. >> president biden announced his choice of jerome powell to serve another term as chair of the federal reserve and brunner to serve as the vice term. here is a look at the president's remarks. remarks. >> >> ladies and gentlemen, the resident of the united states accompanied by chair jarreau -- jerome powell and governor lael brainard >> good afternoon, please, please sit down. before i begin, i want to comment on the tragedy that occurred last night during the holiday parade in wisconsin. while we don't have all the facts and details yet, we know this morning that five families in waukesha are facing fresh grief and a life without a loved one. at least 40 americans are suffering from injuries, some of them in critical condition. an entire community is struggling to cope with a horrific act of violence. last night the people of waukesha were gathered to celebrate the start of the season of hope, togetherness, and thanksgiving. this morning jill and i and the entire biden family and i'm sure all of us pray that the same spirit will lift up the victims of this tragedy, bringing comfort t

>>> in the next hour, the treasury secretary janet yellen and chairman of the federal reserve jerome powell u.s. economy as well as the u.s. economic recovery. as we have been noting many questions still remain. >> we are obviously following the markets which just opened. not quite ten minutes ago. the dow as you can see down around 300 points at the moment. reacting to the news surrounding that omicron variant. matt egan joining us now with more. i'm sure there will be a lot of ears tuned to jerome powell this morning. what are you expecting from him? >> well, erica, jim, jerome powell he's got to acknowledge the obvious, that the omicron variant has the potential to really complicate america's economic recovery. and that's a big reason why we have seen this volatility on wall street. stocks really tumbled on friday. they bounced back a bit yesterday and we're seeing more selling today with the dow down around 300 points. big three points that jerome powell is likely to make in this appearance before the senate, one, he's going to talk about the threats to the recovery. one is rising infla

he's reappointing jerome powell because powell agreed to use the fed's authority to pursue those climatees and he does that through regulating banks and financial system. as another big appointment he needs to make a, director of regulation, randall is retiring at the question is, will they be directing toward achieving their climate goals? that sounds like a long way from growing the economy or keeping inflation under control but they are willing to make that sacrifice, willing to make that trade-off and they are enlisting the private sector and the political goals of the democratic party, jerome powell is going along with that and the price of inflation, they seem to be going to take that risk and fair that political price. paul: the political risk of inflation is considerable because even if wages are rising if not returns, pretty rapidly by historical measures, real wages are engulfed by inflation and followed by something like 2% since january. that is real peril and even though the economy is growing in unemployment is folly, people don't feel that off because their wages are falli

among replace jerome powell. among those replacejerome powell.democratic senator elizabeth warren who said in a statement it's no secret i am pros the renomination, and i will vote against him, citing his failures and regulation, climate and ethics. the appointment still needs to be confirmed by the senate, so far, mr powell appears to have bipartisan support stop at the senate banking committee said i look forward to supporting his confirmation. but he was less sure on lael brainard, writing i look forward to meeting with her. in opting not to change course at the us central bank right now, joe biden is prioritising continuity. after all the pandemic is not lifted yet, and the extraordinary measures the bank took to shore up measures the bank took to shore up the economy are still in place. but with the recovery comes new challenges, and new policies. jerome power faces a momentous second term. joining me now is alpesh patel, who's the ceo of praefinium partners. so the choice of powell is it the safe choice? lael brainard was also in the runnin

president joe biden decided to maintain continuity at the fed choosing to nominate jerome powell for r four-year term as the central bank's chair. powell is expected to win smooth confirmation. biden also wants governor brainerd moved to vice chair. her nomination could face opposition from senate republicans given her tough line on bank regulation. the u.k. government is to temporarily take over the running of a gas and energy supplier. it will ensure uninterrupted supply to their 1.7 million customers by appointing a special administrator with costs supported by the government. soaring energy prices have caused 21 suppliers to collapse since august. zoom's quarterly forecast beat expectations, its video remains in demand. they expect fourth quarter revenue of $1 billion after saled jumped in the previous quarter more than 45%. nevadaors are watching if zoom can maintain popularity as many in-person activities resume and competition rises. coming up in today's big take we'll focus on the choke points keeping the global supply chain stuck. that is next. this is bloomberg. tom: welcome

