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"the wall street journal" writes: janet yellen's fantasy economy. >> well, it is a fantasy, and it's something they don't want to discuss for obvious reasons. if so they're trying to change the subject. they want to make it about something else. that's why the president's going out and attacking republicans, trying to create acquisitions -- divisions among republicans in this country. but the facts are clear, and the american people know it. they're spending $9,000 a year more this year to buy the same basket of goods they did last year. and that, in the edge, is what people, i think, are going to make their decision on when november rolls around. so the president has to do what he can to try and shift attention away from from this, janet yellen, anybody associatessed with this administration and this -- associated with this administration and this problem. their policies, extreme amounts of wasteful spending coupled with lack of a can coherent energy policy, higher taxes, heavy regulations, that is what has contributed to this inflationary crisis that the9 american people are experi

my sources tell me janet yellen is unhappy where she is and the administration is unhappy with her aswell. i would suspect in the next era of joe biden if, in fact, he were to run which would be a shocker to me that there would be a different treasury secretary. maria: and i have also reported that they are considering gina romondo, commerce secretary, on the bench, john, in terms of this white house and prospects for her career. we will see who is -- a lot of people want it actually from outside the white house as well. >> yeah, i wonder if this makes any difference. we are talking about higher prices for consumer goods and services. let's not forget at the same time stock prices are sinking. my goodness, the market value of common stock year to date is probably down by $12 trillion, these 401k plans are deflating and as you have more and more people retiring, you know, people coming close to retirement. that has to be another mill stone around the neck of this current administration as well as the democratic party. and you could go and change treasury secretary but that's not necess

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treasury secretary janet yellen, she could be leaving her post, soon. reportedly sheas leaving after the mid-terms. lauren? i want to know why she's leaving you want to speculate? lauren: speculation is the biden administration polls very low on the economy and they need to rej igger their economic team. axios is reporting she's out after the mid-terms and the white house is quietly preparing for her exit, looking at potential replacements including commerce secretary rum ondo and fed chair brainard. but if janet yellen does go in november that be the first part of this major economic reorganization, right? and the biden administration is denying it, because if they admit it, or at least now, well then they are admitting they have mishandled the economy and we showed you the poll. the biden polls what at 36% approval when it cops to the economy. stuart: good story now more on politics. senator joe manchin gave up tying his energy bill to government funding. he just -- lauren: folded. he asked chuck schumer to take out his provision on fast-track ing ene

i have not heard anyone in congress say that janet yellen needs to go at this point. but i will say that the republicans are -- blame the fed for not getting started soon enough in terms of hiking rates. so they sort of are where the market is now in terms of that perspective. and i would say that they also blame president biden for putting us in what they say is a recession now. we'll see if that plays out. >> yeah, i'm not a big believer in political parties but i will say electricity prices are soaring, mortgage rates are at 7% and the stock market's down 30%. stock-owning congresspeople might even get hit then they may do something ylan and jimmy, good conversation really appreciate it coming up, apparently hibernation is not just for bears anymore. we're going to get the popular group of stocks that retail investors are now leaving by the waid yse.wee back in two. soul ii soul ] what if you could change your surroundings with the touch of a finger? now you can. biometric id... inside the innovative, new c-class. ♪ ♪ ♪ ♪ ♪ ♪ at fidelity, your dedicated advisor wil

it obviously is of tremendous concern to americans. >> reporter: treasury secretary janet yellen citedising costs for rent and groceries as two of the biggest concerns. >> we hope to see substantial improvement over the coming year. >> reporter: do you think inflation is close to peaking? >> i don't want the get involved in month-by-month forecasts. i do believe it will come down over time due to the actions the fed is taking. >> reporter: as she spoke, her colleagues in the cabinet worked to head off a strike by freight rail workers. with the deadline now two days away, some chemical shipments have already been halted, and amtrak announced its canceling all long distance trains starting tomorrow, because some of them use freight rail tracks. >> what impact would a rail strike have on already high inflation in this country? >> well, it would be significant impediment to shipping goods. it's certainly something we don't want to see happen. >> reporter: secretary yellen recently worked with european allies to impose a new price cap on russian oil. but already energy bills in some parts o

