janet yellen in japan. let's speak _ were promised. janet yellen in japan.mised. janet yellen in japan. let's speak to michelle | japan. let's speak to michelle fleury in our new york hero. those quotes are pretty astonishing, aren't they? we have been talking all week about this possible 11th hour deal but donald trump says look, it's fine, could be a bad week, a bad day, who knows? i know, then ou week, a bad day, who knows? i know, then you have — week, a bad day, who knows? i know, then you have that _ week, a bad day, who knows? i know, then you have that sharp _ week, a bad day, who knows? i know, then you have that sharp contrast - then you have that sharp contrast with janet yellen they're saying it could spark a global downturn that would set us back much further. you know, itjust illustrates how far apart the two sides are. you have donald trump kind of echoing in some ways the view of many republicans. because remember over the weekend there were more than a0 republicans who said that they would not support any passing of, or raising of the debt l

treasury secretary janet yellen.t will be live from the g7 in japan and about 20 minutes from now. 8:40 5 a.m. london time and this is bloomberg. ♪ francine: welcome back to the open. 30 minutes into the european trading day. there are your top stories. debt ceiling optimism. president joe biden house speaker kevin mccarthy postponed today's meeting as the staff level talks are said to make progress. u.s. futures are in the green. it's a hopeful sign that central bankers and finance ministers gather in japan for the g7. we speak with treasury secretary janet yellen this hour. jamie dimon warns that u.s. default would be potentially catastrophic. we will have more from yesterday's interview. when you look at the markets, time, they seem to be more upbeat than they have been of late. tom: there is friday optimism creeping into this. there will be talks from the debt ceiling but also talks starting between china and the u.s.. will it lead to the two presidents finally having a conversation after the risks in tension bet

treasury secretary janet yellen says a u.s. government default would undermine washington's ability to provide international leadership. she called this scenario unthinkable. sec. yellen: a default would produce economic and financial catastrophe. millions of americans could lose their jobs. household incomes would be reduced. american businesses would see caret it -- credit markets deteriorate. millions of families that receive government payments would likely be left without the resources they were promised. tom: and do not miss our exclusive conversation with janet yellen tomorrow morning at 8:30 a.m. u.k. time. u.s. inflation showing signs of cooling in april, opening the door for the fed to pause soon. cpi rose by 4.9% from a year earlier, marking the first sub-5% reading in two years. for the analysis on central banks and how to position, let's bring in vivek paul, senior portfolio strategist at black rock international. let's start with the cpi print out of the u.s. we know the fed is focused, services softer than expecte

we start with janet yellen warning of economic chaos should the u.s.t obligations come june 1st. this as congressional leaders meet with president biden tomorrow. >>> amc reached a deal to pay down the debt. the settlement must be approved by the judge with the hearing scheduled in june. >>> and biden administration is looking for airlines to come up with rules to compensate passengers over delays or cancellations. >>> and binance temporarily resumed bitcoin transactions >>> baidu will reveal the first smartphone next week and put a.i. in all products >>> the ceo of five groups are pushing back on the regulations from brussels over the use of personal data. siemens and s.a.p. and others say the data act would force them to give up trade secrets and give an advantage to china we spoke with a company ceo, brainlab, earlier. >> it would achieve a better access to data which is a good idea by having regulation than it would make it difficult to achieve that the idea is right, but overregulation achieves the opposite >> a story to waectch here on "worldwide

. >>> ahead of the meeting, janet yellen is sounding the alarm to the private sector over the debt crisis as she warns of a coming economic catastrophe >>> spikie speaking of crisis, the banking turmoil and how that to fuel a credit crunch. >>> and lucid on life support. sending shares down ahead of the open >>> and sam bankman-fried has a new legal strategy to help him avoid jail time. it is tuesday, may 9th, 2023 you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." i'm frank holland. a mixed session yesterday and this morning, the declines in the nasdaq in pre-market nasdaq down .50% we are seeing the dow jones industrial average opening up 100 points lower if it opened at this time. that is still early. the s&p is fractionally lower. the bond market is something we are watching as we await the inflation data look at the 10-year treasury at 3.49 we are looking at the 2-year treasury a bit below 4% yield there we have seen bond yields tick up the last week. we are looking at the energy markets. oil back above $70 a barrel wti crude is down

alix: janet yellen also saying that biden team offer to cut deficits.hat areas could we see risks for cuts? katrina: i don't think we can cut out infrastructure spending and i think that is where you're talking about, the green investments that will impact energy stocks. i do not think there is appetite to do that and we have had such an underinvestment in infrastructure for a long time. i think we will need to -- it will be death by a thousand cuts. it will be a little here and a little beer and we will get to those numbers but we don't know when we are going to run out of money. these discussions could continue to elongate. janet yellen is in that position where she needs to create urgency and that is why she has the narrative to looking around -- about running out soon but she doesn't want to create fear about -- by saying we are running out tomorrow. she is doing a great job to create urgency because what we like to see in the market is resolutions. that is what the debt ceiling is representing, that increased uncertainty. alix: katrina dudley come