david: well president biden tapping fed chair jerome powell for another term.rmly gas joining me what he is hearing. what you did hear is right on target, you said it would be him. >> i said they would split the baby. this was the consensus on wall street. why do they know about this? they have a lot riding who is the fed chair and shape of the fed. they had lobbyists. the lobbiests were coming back, that essentially there would be a deal here. progressives wanted lael brainard right, for a lot of reasons including she is a dove and she is kind of a lefty. you see her talking about climate change and rest of the such. markets kind of want powell. they think it is stability, something good for the markets. david: you can see it today with the market reaction. you split the baby by doing this. you have, essentially you basically say to the lefties it is your fed to remake but we want to keep our figurehead in there. the reality the fed is in least's independent position it has ever been. biden will have at least three more selections to the fed board. they will p

are we in a situation where there is not much jerome powell company can really affect? >> up until the september meeting, the petted been very clear that, while the recovery had made significant progress, thresholds of substantial for further progress had not been met. the policy was not yet warranted. that all changed in september when that chairman himself came out and said that both components of the fed's dual mandate, stable and full employment had met. that left the door wide open for eight november taper announcement. the following september employment report, the displaying rise of under 200,000, there was concern that the fed would begin to backpedal on that path forward towards externally measures. but we have to remember that the fed has been erring on the side of caution for quite some time. one data point should not deter the momentum to begin the process of rolling back the extraordinary measures with first stage of that taper announcement. we do, very much, expect the taper, with the reduction of asset purchases this month. >> to what extent? what does it

any minute now the president will speak about his decision to nominate jerome powell to sever as federalerve chairman for a second term. powell was initially elevated to run the central banking system four years ago by then president president trump. jeff zeleny joins us and matt egan from new york. what went into the decision to keep powell? >> reporter: first and foremost consistency with the economy. reoperation jerome powell at this point the white house feared would have really shake ebb the economy or could have shaken the economy as the white house is so attuned to inflation and rights prize so the consistency with jerome powell, what he brings to this supposition what led president biden to make this choice. yes, there was a lot of criticism from the left, but this is something that president biden firmly believed he thought that this was necessary, and really this is how things have been done normally before president trump was in office. usually presidents reaffirm a second term of someone to lead the federal reserve. this is essentially going back to business. you know, this i

i guess confusion. >> yeah, you just heard from jerome powell. looks like they're inflation fighters and inflation focused. it's too big of a problem to ignore. looking at the inflation at the fastest in 30 years. you her jerome powell saying maybe we need to taper back, wind down the $150 million in bond purchases faster. we might cut to it $30 billion. >> neil: when they do this, they've been buying up this paper for the better part of a decade on and off and forcibly keeping interest rates low. now to unwind that and apparently speed it up, that rattled folks. >> that's right. think about it. if you're cutting back on $30 billion a month in monthly bond purchases, we could have an interest rate hike in march instead of june. you heard about the policy mistakes from the federal reserve. bull markets don't die of old age. they die of events like this. >> neil: so little we know about this variant. we know it just came out of nowhere and ravages -- the fact of the matter is, it's not as severe at least that we know of yet. but the fact that it co

strongly to replace to room power, whereas you see wall street and the financial industry favouring jerome powells i in play, it's not clear where the president is going to come out, but i still think most likelyjerome powell. think most likely jerome powell. ~ , think most likely jerome powell. ~ ., ., , powell. markets are already caettin a powell. markets are already getting a little _ powell. markets are already getting a little bit _ powell. markets are already getting a little bit nervous l getting a little bit nervous about this, aren't they, because as you say, it is not actually clear what the outcome will be, and president biden will be, and president biden will make his recommendation of course, but then he has to get through the senate.— through the senate. that's correct. the _ through the senate. that's correct. the timelapse - through the senate. that's correct. the timelapse has created some nervousness on the part of wall street that he may not get appointed, but who knows... that creates uncertainty, and uncertainty creates more volatility and we will see he is supposed to be an

president joe biden announced his pick for federal reserve chair. >> i am nominating jerome powell forterm of chair of the federal reserve. reporter: powell served a first-term during one of the worst economic downturns in recent u.s. history. that's why biden believes he's the right choice, again. >> when our country was hemorrhaging jobs last year and there was panic in the financial markets, j's steady and decisive leadership helped to stabilize markets and put the economy on track to a robust recovery. reporter: powell faces a storm of challenges, rapid u.s. inflation with price spikes for everyday goods like gasoline and food, and supply chain shortages that have left retailers struggling to keep shelves stocked. the central bank must decide how to keep prices stable. >> we use our tools both to support the economy, a strong labor market and prevent higher inflation from becoming entrenched. reporter:reporter: analysts say raising interest rates is one possibility. >> but it's not clear he should do that, because if the supply lines open up soon, and there is some evidence they ar

