>> janet yellen says she doesn't see signs of a u.s. recession. markets, not persuaded, yet fears of a slowdown way unsentimental as the week kicks off. u.s. futures, mostly lower. crude oil declined. tis the season. earnings are upon us. we will be speaking to the bank of italy governor. good morning. reunited, you have come back to the dark side of early-morning tv. good to have you with me. it is bank earnings frenzy and it is recession obsessed. good morning. >> the banking sector, watched closely. it was dark when i got up so it feels like the darkside. breaking news, we will see, we are all over the banks story and other corporate stories. in london, philips adjusted, 200 16 million euros so missing the estimate of 347.7 million and they are guiding lower. now up by 1%-3%. they are guiding a little lower. some supply chain, there was going to be focus on whether the guidance was sustainable but we know it doesn't and we have updated thoughts from the ceo. we will get into the issues surrounding the recall of the sleep apnea devices and we wi

we've heard from president biden and janet yellen. that word does have power. it's a self-perpetuating thing for americans who get anxious if they hear the word and mute change behavior. as a technical definition, we there. it's really about feeling. we're going to hear from the white house trying to sell the good economic numbers and ignoring the ones that are more checkered as they try to build political momentum. >> and what are you going to be watching for from the fed? we just heard janet yellen mention that. >> yeah, how much more they boost rates the next time. they're going to keep raising them until inflation starts coming down. do they go to a half a point instead of three-quarters of a point. there are inflation numbers coming out tomorrow. it is good to keep being good. if not, worse problem for them. the big question is when does the fed slow up on the brakes and let the economy continue to improve and not worry as much about the inflation rate. that could take a little bit of time. >> ben white, always good to see you, my friend. and jonathan lemi

treasury secretary janet yellen is about to speak on the u.s.his morning's disappointing gdp data a quick setup from kayla tausche. we just saw her live >> reporter: we are awaiting the treasury secretary who has been among the earliest and most honest brokers on the economy as the white house has hued closely to the message we are not in a recession but the fed might need to raise rates to tame inflation. last fall she said inflation might not go away until the end of this year and while she's already said she believes the underlying economy is strong, what we're listening for today is where she believes the economy goes from here kelly? >> are there any policy implications, kayla, any announcements here what are we really listening for? >> reporter: we are not expecting any specific policy announcements here as you know with all of these officials we will be reading the tea leaves for anything the administration might be considering and some policies where she's already weighed in behind the scenes. >> we'll come back to you in just a moment.

well there was secretary of the treasury janet yellen speaking about the state of the economy saying the u.s. is not in a recession and in 15 minutes president biden is expected to speak also about the economy she was very careful, kelly, in her language there to avoid suggesting that the economy is in recession in fact, she answered one very interesting question about nominal gdp, that is non-inflation adjusted gdp growing very nicely, but then once you throw in an adjustment for inflation it turns the economy into those negative gdp numbers that we saw earlier today. labor markets are strong, household balance sheet is good, business bankruptcy's slow, not the kinds of conditions that you would expect to see if the economy were either in or imminently heading into a recession. that's what she says let's bring back our panel we'll get to kayla tausche in just a moment. she asked a question down there. steve liesman is in washington dan clifton head of policy resea research at strategus partners and a cnbc contributor steve, i'm going to begin with you. you have long experience and k

secretary janet yellen. secretary yellen, welcome back to "meet the press." >> thank you. a pleasure to be with you. >> let me start with you. many businesses are preparing for a recession. should make folks at home prepare for a recession that seems to many likely? >> look, the economy is slowing down. it's -- last year it grew very rapidly at about 5.5%, and that succeeded in putting people back to work who had lost their jobs during the pandemic. the labor market is now extremely strong. even just during the last three months net job gains averaged 375,000. this is not an economy that's in recession, but we're in a period of transition in which growth is slowing, and that's necessary