don't be a deadbeat nation, treasury secretary janet yellen says the u.s.as to raise the debt ceiling as talks and easy gain traction. fed governor michelle bowman says more hikes could be needed and higher rates needed for longer if inflation stays hot. how do you feel about that? we get the latest read on consumer sentiment. welcome to bloomberg markets. guy: there is good news and bad news. it may just be bad news. the headline number dips to 57 point 7%. current condition, 65.5% is a significant drop. expectations, future expectations 53.4%. then we get to the inflation numbers which come in at 4.5%. that's the highest number since 2011. i'm curious as what to the five and 10 year inflation number look like. alix: 3.2%? five-10 year inflation expectations 3.2%. we've been around that three level for a bit but clearly, we are looking at weaker expectations and consistently higher inflation. alix: it's not good you could argue. guy: the long-term expectation is the highest since 2011. these are not our numbers so let's talk to the person whose numbers the

haidi: janet yellen says the u.s.already paying the price for its failure to raise the debt limit as talks between the white house and lawmakers continue. let's get more from jodi schneider who joins us out of washington. even though janet yellen sticking with june 1 as the earliest date on the debt ceiling, what kind of a fresh warning to be here today? >> in that letter that janet yellen wrote to kevin mccarthy kevin she said is this still june 1. we could run out of cash, the ability to maneuver with extraordinary measures we have been using since january. but also, she said a few other things she set a default could come weeks or days after that june 1 deadline, which was a bit of a tweak. something we had not heard earlier. she also said we are already feeling the effects. this was a stern warning, saying if -- do not play around with this. it is getting close and it could be catastrophic. she was doubling down on all of this information. there had been some thinking that if we got another letter there may be a n

trashy secretary janet yellen's very very blunt warning about the u.s. debt limit.nn is covering the story from every angle. our correspondents are standing by over at the white house on capitol hill, and in the nation's financial center in new york city. we're also about to get reaction from former treasury secretary larry summers. he's standing by live. but first, let's go to our chief white house correspondent, phil mattingly. phil, one month is not a lot of time to fix this huge, huge potential disaster. what is yellen warning of tonight specifically, and what is the president doing behind the scenes? >> you know, wolf, for months, republican leaders and the white house have essentially been in a stare down, two very noncompatible positions making very clear there's no clear pathway forward in terms of how to raise the debt ceiling unless something dramatic changed. one that changed today with the letter from secretary janet yellen to capitol hill leaders, the urgency of the moment, the time line in terms of when default would actually occur has always been a li

please welcome treasury secretary janet yellen!invitation. >> stephen: have you ever been on a late-night show before? >> i've never been. >> stephen: you're going to love it. it's great. you've been called a genius at explaining arguments simply and clearly. others have said this. you haven't said this yourself. can you explain how inflation got so high because two years ago, everything seemed fine, even in 2021, you and other members of the administration believed that inflation was a small risk. what happened, simply and clearly? >> that's a challenge. >> stephen: that is, yeah. >> so, we had rapid recovery from the pandemic. when president biden was elected, unemployment was quite high. it was close to 7%. and we put policies in place that generated a very rapid recovery. unemployment quickly fell back into the 3s. >> stephen: what is it now? where is it now? >> 3.7. so normally you wouldn't expect, just because you had a rapid recovery, for inflation to rise very much, if at all. but it turned out the pandemic had very special

default. >> reporter: but janet yellen warns that it could all happen.. >> reporter: but janet yellen warns that it could all happen.. >> reporter: but janet yellen warns that it could all happen.. >> reporter: but janet yellen warns that it could all happen.. >> reporter: but janet yellen warns that it could all happen. as early as june 1 and it would cause severe hardship to american families. financial analysts broadly agree the stock market would plummet tanking 401(k)s and other savings for millions. unemployment would leap up, state programs which rely on federal backing could also be sent reeling and the banking system already rattled by recent problems -- >> it is not a position of strength that you could throw on another issue like the debt ceiling and say that this is water off a duck's back. no, it won't. it could metastasize into a bigger problem when you already start with markets that are in a position that they are in right now. >> reporter: all a guessing game since the federal government has never defaulted before. but in 2011, the obama administration and congression

from where it was a half hour ago. >>> let's turn attention to the developing story in japan and janet yellen white house and congress to reach a deal to wrraise the debt ceiling yellen making comments with the investors in japan and we have martin soong with the latest martin, good morning >> reporter: good morning, frank. you know, when the g7 process started with the japan presidency this year, it was supposed to lead to the conclusion of the summit in hiroshima with de-risking russia ironically, the conversation has changed and now people are talking about how to de-risk the u.s. we are talking about the debt ceiling crisis secretary yellen is here and she spoke earlier today. here is what she had to say on that front >> the notion of defaulting on our debt is something that would so badly undermine the u.s. and global economy that i think should be regarded by everyone as unthinkable >> reporter: so secretary yellen speaking here in niigata at the bankers meeting. part of the g7 this is the second to last meeting before the summit in hiroshima next friday. yellen did a press conference a