jerome powell with janet yellen, what both had to say particularly jerome powell stating the obvious that there is an inflationary problem building here as if. let's go to hillary vaughan with more on that. >> reporter: months and months after americans were told by the white house, the president and fed chair jerome powell that crazy high prices they are seeing everywhere they are being hit with every day is a transitory temporary problem. jerome powell admitted maybe transitory is not the best way to describe these higher prices, that americans are going to continue to be hit with every single day at least until summer of next year. >> how long does inflation have to run above your target before the fed decides maybe it is not so transitory? >> probably a good time to retire that word and try to explain what we mean. >> the agree inflation is a serious threat to our economy and how do you intend to address inflation? >> the risk of more persistent inflation has arisen? >> inflation pressures will linger well into next year? >> that is the expectation but what happened is that day h

all this centered around the renomination of jerome powell.as we head into the final hour of the trading day. up next, should government incentivize homeschooling or too beholden to one political party? we'll be right back. my retirement plan with voya keeps me moving forward. they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it. voya. be confident to and through retirement. ♪ (vo) reflect on the past, celebrate the future. season's greetings from audi. ♪♪ it starts with a mother's determination to treat her baby's eczema. and grows into a family business that helps thousands more. it starts with an army vet's dream of studying the stars. and grows into a new career as an astrophysicist. it starts with an engineer's desire to start over. and grows into an award-winning restaurant that creates local jobs. they learned how on youtube. what will you learn? ♪. charles: the latest jolts report we s

and don't miss jerome powell and janet yellen's testimony.e preprepared testimony -- a lot of people said this was dovish, but i thought it was balanced the chairman talked about the omicron variant posting downside risk to employment, but he also talked about inflation with this -- we will use our tools to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched. tom: my emphasis is on the labor report that we start picking up on tomorrow and into thursday and into friday's job report. i think the jobs report, this factor is more important. three month moving average. what if the on employment drops even more than surveyed. jonathan: take a three month average and for darts, because that seems to be what is happening. we talk about it every month, that range once again wide. kailey: by hundreds of thousands wide. pretty much every jobs report we have had over the last six months or so, because it is impossible to forecast in this economy. without people would come back in the labor market wants s

but a way to keep them onboard and support jerome. powell'sat she could be sort of waiting in ohs if, so to speak. again, there's no way you could make that leap here, but it is curious that the president met with both of them yesterday. we have no follow-up today. stay with us. ♪ that don't impress me much. ♪ so you got the moves, but have you got the touch? ♪ now, don't get me wrong, yeah, i think you're all right -- ♪ but that won't keep me warm in the middle of the night. ♪ that don't impress me much ♪♪ (vo) the more we do with our phones, the more network quality and reliability matter. and only verizon has been the most awarded for network quality 27 times in a row. that means the best experience with calls, texts and data usage of any major carrier, according to customers. there's only one best network. the only one ranked #1 in reliability 16 times in a row. we are building 5g right. growing up in a little red house, on the edge of a forest in norway, there were three things my family encouraged: kindness, honesty and hard work. over t

and jerome powell with jerome, how they know what they're getting. gamma stands banking system is at risk of collapse if urgent and decisive action is not taken. that's the warning from the un deposits to kate banks operating a shrinking due to a cash liquidity crunch, and a spike in unpaid loans, interim government, once it's access assets abroad to be unfrozen. dominic still hard is the director of operations for the international committee of the red cross. he says the countries on a precipice. i have now spent 6 days here. a of gone is done and you are walking into a country that is at the brink of a huge you know, many terry and disaster. you can hear it. you can feel it everywhere. where you go . why spend a few days in come to are in this country? i had the opportunity to leave it the largest reform hospital in the files of god is done and i saw that children admitted to the pediatrics large in the attic ward and east. i'm more children that have been a bit in august and it's just really extremely difficult to read in there. what really upsets me. this is a man may disaster ab

said while the economy has rebounded, the job market is still hurting. >> federal reserve chair jerome powellry policy may still be needed. >> it is an awfully daunting task. i pray for jay powell and i pray for the committee. doing this successfully will be a heck of a hat trick. >> i would imagine people at the fed are scratching their heads about how they are going to be able to get that faucet calibred to a lower level when necessary. >> jacoby: and the risk of them turning off the valve right now is what? >> the risk of turning the valve off is-is economic collapse, right? you would, you would see asset values actually drop through the floor. you know, and a complete lack of confidence. the fed, by the way, would not, i can't imagine, turn it off in one, you know, sort of in one move. but when the fed does move, it's going to want to do it probably quite gradually. and the question is: will they be able to do it in such a way that doesn't create this kind of massive economic dislocation? ♪ ♪ >> jacoby: whatever the fed does next, the consequences will affect us all. >> go to pbs.org/fron