janet yellen is saying that we are likely going to see oil prices go back up in the fall.hough we are looking at a better situation when it comes to energy, the catalyst here is the potential recession, slowing economy. what does that mean for earnings and the stock market? >> well, yeah, and this is one of the reasons why. at federated hermes we're traditionally a bullish shop. we find ourselves underweight equity because we think there's a risk to earnings. the dollar represents a risk to earnings. our outlook for the economy and the potential for recession represents a risk to earnings. and to your point, what we're seeing in not just oil but the broad commodities complex, commodities are worried about demand in the u.s. and china as they continue to pursue covid zero. if these prices were coming down because supply was improving that would be great. if they're coming down because demand is projected to collapse, that's worrisome for not only the economy but certainly for corporate earnings. maria: it's interesting that you are looking at these high cash levels at feder

we reported that janet yellen is likely to be out after the midterms. the commerce secretary who was considered a rising star in the biden administration, a moderate form of governor. we will see some shakeup in the biden economic team as it becomes clear they may be up today and who knows what happens by the end of the day. it could be down. i doubt it because of the positive headlines that came out. you might see brian replaced by someone else and there will be changes, reflected by what larry summers was saying. how much they missed the boat on inflation and the recession we might get because the fed was expecting rising interest rates and changing horses at the first horse to change this will be janet yellen. that is what we are hearing, we reported that in june. she came riding in coattails. neil: in a good way. thank you very much for that. in the meantime we are getting more word power outages climb, 150,000 without power, governor saying it will be millions. that is disrupted everything, disney world is close, see world is closed, almost everyth

cbs' nancy cordes spoke exclusively with treasury secretary janet yellen, a day after a government reportd inflation has not eased. >> inflation remains a problem and, obviously, is of tremendous concern to americans. >> reporter: treasury secretary janet yellen cited rising costs for rent and groceries as two of the biggest concerns. >> we hope to see substantialtht improvement over the coming year. >> reporter: do you think inflation is close to peaking? >> i don't want to get involved in month-by-month forecasts. i do believe it will come down over time due to the actions the fed is taking. >> reporter: as she spoke, her colleagues in the cabinet worked to head off a strike by freight rail workers. with the deadline now two days away, some chemical shipments have already been halted, and amtrak announced it's canceling all long-distance trains starting tomorrow, because some of them use freight rail tracks. what impact would a rail strike have on already high inflation in this country? >> well, it would be a significant impediment to shipping goods. it's certainly something we don't wa

, frank white house officials are reportedly preparingfor the potential departure of secretary janet yellenfter the midterm elections. the process is still in the early stages, and the decision on yelin or other cabinet replacements have not been made. in addition to yelin, axios also says the national economic council director brian deese could also be departing as soon as next year. >>> lyft says it's freezing hiring until next year, citing the economy. it decided in may to slow hiring and rein in costs. shares are down 60% this year alone and up to 80% since 2019 they released a proposal meantime to restrict stock ownership and trading by members of congress. the president and vice president as well as supreme court justices and other high-ranking officials. the bill could be introduced to the full chamber as soon as today, but any vote on the measure is uncertain at this time in addition to equities, the bill's restrictions also cover commodities, futures, cryptocurrency, derivatives, and options. frank? >> our bertha, thank you very much we'll see you later on in the show. >>> back to

treasury secretary janet yellen is here next. >>> "state of the e union" brout to you by rider.et products to your customers sooner. i am a business hotel. i eat, sleep, and breathe efficiency. i expect my bed sheets to be as crisp as my spreadsheets. i'm looking for someone who appreciates high rois and even higher rpms. must like hard work, punctuality, and a good firm handshake. if you're someone who likes earning rewards as much as earnings reports, i would be honored to be your perfect somewhere. ♪ ♪ - [narrator] every three minutes, a child is born with a cleft condition. without surgery, some will die. those who do survive face extreme challenges. operation smile works to heal children born with cleft conditions. we need you. there are still millions in dire need of healing. go to operationsmile.org today and become a monthly supporter, or call. (gentle music) . >>> welcome back to "state of the union." the first early votes have officially been cast in the 2022 midterm elections with just over eight weeks to go. poll after poll shows the kwhee is one of the top issues fo

it is my privilege to turn the podium over to the 78th treasury secretary of the united states, janet yellen. [applause] sec. yellen: before i get started, i just heard the sad news does the queen of england has passed. our thoughts are with her family and the people of the united kingdom. it is great to be in dearborn and later today in detroit. it is the global capital of the automobile industry. this region will experience significant growth from the recent enacted biden economic plan. i would like to acknowledge -- gilchrist for knowledge me today. many provisions of the inflation reduction act and the chips act make them a reality, including her critical work on the energy manufacturing tax credit. i want to thank senator peters for his equally strong advocacy and leadership. thank you also to the members of congress who are with us here today. congresswoman dingell and stevens and congressman levin. i know you have worked very hard over the past few months on historic legislation. my thanks to mayor -- for being here. i am grateful to the leaders at ford and the uaw leaders and members