we will talk to janet yellen when we return. talk to janet yen when we return that's our thing. ♪ ♪ i know there's conflicting information about dupuytren's contracture. i thought i couldn't get treatment yet? well, people may think that their contracture has to be severe to be treated, but it doesn't. if you can't lay your hand flat on the table, talk to a hand specialist. but what if i don't want surgery? well, then you should find a hand specialist certified to offer nonsurgical treatments. what's the next step? visit findahandspecialist.com today to get started. >> what's your barometer for these hearings? >>> welcome back. if there is one overriding explanation for president biden's sinking approval ratings, well, it's the economy. james carville once said it's the economy stupid. wage gaps being gobbled up by inflation. highest rate in more than 40 years, which is a phrase we have said after every inflationary report over the last six months. just last week mr. biden's approval rate was 28%. 66% disapproving. inflation the

we saw the president and janet yellen in between.alk a little bit about how this fits into the overall picture, getting these ceos together. >> reporter: well, the president mentioned business saying that that's moving forward. and so i think what you're seeing here is, as you said, the full court press and the president is trying to fan out and focus on different segments of the economy, different constituents and you heard the president again saying this is a strong economy and really wanting to get his narrative out there on these numbers that came down today. and we've heard them do that since the beginning of week with janet yellen on "meet the press" on sunday, saying this was something they expected, these low numbers and that there was not that the country was in a recession. they're trying to flood the zone and hit on those results. >> of course, the struggling economy, feeding into those low personal approval numbers, feeding into people feeling like things are getting worse. you just broke a story on nbcnews.com that white

services data janet yellen holds talks with beijing there at u.s. will cut tariffs in a bid to ease inflation. >>> good morning warm welcome to "street signs. the biggest news of the day is joumanna is back. >> it feels like i have not missed much with news. what happened in the nine months i've been off? >> a quiet nine months >> it is great to be back. i'm happy to be back on set with you and in person. we haven't done that in a long time it gives me a break from all of the nappy changing in the last nine months. i need a break. >> nice to be back together and around the set i'm looking forward to the next weeks and months and maybe longer >> a lot to talk about >> there is. including this morning big news from uniper shares trading to the top of stoxx 600. rebounding after monday's 30% plunge the price drop was after the report of the 9 billion bailout package for uniper rather than passing on higher gas prices they are not allowing a clause spike prices, but working on options for a state bailout which is involved with a cabinet injection. they

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i'm wondering throughout all of this is janet yellen is reading any of these reports. first trust advisors, brian wesbury. janet yellen and the white house are splitting hairs, hoping mbr will hold off calling recession even if second quarter gdp is negative. they seem to put public relations before ideas and solutions to help the american public. your thoughts? >> yeah. well, i totally agree with that, charles. i call public relations is pure politics. so we keep playing games with words. we're not really doing what we need. but let me step back for just a second. we did unprecedented things. we have never locked down the economy before. we have never spent five 1/2 trillion dollars like we did in such a short period of time. we have never printed 4 trillion more dollars in just a short period of time. when you look at, what we did, the economy, when you look it down, it is like getting in a car accident. we broke our leg. then we gave everybody morphine. and when you're coming down off of morphine and you feel your broken leg it doesn't feel good. that is where we ar

you can bet janet yellen will be pointing to the mall. days ago, a coincidence on gdp day, there want to do that. consumer spending was --. this new mansion compromise trying to get federal spending. inventory is a big story. inventories will probably likely start to rebuild. if she can make a case it wasn't necessarily a recession. alix: it felt like when we learned yellen was speaking, the numbers were going to be bad. now we get a proposal -- going to be bad. when you get the gdp and nci and put them in context -- whether they want to look at? michael: not the year-over-year but see if we are making progress in the right direction. probably not because it is still going to reflect higher. the pci, you want to see interest rates going up. -- want to see -- rates going up. they don't use unemployment cancellation, that is a part of their formula. alix: thank you so much michael, joining us. on bloomberg television and radio. i am also heading to the radio to right now all the topics of the news. this is bloomberg. ♪ >> from the world pol