jerome powell is probably the most important powerful person most americans probably never heard of. this to me signals that the white house is going to stay the course, they're not going to change sources mid stream, to use that terrible cliche and let this fed chief continue on his covid fight. he gets high marks for working quickly with a remarkable stimulus to keep the american economy from slipping into a depression from the covid recession here. so i think that this is a predictable move for wall street and it allows the president to give the fed maybe a little bit of clear way from, remember the fed kept saying inflation was transitory. doesn't feel transitory but the president is keeping with jerome powell here. >> and the markets don't like surprises. >> no, they don't. >> thanks so much to both of you. >>> other big story we're following this morning, right now, closing arguments will begin at any moment in the murder trial of the three white men charged in the killing of ahmaud arbery. >> cnn national correspondent ryan young is following the developments for us, outside t

two progressive democrats senators say they are opposed to jerome powell getting a second term as chair of the fed. they say that powell lacks a strong commitment to address the growing risk of climate change. president biden will announce his assistant before thanksgiving. austria will impose a nationwide lockdown next week. germany may take a similar move. it is all part of europe's effort to cope with a surge of the deadly virus. austria will also require all residents to get a vaccination. christmas came early for british stores. retail sales in the u.k. rose better than expected.8 of -- .8%. -- apple wants to speed up development of its electric car, focusing on full self driving capabilities. the new head is pushing for a self-driving car as early as 2025. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm laura wright. this is bloomberg. ♪ this is bloomberg. ♪ >> the partial stabilization of u.s.-china relations coming out of the recent summit between xi jinping and president biden is, o

more moderate -- or liberal types to appease the progressives who have been complaining about jerome powell. two democrats said they would vote against powell and we know the likes of elizabeth warren are opposed to his renominations. i think at this point, don't change generals or switch horses whatever metaphor you want to use when you are crossing a river or fighting a war. i think jerome powell has acquitted himself well over the course of his time and probably should be given another shot. >> don't change generals in the middle of the stream, as we mix the metaphors. >> thanks, gentlemen have a bra weekend. >>> what do we know about the covid wave that's hitting? many countries are at seven day records for new cases. meg tirrell joins us last hour we were asking if it was simply following cold weather, following the population indoors >> some experts think there is an element of seasonality to it. we know measures came off and people started gathering together there are pockets in these places that don't have high vaccination rates. all of that together is leading to massive spikes in

-- after the term of chairman jerome powell ends. we are expecting a decision before thursday. it does not matter who becomes the new chair, it will be a tricky landing. including the strong jobs market while at the same time disappointing female participation rates not to mention minority dissipation rates as well. >> it is the runaway inflation story. perhaps less so in asia but we are still seeing pockets of strong economic growth. and employment starting to recover. the hawks will be back in focus. we are expecting that they will raise rates and by how much. we did get inflation as well as market numbers coming in better than expected. looking ahead to the bank of korea. a 25 basis point hike flag there as well. the governor saying there should be further tightening in the next meeting. and the pboc has a different set of issues. looking ahead to the prime -- the loan prime rate. >> especially with the chinese yuan at that six year high. it reached -- it is not surprising seeing authorities come out and try to talk down the stren

yes indeed, the new york stock exchange has responded quite favorably to the news that jerome powell will be heading the fed for a 2nd term. the s and p at peak was up nearly a percent. 43 points. dow jones, about 3 quarters of a point they've since retreated a bit from their high, but this is definitely seen as positive news by investors. we saw that with the banking stocks which rose as soon as the announcement was made. j. p. morgan, morgan stanley rising, nearly 2 percent and pre market trading before the market even opened and that continued has continued throughout the day with them trading hire. why is this investors know what to expect from jerome powell, amid a very shaky economic recovery, rising inflation. he is a known quantity, and earlier this month, the fed indicated that they would begin winding down economic stimulus efforts that were put in place because of the pandemic. back in march of 2020 interest rates were cut nearly to 0, and the fed began an aggressive bond buying program. they've begun scaling back that bond buying and indicating that they'll be raising int

