about supply chains and fixing chip shortage issues. none of that has up to this point -- at least the american populace does not feel that yet. is biden's approval rating going to continue to be tied to price pressures? andy: i think you are onto something really important here. when we look at inflation, we look at it from a political standpoint and a market standpoint. from the market standpoint, we are looking at fundamentals, those things sticky going long-term, but political

he is part of the president's working group, along with jerome powell and janet yellen.ork's attorney general, letitia james, has gone further. in february, she required tether to end all trading activity with new yorkers. tether claims that a virtual currency was fully backed by u.s. dollars at all times. that was a lie, she says. so right now, the sheriffs are looking for a fight, and the wild west is about to be tamed. this is decrypted. for more content like this, follow us on your favorite platforms. emily: bloomberg quicktake's eddie van der walt. that does it for this edition of bloomberg technology. make sure you tune in tomorrow. we are going to have more on crypto with the ceo of ok coin, plus we are going to be joined by abby alderman, and edith young. i'm emily chang in san francisco. this is bloomberg. ♪ mom, hurry! our show's gonna start soon! i promised i wouldn't miss the show and mommy always keeps her promises. oh, no! seriously? hmm! it's not the same if she's not here. oh. -what the. oh my goodness! i don't suppose you can sing, can you? ♪ the snow's

donald trump was pressuring janet yellen, she resisted.is a reflection of our society, what they live in. it is hard. biden has a lot of appointments. their indirect pressures they can put on. we have seen a period were a lot of academics have said we should have fiscal dominance. federal reserve policy should not do that much. fiscal policy should take over. that is a central theme -- fiscal policy is very political. it should look at long-term growth. look at what happened in march? fiscal policy coming in too late, too much, wrong timing. jonathan: i want to go to something you know better than most. tom and i get hate mail sometimes, they hate mail i had a blast ready four hours was why don't you use hyperinflation? -- in the last 24 hours was why don't you use hyperinflation? i was wondering if you can distinguish between problematic inflation and the h-word and what happens when we cross that line and use faith in the underlying means of exchange? can you walk us through that dividing line? ken: hyperinflation is something like 2000%

. >> reporter: this comes as janet yellen testifying yesterday sounded the alarm that things could geters don't lift the debt ceiling by september 15th. >> if we do not we will leave the straight our current recovery. in a matter of days the majority of americans would suffer and that would be followed by a deep recession. >> reporter: the president is expected to deliver remarks on strengthening the supply chain. we will see what he has to say. todd: thank you. carley: looking to cut sales tax on food to give people some relief from skyhigh inflation. governor laura kelly said, quote, this legislation will save the average kansas family $500 a year or more in the grocery bills. we can cut the food sales tax and keep the budget intact. todd: derek schmidt, gop gubernatorial candidate live from topi to with more. how much of an indictment of this white house is it states like kansas are forced to resort to moves like this in light of what the white house has done to put you in this predicament. >> we all know what is happening, the worst inflation in this country and three decades. we h

we will hear from janet yellen who is hosting a meeting to focus on stability issues. i'm creative she talks about the risk of a market that is addicted to fed support. how does the fed tighten financial commissions with the degree of debt that has been incurred at the very low rates of potential disruptive force? this is a huge conundrum a lot of people have been trying to wrap their heads around. the amount of oil that the enema states produces has come back, but not that much and now, we have the stille my where we have oil prices kind of fluctuating. how much do they keep coming back? how much does the u.s. or mean the marginal producer at a time when opec-plus has shown they are going to increase production? tom: the oil gained that we have cover here with all the different opinions, deutsche bank with a low price view and others well over $100, the research piece, whether you agree or disagree is jp morgan and they are saying simply shale won't come on this time. lisa: because frankly, investment and some of these facilities and inflation and some of the supplies