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we got the encouraging reports that you talked about a while ago with regards to the talks by janet yellen and liu in china and possibility of tariffs lifting in china we got china reporting that june pmi is strong. and announcement of $75 billion infrastructure to bolster the sagging chinese economy. despite this news, mainland chinese stocks close in the red. shanghai and shenzhen stepping back hang seng and hong kong with the down turn and escaping with meager gains the nikkei 225, seema, extending recent wins. we see a win for the taiwan wei weighted we have a key inflation report from south korea pulling the trigger on a 50 basis point rate hike. the third consecutive rate hike by the officials in sydney the second time consecutively. the governor saying they might not be done because this is the time to rein in inflation. and inflation is surging 6% today. that is the highest since the asian financial crisis of 1998 this sets the stage for the bank's policy decision tomorrow. look at how currencies are re reacting today the australian dollar is softens against the greenback. markets

janet yellen insists the country is not in a recession. prime time. surges post market. they posted sales that beat estimates apple also -- estimates. plus, profit tops forecast. the cfo tells bloomberg the banks markets and trading businesses held up. >> if you look at the market activities, the market activity when it comes to fixed income or equity has remained the activity , has remained strong so that is what we have seen. we go into the primary market and the primary market has been the one that is low in demand. manus: the cfo, let me tell you what that market business did. it did splendidly, up 15%, $1.32 billion. the markets were the also the. the market penciled in 2.67. and the cfo is confident that a recession would be avoided despite the central bank action. let's take a listen. >> the growth would not be the growth from six month ago. how exactly would that be? will that be a technical recession, gravitating toward zero? what would it be? i don't have a crystal ball. we have to be there to help our client's in all of these circumstances.

setting the tone, treasury secretary janet yellen admitting certain sector slowdowns are a reality. >>> and what big firms are saying about stocks and when the market bottom could be in. later on w.h.o. has a new alert, hoping to avoid the pandemic status. it's monday, july 25th, and this is "worldwide exchange." >>> well, good morning, good afternoon, or good evening, and welcome from wherever in the world you may be watching. i'm brian sullivan. it's great to be back with you. good monday morning. let's look to start off your workweek. the stocks are coming off what was a good week. small caps last week was the star, up 4%. all major averages had a nice few days, and right now, maybe that momentum will continue. it's hard to know. the futures up 54, and the dow one tenth of 1% on the nasdaq. really a little green, but hard to tell which way the monday market may go. we are are also coming off a wild week for bonds, and that is not something we say very much, and usually boring bond market. the inflation expectations are coming down, and quick. so are the bond yields. ten-year bond y

janet yellen is calling on u.s.s to strengthen trade relationships to shore up supply chains disrupted by the pandemic and worsened by russia's war in ukraine. haidi: let's get straight into the terminal for how a look at the water levels. they are at the lowest in 15 years and is getting precarious. if it drops 37 centimeters, the waterway becomes too shallow for commodity shipments making it uneconomical. the low levels are hampering coal and oil movements on the river if you need another way global commodity markets could be disrupted. terminal users can read more in our newsletter. boeing says it is grappling with supply chain issues. the ceo discusses weak points and the demand from a resurgence in travel. he spoke with bloomberg. >> we are seeing where the weak points are. six months ago, it was hard to see those weak points. a lot of us made assumptions about bringing back resources based on past practice. with covid, resources aren't coming back as fast. now we see the weak links in the supply chain. we are

secretary janet yellen is a smart, seasoned professional, my guess is she would love to turn back theme comments about inflation being transitory temporary, it is not. fed was behind and we're playing catch up and we will get another interest rate hike this week, this week is different for headlines when it comes to the economy. >> todd: dan, you acknowledge she is a smart woman, the fact she called it transitory and we had people without economic degrees saying, that is incorrect shows how far off the mark she and the white house were. dan roccato, enjoy your monday, eat pretzels. vice president kamala harris says florida parental rights bill will motivate voters to the polls to vote for democrats. jack brewer thinks the opposite will happen and is here to tell us why. >> ashley: check out what is coming up on fox and friends, good morning, steve. >> steve: coming up on "fox and friends" 11 and a half minutes, congressman and gubernatorial candidate zeldin is here, he's had a busy 72 hours, he'll react live after his attacker broke his silence and devine breaks down the laptop from h

also deloitte, his economic team, brian deese is in the room, secretary janet yellen, u.s.merce, this is a meeting on a very important day for this country that president, i believe is going to take some questions, he's remarking now, we are going to dip in and listen for a bit here. >> another thing congress should do, pass the inflation reduction act to lower prescription drug costs, which would reduce the deficit, i might add, and help these inflationary pressures and ensure that 13 million americans can continue to save an average of $800 a year in health care premiums. both of these bills are going to help the economy continue to grow, bring down inflation and make sure we are not giving up on all the significant progress we made in the last year. i'm going to stop there and begin the meeting. thanks to the c.e.o.s for joining me, and let me start with you, brian, and thanks for taking all my phone calls, pal, the bank of america, i want to ask you a question. your bank serves many americans across the country. what do you see right now in terms of financial health of