and jerome powell with jerome, how they know what they're getting. venezuela's ruling socialist party has claimed victory in regional elections. president nicolas medulla party winning 20 of the 23 state governorships, turn out was just over 40 percent. one of the lowest in the country's history opposition. biggest say the result is a blow to their 1st campaign after a 4 year boy called that i saw bo has more from caracas. it's a major setback at the interesting to know that the opposition has gone through the elections in the past, but in a way the they decided to participate in the elections because they're frustrated by the failure of us sanctions, who we moved nicola from office. they were also involved and by the presence of, of, of servers from the european union in the country. they have been to go to several parts on the country. people talk tobar. so they were expecting that control on the ground would help them achieve their object. however, think they slammed, there were the biggest problems, the opposition phase here is that around 60 percent of the population did not know

and he says that jerome powell shares this view. so now we know that this is something that the president is moving forward on this ends months. some speculation this will have to be confirmed by the u. s. senate. and what we can also say is that there are going to be a lot of challenges ahead because the united states is dealing with inflationary pressures right now, as well as supply chain issues. and so this appointment is going to be very, very crucial as you, as fries to move forward out of some of those challenges. kimberly, thank you very much for that. kimberly hock at live at the white house in to india now, or the government is building the last of major a for alpha major 4 major tunnels in indian administered kashmir. official sate will be the countries long as pass for vehicles. they'll connect areas that are usually cut off during winter time, but as part of me, me tar reports, a project has proven controversial, highly emiliano. these men are building a tunnel in freezing temperatures. and in some of the worlds toughes

a lot of people look at this chairman, say this is a reason not to appoint jerome powell because he missedk jay powell has been excellent. i think lael brainard has been excellent. i think they have gotten this one wrong so far this year. i know both of them. i know the fed. they respond to data. they learn from data. a lot of confusing signals this year -- neil: who got it right more than the other, who do you think got it right more than the other? because lael brainard name has been mentioned more often than not. i don't know if it's a trial balloon, that she would be the president's choice what do you think of that? >> i think lael will be terrific as fed chair. i think powell will be terrific. they're both friends of mine. you're not getting me to say something different. you need someone to listen to the data, learn from the data, be dependent on the data. not that you get every forecast right. no one gets every forecast right. do you adjust when you get the forecast wrong. we need more of that from anyone who is the fed chair. neil: judiciously handled. if the fed is behind the prov

and jerome powell with jerome, how they know what they're getting, going to sounds, banking system is at risk of collapse if urgent, i'm decisive. action is not taken at the warning from the un deposits to keep bands operating or shrinking due to a cash liquidity crunch. and the spike and unpaid loans. the interim government once its assets abroad to be frozen, the economy plunged into deeper crisis after the taliban took over. in august the security forces the new gun to have increased patrols after recent suicide attacks are killed for people in the capital compiler. at least 100 people have been arrested since tuesday and 6 people have been killed. please say the allied democratic forces in neighboring democratic republic of congo carried out the attacks. catherine sawyer has more from the capitol, police and soldiers in kampala prepared to go out on night patrols. there's a coffee in place because of coffee 19, but by trolls are now more frequent and thorough. falling attacks by 3 men who detonated explosive devices killing themselves and other people, mia police station and parli

add speed to jerome powell with some dire warnings. the potential impact of the omicron variant on the economy. but if powell is actually serious about addressing the issues, which he downplayed for months now. charlie gasparino will dig into that for us, next. ♪ ♪ veteran homeowners- you made a smart move when you bought your home. now make another one and turn your equity into cash. with the newday 100 va loan you can take out up to $60,000 or more. veteran homeowners- with home values at all-time highs and rates at near all-time lows now's the time to do more with your home equity. veterans are calling newday at a record pace to take advantage of the newday 100 va loan. you can borrow up to 100% of your home's value to upgrade the kitchen, add a pool for the grandkids, or have the security of cash in the bank. with an average cash out amount of $60,000, you can do more. >> man: what's my safelite story? my truck...is my livelihood. so when my windshield cracked... the experts at safelite autoglass came right to me... with service i

now president biden is tapping current fed chair jerome powell for a second term. question is will this move help alleviate concerns about the economy? i'll be joined by one of biden's top aids, principal press secretary, who i'm sure will agree. it's "way too early" for this. ♪♪ >>> good morning and welcome to "way too early," the show that hopes supply chain issues won't impact pecan pie on thursday. i'm jonathan lemire on this tuesday, november 23rd. we'll start with the news. >> we're learning new detailsen about a deadly crash at a christmas parade in waukesha, wisconsin. nbc correspondent tom llamas has the latest. >> reporter: in whack shaw, families usually grab a good spot to see the christmas parade. this year was to escape. holiday cheer quickly turned to terror and carnage. it was just after 4:30 on sunday when this red suv plowed through barricades on waukesha's main street barreling into families and marchers. here you see the vehicle just missing a little girl. james touchstone describes the moment he says he saw evil up close. he was shooting video