leaders must take action janet yellen warned the u.s.ould reach the debt ceiling by june 1st if congress does not act. she says congressional leaders know the right course of action. >> the only option that really leaves our economy in good shape and our financial system is raising the debt ceiling and making clear that congress stands behind the basic principle that america pays its bills. we're not a deadbeat country >> brinksmanship until the last minute what is interesting here is there is a big group of republicans, 43 in the senate, will oppose any bill that raises the debt ceiling so long as it doesn't include provisions about attacking government spending. i have spoken to equity analysts and i feel this is an issue that comes up over and over again the debt ceiling gets resolved in the last second it doesn't mean to say the markets don't react into it and many equity analysts are saying there may be opportunities in and around that june 1st soft deadline you will see stocks that have exposure to government direct financing and w

here janet yellen is pushing forward this fearmongering tactic and really i don't trust janet yellen either. we've seen her history and because of her we're in a lot of this. yes, it is also political. she's acting political, no longer federal reserve chair, you could see the federal reserve chair could be political. this is fearmongering. >> ashley: mccarthy and republicans put forward a common-sense bill. you can raise the debt ceiling, but have to push back in certain areas. do you think he's going to budge on this at all? every year we hear we're going to run out of money. do you think biden is going to budge on this? >> he doesn't really have a choice unlessey ex$10 millions to the point of a fiscal cliff. i hope he wants this deal to be negotiated, it would be difficult for the economy, investors will be concerned about what happens to the budget and debt. right now, he will have to negotiate because republicans passed the bill in the house. kevin mccarthy did a great job and got a lot of covid spending and cuts called back. >> todd: what republicans and kevin mccarthy want to

janet yellen addressed these issues including trying to get support for what we are hearing would be an investment restriction, executive order, coming as early as next week's leadership meeting in hiroshima on key investment in china sectors that could potentially pose national security threats to the u.s. i am talking ai, semiconductors, quantum computing. she says it is going to be narrowly scoped, and at technologies that pose a threat. this is what janet yellen said at the press conference which i attended yesterday afternoon. >> this should be national security focus. it's not focused on undermining china's economic competitor -- competitiveness or ability to advance economically. haidi: yellen addressed an invasion of russian sanctions. what is the strategy going forward for the g7? stephen: i think they want to choke off evasion of those sanctions. russia's ability to a beta the -- of aid the sanction, a clear concerted -- invade the sanctions -- evade the sanctions. they also put pressure on companies and jurisdictions. her words, known for facilitating the evasion and shutt

amendment that can be called upon year to allow president biden to just keep issuing debt, but janet yellenbe pushing back on the idea that president biden can do anything himself and suggesting this is all in the hands of congress. bruce: you are right. what secretary yellen was saying , she kept deflecting when it came to whether or not 14th amendment could come into play, saying there just needs to be a clean lifting of the debt ceiling. however, significantly president biden interviewed on friday and did not close the door on using the 14th amendment. he said have not gotten there yet. the word yet is doing a lot of work in that sentence. the 14th amendment is something approved for the constitution back in the 1860's post-civil war, and it said that the public debt of the united states shall not be questioned. some people say the wording of that amendment says that the president has the ability to say congress by not liftine debt ceiling is not following the constitution and therefore, the president can ignore congress and continue issuing debt. it has never been tested obviously, and

janet yellen at 8:45 a.m. london time with annmarie hordern. dani: definitely looking forward to that one. let's head over to turkiye where voters there are going to the polls sunday for the country's general elections. the race is expected to be tight amid growing economic concerns. let's get over to bloomberg's yousef gamal el-din was in istanbul. what should we look out for this weekend? yousef: the tension is very real. i can feel it and here it when i speak to many people here on the ground. over 60 million algebra voters going to hit the stations on sunday. they open at 8:00 a.m. local time and they will shut off at 5:00 in the afternoon. if we don't get a clear majority, we have a runoff on may 28. the two main contenders. there are three that remain but the two main are erdogan the incumbent who has been in power for over 20 years and known to most people and then the credible threat this time around is kamal kilicdaroglu drawing a dramatic fashion. we saw turkish stocks pop off the back of that by much as a percent. i would not read to

tomorrow, my colleague will speak exclusively with janet yellen.ll be speaking exclusively to the bundesbank president right here at the finance ministers and central anchor governors meeting here in japan. it has not even started yet. it starts at 2:30 p.m. japan time and we are already on the ground running. rishaad: thanks. echo at what is going on with some of these markets. looking at chinese banks, first of all, we have lenders up, but they lost some of their gains. smic out with numbers, terrible time of it. people expecting a profit come -- jd.com expected flat when it reports numbers later today. haslinda: still to come, the downey group rishaad: welcome back. you are with "bloomberg markets" as we focus in on india and have a look at some of the key stories investors are watching out for today. we have go air winning protection as a local court allowed its insolvency proceedings to begin. looking also at what is going on with prime minister narendra modi, who is operating infrastructure projects in the state of i just on. also adani group