janet yellen knows better. had a distinguished career prior to coming to the biden administration. she's not handling this political part very well. she's always been an economist that was standard in the industry, i think, somewhat respected in the industry. but now she is trying to do the biden spin. and the keyword is transition. that is what they say about everything when they talk about energy prices, it is transition and we need to transition into green new deal type policies. they are transition are not working for the american people. they need to stop all they are transitions and just try to focus on what donald trump focused on, and that is having the strongest economy in getting the government out of the way. >> carley: congressman, a question whether biden's current optimism will be politically beneficial for him. the economic counsel under former president trump, now the chairman of ibm, he says, "president you are trying to be optimistic about the economy, today and tomorrow but you are out of tou

janet yellen has acknowledged the same. a lot of people say it's hard to orchestrate a soft landing. the fact of the matter is, rarely have we seen it in history and always the fear that in tightening to stamp out inflation, you stamp out the economy as well. >> martha: that's the tricky spot. that's is soft spot we're in right now. that's what matters. thanks, neil. happy monday. >> you too. >> martha: one of the most widely red stories calls for the president to quit his job. a few folks out there seem more than ready to sweep right in. gavin newsome, j.p.prisker and the vice president trying to straighten her approval numbers when we come back. fishing helps ease my mind. kinda like having liberty mutual. they customize your car insurance, so you only pay for what you need. woah! look out! [sfx: submarine rising out of water ] [ sfx: minion spits bobber ] minions are bitin' today. [ sfx: submarine hatch closes, submarine dives ] ♪ liberty. liberty. liberty. liberty. ♪ hello! minions: the rise of gru, only in theaters. he

as a ranking of the house oversight committee, you sent a letter to treasury secretary janet yellen askingeports of u.s. fans of suspicious activity they have flagged on hunter for further review. there are wet, 150 transactions on that list? tell us about this. >> there are at least 150. which is unprecedented but i would go out on a limb and say hunter biden is more suspicious activity reports filed against his bank accounts than probably anyone in the history of america. i know that is a bold statement but am pretty confident in saying that. prior to joe biden becoming president, any member of congress could go to the treasury department request a list of suspicious activity. there aren't very many in america are very every quarter very few. hunter biden has had over 150. joe biden change the rules in the dark of the night to try and block congressional oversight. and remember maria prior to joe biden any member of congress could have requested this information from the treasure. you did not spend the oversight committee or of any type of classified security clearance. any member of con

treasury secretary, janet yellen, prepared to do about it? conference in bali, yellen said the administration supports efforts to -- excuse me, my brain stopped working for a second -- to get inflation under -- 9.1 under control. tom costello, save me from myself. >> the dow was down 600 points at one point. it's well off the worst of the session. janet yellen doesn't have the answer. the federal reserve is autonomous. it's really only up to the fed to try to do what it can to bring inflation under control. have you noticed, inflation is a very big problem. it's happening coast to coast. consumers are feeling the pain in their wallets with annual inflation hitting its highest point in nearly 41 years. among the every day staples over the past year, higher costs for chicken and beef, a gallon of milling up nearly 60 cents and the price for a dozen eggs increasing by more than a dollar. but it's not just what we eat, prices are also going up for clothing, housing and utilities. at this food pantry in san diego county, families are stocking up on

from the us, the treasury secretary, janet yellen, has pushed for this price cap on russian oil. she says the benefits of that would be multifaceted, firstly, it would aid in stopping the war. but secondly, it would also aid in put he downward pressure on cost of living concerns faced by are only americans, but millions of people around the world. later today we will hear significantly from the chief of the i m f, the international monetary fund crystelina georgiana. now just a few days ago, she wrote an article which noted that she sees a dark and economic outlook. a warning for these g 20 leaders as they meet for these talks in barley, she noted that the world is facing a cost of living crisis. and that she perceives that there will be many, many, top days ahead this year. but also next year, she addressed those ministers outlining those concerns. and it is hoped by not only the host, indonesia, that the group can come together to overcome their differences. and perhaps unlike last time, put out the joint to communicate outlining the strategies for grappling with these concerns