i should mention, we jerome powell's support is quite widespread.ve jayapal, and the representative caucus, we are congratulating them today to support those choices. and of course, senator brown who chairs the banking committee is going to be dealing with these nomination, very supportive of powell. and yes, as you mentioned you also have senators to me and rodney on the side. so i think that that support is going to be very helpful in making this a fast confirmation. >> well, mitch mcconnell voted to come from last. time you had over 80 vote for his confirmation in the last time. presumably all of those republicans will come back. although, who knows with the crazy party whether they will come back. so, wasn't this first and foremost just a really easy confirmation choice joe biden was going to have one easy confirmation possibly has only easy confirmation in the senate? >> i guess that's not really the way i was thinking about. it and i don't think it saw the president was thinking about it. it's obviously in the mix. i'm not trying to be cute he

host: you mean jerome powell? caller: jerome powell.e just have to work our way out of this pandemic. host: in your mind, what gives mr. powell -- i guess, what has mr. powell done previously that gives him another shot at the reserve in your mind, or the chair position? caller: when elizabeth warren came out against powell i gave it some thought, but i feel powell has done the best he could under the previous administration and he is moving ahead. we have insider trading? i don't know about that, but i'm sure that he will be criticized no matter what. host: joe and omaha, nebraska giving us a call. many of you -- several of you tweeting as well. you can do so @cspanwj if you wish. our facebook page is facebook.com/c-span. text us at (202) 748-8003. you can call us on the lines. many of you are doing that this morning. many of you from the west coast, including todd from california. hi. caller: the federal reserve chairperson, who they are are basically irrelevant because they tend to do the same things. i think they should get rid of t

saying that he trusts powell to do that, to oversee that, but also announcing this today noted that jerome powelldent trump faced some significant interference, at least attempted interference, and powell was able to withstand that and maintain the integrity of the fed. we should also note that the decision the president made in elevating lloyd brainerd to be vice chair for monetary policy is somewhat of a surprise. there were some that expected, if he didn't make her vice chair, would make her vice chair for oversight. that might be a role he points to for progressives that he can have a real impact in achieving some of their goals here for the fed. >> mike memoli, thank you very much. that's going to do it for me today. hallie jackson picks up our coverage next. r coverage next. ♪ ♪ ♪ downy's been taking you back, since way back. with freshness and softness you never forget. feel the difference with downy. no one can deliver your mom's homemade short ribs. for starters, your mom doesn't have a restaurant. if she did, it would be impossible to get in. she'd become famous overnight. she'd get tal

i'm curious up front, what's your reaction to the president's decision to reappoint jerome powell? you okay with keeping trump's fed nominee on through this recovery? >> i think chairperson powell has done a good job in helping to oversea monetary policy during the pandemic in ensure there's an economic recovery that it is as fair and equitable as possible and that the stability during a very uncertain time and i think i strongly support president biden's decision. it's within his prerogative and certainly hopeful that in a second term, chairman powell will focus on some of the inflationary issues we're seeing so we can drive down costs for everyday americans. >> are there specific steps you would like to see him take to control inflation? >> well, you know, i want to hear from chairman powell in the context of what his ideas are as it relates to dealing with the dynamics that we confront on our side in terms of fiscal policy and one of the reasons why the build back better act was so important. we're going to lower child care costs, lower health care costs, housing cost, lower educ

in 2017, donald trump appointed jerome powell to be the chair of the federal reserve.nt biden announced that he will renominate jerome powell to serve a second four-year term as chair of the federal reserve. >> some will no doubt question why i'm renominating joy when he was choice of a republican predecessor. why am i not picking a democrat? why am i not picking fresh blood or taking the fed in a different direction? put directly, at this moment both of both enormous potential and enormous uncertainty for our economy, we need stability and independence at the federal reserve. >> at least three democratic senators, including elizabeth warren have announce they'd will vote against the powell nomination, but that is unlikely to change the outcome in the senate since a majority of democrats and almost every republican senator voted to confirm powell four years ago when the senate vote was 84-13. today jerome powell became president biden's field general in the fight against inflation. >> we know that high inflation takes a toll on families, especially those less able to m