again, janet yellen is the one that really people are saying is leaving.ieces of the chess board continue to move. charlie, thank you very much. or at least they look like they're about to move. exactly 51 minutes ago hurricane ian made landfall in southwestern florida. so the eye of the storm hit cayo costa and they're looking for shelter in what is a brilliant market as of late. next today, today was really good. let's hear from nfg cio john murrey who's managing $10 billion in assets under management. okay, it is a very difficult market on one day we're imploding. the next we see a very strong move, the likes of what we're seeing on the screen right now, a 2% move for the dow up 617. tell me exactly how you choose to invest around these headlines on any given day. j>> yeah, the market wants to go up and it's trying and at the beginning of the year defensive stocks were cheaper and aerospace and defense and utilities and staples were attractive. now you've got opposite dynamic and many in nosebleed valuations and you've seen a pretty substantial dislocat

paul: a janet yellen was very clear in her speech. do so. so, what is the republican agenda here for watching congress? if you guys win what would you be campaigning to do for the economy? >> two things. i was disappointed secretary yellen's remarks the other day in michigan. the fact checker could fill a book just correcting the inaccuracies and those are marks about the biden conley part especially in comparison to the republican trump a economy preceded it. for house republicans you will see soon a rollout of the commitment to america. going to be restoring a strong economy here in the united states. you'll see a focus making lower taxes permanent for families and small businesses. keeping the incentives that grew the trump economy so dramatically stronger and faster than the biden economy. you are going to see a focus on getting workers back and reconnected. that is going to be really key to reducing growing the economy in the future. we saw this worker crisis that is really causing problems along main street. go see a major focus

i think jamie dimon is right and i think janet yellen is too optimistic.ion. i think jamie dimon's assessment is better. i asked him in the bank hearing at the house, should the fed be focused on price stability and not be concerned about racial equity and things like that in societies that absolutely that's why i've introduced legislation for the fed to focus on price stability because inflation is a thief and i have to tell you since inauguration day, joe biden has hit every policy wrong and has made our economy weaker and our families more insecure financially because he's added regulations, added taxes, clogged up the arteries of the american economy right at the moment when it should be growing. he inherited a v-shaped recovery, low unemployment, low tax rates and working population. maria: certainly feels like jay powell is the only one doing anything about inflation right now because when you look at the response from the white house, it's just more spending and more spending. congressman, do you have any idea where this rail deal stand because if w

congressman, your reaction to janet yellen.unds like she wants to wipe out tens of millions of u.s. jobs. is it to churilous to say she didn't skype or zoom the speech, she flew there? >> liz, it is depressing because janet yellen had a distinguished career in macroeconomics. she is the former chair of the federal reserve board and she is absolutely spewing nonsense in her speech at detroit. it is completely unrealistic to say what she said and it is misleading to the american people to think that we can snap our fingers and go from our important use of fossil fuels to renewable energy. she is completely wrong about it. i know she knows better than that. she knows this is an evolution airy process that has to be driven by the market, not a radical revolutionary process done in the salons of brooklyn. liz: too, what the congressman is saying, nick, this phrase is now coming back. it is being called flatten the curve on energy usage. it is not just about the pandemic. now it is about using energy. watch the president of the europ

congressman, treasury secretary janet yellen she is warning inflation is a major problem.ned the white house downplaying it. she also says we're not in a recession by two quarters of contraction. watch this. >> inflation is way too high and it is essential that we bring it down and that something that americans feel every day and, i think it's what is causing them tremendous distress. >> increases in prices are only having transitory effects on inflation. >> transitory,. >> transitory. president biden: trans power. >> the biden administration tries to downplay the inflation issue like it's a non issue. it is the pocketbooks of every american in this country to the tune of 8 1/2 to 9% for a family. elizabeth: what do you say, congressman? >> well, i mean i would say on the one hand i'm glad she is finally admitting we have inflation. on the other hand trying to deny we're in recession, we have the textbook definition of recession is back-to-back negative growth quarters. i leave detailed economic analysis to the former cbo director there. he knows more about it than i do bu