the newest warning from treasury secretary janet yellen making it clear that the u.s. could default as soon as june 1st and even coming close to that date, with this political battle, could damage the u.s. economy. where does it stand with the president is now saying. what house speaker kevin mccarthy told rachel scott. the southern border. the biden administration reporting migrant crossings are down more than 40% since title 42 expired. what's driving it? will carr on the border. the war in ukraine and the dramatic images coming in from the battle for bulk moved. ukrainian fighters making the most significant advance in six months. images of russian forces being captured and what they say this video shows. here in the u.s. the husband accused of killing his wife after she disappeared on mother's day in 2020. sitting down with our aerial rationale, his daughter sitting down beside him. what he is saying and what prosecutors are signaling about the husband. tonight retracting -- severe storms damaging winds and large hail always to virginia over the next wave hours in

you mentioned janet yellen's letter here. the date has not changed. june 1 released as early as the xa here in washington. the party is at the table here. joe biden and kevin mccarthy know they are playing with very little time and that the markets are watching and listening. it will be very important to hear what he says he emerges from the west wing. assuming kevin mccarthy talks to reporters there. the way he frames this meeting depending on his mood when he emerges will go a long way to the way the markets look right now. >> has this level we have been seeing so far been in anyway surprising given that so much is being said about how vulnerable the economy is to recessionary risk at the moment? is this something that will come into play as we get to the final hours, days of talks? >> it is hard to say. they are talking about the regular stuff right now. and comes to a potential looming recession, i don't know if that has been a motivator or not. the first of june is the real motivator. they have been given a pretty easy time from the equity market

england and the studio i'm with arabile gumede and joumanna bercetche no reason for the crisis as janet yellen calls for concessions in the debt ceiling deadlock. >> a default is, frankly, unthinkable. america should never default it would be tremendously economically and financially damaging i think it would rank as a catastrophe. >>> inflation cools in the united states and china with wall street stainging a relief rally fueling european trade and stocks in asia close lower. >>> the bank of england is set to hike interest rates for the 12th straight meeting as headline inflation remains stubbornly high. we will speak with andrew bailey at 1700 cet. >>> and drama for disney shares opened lower in frankfurt after 4 million people ditch disney plus. >> the cost cutting initiatives i announced last quarter are under way and we are on track to meet or exceed our target of 5.5 billion dollars. >>> warm welcome to "street signs. with lawmakers at the impasse and lawmakers barrelling to default deadline, treasury secretary janet yellen warns of the ramifications and undermines the u.s. on the world

colleagues will speak to janet yellen later today at 2200 cet. been here before it has been raised or extended or resvised 78 times since 1960. it is important and something that markets are focusing on we have seen a huge amount of volatility at the short end of the treasury curve that is certainly part of the market to keep an eye on the u.s. has never defaulted the expectation is they will come to agreement twith the nex milestone on tuesday >>> a slew of economic data due on wednesday we get the u.s. inflation print. then cpi and ppi on thursday for china. and thursday is the bank of england rate decision. that is ahead of the uk fla flash estimate on friday last week was a blockbuster report sterling is trading above 126 in the lead-up to the bank of england decision fascinating to see the rate decision or if the bank of england strikes a hawkish or dovish tone. we will see if it is the same story for the bank of england. >>> we are nearly two hours into the trading session. for the markets open in europe, gains across the board uk market is

the invitation came hours after janet yellen warned the u.s.ks running out of cash as soon as early june. since hitting the current limit of 31 point $4 trillion in january, the u.s. has been using special accounting measures to stave off a possible default. anger over president macron's pension reforms built into the streets of paris yesterday. the government says 700 80,000 people took part in the protest, while a labor reunion -- union put the turnout at 2.3 million. macron pushed through plans to raise the french retirement age to 64 last month despite widespread protests. writers for some of the most popular u.s. tv shows are going on strike, demanding higher pay amid rapid changes in the ways people watch films and programs. the writers guild of america which has more than 11,500 members, says almost 98% of those voting last month backed the walkouts. a strike in 2007 resulted in a $2.1 billion loss in economic output. that's global news powered by more than 2700 journalists and analysts in more than 120 countries. i'm samuel etienne and

