you know, this is really not just us, you could go look at jason furman, larry summers, economic advisersf president biden kept saying don't do this, you're going to cause massive inflation. in fact, jason furman has a thought provoking piece in foreign affairs right now calling the biden economic record a tragedy. this is them, not us. we've got -- >> you're talking about fiscal spending there. >> excuse me? >> you were talking about fiscal spending there. >> well, where does inflation come from, right? what we're doing now is we've got really a multi, multifaceted plan to end inflation. i will go quickly because i want to end with what we're doing with egg prices. we have an macro economic plan that has more supply and we will reduce government spending through what doge is doing and congressional action. the macro economic forces are going to be reversed, that's a good thing. we're also going to have a lot of energy production, a lot of deregulation and finally when needed we're going to focus on the individual thing by thing pieces. so, for example, you mentioned ave i don't know flu.

they said, "the democrats avoided criticizing biden that jason furman is doing now.c officials and thinkers have largely muted tough conversations about the party's identification in the future. since the election, there has been limited appetite for democrats for critical self-assessment." we seem to not see lessons learned during the election. will they learn on the economy? >> i teach economics to students who are democrats and republicans. by the way, we have a decent number of republicans at harvard, which is a good thing. my messages for both parties, which is learned this lesson. right now, i heard president trump sending $5,000 checks to american families. if he does that, we will get a lot of inflation. if he does a lot of tariffs, we will get a lot of inflation. if you have a tragedy, the reason to talk about it is a warning. there is a warning for president trump but also for democrats running for office in the future. >> john: but $5,000 if the president were to send out and we don't know what the amount would be would come from cutting government spendin

charles: i saw an article from jason furman, and i thought about, obviously, he was critical of bidenl delusion, that a there's still folks in the democratic party who are clinging on to bidenomics which he says was an absolute failure. >> right. jason furman is an old friend of mine, and i'm going to say he has a lot of integrity and a lot of honesty. i don't agree -- he's not a supply-sider, okay? he's not some crazy keynesian liberal either, but he's done a good job. he was critical from day one, along with larry summers, i might if add -- charles: right. >> and i appreciate what jason is writing on this. bidenomics was a fail cure from day one. what is it, modern monetary theory? charles: yeah. [laughter] >> you can spend and tax as much as you want, the fed can print as much money as you want. all that stuff is nonsense. i hope question never -- we never see it again. charles: he and larry summers predicted the inflation we would get, and we got it. president trump, it was byrne a while -- it's been a whirlwind. what these hostages that have been returned are saying, listening to

joining us now to discuss jason furman, former chairman of the council of economic advisers. sir, good morning to you. thanks so much for being here. >> good morning. >> let's just start with the impact of this. i mean, we've been watching dow futures, for example, all morning down around 500 points. now it's 600 points. you can see the other markets the s&p 500 and the nasdaq. as we anticipate. you know the u.s. absorbing what we learned from the president over the weekend. what's the impact. >> yeah. so first of all most markets are down. so americans are losing retirement savings. and by the way, the markets are not fully pricing in these tariffs. they still think they might go away. they might go away quickly if they last. it's going to be even more. the one market that's gone up is oil prices. they're up enough that they're going to make it cost you an extra $0.80 to fill the tank of your car. and again, that could go higher. >> so what impact does this have and what's the difference between. and maybe you can help us understand why canada is facing 25%. whereas china th

jonathan: jason furman of the harvard kennedy school on the latest with trade and more than that.g "surveillance," we will pick out three big winners so far in 2025. we will catch up with tiffany welding of pimco. the third hour of bloomberg "surveillance" is up next. ♪ the way i approach work post fatherhood, has really trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families like my own. in the average household, there are dozens of connected devices. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. sec. bessent: everything president trump's administration is doing will be disinflationary. >> when tariffs kick in they will be more inflationary than the market expects. >> anything under this administration will likely be a 2026 story. >> the tariffs are a bluff. the odds looks cute in the other direction. >> it's clear that the market is almost entirely focused on inflation risk. >> this is bloomberg "surveillance" with jon

jonathan: jason furman there.f of course if it stays on, it could push inflation up by half of one percentage point. the federal reserve in a sticky spot, that is the significant adjustment for them. lisa: white two year yield is actually increasing more than the 10 year yield. that is the cleanest readthrough in the short term. jonathan: spending some time on energy, 4 million pounds of oil a day comes from canada into the united states. a bulk of that gets refined in the midwest. that will cause some problems. annmarie: there are some refiners that only take canadian crude. he understood this effect because he didn't do 25% across-the-board for canadian crude along with the other goods canada exports. he brought that down to 10%. you see the market reaction with u.s. gasoline futures higher. if this hits consumers at the pump you might have to rethink this. jonathan: it was a conservative leader that made the point, when a tariff was lower for china and it was for the north american neighbors, how do you explain

jason furman will tell us why.order smuggling eggs. -- cross-border smuggling -- >> former vice president kamala harris is headed to hollywood, just inc. to deal with caa, one of hollywood's top talent agencies. it's the same agency former president biden signed with earlier this month. they also represent the obama does, so she will be in good company. the company says they will be working closely with harris to create new quotes. >> she will fit right in. -- may be signed with the town agency. maybe we'll start a podcast, only listens to buy meghan markle. maybe, her and meghan markle will start a podcast together and finally rid us of the trend of everyone thinking they need their own podcasts. there are maybe good things ahead for the country. >> joint venture. that's an interesting one. >> she wants to make money in the private sector. "new york magazine" said, according to multiple people and harasses circle. or coach dominik she can run for governor in 2026. or could close the door on electoral politics. not

and by the way, just as a coda to all of this from jason furman himself, who i've worked in the obama administration, he did a study of the biden administration kind of infrastructure bill and found, because that massive spending drove up the cost of a lot of these materials in real terms, the amount of spending on infrastructure was down 17% and was lower than in any year from 2003 to 2020. so again, part of the problem, sometimes when you have a single entity driving all of this is you get these distortions in the market, which i thought was interesting. >> pierre de boss, thank you. >> thank. >> you michel. >> thank you. always a pleasure. >> and lots more show to come after the break. fed chair jay powell getting grilled by congress will rap the key congress will rap the key takeaways next. when emergency strikes, first responders rely on the latest technology. that's why t-mobile created t-priority built for the 5g era. only t-priority dynamically dedicates more capacity for first responders. new projects means new project managers. you need to hire. i need indeed. indeed you do.

coming up tomorrow we speak to cassie barrow jp morgan, jason furman the former chair of the council new york city this morning, good morning and thank you very much for choosing bloomberg tv. this was bloomberg surveillance. ♪ matt: after record highs yesterday and stocks futures are down. 30 minutes till the start of trading. katie: bloomberg open interest starts now. sonali: treasuries gain in the wake of scott bessent's interview on bloomberg. the treasury secretary says any move to term out u.s. debt is a long way off. >> also signaling sanctions relief could be on the table after president trump blamed for lottery zelenskyy for starting the war and called him a dictator. katie: a warning sign for the world's largest retailer