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i do agree with janet yellen that we need growth. pro-growth policies to get us out of this i would call a soft recession. so they have to raise interest rates because of inflation, but let's do things to grow the economy by producing more energy, bill. >> bill: austan, can you predict today the man of optimism today, can you predict a soft landing? >> with the interest rates going up as fast as they were going on the fed side, i think that dangers of not soft landing are getting higher and higher. i would be a little careful promising soft landings when we are in that environment. but just be careful if you start going down the road that says what we ought to have our big tax cuts like the trump administration. the u.k. just proposed that and that is what is leading this massive sell-off. >> bill: that is what we should be doing. >> would be doing exactly what it does doing in the u.k., which is tanking the stock market and everyone is panicking. >> we revived in the economy through tax cuts, austan, let's do it again and it did it

. >> carley: yesterday janet yellen issued warning about the federal reserve and how it could combatow successful they might be. take a listen. >> the fed will need great skill and good luck to achieve what we sometimes call a soft landing. i hope, i believe there is path to accomplishing that. >> carley: how do you feel about those comments and what do the next few months look like? >> brian: good luck when the federal government spends and you're the fed trying to bring down inflation. this is the problem with this administration, self-defeating economic policy. fed raising interest rates to cool things down and bring inflation down and this government is saying, we don't care, we're going to spend and forgive loans, working against themselves. the people who pay are the american people, the prices are still at extraordinary levels most can't handle. >> carley: the president is celebrating signing of the inflation reduction act today. >> brian: they are acting like that matters, it doesn't matter. that big does nothing for inflation except raise inflation. this is a problem, inflat

all this as treasury secretary janet yellen he heads to detroit expected to vow to rid the nation ofrack when some dude tells women you should be perfectly fine with ran interior temperature 78 degrees, began there is a crisis, in electricity generation that is made by gavin newsom, and the left wing liners very moving from base-load power natural gas, nuclear and even coal relying on unreliable fuel sources like wind and solar. >> two thoughts, one, yes, i agree california is an extremely cautionary tell a for country big cautionary tell a whet imprint, is europe like you mentioned during last your europe biggest cautionary tell a this winter people will die in europe because they cannot heat homes if we continue to follow their trajectory how going about groan new deal shenanigans, california big bear mammoth have snow large northeast west of the midwest places like that there will be people that die because janet yellen front aoc says green new deal get rid of fossil fuels another thing entirely when janet yellen a woman, who has capacity and ability to effect monitor policy says

inflation that janet yellen ignored has the markets down to its lowest point since nove november 2020. >> i believe there is a path through this that can succeed in bringing down inflation while also maintaining what i think all of us would regard as a strong labor market. >> laura: how was she even employed? the supply chain that mayor pete was supposed to address? it's still messed up. >> over $1.5 billion are going into awards ac across the county announced today to build that world leading transportation system. strength and supply chains, create jobs, advance equity and improve economic opportunity. >> laura: china is on the move in south and central america. even funding russia's war in ukraine. john kerry, the climate czar is left begging china to keep focusing on climate change. >> what can be done about china? there is reluctance to participate in affairs of climate control that other nations -- >> interestingly enough, china has a plan. more electric vehicles, then all the rest the world put together. >> you get the drift here. america is humiliated, that clip from john kerr

yvonne: janet yellen talking about being optimistic about the oil price cap on russia.t whether these or -- at these oil markets. brent just below 90 here. the dollar stronger dory -- story as well. heading higher this morning. david: yeah. updating their projections on just how much oil we will need. the energy crisis in europe. we will bring in stephen stapczynski. i don't know where to start. you kind of go around in circles when you look at the global energy demand story. what is leading to what? stephen: let's look at oil first. you have the hawkish fed which is pushing up interest rates. you will see some more big booths out of that. could see a recession later this year. that's been spooking the oil market for weeks. that's why we see a big drop off in oil prices. at the same time, saudi arabia and hedge fund folks have been saying, oil prices in the market is unconnected. no longer connected. doesn't show the fundamental in the oil market. it's tight. there isn't enough supply to meet the demand. because of that, as opec-plus showed this week, lowering their mar

yesterday treasury secretary janet yellen said there is concern the federal reserve strategy to bring down strep inflation by hiking rates. >> we will need great skill and some good luck to achieve what we sometimes call a soft landing. i hope and i believe there is a path to accomplishing that. speak with the rate of cost rising slightly in july, 85% year-over-year compared with jen's record 9.1% surge by the inflation decade high. and in a gains could be sunk again. janet yellen admitted yesterday gas prices may see a spike this winter to make winter and did so while traveling on a multistate tour handling of the economy midterms. here is senator tim scott. >> here is the truth about the issues that matter to the american people. the economy inflation and gas prices have been for the top three issues and without question the social issues presents an opportunity for us to have a conversation with the american people about what matters to them. >> democrats continued to push electric vehicles, pete buttigieg with appreciation for california's gas corp. he set to take effect by 2035.