and should we discount janet yellen or not discount janet yellen?summers was certainly right about inflation as other prominent economists. to poppy's point, there are strange things we hear. consumers are spending, consumers look great. then other data points that show, consumers are still spending but when it comes to inflation, maybe they're not spending. >> they're spending more and getting less. >> exactly. there are conflicting data points he was admitted he was wrong about other things. >> the question is there are conflicting signals what do you look at. this walmart news -- >> so interesting, right? >> right? walmart is saying they're less profitable and they're going to have to drop prices because people aren't spending as much on items on things they want. i'm thinking reduce profitability in the economy but if walmart is dropping prices doesn't that mean things are getting cheaper? >> anti-inflation. walmart is dropping prices on clothes and things where the margins are bigger in the end. but i think what the report, is how the company i

so from janet yellen, what janet yellen is also pushing for as this meeting is a cap on the price ofil, she is pushing the resistance in the likes of china and india, both countries have been buying russian oil at discounted prices. but even then, she says there is a case for pushing it through because of the sanctions being laid on by the likes of u.s., u.k. as well as europe. the are kicking off the meeting at 8:00 a.m. here in bali against a backdrop of darkening clouds over the global economy. lots of issues to be dabbled with. but in question, really, is it will we get a draft communique that saw highlights that could be cooperation in areas like fuel, food, which is crucial, sending 1 -- since one million people are living below the poverty line. and in the drop communicate there is talks of a creditors committee being formed to help zombie a with the restructuring -- zambia with the restructuring. as an african nation -- african nation that has been waiting for the restructuring of its debt, but china has been in the way up until now. that could be some progress. still, big qu

janet yellen knows that. she's buying trouble in my mind. >> neil: and janet yellen goes back to the backdrop of this, which is different than other period of recession where you don't have this job growth. 372,000 jobs gained in the latest month. 8 1/2, 9 million since the beginning of this administration. they seize on that saying if that's a recession, what is a surge? >> you're right. it is a unique part of the story. but it's also unique in the fact that we never shut down an economy before. we never had that many job loses in a short period of time. quite frankly, we have not returned all the jobs that were lost in the on set of the pandemic. employment to population ratio is down. so the jobs market is robust in a sense that we're coming off of this low. we have a record amount of job openings, 11 million but it's coming down fast. coming down rapidly. we'll have one of these jobs reports that it will be shocking. it's interesting. we had one of those a couple weeks ago. a lot of economists circled the

. >> john: treasury secretary janet yellen says a second quarter of negative growth in the g.d.p. will not indicate recession but does admit the economy is "slowing." josh is here on this, and more noise about biden's 2024 candidacy, that's coming up in moments. >> sandra: peter doocy at the white house, what do officials expect from this week? are we in a recession or not? >> peter: sounds like, sandra, they are expecting very bad numbers. economic officials here at the white house are already telling people not to pay attention to these g.d.p. figures. >> let's step back and look what happened. those numbers will reflect the period from april to june, so backward looking, those numbers are inherently backward looking and capture different elements of economic activity, including very volatile things like inventory. >> john: officials are now saying even though the dictionary definition of the recession is two quarters of falling g.d.p. in a row, if this shows, two quarters of falling g.d.p. in a row, it's actually not a recession. >> this is not in an economy that's in recession

neil: great respect for janet yellen's smarts, knows what she's doing. i always think it's very difficult to come from the fed chair job where you have to be the prague mat pick, not be overly political, and then to get into a very political job as the administration's treasury secretary. you're their economic spokesperson, so so to speak, so you have to carry the water, whether it's good or bad water. i feel that she is kind of trapped in that. i can't imagine she believes a lot of the stuff -- i'm not here to disparage her, i just think it's very, very tough. and you'll sometimes see that in administrations, and it'll come out later in a tell-all book. i don't know what her plans are, but that she's uncomfortable with some of the things she sees, but she's going to live and let live. >> well, it's a tough thing. i've worked in administrations, i did some work for donald trump. i didn't always agree with him on tariffs, and i'd say, no comment -- neil: no, steve, i don't want to just keep blowing smoke at you, but what i loved about you was, you know, y