and, by the way, you also just heard the fed announcement, of course, and the likelihood that jerome powell has more support, bipartisan support than perhaps lael brainard would have had, although elizabeth warren is vowing for opposition. >> i think that's likely. we've already heard from elizabeth warren of course opposed. some other progressives opposed or at least not supportive immediately of another term from powell, but we also heard almost immediately when the announcement was made that powell would be renominated from a series of senate republicans, including frankly some fairly conservative members who have not supported much of president biden's agenda or many of his nominees, now likely to step forward and vote for powell. so powell not in danger of not being confirmed again, but this could create some tension with the progressive wing of the party. very difficult situation for this white house trying to balance keeping everybody on board on their legislative priorities and now also balancing the different needs of the different factions of the party when it comes to these criti

federal reserve jerome powell for a second term.ppointed by former president donald trump and began his first term in 2018. our business correspondent has more now on this story. reporter: there had been some question marks, and it was something people have been paying close attention to for a while. some of the drawbacks against re-nominating mr. powell was a criticism from senator elizabeth warren, who described him as a dangerous man when it came to his stance on how the big banks have been treated and the central bank's oversight and regulation of banks. if you look at the reaction already, we have seen, for example, prominent figures on the republican and democrat sides coming out in support of his renomination. broadly expected, he is expected to go through this. the question is, the biden administration felt they could afford to do this even though it would displease some progressives. ♪ anchor: the bbc has learned the united nations ignored requests for information to help the investigation into the port explosion in beirut.

if confirmed by the senate, jerome powell would stay on for a second term at the central bank. this as the punter water in new poll numbers. skyler henry explains. >> reporter: the new cbs news poll turned up low numbers and bad political news for president biden. more than two thirds of americans, 67%, now disapprove of how the president is handling inflation. he talked about positive indy daughters like falling jobless claims and rising retail sales, but acknowledged there are challenges. >> we know its tough to keep up with the surprising cost of gasoline, food, housing, and other be essentials perform. >> reporter: he hopes his social spending bill will bring economic and political relief. but opponents say it could have the opposite effect. >> this idea that we're going to spend $1.75 trillion, but trust us, it's not going to cost you anything, nobody buys that. >> reporter: president biden is looking for stability at the fedetocoue callmarkable prfrom pandemic recession. monday, the president nominated trump appointee jerome powell for a second four-year term as fed chair

. ♪ >> president biden announced his choice of jerome powell to serve another chair term on the federaleserve. here's a look at his remarks. pres. biden: i want to comment on the tragedy that occurred last night in wisconsin during the holiday parade. five families in waukesha are facing fresh grief. at least 40 americans are subject to injuries and in critical condition. an entire community is struggling to cope with the horrific act of vibrance -- violence. last night, people of waukesha are --celebrated the start of hope and togetherness in nice giving -- thanksgiving. the entire biden family is praying that that same spirit will lift all the victims of this tragedy, bringing comfort to those recovering from injuries and wrapping the families of those who died in the support of their community. we are grateful for the work of the first responders and law enforcement and doctors who are working round-the-clock to prevent the terrible consequences of last night's happening. my administration is monitoring the situation very closely, but now, let me turn to today's announcement. 20 mont

federal chair reserve jerome powell has weighed in on new variants of the coronavirus. he warns it poses risks to both sides of the fed. powell's remarks came in ahead of an appearance before the executive committee today. crude has fell almost 20% in november. investors are now seeking clues about what is posed by the new virus variant and how they will respond. they will decide thursday about around of monthly production increases. about half of auto sales in the world in major markets by 2030, that is according to a new survey of auto executives by kpmg. electric vehicles make up less than 10% of sales right now. executives project that will increase. that will be driven by levels reaching a cost equal to cars powered by internal combustion engines. this is bloomberg. ♪ >>>> we need 85% of the u.s. population vaccinated. 150,000 americans refuse vaccinations needlessly perished from covid-19. jonathan: the data college -- baylor college of tropical medicine. s&p market down 40, -910 sub 1%. the market softer off the backs of an interview of modernity ceo from the fina

kailey: let's talk about the chairman because we don't know yet if jerome powell will be renominated, if lael brainard will be nominated. we are expecting that decision could come prior to the thanksgiving holiday. what difference does it make for the markets? robert: we will have to find out. but the one recent data point we have was when janet yellen was disappointed. i think it is going to be very dovish and turn out to be somebody that really did not want to let financial imbalances pick up, and took a hawkish bias that was part of the fed policy that brought us that ultimately below target inflation. so i think while the thinking is now if president biden moves away from jerome powell and appoints somebody more dovish, that is going to be inflationary in the long run. i would not be too quick to jump to that conclusion. tom: robert tipp, thank you so much, with pgim fixed income. what an interesting battle. it is amazing to be in this three year, for year bull market we are going to see. that includes 2022. who knows versus bond returns? there no jokes about it. it is brutal. lis

president biden stays the course, tapping jerome powell for a second term as fed chair, while pickingeak exclusively to the atlanta fed chief in a few minutes. we will ask raphael bosticbo