details on janet yellen's visit and explosive comments in dearborn. that's straight ahead. closing bell, 49 minutes away. dow is up about 60 points. watch the s&p. we did get to about 4,010. scott bauer mentioning that and we're coming back on the "claman countdown". ♪ pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. >> we have always believed in any esg or energy transition. gas will play a central role for the next 50 years. we have to have an effective long-term transition and we remain the longest investor in hydrocarbon companies in the world today. liz: that was blackrock chairman and ceo larry fink telling the "claman countdown" exclusively

. >> next, treasury secretary janet yellen talks about the state of the economy and recent actions taken by the federal reserve to reduce inflation. hosted by the atlantic, this runs about 25 minutes. >> thank you, secretary, let me start by asking you about the broader biden economic agenda. the federal reserve chairman job that you used to have, yesterday forecast a world where interest rates will be reaching 4.6% in 2023. he said this was unfortunate but unavoidable. i know you don't want to second-guess someone who has a job that you once had. let me ask you, what are the implications for the american economy? >> first, let me say i think inflation has been running at an unacceptably high rate. it is a huge issue for every american household, it is leading to a great sense of economic insecurity for americans, and we don't want to see it become endemic. i live through the 1970's when we had a long period of high inflation. it is president biden's top economic priority to get it down and that's what the fed is trying to do. some of the inflation is coming from supply chain bottlenecks

treasury secretary janet yellen is in detroit to give an address on president biden's economic agendaalso on c-span at 7:00 p.m. live coverage of president biden speaking at the dnc 2022 summer meeting at maryland national harbor. on c-span2 at 9:00 a.m. eastern federal reserve chair jerome powell talks with the state of monetary policy and at 10:00 a.m. senators returned to continued work on judicial nominations. these events and programs also stream live on the c-span now video app which is free to download on your mobile device. >> next, former obama administrator security officials talked with the fbi search at mar-a-lago and the potential legal implications. since this conversation a federal judge authorized a special master to review the documents that were seized. the "washington post" also now reports classified materials allegedly contained information about the nuclear capabilities of an undisclosed foreign government. >> so, as you know we offer informative discussions on the critical issues of the date with the highest caliber will thought leaders and experts read today th

janet yellen was standing at a ford plant or a ford innovation center.ry secretary there because it's getting regulatory lift and subsidies and handouts from this administration. this government. that being said, as mick mulvaney said yesterday, biden of course is going to lambast conservatives here, there and everywhere because he can't talk about anything that he's done for the american people. that's all he's got. he could talk about his dogs, i suppose. that might make him more likable. but where's the one that used to bite people? [laughter] maria: yeah, that's right. my favorite op-ed from the editorial board in the wall street journal was today. it's my favorite op-ed in a long time, by the way. by the editorial board. it was janet yellen's fantasy economy, it goes that is exactly what she sounds like. she is living in fantasy land. yesterday from the ford plant, she doesn't even mention we're in contraction. hello. the first six months of the year is a contraction and they write, u.s. inflation has been substantially home-grown, joe. trillions of

but treasury secretary janet yellen is warning about pain at the pump to come. she says fuel costs could spike again this winter as the eu scales back its purchases of russian oil yellen said the move is necessary to cut off funding for russians war in ukraine but is likely to lead to increased demand and higher prices from other oil and gas suppliers. coming up in our next half hour, a new monkeypox clinic is set to open in san francisco. will take a look at. >> all those details and the queen of england is laying unrest. details on today's proceedings as the uk mourns queen elizabeth. the second to go live to england when we come we continue to follow all that's unfolding in the uk after the queen's passing. she's currently lying in rest in scotland where mourners can pay their respect. >> and thousands watched the procession as she made her way to saint giles cathedral where she will stay until tomorrow. and right now reporter katie joins us now live from windsor castle in england with a look that all that has transpired today. and katie, it's technically a mo