. >>> debt limit meeting delayed janet yellen looks to take her warnings straight to the wall street. >>> the regional bank reckoning appearing far from over after a brutal trading day for pacwest the friday fallout coming up. >>> later on, elon musk teases the pick for the ceo of twitter. it is friday, may 12th you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." hope your friday morning is getting off to a great start i'm frank holland. let's check on the u.s. stock futures in the green dow is looking like it would open up 150 points higher. s&p as nasdaq higher in the pre-market the nasdaq set to end the week positive this as investors digest comments from michelle bowman bowman's tone making her the third fed speaker this week offering a different view of the central bank policy path forward. one interest rate trader saying it is looking at a pause at the june meeting we look at the benchmark right now at 3.41. a lot of movement with the 2-year treasury. that is down 8 points for the week this is below 4% we have seen a lot of people

janet yellen, it was a call to action over the weekend. we're not paying attention to the fact that we'll see loan growth decline probably substantially over the summer. below the surface of the market, there's still opportunities for investors to get invested because not all companies are trading equally right now. i think that would be my parting words to investors pay attention and look for opportunities where ai can impact future growth potential >> all right >> i don't like the breadth thing. i don't like that. when i look at your screen, tons of stocks up 20 and 10%. people look at the breadth because when you go up 10% -- there's plenty of 10 billion stocks up 50%. i have to myth buster that. >> we'll look for that nicole webb, adam parker, thanks. >>> which of these sectors have the most upside? it's our twitter question of the day. go vote. we have the results coming up later on we're just getting starting on "closing bell. >>> signs of life in the ipo market rashawn williams is breaking down if he sees a thankw in tha space. we a

janet yellen was at the fed at the time. they don't have that much wiggle room. >> neil: if she's like my plumber, it cost dearly. i don't want to go there. hans, thanks very much. hans nichols on those developments. following campaign money for a candidate who has yet to announce formally that he's running for president but all signs are right now that tim scott is and man, you should see the money backing just that after this. weeds... they have you surrounded. take your lawn back with scotts turf builder triple action! gets three jobs done at once - kills weeds. prevents crabgrass. and keeps it growing strong. get a bag of scotts triple action today, it's guaranteed. feed your lawn. feed it. this isn't just freight. these aren't just shipments. they're promises. promises of all shapes and sizes. each, with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you. findings show that repeatedly gripping small and thin can fatigue hands. thicker can feel bett

janet yellen, treasury secretary yellen has to sell treasury bills into the market.ho will buy them? people with money. that is money coming out of system which is exactly what the federal reserve is doing by shrinking its balance sheet. we haven't felt it as much because janet yellen has been spending down the nation's checking account. charles: what does that mean for policy? >> it makes policy much trickier, charles, much, much trickier. wells fargo says if the debt ceiling is resolved by august -- charles: august? by august we'll be, i will have a hot dog stand. you will have a hot dog stand. >> i know it. my son is going to have a hot dog stand in culver this summer. he better. wells fargo estimates she will have to sell $1.5 trillions in treasury between august and the end of the first quarter in 2024. that's a lot of liquidity coming out of a system that has been suffering from one bank run after another as individual households pull their money how the of banks look for those money market funds, one-year cds paying five plus percent. charles: go to landings.

coming up janet yellen warning of economic chaos if the u.s.ails to raise the debt ceiling but what's the solution? could it come down to one coin? i will ask mitch roschelle. adam kobeissi is with us, he likes gold. he is a young guy to like gold. he is with us next. ♪. at adp, we understand business today looks nothing like it did yesterday. while it's more unpredictable, its possibilities are endless. from paying your people from anywhere to supporting your talent everywhere, we use data driven insights to design hr solutions and services to help businesses of all size work smarter today. so, they can have more success tomorrow. ♪ one thing leads to another ♪ psoriasis really messes with you. try. hope. fail. no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about a

janet yellen issuing a deadline to raise the debt limit. negotiators locked in a stalemate with a little more breathing room. the treasury department estimating the u.s. will go into default on june 5th, giving both sides an extra four days to reach a deal. some republicans refusing to pass a deal unless their demands are met. what is at stake for millions of americans. 12 people taken to the hospital with respiratory issues. geo bonito standing by. the holiday travel rushes on. 42 million americans expected to drive or fly over the long memorial day weekend. more passengers expected to fly since before the pandemic. severe storms from texas to colorado could impact holiday plans. the warning about possible rip currents from florida to the northeast. rob marciano timing out. 24 hours after the founder of the oath keepers was sentenced to 18 years in prison, two members sentenced for their roles in the january 6th attack on the capital. martha raddatz here tonight. surveillance video showing an alarming school bus crash in south carolina, th

they are taking janet yellen at her word but the fb market is not on board. if the actual x date could be as late as january 15 and goldman -- june 15, and goldman is saying june 8 or nine, because we are seeing that variation, june 1 is kind of the final deadline. it is why you are seeing people's react. equity market not on board. you will see more of that back to your original point about tech in the dollar, you are not going to see it now but you will see it may 30. that is when the bids will go in leading up to that x date. guy: long weekend coming up. are people going to freak out pretty back end of this week? 10 gets short. you will be a -- time it gets short. you will be carrying a lot of risk. do you think the market's x date could be friday? kriti: it could be. traditionally, when you see a long weekend, the friday for it tends to be risk off, especially when geopolitics are involved this is not just about the debt ceiling. geopolitics are cranked up. it is factored into the market narrative. that is why you see this tug-of-war. equities mostly unch