tom: the secretary-treasurer of the united states jared -- janet yellen speaking the message on nbc this sunday. lisa abramowicz and i are thrilled to give you a different view. it has been an intellectually interesting monday at surveillance. we have had some optimism out there, a lot of measured views of a measured recession. i have talked about the rigor this weekend and looking at tpi, which he thinks is complete bolly as well. what was it like when he walked into his office at yale university decades ago? >> he was the one who hired me, so he has been a great intellectual friend. and mostly right. tom: you two have an old worldview. what is the old worldview of this recession, this slowdown we are in where maybe it is a mega threat, this new world, it is all going to be fine? >> the consensus is that a hard landing as opposed to soft landing. short, shallow, mild, garden-variety. i beg to disagree. debt ratios are historically high, 420%. lots of zombie corporations. during the 70's, expectations were low. this time, we have stagflation negative. in the previous recession, this time

treasury secretary janet yellen talked about inflation, she's overseas in indonesia. >> inflation is unacceptably high and that is evident from wednesday's report. and i believe it is appropriate it should be the top priority to bring inflation down. >> consumers can expect to pay more on a variety of items whether you are cooking and need butter, up 26%. eggs up close to 30% and gas is up. flying will cost 34% higher in airfare. voters believe the president's policies are hurting the economy and washington has to be careful how it proceeds next. >> basically everyone should be cautious of what we're doing and look at anything that could inflame the inflationary high numbers that we have. >> there is huge debate on the hill about what to do and looking to see what the fed will do next, likely raising interest rates. republicans speaking out claiming the american people are left suffering in the meantime. >> inflation is waterboarding the american people, people are scared they will not be able to retire until they are 92, their 401(k)'s have crashed. >> a lot can change between now a

by the way, tom, janet yellen has been pretty vocal.aking a confrontational approach here in bali. putting a lot of the blame on russia and the attack on ukraine. guy: you expect any concrete results to come out of this? what do we expect when the weekend is through? >> it is tricky to talk about success. we have not seen anyone walk out when russian representatives made the speeches today. that's what we saw back in april. the foreign minister's meeting just last week where basically there was no communique. if there is communique, that would be a success but that is a question, a draft communique which we looked at suggested there will be some coordination in terms of g-20 approach in terms of the crisis in energy. but what is interesting is the lack of mention of russia, supply chain. that has to do with the fact that there is no consensus on the writing of this communique. let's wait and see if we see that communique tomorrow. tom: that's what to watch for then. the communique and whether or not there can be any consensus on these i

the inflation problem, the very reason why janet yellen, the u.s. treasury secretary is live right now in seoul, and south korea talking about this. >> and modernizing the multilateral trading system, our objective is to achieve free and secure trade that benefits our workers, businesses and consumers. we cannot allow countries like china to use their market position in key raw materials, technologies or products to disrupt our economy or exercise unwanted geopolitical leverage. the united states and korea share a common goal of a free and open indo pacific. but achieving it will take resolute action. the biden administration has not and will not shy away from that responsibility. the united states and our allies, like korea, work together to continue to demand strong adherence to norms and values that have underpinned the international economic order. we will impose harsh consequences on those countries that abuse or break the order, as we have demonstrated with our unprecedented response to russia's aggression. we will work with allies and partner

what is your sense as to whether it will actually happen, is janet yellen going to get her way? enda: there does seem to be some momentum. our colleagues in washington reporting this is high on the agenda for the biden administration. we had those stocks this morning between the u.s. treasury secretary and her counterpart, china's vice premier. there are chinese worries over sanctions and chinese companies in the u.s. they also raise concerns over the spillover from russia's invasion of ukraine. it points toward movement on tariffs but then the question becomes by how much will these derricks be reduced, will it be consumer or industrial goods and how soon will they go into effect? there was a lot of economists saying it is not necessarily a game changer for inflation, and neither is this a game changer for relations between both governments. it is the first sign since october pointing to incremental progress but nobody is really calling this a game changer. francine: tower enda curran there in hong kong. let's get more on the markets with yogi dewan, the chief executive officer