even janet yellen addressed and said she does not see it yet. however, clearly, the employment cost index got jay powell's attention. i am struck by the sanguine nature of markets, even as there's a hawkish tilt on a global level. tom:tom: the terminal value moved out two or three years yesterday, where we went from a two quarter focus next year, and a live a sudden the chairman was talking about 18 months, or dare i say two years. that is comfortable for ecb. it is normal for the ecb to look out longer. but that is what jerome powell did yesterday. lisa: how much does christine lagarde want to shake the complacency we are seeing in markets. what are we expecting in terms of a surprise from here in 30 minutes? caroline: certainly a focus on flexibility, trying to ensure that her arsenal remains as adept as possible to inflation or pressures we see in europe, and large part because of energy prices. earlier this week, showing that if you strip out the all-important energy prices, inflation running at about 2.5%. above the overall target, but not

at 11:00 am, treasury secretary janet yellen will be hosting the virtual financial stability oversightommittee. she will be talking about crypto assets, the fed coin, climate change risks. how much does she address the conundrum the fed faces, trying to tighten policy at a time when so much of the world's economy hinges on the u.s. asset pool continuing to be elevated? 1:00 p.m., we get the baker hughes rig count. this gives you a sense of how much is coming online after that huge dip in the pandemic. how much does that come back at a time when investment is incredibly expensive we see incredible inflation and some of the materials used to build and to drill for oil in the united states? i want to talk p.m., we also get fed governor chris wada, san francisco fed president chris waller -- chris waller, san francisco fred president -- san francisco fed president mary daly. the message from the bond market is that we are still heading into a secular stagnation kind of feel. they dismiss it as something technical, as jay powell seemed to do this week? tom: on the bitcoin observations, kenn

jonathan: i was struck -- lisa: i was struck by janet yellen's comments last week, when she sounded moreike donald trump with respect to protectionist policies and trying to get supply chains back home. how much support is there among democrats, and how much does this move the needle with trying to do something on a policy level to bring supply chain's home? emily: she definitely has bipartisan support. the u.s. senate passed legislation several months ago that would give $52 billion to semiconductors to be made in the u.s., to make sure that very critical piece that the u.s. does not necessarily have to rely on foreign countries to produce that. that bill has not yet crossed the finish line. there are still debates between the senate and the house because of a much larger package, but it does show there's bipartisan support for the idea of made in america and for having the u.s. take some control over various supply chains. at the same point, it takes years and years for the u.s. to build up the capacity to produce some of these things currently made overseas, and there's also an acknow

. >> at the same hearing, treasury secretary janet yellen rejected republican claims that pandemic reliefnding has fueled inflation. still to come in of the newshour. india takes the covid vaccine door to door to prevent a surge from the omicron variant. vaccinated americans voice their frustration with those resisting the shop. a new song lifts the collective voice of the disability community. plus much more. >> this is the pbs newshour from washington and in the west from the walter cronkite school of journalism at arizona state university. judy: now, let's return to the other major story of the day -- the first case of the omicron variant detected in the u.s. -- and the concerns over what may lie ahead. william brangham is back with that. william: judy, that first case was a person who'd been vaccinated, but had not received a booster shot. dr. fauci said it was a mild infection. still, there are many questions about how omicron will affect the u.s. michael osterholm is the director of the center for infectious disease research and policy at the university of minnesota. and he joins me

that's new today from the fed chair powell powell and janet yellen said the united states pandemic recoveryemains strong, but they say covid omicron could pose new economic challenges in the months ahead. >> the recent rise in covid-19 cases and the emergence of the omicron variant pose downside risks to the employment and economic activity and increased uncertainty for inflation. greater concerns about the virus could reduce people's willingness to work in person, which would slow progress in the labor market and intensify supply chain disruptions. >> none of that sat well on wall street the dow plummeted down more than 650. andrew a lot of talk about inflation and the fed cutting back economic support. >> this is the first time we have heard jerome powell talk about inflation in a meaningful way. clearly we are at a point where we have real supply chain issues that persist and may get worse, depending on how this pandemic plays out. now this new variant could create unemployment issues, which means higher wages you could look at that as a good sign in certain cases, but again will only ad