it is not just janet yellen. yesterday, the congressional budget office which is nonpartisan also said that it is likely that the u.s. would hit the debt ceiling and no longer be able to satisfy it through the special accounting maneuvers that treasury has been using for the past few months. the congressional budget office reiterated what janet yellen said that it could be as early as next month. the problem that they are going to have now is that while it's in biden has invited kevin mccarthy, the other congressional leaders to a meeting in the white house next week, there's not a lot of time left, especially when you consider that between now and the beginning of june, congress is going to be going on recess or a week and the president will be traveling. he will be in australia, japan for the g7 meeting. when you look at all that, you think there may not be enough time for them really to work all this out. there is now talk about the possibility of maybe being a temporary extension of the debt ceiling into the

haidi: janet yellen says the u.s.bt limit as the white house and lawmakers continue in the second week. let's bring in derek. are you getting a feeling when we hear about the negotiations as we get into the mccarthy meeting tomorrow? >> it's interesting, the tonality difference between the two sides. the white house has been remarkably more positive on where things happen to be in negotiations. kevin mccarthy has said the talks are not making progress in the white house is talking about optimism. i get the sense and don't worry about the rhetoric. look at the framework. we have seen a narrowing. the idea there will be no negotiations in exchange for this is out the window because they are negotiating. there are questions about the framework. so you are starting to see some issues come into focus. you are seeing permitting rules and talk about the future spending level caps. there are some key division points, especially over republicans wanted to put more work limits on entitlement programs and democrats don't want to

every hour there's not a deal puts us ever closer to what treasury secretary janet yellen says will be an economic catastrophe. case in point, fitch is signaling that it could downgrade u.s. debt putting us on rating watch negative. what does that mean? what does it do? where are we now? joining me now is white house communications director ben labolt. congratulations on the gig. welcome to the show. >> thanks. thanks for having me. >> where does the negotiation stand? >> we're getting closer to a deal. the president's negotiating team has been negotiating with house republicans multiple times a day since last sunday when the speaker and the president talked. they went late into last night. there was another meeting today. so, we're getting a bit closer. i think the good news is all congressional leaders have agreed that default is not an option. now there's a negotiation over the terms of the budget path forward. the president, his negotiators, are negotiating to make sure we don't give up key priorities, that we don't place on the backs of hard working americans that they have to fun

janet yellen issues a dire warning over the us debt ceiling. leaders of south korea and japan meet as they make moves towards a new era in relations. hello and welcome to asia business report. we start the programme for you in the united states, where the treasury secretary janet yellen has sounded the alarm. she said if congress fails to act on the debt ceiling it could trigger a constitutional crisis. president biden has asked for the ceiling to be raised with no strings attached, something the republicans have been unwilling to budge on. and time is ticking. janet yellen has estimated the government could run out of money to pay its bills as soon as next month. it's congress's job to do this. if they fail to do it, we will have an economic and financial catastrophe that will be of our own making. there is no action that's evident biden and the us treasury can take to prevent that catastrophe. fin treasury can take to prevent that catastrophe. on tuesday, president joe _ that catastrophe. on tuesday, president joe biden _ that catastrophe. on

treasury secretary janet yellen says they only have four days before the u.s. defaults.ot everyone is confident a deal can be reached, with at least one top republican negotiator warning a deal could come together as soon as today or fall apart entirely. what is the mood on capitol hill right now? >> reporter: good afternoon. the mood is more optimistic than we've heard in days. negotiators here this morning are saying they think they're closing in on a deal and really it's all about having an agreement on the agreement and hashing out the remaining sticking points, which we're told are on work requirements and spending caps. we heard speaker mccarthy came to the capitol shortly before 10:30 a.m. this morning. he says he feels more confident than he has and they've made progress, but some sticking points remain. i asked him if he thinks he would be able to get his full conference behind whatever deal they're able to strike, and he said he does think that will happen. he also said he thinks a deal could potentially come together as early as today and have a vote as early

gop strategist reacted to janet yellen's warning when we spoke with her last hour. >> here janet yellen is trying to push forward this fearmongering tactic to get a deal and negotiation across, but really i don't trust janet yellen either because we've seen her history, because of her we're in a lot of this. and yes, it is also political. biden amcampaigned on unity and i hope he wants this deal to be negotiated. investors are going to be concerned about what happens to our budget and our debt. right now, i mean, he is going to have to negotiate because republicans have passed the bill in the house. >> todd: and now to this. a warm welcome for fox news's benjamin hall in the briefing room. he was injured while covering the war in ukraine last year. [applause] >> i felt the support in this room throughout and gave me strength, grateful for everyone who reached out and i will say that the briefing room is probably the thing i missed most while i was away. i'm glad to be. >> todd: hall was ambushed by the russian military while reporting in ushg ukraine. he lost a leg after the attack. gre