you know, but first i should probably in fairness reveal that the gentleman who photo bombed janet yellen five years ago by holding up a buy bitcoin sign behind her during her humphrey hawkins testimony, earlier this year became my son-in-law, so that's a little disclaimer, i'm going to put out there. [laughter] >> but without debating the merits of cryptocurrency or products, i'll say that in the monetary arena, cato stands for nothing than desire to see interest in monetary policy and more people concerned about the discretionary fiat system and also, you know, we want to see private market innovation and experimentation in developing alternatives and crypto is such a great example of this. there's a long history of government and regulation thwarting such experimentation and innovation and which we find very disappointing. so, i'm wondering if you can respond to these concerns, namely that regulators might ultimately, you know, crypto to the extent that it does develop into a viable alternative system? >> so, talk about in two pieces. one is unbacked cryptocurrencies as such and those

dire effects on economic activity >> we -- well, we, i, have been tough on jay powell, tough on janet yellen, not as human beings, but just in their job. it appears they're not good at that job in europe, it's still many of the same, christine lagarde. like the same names for the last five or ten years. do you think that the market has confidence in these people does the market -- should the market have confidence in these people, who were there when things went awry >> i think we're right to be looking at what central banks are doing with a lot of attention, because what they will be doing will be key in determining the global outlook and the pace of the slowdown even if it adds pain in the form of slower economic activity. that's really the goal of most central bankers today, is to curb demand. as we know, they have very little power in terms of reestablishing supply. they're weigh on demand. the question is, how capable of they of managing a soft landing in this environment. >> i want to go outside of that. you know what happened with the pipelines this week. norway is flying fighter jets

i know, janet yellen. >> brian: just 8.3.an inch. >> steve: janet yellen refuses to call a recession because there are so many people being hired. however, she does say inflation will come down probably next year. >> brian: steve, you forgot. >> steve: next year a year after the midterms. >> brian: we don't have to worry about inflation because we have the inflation reduction act. that solves everything. >> steve: i hear it's tans tore. >> ainsley: john kerry speaking at the international agency forum. one of their climate envoy. and he was praising the inflation reduction act saying it's an amazing bill. what's interesting he said it was completely misnamed. is he not sure how it has anything to do with inflation. it's great for climate change. listen. >> steve: he says running around saying i support the inflation reduction act. ira. that's tricky in politics but here we are. i'm not sure how much it has to do with inflation that's okay he says. >> brian: that's not okay. you flat out lied and jammed it down everybody's thr

. >> yesterday treasury secretary janet yellen to strategy to bring down inflation will launch the countryo a recession. >> there will be some good luck. >> more buses arriving in blue sanctuary cities but now mayor lightfoot being accused of hypocrisy after migrants relocated without a heads up. >> we invite people to come and just willy-nilly put them in the suburb. >> ♪ ♪ >> metlife stadium with a national anthem led by nypd officer marking 21 years since 9/11 terrorist attack and made the moment. >> ainsley: you are looking live at edinburgh, scotland, where king charles iii is on his way to the palace of holyrood house to lead a procession for queen elizabeth ii. >> brian: comes hours after charles first address to parliament as a sovereign, as a king. >> steve: that is in london. now, he has back in scotland. back in london greg palkot. greg. >> hi, folks yes, we are at buckingham palace to begin this very long week of memories of the late queen elizabeth ii. but for a moment at least the focus status shifting north where we are right now. just like in scotland king charles iii and q

economy already dealing with inflation.y secretary janet yellen says shes well aware it is still a serious serious problem. she says rising rising cost of rent and groceris are two of the biggest concerns for americans, about you she will not predict when those costs might come down. >> we hope to see substantial it over the coming year. > >> do you think inflation is cle to peaking in. >> i don't want to get involvedn month by month forecasts. i do believe it will come down over time due to the actions the fed is taking. >> the latest government figurew overall prices rose 8.3% in aug, compared to earlier last year. > >> and efforts to curb inflatio, freddie mac reporting the 30 year fixed rate is now above 6% more than twice as high as a year ago. economists say this will cool off the red hot housing market although the demand for homes will still outpace supply. > >> the job market looking stron. the labor department says firste unemployment claims fell for the the fifth straight week. > >> let's check in with first alt meteorologist jessica burch. >> reporter: heading into the nt coupl