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eastern >> meantime back to our lylan mi to nominate jerome powell as fed chair. >> the white house willinee for vice chair at a press conference this afternoon as fed chairman, the white house said powell provided steady leadership during challenging times, and the white house called brainard one of the country's leading macro economists now i'm told the president discussed his decision with both powell and brainard on friday and in a statement, president biden made a point to say that they shared his focus on inclusive growth, financial stability, and the urgency of addressing climate change. now that is important because two democratic senators, sheldon white house and jeff merkley warned they believe powell has not been aggressive enough on this issue and that they do not support him. senator elizabeth warren has also announced she will not vote to confirm him either. however, powell is likely to get republican support the ranking member of the senate banking committee pat toomey today said that powell acted swift throw respond to stabilize financial markets during the pandemic and w

president biden stays the course, tapping jerome powell for a second term as fed chair, while picking his deputy. we speak exclusively to the atlanta fed chief in a few minutes. we will ask raphael bostic about his inflation outlook. also ahead, opec-plus warns the may taper supply increases if the u.s. and other nations release crude reserves. haidi: let's take a look at how we are setting up for the start of trading in sydney. this as asian investors wake up with probably some relief but it the continuity candidate president biden has picked to continue leadership at the fed. full steam ahead when it comes to the fed tightening with the rate hike, debt, and the acceleration of the tapering program. about .9% when it comes to trading in sydney here as we get that session underway. in new zealand we are seeing upside of about .5% going into rbnz decision week. the hike is already priced into markets. kospi futures looking very robust at 2.3% higher and s&p futures looking like a little more of a recovery after that late selloff we saw. shery: let's discuss abide's pick -- biden's pick

you said, i thought that was a hawk but it was jerome powell. do you really -- are you detecting a change this was supposed to be the most t telegraphed taper in the history. granted it's a small data set. the one the markets were expecting. yet, we have this reaction >> yeah. he is doing that again telegraphing something further again that the taper may actually happen a little bit quicker. in reality, does that make that much of a difference i don't know it does the idea of, wow, the fed is really now -- they are serious they realize inflation is not transitory as they thought not even going to use that word anymore. that's a change that's interesting. i think the market can be okay down 600 and whatever it was it's an ugly day it's not the end of the world. if you step back, back to a month ago, that's not that big of a deal. i think the market can do fine if the economy does fine and the fed tightens i don't think the market can do fine if thetightens. it comes back to the variant do we get our arms around it quickly? do we feel like it's a

can tech continue to perform with fed chair jerome powell still at the helm.nk technology companies get around higher rates come next year at time when many of these stocks are trading at 52-week highs. >> it is interesting to see because i think short-term there may be volatility but there are so many factors moving in the right direction for the nasdaq and for the tech companies you know, the confirmation of chairman powell creates some stable there is so much money on the sidelines, which also helps drive the factors higher but also we are in the middle of a technological revolution that i believe is going to continue for the next five to ten years and lastly, you know, you have the undervalued non-tech names on the nasdaq that are performing quite reasonably well and they are going to continue to perform well as we see the shift from growth to value while the major tech names that make up so much of the nasdaq are moving in a positive direction. so ultimately, it's a little hard for me to even believe i am saying this, but, you know, we are looking at high

a nose in need deserves puffs indeed. >> charles: president biden tapping jerome powell to stay as thee white house with the latest. >> in renominating powell, the president reminded people that the last time he faced senate confirmation, he cleared with 84 votes in the senate. but notably kamala harris, then the senator from california, i wasn't one of them. the president still sees powell as key to stability at a time when inflation is a growing concern. but that's not all. it's not just commission. the president also thinks the new federal reserve chairman, should he get approved again is to help with climate change. >> we have to make sure we can withstand climate change and prepare to transition to clean energy. the fed has to be a leader globally. >> the president is trying to legislation climate change away with his build back better social spending plan. some progressives are nervous it will get stripped of critical priorities from the progresses, but republicans say it will make inflation hurt as high prices are already hurting. >> no, bill, they don't have a handle on it. the