phil, is the white house concerned with the deadline janet yellen is putting out? this is just weeks away. they're only in session eight days between now and the end of the month. does the white house think this could get done? >> reporter: their concern is that folks have been too s sanguine about this happening. this happens in one way, shape or form dodging catastrophe right before the deadline. the white house is insisting they're not moving off that there be no conditions. this stare down has the potential to approach the edge or go right over it. that was the driving force, especially given the fact that janet yellen's letter went out today. this meeting proposed for may 9th with the top four leaders and the president is designed to shake-up the dynamic and start conversations to try to find some pathway out of things. interestingly, erin, white house officials made clear this is not a shift in their position. the president's position is, unlike past fights, because of those past fights, they don't want to negotiate. they don't want to add anything on to a de

just saying june 1 is her deadline or just janet yellen's word?len's word as far as i know i am not privy to perhaps some information that has been released but i will tell you that we are very skeptical of this date we do think a manufactured date we do this part of the parade of negotiations if you will, that she is trying to use scare tactics to move things along. cheryl: interesting congressman, all kind of plays into what we see in polling we talked about this earlier, root look at how americans are feeling it is president biden brand-new fox news polls congressman if economy is number one issue, number one pain point for u.s. consumer a deal on debt ceiling what is the next step the next action needs to be taken by congressional republicans, to make sure that the economy heals. >> part of the negotiations we will -- i think if we can show -- excuse me, that we physically is possible i think american public will have fate confidence reps can get this straentd out done. >> tiana? >> core services excluding housing 4.6% flat from march. treasur

treasury secretary janet yellen said today the u.s. will likely have enough reserves to push off potential default until june 5. the previous deadline was june 1. the announcement provides breathing room for the ongoing talks. leigh ann caldwell is a capitol correspondent with "the washington post." she joins us now with the latest. always great to see you. this announcement from treasury means that lawmakers now have four additional days to arrive at a deal, pass it through both chambers of congress, and send it to the president's desk. how does this new deadline affect the ongoing negotiations? leigh ann: that is right. there are a couple of things. they have a few more days. originally, treasury secretary

a new letter from the treasury secretary just out from janet yellen. liest possible default date without a debt ceiling hike. the earliest. on the earliest. could be in the days after but could be that date. yellen says she will continue to update congress as more information becomes available, this can be a moving date. yellen says it's highly likely that the treasury will no longer be able to pay all of our government obligations by early june without the debt ceiling hike. so she's giving a range of june 1 to middle of june for the necessity of this debt ceiling hike. she says it's possible to predict with uncertainty when they can pay all u.s. bills, which puts the importance more an more on the meeting that is happening minutes from now. just about an hour from now in washington with the president and the speaker of the house. all right. meanwhile a new poll could be spelling trouble for joe biden's re-election bit. a third of americans approve his handling of the economy and comes as more republicans are jumping in the race. how much of an impact

on thursday to talk with janet yellen.'m sure both sides will plead case for action there. >> jesse, what prevents this from happening again and again it feels every couple of years wit we have the discussion about the debt ceiling will we have the concerversation another year >> i hope not. if history is a lesson, we may be one question here is if they lift the debt ceiling and manage to breakthrough the impasse and actually lift the debt ceiling, how long is it lifted for? how much an ddditional funding? right now, republicans are proposing something that would be projected to last until march of next year democrats are hoping to push that back to the end of 2024 past the election. even that question of how far and how high to lift the ceiling is political >> jesse, thank you so much more your views perhaps we'll speak to you again come march je jesse wheeler. we want to be prepared >>> let's look at u.s. futures before we hand you over to u.s. coll colleagues a beautiful shot of washington, d.c. as we prepare for more d

francine: if you are janet yellen, what would you do differently?amie: i think we need to finish the bank crisis. we've had an uncertain pause on mergers, the first horizon deal. we have to assume it's a little bit more. the fdic, the occ, the federal reserve, whatever they need to do to make it better, they should do, be thoughtful and very forward-looking. not be surprise constantly. some of these things have been in down for a while. we've handled three, signature, first republic. francine: are you asking for -- jamie: the regional banks, speaking to them every day, they are quite strong, they are quite worried, but the financial results are good, financial results will be good, ok next quarter, they are earning money, good clientele, very diversified , and they are quite strong. francine: there's a copperheads of solution so if you asked janet yellen to get the job done, what does that look like? jamie: just people repaired problems. we don't need a comprehensive solution. francine: what do we need? do we need regulators to look at short-sellers

we start with janet yellen doubling down on the debt default as president biden prepares for the second face-to-face with mccarthy. >>> ahead of the talks, markets are pricing in a credit rating downgrade with echos of the 2011 debt ceiling >>> and busy day on capitol hill as two former failed bank leaders take the hot seat. >>> and all about a.i. with another hearing with open a.i. >>> and bullish bets by berkshire has one stock popping ahead of the open. it is tuesday, may 16th, 2023 and you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." i'm frank holland. let's kickoff the check of the futures. a muted open flat across the board. the nasdaq is in the green fractionally not an an -- not a lot of movement in the debt ceiling the 10-year treasury is pretty much where it was yesterday. we have seen a slight decline on the yield on the 2-year treasury at 3.98% it ticked above 4% during yesterday's show we want to check energy and specifically oil on the back of the iaea forecast. china demand for crude is growing at a faster pace than expe

