secretary, janet yellen. dr. yellen is the first person in american history to have held white house counsel economic advisors, federal reserve, and the treasury department. by president biden, she understands what it means for the people in the community to have good and decent jobs. ladies and gentlemen, brothers and sisters, i'm thrilled to welcome the treasury secretary of the united states, dr. janet yellen. [applause] sec. yellen: thank you. it's really great to be here in las vegas with all of you and i want to especially thank lamar for your introduction and your hospitality. i am grateful to everyone from the ibew building trade unions for your warm welcome. many of you may not know that i began my career as a labor economist. i studied the labor market and how workers and companies interact. when it works and when it doesn't. since then much of my life has been dedicated to creating an economy that works and lifts workers and families up rather than weighing them down. if i have learned one lesson from m

the words coming out from the likes of janet yellen suggests this is not the case or objective. it janethis is not the case or objective.— janet yellen suggests this is not the case or objective. the case or ob'ective. if you take it on its face. — the case or objective. if you take it on its face, us _ the case or objective. if you take it on its face, us officials - the case or objective. if you take it on its face, us officials have i it on its face, us officials have been very careful to say that is not what we are trying to do and essentially what this executive order, if it is, as we expect, will do is tell american companies what they can and cannot invest on based on national security concerns. i think there is scepticism from the chinese and there could be more retaliatory action, we saw at the start of this month certain key minerals that are used for making semiconductor chips, they did a ban on exports in retaliation. we could see more of that. it is a delicate dance that both of these countries are trying to do, china is such a huge economy, the implications are insignifican

the us treasury secretary janet yellen called the downgrade �*arbitrary�* and said economic conditions improved under the biden administration. michelle fleury is in new york for us. the treasury secretary calls it our victory, but as we said there, this spans a period of 20 years or so. fix, spans a period of 20 years or so. significant is this? i think if you remember thatjust like most americans who have credit records when they want to borrow money and find out how much debt they can take on, the us government also gets a credit rating. when it gets downgraded like this, the potential long—term effect as it could push up the cost for the us government of borrowing money, and in turn that might long run push up taxes, it could mean less spending by the government and could mean fewer government and could mean fewer government programmes in the future. we are not there yet, but that is the underlying fear. if you look at what they are trying to address here in this downgrade, or one of the concerns they cite, it is a problem that exists both in the past but also in the future, and tha

janet yellen went to china and got almost nothing.ken went to china, got basically nothing too. maybe fourth time's the charm. i'm hearing already that both sides have agreed to some sort of biannual twice a year commerce meeting, which is, i would say, a bare minimum for something successful. broadly speaking, though, it's not good optics for the chinese side. i don't think the us side realises this, but we've sent four different people now to china and they've sent no one back to the us we've invited wang yi. he hasn't come yet. so we're looking, i think the next couple of weeks are going to show china's true response for this. but so far, i would say it's at least mildly positive if they've agreed to some meetings. real estate is a big part of the economy, 25 sometimes 30% of the gdp depending on the year. and that's really suffering. and probably the actual data is worse than the reported data. so i think that's the big difference that gina raimondo may have more success than her three cabinet minister predecessors is simply that

treasury secretary janet yellen is not taking it lying down.he said the decision was arbitrary and outdated. economist larry summers and mohamed el-erian have criticized the move. l area and called it strange while summers said there are reasons for concern about the long trajectory of the u.s. deficit in the country's ability to service its debt not in doubt. it was a decade ago with s&p but why now? jill: when you look at the statements from janet yellen and summers, there is this belief or surprise over what happened today. the other thing with s&p decision a decade ago, it was made in the wake of really stressful debt talks over the debt ceiling limit. that is sort of, you are seeing history repeat itself a bit here. you saw in the fitch statement that they pointed to the idea of erosion of governance been a factor in making this decision. we heard from biden administration officials on a call that they suspect that maybe there are elements of the donald trump january 6 pieces of this as well when you're talking about the erosion of governa

not long since we saw janet yellen head to - saw janet yellen head to beijing in a gesture of rapprochement washington, that seems to be up in the air now what you make of the risk of chinese retaliation for these measures? extremely real and if you look back beyond this administration to the prior one we saw there has been escalation in the past, this time it was a us — china trade war, there was a tit—for—tat pattern, it will not be surprising if we saw that again, this is a very real attempt by the us and by the way this is bipartisan, not just republicans or democrats, both of them together saying there needs to be a centralised approach to locking and technology that can impact security issues, this one is going to be an issue to stay. thank you very much forjoining us today. staying in the us and turning to the world �*s biggest entertainment company, walt disney, its boss has told investors it is facing a challenging environment he said his plans are paying off. disney lost 10 million streaming subscribers in the three months to the end of june, most in india were lost the rights to