. >> treasury secretary janet yellen stressed the u.s. economy is not in a recession bred her comments came during a news conference following a new report showing the economy shrank in the second quarter. this is about half an hour.

keep in mind janet yellen doesn't anything about climate. she can't drive a standard transmission. she knows nothing about the material world. but there she is spouting off on climate change and decarbonize reading every stupid batfish talking point. the olympic council audience wanted to hear about and she's still doing it. we're in a slowdown, she said on sunday. and it's not affecting too many sectors. the economy says janet yellen wants this is not an economy that's in recession, but we're in a period of transition in which growth is slowing and that's necessary and appropriate yet. and we need to be growing at a steady and sustainable pace. so there is a slowdown and businesses can see that and that's appropriate given that people now have jobs and we have a strong labor market. but you don't see any of the signs now a a recession is a broad based contraction that affects many sectors of the economy. we just don't have that. okay, let's be clear. china is a completely incompetent affirmative action hire who did profound generational damage to the united states during her time

janet yellen says they are not wanting to intervene in the currency.he fed is trying to get inflation down. the fed is not hurting that direction. shery: how confident are you in inflation protection at this point? >> we like being in a long inflation protection. we saw the inflation rates falling back to the low end of the range is. we are engaging with the markets. we like layering in inflation protection. shery: what are we going to see in terms of the opera performance in the asian markets include australia? not to mention korea, new zealand, we are getting a rate decision today. >> we are likely to see korea and australia will be next. both of those markets have been ahead of many other central banks and we see reason for their bond market to actually outperform such advance in their cycle and inflation elevates higher than i would expect. it is not quite where it is in the u.k. and europe. there is room for outperformance in those bond markets relevant to other bond markets. looking to get the liquidity followed by the font and benchmarks. -- on

we are awaiting comments from janet yellen. is scheduled to speak in washington on the state of the economy and we will bring that to you live from the treasury department. stick with us. this is bloomberg. ♪ >> welcome to "bloomberg markets ." >> we are awaiting comments from janet yellen, he is speaking in the treasury department on a day that the united states is in a technical recession. two negative quarters of gdp is significant. let's get a check on the markets. the s&p 500 is higher by 1%. this is crucial as we talk about the bull case for that remark appeared you have a massive pricing of this recession. the market can move forward. what is notable is the nasdaq is underperforming, it is up 0.6%. the s&p 500 is up 0.9%. the bond market is going to be crucial. that inversion which is supposed to be that signal for recession, it is becoming less inverted, only inverted by 21 basis points. jon: right now, we are getting so many earnings stories that are informing us of what companies think about the road ahead and we are

she added these factors could lead to more hunger and even social unrest. us treasury secretary, janet yellen, is accusing russia of being solely responsible for the economic problems now, facing the world. boone sections including the destruction of agricultural facilities, theft of green and farm equipment, and the effect of black. he'd black see ports amount to using food as a weapon of war. those most directly impacted are the poorest households and the poorest countries, yellen is calling for a price cap on russian oil to drive down energy prices and to deprive the russian federation of revenue. what many summit watchers will be following closely is with their countries, particularly china and india, will heed this call. western sanctions against russia are transforming trade relationships around the world. and that's not just for oil or grains, but also for precious stones. our correspondent adrian crease recently visited botswana in southern africa to learn how the diamond industry there stands to profit for brushing sanctions. for 2 years, kill a booklet cloquet lang struggled to figh

treasury secretary janet yellen is protecting her boss's family and refuses to release the report tohe trying to hide? ranking member james comey is heading the charge to get the report. explain this james biden situation for us. >> this is the first time that we have evidence that the bidens tried to peddle influence in the middle east, specifically in saudi arabia. james biden got hooked in with a small healthcare start-up called america upholding. like any small start-up, they need capital. james biden made the pitch if they worked with him, he could use the biden family name and capitalize on that by getting them funding from the middle east. when you look at the suspicious activity report that you mentioned earlier, all the bank violations on the account that hunter biden and james biden had, most suspicious reports in states like kentucky and tennessee, they are generated foreign transactions specifically in the middle east. these were created after september 11th to try to track terrorists funnelly groups into american terror cells. this answers some questions what i have. tha