. >> that's treasury secretary janet yellen, reiterating her belief that the united states will go into default if the debt ceiling is not raised in just nine days. it comes as president biden and house speaker kevin mccarthy are set to meet again today in hopes of hashing out their growing differences on the budget. >>> also ahead, we'll recap the president's trip to japan for the g7 summit, which included a meeting with the ukrainian president. >>> plus, we've got new reporting on turmoil inside the trump legal team that's representing him in the classified documents investigation. >>> good morning and welcome to "way too early" on this monday, may 22nd. i'm jonathan lemire. thanks for starting your day and week with us. we'll begin this morning with the debt ceiling. president biden and house speaker kevin mccarthy are expected to meet one-on-one today at the white house. this comes after a weekend of turbulent talks in washington. negotiaors abruptly ended meetings friday evening after both sides accused one another of pushing for a deal that catered to the most extreme wings of the

treasury secretary janet yellen coming on cnbc this afternoon.ng on the debt ceiling. 4:00 p.m. eastern time stay with us on "squawk on the street." dow down 90 points s&p back in negative territory you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow! yeah! it's time to take control of your investing education. cut through the noise with best-in-class education resources that match your preferred style of learning. learn your way. not theirs. td ameritrade. where smart investors get smarter℠. >>> as interest rates rise and lending tightens, some are turning to the private market. like blue owl that went public via spac in 2021 saw their asset management balloon to $144 billion. joining us is blue owl capital co-founder >> thanks for having me. >> what's driving the capital into blue owl. seems like a lot of shifts. >> i think there's a couple of things driving that rotation

a source says that janet yellen and other u.s.fficials were in touch with regulators as first republic has been teetering the past week or so. jp more b pchlt p morgan says t participated in due diligence on what is on first republic's books. ultimately they will be the second biggest u.s. bank failure ever second only to the 2008 implosion of washington mutual which by the way was also acquired by jpmorgan from the mdfdic. but officials are expressing relief over the deal.dfdic. but officials are expressing relief over the deal.fdic. but officials are expressing relief over the deal. instead of a situation where the fdic had to bail out depositors, we have the private sector. jamie dimon says our government invited us to step up and we did. and during a call with reporters, i asked die momon if first republic failure raises his his already existing returns about recession. and he said that it has not raised the odds of a recession. and in fact he thinks that jpmorgan's takeover should help stabilize the system. and he expressed c

janet yellen has some power to decide. she has been executing this power since january. deciding how to pay, what to prioritize, that kind of element that we do with household budgets. when you get a big bill and you have to pay part of it, things like that. social security and government paychecks for federal workers, it is not clear how long they will be able to continue paying that if they chose to prioritize social security over debt payments. it starts getting tricky after the deadline. host: krista joins us from michigan. thanks for calling. this is -- actually, kyle from buffalo. caller: good morning, c-span. last segment, there were callers that talked about the trillion dollars that we all do show and one lady talked about the balanced-budget the clinton era dues. one was the last time we had a balanced-budget? do you know that, and why can't we get our military spending under 60%? last question, is the military funding part of the ukraine support that we send? we spend a lot of money on military services. guest: for the balanced-budget, i don't have that trivia

janet yellen is hoping -- heading to japan this week. she has warned she's going to have to cut the talks short. not a great look when you have the u.s. treasury secretary having to leave the global stage to come back to fix up the debt ceiling negotiations. shery: this is ahead of cpi day. >> this is the other side of the coin. people are talking about cars ticking up again, there's a lot of pressure in the services side on inflation story and if we get a fairly robust reading tomorrow, even if it doesn't stoke bets the fed will have to raise interest rates again, it lends itself out to the idea that rates are going to stay high for longer. to push back against the idea that the fed has regular room to bring down borrowing costs. when you consider that you have the debt ceiling on one side, inflation story eroding living standards and what policymakers are having to do there, that lends itself to the idea the u.s. will have a bumpy half of the year. those are combined significant headwinds. haidi: typically in times like this, you might

america impact on a cost of our debt here and interest expense as nation a precarious place in, janet yellen moved x-date out to give time to get this -- navigated a lot more he negotiation next several days. >> i spoke with august precluding inner house, of course, represents permian basin region in texas said, that he likes the permitting reform section of the bill because cuts some red tape, that delays cancels energy, infrastructure proposes an establishment of lead aings er environmental views streamlines to establish with an document when multiple agencies are involved you've got to say joe biden didn't move on some of the things he moved on permitting moved on caps but republicans feel not enough is that a good -- encappis of what we're talking about permitev been focused you he remember what i did permitting reform for semiconductor manufacturing here in america major step right direction we need more of it i am balancing all of this, against if fact giving up two, years of extension here we've got to get something from this. >> i want your take on the bank regulation you've been wor