please join me in welcoming secretary janet yellen. [applause] >> thank you so much for the lovely introduction and it's great to be here with all of you . before i begin, i would like to speak about the recent decision to downgrade the u.s. credit rating. over the past few years the american economy has seen an historic recovering from the depths of pandemic downturn. over 13 million new jobs have been created since january of 2021. our unemployment rate stands at 3.6 percent near historic lows. overall annual inflation has declined every month for the past year and our economy continues to grow. in the longer-term the united states remains the world's largest most dynamic, most innovative economy, with the strongest financial system in the world. this decision is puzzling in light of the economic strength that we see in the united states . i strongly disagree with the fitch decision and believe it is entirely unwarranted. the flawed assessment is based on outdated data and fails to reflect improvements across a range of indicators, i

treasury secretary, janet yellen launched this attack there get >> fitch and the decision has launchedn economic attack on the united states, i disagree with fitch's decision. it is unwarranted. >> while a aa plus credit score is considered very good, son -- of some investors believe the downgrade leaves the financial debt ahead of the u.s. presidential election next year. ♪ >> let's bring in our guests, william lee, the chief economist at the american non-profit think take, milk institute. he's my from nevada. a senior fellow at the business think tank. he is a former investment baker. in rochester, england, francis, an economist and banking commenter. welcome. good to have you on this edition of inside story. the impact for the current situation is far-reaching, but internationally, short-term and long-term, how do you briefly assess the situation the u.s. is facing? >> the u.s. treasury market is at the core and foundation of the global financial system because every set is priced off of u.s. treasuries. when fitch lowers the rating it implies that they have lost confidence or are l

maria: there is absolutely no response, to it, in fact janet yellen, sitting treasury secretary, you know told us that inflation was transitory, we know that the ccp trying to replace u.s. dollar, as number one, currency and they take her to dinner order her a drugged up mushroom dish goes on cnn, lausd about it really delicious she told the anchor there. >> shocking, that this administration continues to allow the ccp, to take advantage of us, every respect, the spy balloon, hacking our consumers secretary email frankly state department i am sure has been compromised as well everything that they are doing with respect to the the united states, is showing disrespect, it is violations our sovereignty i am shocked we didn't have a strong response. >> can you imagine if her counter part came to america we served drugs could you millage if u.s. sent a spy balloon to china how fast that would have been shot down the differences in terms of responses what does beijing have on joe biden with soft response to china. >> maria, the president trump has been making this point very recently, ther

in washington, treasury secretary janet yellen reacted with anger., and i believe it is entirely unwarranted. its flawed assessment is based on outdated data and fails to reflect improvements across a range of indicators, including those related to governance that we've seen over the past two—and—a—half years. 0ther democrats use the downgrade as an opportunity in the recent debt limit fight — while republicans blame joe biden and democrats for trillions of dollars in new spending. many economists dismissed the downgrade, including jpmorgan chase ceo jamie dimon, who called it "ridiculous" and said the decision ultimately didn't really matter. and he may not be wrong. us treasuries, that is, government ious remain the bedrock of the global financial system, despite this latest knock to its reputation. michelle flory there. among the big names saying they are "puzzled" by the downgrade by fitch is mohamed el—erian, chief economic adviser to the insurance giant allianz. he told the bbc the move won't affect the us economy, but it will fuel the politica

in washington, treasury secretary janet yellen reacted with anger. i treasury secretary janet yellen reacted with anger.— reacted with anger. i strongly disauree reacted with anger. i strongly disagree with _ reacted with anger. i strongly disagree with fitch's - reacted with anger. i strongly disagree with fitch's decision | disagree with fitch's decision and i— disagree with fitch's decision and i believe it is entirely unwarranted. it's flawed assessment is based on outdated data and — assessment is based on outdated data and fails to reflect improvements across a range of indicators, — improvements across a range of indicators, including those related _ indicators, including those related to governance, that we have _ related to governance, that we have seen _ related to governance, that we have seen over the past two and a half— have seen over the past two and a half years. gf —— of the democrats used the opportunity to point finger and republicans for their role in the recent debt limit fight of all republicans blame it democrats and joe biden