what the president ever instruct janet yellen -- would the present instruct janet yellen?fallen out of fashion because currency trading in such a daily basis. it is something that they are concerned about if it goes too far. katie: i know you are not just in idaho to stand by the fire, you have a panel with chris waller coming up this week. what are you going to talk about? >> inflation is everybody's main question. we are talking about what the fed is looking for going for. how they are measuring it, besides looking at the gas station prices here in idaho. there is -- how is the fate going to know that they have done enough? that will be a key question for them and a key question for people on wall street who worry that they will go too far. guy: enjoy, it looks fantastic. i look forward to hearing from that panel. let's talk about what we are watching today, tomorrow. a president speaking on the digital euro. president biden and the vice president view images from the space telescope and a nasa briefing. katie: president biden is leaving for the middle east, and a chines

vonnie: the treasury secretary janet yellen showed no willingness to support an intervention to support the yen after meeting with the japanese finance minister in tokyo. she said they did not discuss intervention and g7 nations should have market attornment exchange rates. the last time they intervened jointly to support the yen was in 1998. opec's first oil market outlook for 2023 suggests no relief for consumers would demand growth set to surpass supply by one million barrels a day. to fill the gap, opec would need to significant he hike reduction but members are already falling far behind. president biden is urging middle east producers to open the taps and will visit saudi arabia this week. the world health organization is urging governments and health care systems to take steps to curb covid-19 transmissions and m -- amid a new wave. subvariants of the omicron strain are lifting case numbers and deaths. europe is at the center of a new wave. in england, an estimated 2.1 million people tested positive in the final week of june. hong kong suspended some nonemergency services as the

secretary janet yellen with a virtual call and in his statement "secretary yellen with issues of concerns war against ukraine on the global economy and a nonmarket economic practices." the white house weighs decision to rollback chinese tariffs put in place during the trump administration. "the wall street journal" reports that could happen as soon as possible eat, but officials are torn between easing the burden on the american people and taking a tough stance on china. secretary yellen and commerce secretary believes the tariffs are a drag on the u.s. economy. jake sullivan and u.s. trade representative catherine believes they can use the tariffs as leverage to confront the chinese communist party. that is unfair trade practices. the most recent consumer price index puts inflation 8.6%, the highest level in more than 40 years. despite this, president biden is confident in the u.s. economy in plains russia for its struggles. listen. >> through all of the challenges challenges, the strongest economy in the world with the more people working and starting businesses, the more people gradua

janet yellen said we're surprised by the inflation when she said a few weeks ago. you pay people not to work and spend like crazy and drive up the cost of energy. i don't know how you are surprised by it. you can try to redefine it. intrigued by your reference to the 1970s when i grew up. i loved the steelers. i don't think they could do anything to stop the craziness from this administration and harmful effects it is having on the american family. so again, i think it's why 9 out of 10 of our fellow citizens think the country is on the wrong track. they think that because it is. >> i want to get to this. thanks for appreciating the reference. those were good years. weren't they? >> i love jack lambert. my favorite -- i would tell folks when i was a kid you have life figured out. i would be the next middle linebacker for the pittsburgh steelers because i loved lambert. i am 5'7" 1/2 on a good day. >> i'm sure we miss you on the gridiron right nou. according to recent fox polling 68% of voters disapprove of how biden is handling the economy. you just mentioned the n

[crosstalking] seriously, janet yellen, off of the bill last night, how is employment deka it went down jonathon: in flames. jonathon:the minimum tax. we will hear from secretary yellen later. we will hear from the president later this afternoon. lisa: he will be on at 2:15, talking about the economy. will he talk about the strength, the need for the fed to be aggressive? how is he going to head into a midterm elections, saying rising unemployment rate is by design? a very difficult political message. jonathon: who wants to say that out loud? not ephedra now. futures down on the s&p and nasdaq. crude is inching back to $199. just getting some confirmation from the white house, they have confirmed that time for biden and xi jinping to have a talk. a: 30 -- 8:30 eastern time. lisa: yes, then we will hear from president biden at 2:15. how much is that going to shape anything? i actually don't find it is interesting as the initial job claims. right now, how does the labor market dictate whether the fed starts to reconsider how quickly to raise rates heading into the year? that seems to be o