. >> next treasury secretary janet yellen talks about the state of the economy and recent actions taken by the federal reserve to reduce inflation hosted by the atlantic this runs about 25 es minutes . >> i think we have a dinner party with other invited for. do you know merrick garland or jennifergranholm are doing anything ?i'd like to talk about the broader biden economic agenda but i want to start another member of the federal reserve, a job that used to have. yesterday interest rates would be elevated at least within recent experience with interest rates reaching 4.6 percent in 2023. you said this was unfortunate but unavoidable. i know you'll want to second-guess someone who has a job you once had so what are the implications to the american economy if the fed continues on the course they sent out yesterday? >> first let me say i think inflation has been running at unacceptably high rates. it is a huge issue for every american household. it's leading to a great sense of economic insecurity for americans and we don't want to see it become endemic. since i lived through the 1970s wh

treasury secretary janet yellen tells our nancy cordes that the tax agency will be able to handle 85% bump up from this year when about 10% of calls were answered by the irs. >>> another breakup for kanye. this time it's with his partnership with gap. west's attorney says the retailer has not met certain contractural obligations including failing to sell certain clothes in gap stores last year. it was supposed to be a ten-year deal that began in 2020. gap said in part that their visions were not aligned. the rapper will focus on opening his own yeezy clothing stores. >>> speaking of clothe, this was pricey. the jersey that basketball great michael jordan wore on game one of the 1998 nba finals sells for a record $10.1 million at auction. sotheby's thought it would only get half that. the jersey from the famed last dance season attracted a total of 20 bids. >>> that is your cbs "money watch" report for this friday morning. i'm matt pieper, cbs news, new york. >>> the world's first flying bike has come to the u.s. a japanese startup company showed off the hover bike at the big auto show

. >> treasury secretary janet yellen was in dearborn michigan, where she toured the world's first electric vehicle center. at the facility she discussed the biden administration's economic agenda and inflation across the country. she also talked about the computer chip industry and hopes for a zero emission economy. sec. yellen: before i get started, i just heard the sad news does the queen of england has passed. our thoughts are with her family and the people of the united kingdom. it is great to be in dearborn and later today in detroit. it is the global capital of the automobile industry. this region will experience significant growth from the recent enacted biden economic plan. i would like to acknowledge -- gilchrist for knowledge me today. many provisions of the inflation reduction act and the chips act make them a reality, including her critical work on the energy manufacturing tax credit. i want to thank senator peters for his equally strong advocacy and leadership. thank you also to the members of congress who are with us here today. congresswoman dingell and stevens and congressm

. >> your letter to president by the treasury secretary janet yellen ofu the request but if yu heardfrom the whiteea house and the treasury department on them? next we drafted the b of and sent it out yet we've been talking about what's going on for next week you will beol hosting and holding hearings on haiti to find out where the source is. and what's going on in haiti. one of the biggest things do it to make sure we are doing is highlighting all ofma this. is something we are not hearing a lot about. your reading the reports about what kinds of atrocities are going on in haiti it is astounding or not taking action even at this point. >> a lot of discussions these days by the actions by government ron desantis and abbott over sendingan migrants o various places in the united states. what reaction to this absence? it's a lot about lawlessness and follow all credit cards by intentionally validating saying they had the intention of the time i checked there was no procedure to governor can take missing so much of our opening of florida is $98000 actually stand up to martha's vineyard.

eastern, treasury secretary janet yellen will speak about the biden administration's economic agenda in michigan. at 7 p.m. eastern, president biden wilson week at the summer meeting at the national harbor in these extreme live on the c-span now video app which is free to download on your mobile device. >> education secretary miguel cardona spoke on a variety of tropics at a recent christian science monitor event stop watch tonight at 8 p.m. eastern on c-span2 and the free video app or online at www.c-span.org. >> middle and high school students can shine by participating in this year's student camp documentary competition. picture yourself as a newly elected member of congress and we cask this year's competitors, what is your top priority and why? make a five-six minute video that shows the importance of your issues with supporting and opposing perspectives. among the 100,000 dollars in cash prizes is a $5,000 grand prize. videos must be submitted by january 20, 2020 and visit our website at studentcam. org. >> book tv every sunday on c-span2 features leading authors discussing thei

. >> next, treasury secretary janet yellen talks about the state of the economy and recent actions taken by the federal reserve to reduce inflation. hosted by the atlantic, this runs about 25 minutes. >> thank you, secretary, let me start by asking you about the broader biden economic agenda. the federal resee

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