janet yellen went there and they serve to psychedelic mushrooms what does that say about the level and ordering in the chinese restaurant in the order mushrooms that are hallucinogenic and cheats them. >> apparently the mushrooms lose their hallucinogenic properties when they're cooked and others have cooperated but must admit her trip more interesting, long strange trip to beijing for janet yellen. this is an embarrassing to some extent to send officials to continue to engage without a real strategy to have contradictory statements constantly not least of which janet yellen wanting businesses to engage not turn to slow down china economically not looking for economic advantages. this is going to be won or lost as an economic competition is geopolitical competition at the risk of military conflict but the major advantage that the u.s. has to play is to win an economic competition while we still can instill the world's largest economy in the reserve currency and we can sanctions all kinds of entities around the world and while were the vast majority more than any other nation of global

janet yellen says this is arbitrary, is it? i yellen says this is arbitrary, is it?' yellen says this is arbitrary, is it? ~ ., yellen says this is arbitrary, is it? 4' ., , yellen says this is arbitrary, is it? ~ ., , , yellen says this is arbitrary, is it? 4' ., , , ., , it? i think what she is “oining us is showing * it? i think what she is “oining us is showing a h it? i think what she is joining us is showing a deterioration - it? i think what she is joining us is showing a deterioration in - it? i think what she is joining us l is showing a deterioration in fiscal governance and asked two decades, so this isn't about what has happened on her watch, its work were also about repeated stand—offs on the debt ceiling and short—termism in fiscal spending plans going back a long time. find fiscal spending plans going back a loni time. �* , fiscal spending plans going back a loni time. . , , fiscal spending plans going back a loni time. �* , , ., long time. and 'ust remind us what this change — long time. and 'ust remind us what this change is. — long time. and just rem

and then they can ask janet yellen what happened.k -- we cannot let janet yellen off the hook here. treasury secretary, former chairman of the federal reserve. she actually said that fitch is wrong because the biden administration has been spending on infrastructure and other investments and are competitive. every federal reserve chairman going back to paul volcker, every single one including janet yellen have gone before congress and said you have to spend less because the interest payments on the debt are just going to become unsustainable. if for her to sit there and claim that spending is solving america's economic problems is really too much to listen to. paul: all right. kate, you looked at the ron desantis plan this week. what did you like about it? >> well, paul, i mean, desantis set out a 3% growth target for the economy which i think is worth dwelling on, because that will being essential to digging out of this problem. he also backed it up with some good ideas to get to 3% growth. energy production would be one of them, ge

they are trying to be cool. >> lets we allow janet yellen and talk about shrooms. >> obama is so coolbout him. >> all right. i don't believe any of this. >> i'm never letting you cook me dinner. chaos. it is at the homeless relieving themselves on the sidewalks prudent self-driving robo taxis that are making a mess out there for the malfunctioning bots stopping in the middle of the street causing traffic jams. it comes days after the city approved an expansion that allows them to rome at all hours of the day. judge, one traffic jam. they act like it's a big problem. how many traffic jams have been caused by human beings? there robo taxis are going to save the world. it's the one this is the way i look at it. robo taxis -- instead of getting a hotel room. what you do is get a robo taxi. drops are often drops you off off and that's the end of it. >> exactly. it's true. >> always thinking ahead. >> you get a new view with every block. exactly. it's kind of interesting that, like, it's happening in san francisco. there still people there. >> a few. not enough drivers, apparently. this is

janet yellen blasts the decision saying it is based on outdated data. the white house is blaming republican extremism. a grand jury and date donald trump on the attempt to overturn the 2020 presidential election. shery: inflation numbers from south korea for the month of july, the headline numbers is a gain of 2.3% year on year. coming in low expectations by economists not to mention it is easing from the previous month. the slowdown in inflation was pretty much expected due to the comparison with elevated figures during the month last year. month to month numbers a gain of .1% which is again below economist expectations. we are expecting this number two perhaps push higher in the month ahead. this is after july's heavy rains could apply pressure on this number. the core cpi number which is what the back of korea has wesbanco korea has been following excluding food and energy is a gain of 3.3% year on year, we are still remaining elevated, uber economics is not expecting the bank of korea's hawkish policy stance to change due to this number. haidi: one

we have heard janet yellen talk about that, that it is going to be more targeted.vate equity firms and venture capitalists, who would be allowed to invest in larger tech companies that don't get half of their revenues from ai. i am talking alibaba, and the like. good news, there has been lobbying on the administration to not go too hard. >> good news potentially, or at least less bad news for u.s. china relations. i also mentioned janet yellen, i am sure she was there telling them that -- some of the details that are likely to stick in the final version of this investment ban. again, the biden administration has wanted to improve relations, they sent antony blinken to beijing, and their climate envoy john kerry, also janet yellen. and there is dialogue going on and that is quicker. will this investment ban the rail that progress? yet to be seen. but a scaled-back version of the investment ban would be more welcome news than a really hard band that was initially -- ban that was initially speculative. >> sticking with china and property markets, country garden stocks

in washington, treasury secretary janet yellen reacted with anger.isauree reacted with anger. i strongly disagree with _ reacted with anger. i strongly disagree with fitch's - reacted with anger. i strongly disagree with fitch's decision | disagree with fitch's decision and i— disagree with fitch's decision and i believe it is

that was treasury secretary janet yellen admitting she ate the mushroom in china.joyed the mush many rooms, -- mushrooms, the restaurant, and none of us felt ill effects from having eaten them. this is so outrageous to me. this is the united states treasury secretary. she goes to dinner and her chinese hosts order the mushroom. she comes back and jokes about it. they are mocking us in a huge way. what is your reaction. >> then she runs to cnn and has a good laugh about it. maria: and the host is laughing as if it's no big deal. do you have any idea what you're doing? >> what if she had an adverse reaction to it. if you having in your body you don't know you took, she could have got in front of reporters and started speaking jibberish, like what is wrong with our treasury secretary. at least the biden economic policy makes more sense. joking aside. she's could have got on cnn and condemned the chinese, saying don't ever try that with me again. maria: how is it possible that the united states allows the treasury secretary to go out and have somebody else do the order

janet yellen said when you get to about 3% of gdp in interest costs, you enter the danger zone we'll be there by the end of the year so i view this not as a political event but as a warning shot that we need to get our fiscal house in order at these level of high interest rates if we don't, the fed is probably going to have to come in and help the treasury out, to be able to get those interest costs lower, because we are not on a sustainable pattern right now. >> i highlighted this before, that the public in 2011 was much more outraged about the debt and deficit situation, which is worse today but is meant with a shrug. what do you think the market is telling us we saw bond yields jumping yesterday. it was a head scratcher. the economic data had been mixed to weak. and yet everyone is starting to focus on the issue on the long end. i'm not sure i'm always persuaded by issuance arguments, but maybe this time is different. >> yeah, just look at the gymnastics that treasury is doing to buy debt. treasury is going to spend -- or issue another $800 billion of t-bills on top of the $1 tril

let's watch janet yellen explain this away. >> i was with a large group of people and the person whoushroom dish. i was not aware that these mushrooms had hallucinogenic properties. i learned that later. maria: congressman, can you imagine if a delegation from china came to the u.s. and u.s. officials fed them hallucinogenic mushrooms? i mean, what does this say about the way communist china views america, to do this to the u.s. sitting treasury secretary? >> well, look, they don't respect us. there's no need for them to respect us. our president, look, it makes sense to me, our president with everything that's come out with our investigations into the money, how much money had been flowing into the family, into the biden family enterprise from these adversary countries, especially china, none of this is a surprise. and when this all started and people started saying why would he do this, why would he do that, and i said a long time ago, the only reason he would do this or that, things that are against the american interest are because he's probably compromised and i'm pretty -- i've

ready and us treasury secretary, janet yellen price the safe space and points to figure out fits after the international rating agencies downgrades washington products for the coming to you for months ago. this is our teen or national with the latest and world news today. i'm here all is about welcome to the program these year does not want to become another libya and fall under the pressure of outside interference. that's the message from the 2 governments delegation after a visit to neighboring burkina faso on wednesday. during our exchanges, we spoke precisely about this situation because we would not like niger to become a new libya in coordination with our brothers in burkina faso, we have decided to undertake a number of activities to secure our populations and secure our 2 countries earlier on wednesday, the same new gerry and delegation was an molly to meet officials from the country. the delegation attended a meeting with military officials who seized control of the land locked west african country nearly 3 years ago. meanwhile, in new year, the military ruler lashed out at th

us treasury secretary janet yellen called the downgrade �*arbitrary�* and said economic conditions hadroved under the biden administration. the news of the downgrade came after the close of trade on wall street but in asia investors have been pulling out of equities in reaction. let's look at markets now in asia. japan is currently down by over 2%. hong kong not that far behind. this was off the back of yesterday, and most of this week we have seen the sharemarket, certainly wall street and asia having a strong session but this is certainly spooked sentiment. let's discuss this with tom stevenson, who's an investment director at fidelity. good morning. janet woody allen saying this is arbitrary. i have her statement —— janet yellen and she said she strongly disagrees and says it is based on outdated data. that is based on outdated data. that is riuht. is based on outdated data. that is right- it _ is based on outdated data. that is right. it seems _ is based on outdated data. that is right. it seems the _ is based on outdated data. twat is right. it seems the data that fitch have used

that includes treasury secretary janet yellen, antony blinken and us climate envoyjohn kerry.

this o adds to the head scratchr of the downgrading and janet yellen came out swinging in virginia. edward lawrence was in the audience. edward. reporter: yeah, liz, she's not extra points and about this obviously and -- happy about this obviously and fitch downgraded to double a plus because of continued deterioration in the economy over the next three years. also they mentioned this back and forth over and over again, this game of economic chicken between the white house and congress over the debt ceiling. a treasury secretary janet yellen calls the assessment flawed and using flawed data saying it's unwarranted and says "fitch's decision is puzzling despite f economic strength in the u.s. and strongly disagree with fitch's diggs and believe -- decision and believe it's entirely unwarrant". they blame foreman president trump for the downgrade and look at federal debt here and it's manageable now even though it costs more to service that debt with interest rates around 20-year highs but that may not always be the case as interest rates do rise. other market experts say this is a de

treasury secretary janet yellen responding to fitch's downgrade of the u.s.'ngly disagree with the decision the change is arbitrary and based on outdated data fitch's ratings model declined marketly between 2018 and 2020 and yet fitch is announcing its change now, despite the progress that we see in many of the indicators that fitch relies on for its decision many of these measures including those related to governance have shown improvement over the course of this administration. with the passage of bipartisan legislation to address the debt limit and make other investments in america's competitiveness again, this is a statement from janet yellen, treasury secretary, on the heels of that downgrade. karen, you brought up an interesting point in terms of how this could help jerome powell -- >> yes, yes. you know, when -- every time he goes on the street, they are yelling at him over this and that he says, well, okay, it's not just monetary policy look at fiscal policy. and i think janet yellen doesn't seem to directly address what they said, which is entitlemen

janet yellen took out how to chinese leaders and antony blinken did the same thing.ut to help or hurt the situation? >> yes they do but they are behaving strangely. if you go to the white house website, a couple days ago and posted the new executive order where he declares a national emergency to deal with china but gives janet yellen one year, could increase or decrease what is covered but it reveals american companies don't have to report to the government they invest even in the most sensitive areas of the chinese economy. this executive order is designed to get companies to report and think twice about helping china and the military or ai or home computing sectors, you would think there is better coverage of it. what national emergency says take year to figure out what to do next. david: what xi xinping is doing. when we come back, a couple is suing the state of massachusetts after their application to become foster parents was denied because of their catholic beliefs. y boostn with 20 grams of protein for muscle health versus 16 grams in ensure® high protein. bo

is the latest in a series of top american diplomats to have visited china recently, including janet yellenantony blinken and the us climate envoyjohn kerry. all in the last three months. despite all these meetings, relations between the world's two largest economies are at their most tense in years. last august the us passed the chips act, specifically aimed at growing domestic chip making business and blocking china's industry. beijing responded in turn including restricting export of chip—making materials to the usand it all comes in the same week as export controls kick in in the netherlands, preventing one of the world's biggest makers of chips, asml, from exporting without a license, something china has complained about and analysts say would only make us—china relations worse. this comes as president biden prepares to visit vietnam. along with the united states trying to increase production at home, vietnam is seen as an alternative destination for the united states to outsource manufacturing, rather than putting all of its eggs on the one basket that is china. the country is having

treasury secretary janet yellen says she sees a path to easing u.s.on without hurting employment. >> the administration remains committed to taking actions to lower prices for americans where we can. and we continue to monitor developments, particularly those abroad that may affect prices and growth. paul: for more on janet yellen speech, our reporter christopher con them joins us from las vegas. -- christopher condon. chris kaba, is there a bit over disconnect here? if they have been so terrific in proving -- improving people's lives, what is the need to go out and sell its benefits? christopher: i think you are seeing the beginning of the 2024 presidential election campaign. biden is sending out his cabinet members and speaking himself, trying to convince the american public that they are benefiting from what they call bidenomics, the policies they pursued to try to pull the economy out of the wreckage of the pandemic and recover from that. to be fair, yellen has a lot of good things to talk about. inflation is finally coming down, and the employmen

says does she not -- even janet yellen said she does not agree, fitch announced that it is arbitrary and based on outdated data. she is i guess not in agreement with how much bigger the u.s. budget debt has gotten. back to the treasury of funding, it was supposed to be around 773 billion, that is a lot bigger than the funding used to be, it came in at $1 trillion. you see this rating corresponding with that, in the timing does not seem to be accidental, you see now that moody's is the only one that maintains the aaa rating for the united states. there were not for the fact that donald trump, the big news on donald trump right now, i think that this rating announcement would be even that much more of a burden to the markets. was will see how this unfolds in the asian trades. -- we will see how this unfolds in the asian trade. haidi: not necessarily on what happens in september? >> if you start with austin colby, he is the president of the chicago fed, he is a voting member. he has been dovish, he have talked about before the first pause, they could pause, they could watch more, here i

treasury secretary janet yellen heads out with the decision scribing it as, quote, arbitrary and based on outdated data reaction to this move was muted from analysts in particular with demand for treasuries actually expected to remain strong as a safe haven asset despite the downgrade. a note from goldman sachs even noted that the move from fitch did not reflect any new information and should not have any major impact on markets. in fact, this is what the treasury ended up looking like it was a slight tilt then in this picture overall, sub rating slipping but treasuries overall still remained they even climbed a basis point in yesterday's trade and still kind of beholding in and around that 410 that we're currently seeing it at this is around the highest level since november it must be noted as well the 10 y-year treasury yield th hit a high but it slipped a little bit but it's up around seven basis points that's the highest level over. the split between the 2-year and the 10-year -- the spread, i should say, that's the highest level since july 13th. what does this mean then for the do

if you look at the biden administration and janet yellen, they are living in a different reality thanost people. >> what is the reality what's wrong >> i think they think china is a healthy competition. that is not how i view it. i would view them as an adversary. you have to deal with a lot of people that is not the direction we need to go >> that was our colleague brian sullivan's interview with ron desantis one key figure in the presidential nomination you can watch the full interview on cnbc.com. i want to bring in the u.s. political analyst to talk more about what is happening in the u.s. we will start with what we heard last that was a bit of ron desantis interview with brian in the u.s. i watched most of the interview. in terms of i ideology, there i not much difference of what he is saying and what former president trump was saying as well it makes me think this republican race is less about ideology and more about the person >> i think you nailed the biggest challenge for every republican candidate trying to challenge donald trump a lot of the main faces showing up in the cam

that includes treasury secretary janet yellen, antony blinken and us climate envoyjohn kerry. all in the last three months. but despite all of these meetings, relations or other most sense in years. . beijing has responded in turn. these are key ingredients in making ships and it comes in the same as expert controls kick in in the netherlands. i have said will only make along with the us had trying to increase production, and on has been seen —— vietnam has been seen as an option. the country is having a hard time maintaining its status as the world's manufacturing hub, making it all the more difficult to bounce back. these did come up in the discussions as well as the curbs from beijing. trade policies have also become a tug—of—war between the economies. secretary raimondo said it was profoundly important for the two to have a stable commercial ties. let's bring in deborah elms from the asian trade centre. thank you so much for joining us. a lot of talks, but no concrete announcements just yet. and your view, concrete announcements just yet. and yourview, is concrete announce

now, the us treasury secretary, janet yellen, said that she disagreed with fitch's move and said it wasased on outdated data. the white house has also said that the move defies reality and that they strongly disagree with the decision. cafe giant starbucks has unveiled quarterly earnings that beat expectations. the world's largest coffee chain reported revenue of $9.2 billion. that's a jump of 12% from a year ago. the earnings were helped by a consumer recovery in china and a return to office in the united states. michelle fleury has more. americans love of lattes and iced coffee helped starbucks through the worst of the post pandemic years. but with high inflation in the us, a cup of coffee is now $5 on average. the big question for investors going into this earnings season was would consumers still spend money on elaborate coffees? the answer was mixed. sales in north america grew 7%, even after the chain raised prices. that figure was below wall street's forecast. customer traffic only increased by 1%. most of the gains came from existing customers spending more money. sales in china

the us treasury secretary janet yellen said she disagreed with the move and said it was based on outdated the white house has also said the move defies reality and they strongly deserved ruthie decision. cafe giant starbucks has unveiled a quarterly earnings that beat expectations. the worlds largest coffee chain reported revenue of $9.2 billion. that is a jump of revenue of $9.2 billion. that is ajump of 12% revenue of $9.2 billion. that is a jump of 12% from a year ago. the earnings were helped by a consumer recovery in china. and a return to office in the united states. michelle fleury has more.— in the united states. michelle fleury has more. americans love lattes and _ fleury has more. americans love lattes and coffee _ fleury has more. americans love lattes and coffee helping - lattes and coffee helping starbucks to the rest supposed eidetic years but with high inflation in the us, a cup of coffee is now $5 on average of the big question for investors going into this earnings season was going to consumer still spend money on elaborate coffees? the answer was mixed. sales in north am

we saw janet yellen in china and beijing in july as well. telling some of her counterparts about the plans from the biden administration. the general feeling is that this is narrower than some people expected it to be. there was a belief that it could include buyouts and energy. that didn't happen. it is more hawkish than some senate proposals which would not have included potential prohibition. it would have been about notification. we are seeing that this could include some prohibition of more advanced technology, investment in quantum computing and semiconductors. kathleen: is there a little bit of a shift here to have the optics, the pr of, we are being tough on china. some subtle little dance where maybe they are just softening things up so they can find a way to move forward. >> certainly we've seen a greater dreams to diedrich interest here. having opened the avenues for communication. we saw the visits in july by secretary yelling in -- eln. we've also seen raise speculation that the secretary of commerce could be visiting china and

janet yellen going to china, kowtowing in a way we haven't seen in many years. that was not a good sign especially on the heels of finding out there were reports the chinese had a lab in california they were running. if the chinese continue to keep up their malign activity we need to get the pressure on them. it's reasonable. appeasement is something in a democracy that's very popular. we think other people are like us. we project our reasonableness on other people so we think if we stretch out our hand and say we want to work things out with you we will get reciprocity from the other side. they will take whatever we give them and say what have you done for me lately. there is no benefit from this one-sided policy. saying you'll apologize, tell us that the lab had a leak and how do we work to prevent it again. that will never happen with the commonest party of china or any communist party. going to your question i think it's been a mixed bag with the administration. we've got some hawks on china. but i think you've got janet yellen and a lot of those people who

in washington, treasury secretary janet yellen reacted with anger. strongly disagree with fitch's decision, and i believe it is entirely unwarranted. its flawed assessment is based on outdated data, and fails to reflect improvements across a range of indicators, including those related to governance that we've seen over the past 2.5 years. other democrats used the downgrade as an opportunity to point the finger at republicans for their role in the recent debt limit fight. while republicans blame joe biden and democrats for trillions of dollars in new spending. many economists dismiss the downgrade, including jp morgan chase ceo jamie diamond, who called it ridiculous and said that the decision ultimately didn't really matter. and he may not be wrong. us treasuries, that is government ious, remain the bedrock of the global financial system, despite this latest knock to the reputation. expectations are high that it will raise rates again. if so, it could take the cost of borrowing up to a 15—year high. consumer inflation has come down more than expecte

we had antony blinken, janet yellen over there and they did not bring up energy.hey are too busy trying to kill the energy industry. gov. reynolds: thank you for being so vocal on that. [applause] we also asked iowans to submit some questions for candidates. ray wants to know what -- with the expiration of the farm bill, what are the most important issues we should be focused on? gov. burgum: the second part is a challenge, working with congress. in terms of agriculture, this is food security. you cannot have national security without food security. when i look at the biden administration, we need an 180 degrees turn. we have the highest interest rates in 22 years and that affects our massively. we have the debt rating which just got lowered a couple of weeks ago. that will affect all of you and all of our grandchildren. that was a horrible piece of news. on national security, we have to make sure we are in a position, we are the food superpower. china imports the food every day. we have a chance as the american farmers to be given the level playing field and outp