to edward lawrence on jerome powell and this shifting language. because if memory serves me right, the key was talking not too long ago about a half a point hike and that will do it. what happened? >> yeah, that's very interesting that he did talk about why that happened. he said it's very uncommon nor the board to move. sounds like they were planning doing a half a point. >> when they saw the cpi number, which was eye popping and changed to 75 basis points or .75% on this. if you look at the forecast and the number of meetings with the fed, we have the raise today and forecasting three more raises at probably half a basis points, 50.5% as well as a .25% before the end of the year. 2024 rate hikes. so the gdp growth. they brought down the growth significantly saying they will end this year at 1.7%. that's basically obama administration growth. the fed sees that they're staying at 1.7% next year and then still under 2% for 2024. 1.9%. the federal reserve chairman saying that slower growth in the data as well as the consumer sentiment number which w

jerome powell says that the fed has the tools and that we need to resolve it.oping, praying here? >> look, i hope and pray that that is true. i don't have a better plan than the fed, but i'm also not optimistic that it is going to work. inflation has gotten very, very high. there are precious few examples where we've brought it down very much painlessly. and it is very hard to fine tune something as complex as the american economy at such a difficult time. >> given that we've never been in a scenario like this before because we've never had a pandemic like this before coupled with all the external factors that jerome powell mentioned yesterday, are we even sure showing growth in a recession is enough to tamp down inflation at this point? >> yeah, poppy, i don't know. now, i don't know has a bad side to it. it is scary to not though. it has a good side. we might get lucky. part of how we got here is some policy mistakes for example the fed staying too loose for too long. part of how we got here was a string of bad luck like the russian invasion of ukraine. but s

the fed chief jerome powell has to make a hard choice, is it best to plunge the nation into recessionregain control of prices or let inflation have its way with their wallets? according to bloomberg, that may be the only way out. a recession has nasty obvious side effects, the economy comes to a grinding halt, business bail, jobs lost, savings destroyed the experts say it brings prices down also so are we damned if we do and damned if we don't? tonight party panel, former trump advisory board member, jason meister is here and former state spokesperson, fox news contributor wearing her buckeye red, marie harf. the president of the is a two, jeff deist also back in action. jason, there's a lot of wishful thankful on the part of the of administration and the fed which compounded and has become incredibly dangerous, what you see here? >> you are one 100% correct. they told us inflation would never happen and then they told us it would be transitory. now they are blaming putin for inflation but the bottom line is, americans feeling at the grocery store, the gas pump and it is the policies

what's funny, jerome powell, they like to hide about the economy, what is the economy?of millions of voluntary profitable reaction we all go through every day day after day and americans are hurting. 75% of americans are cutting back on their expenditures and quality of life is suffering. maybe you can't put it into a spreadsheet in excel but it's not big tech or big business hurting americans right now, it's government, the purchasing power of their assets, that's what inflation is whether jerome powell calls it a recession or not, americans are feeling right here right now. kennedy: is americans are assuming they are in recession and respondent in kind by withholding vacations, new home purchases, cars, college, whatever it is, when does it catch up? honestly there's a lag between the what they feel and what the data shows. when will there be acknowledgment we are in recession? >> long after the fact for sure but in the meantime, for those of us part of the economy not living up to government, the average american household spending about $460 extra a month. that's re

at 2:30 all eyes on jerome powell. investors will scrutinize the fed chair language and his tone and any indication about the fed future moves. can guyed the promised soft landing without pushing the economy into recession. lots to discuss. edward lawrence is live at the federal reserve for the decision. reporter: the federal reserve has gone 75 basis points first time since 1994 if you may remember nancy kerrigan got hit with a lead pipe. esther george dissented from the position. only wanted 50 points. inflation remains elevated because of supply chain issues they said related to the pandemic high energy prices as well as the broader price pressures we're seeing. in the statement they mention the russian invasion in ukraine is creating tremendous hardship and continuing that upward pressure on inflation. the federal reserve also blames the china lockdowns for creating supply chain and continuing the supply chain issues. the fed balance sheet will continue as scheduled with the runoff of the balance sheet. the federal

as i said, jerome powell weighed in on this and then shortly after hillary vaughn was trying to get to the bottom of it. >> chairman powell, should the fed have acted faster to address inflation? our cable service? have you noticed strange, frightening fees on your monthly bill? do you experience feelings of dread when you pass by your cable box? if the answer is yes... who you gonna call? directv stream. now save $30 over 2 months. ♪ ♪ how's he still playin'? aspercreme arthritis. full prescription-strength. reduces inflammation. don't touch my piano. kick pain in the aspercreme. ♪ ♪ ♪ ♪ introducing the all-new infiniti qx60. take on your wild world in style. ♪ >> neil: jerome powell says the economy is well-prepared for future rate hikes. maybe a lot of them and maybe big ones. that just added to the confusion after this. if your moderate to severe crohn's disease or ulcerative colitis symptoms are stopping you in your tracks... choose stelara® from the start... and move toward relief after the first dose... with injections every two months. stelara® may increase your risk of infecti

everything is up including fears of recession after the fed this afternoon raise interest rates, jerome powellxplicably boasted about the supposed strength of the economy. >> overall, spending is very strong, consumers are in good shape financially. they are spending. there's no sign of a broader slowdown that i see in the economy. people are talking about it a lot, consumer confidence is low, probably related to gas prices and also stock prices to some extent for others but that's what we are seeing. we are not seeing a broader slowdown. we see job growth slowing but still at robust levels. we see the economy slowing but still growth levels, healthy dose levels. kennedy: not healthy, quite anemic. it will be on life support pretty soon. the strength of the economy, how about the strength of uyghurs smoking. the nation's finances about to fall off a cliff, people trading in their cars for bicycles. i love bicycles but i don't love old ladies eating kat food unless it means fewer cats. republicans say they are sick of the excuses, greg scott karate chopping white house propaganda. >> five dolla

so much so that jerome powell announced a last—minute change to interest rates, raising them by 0.75%the wrap of lawmakers who are hearing from angry voters that the cost of food, petrol and housing is rising dramatically and they are unable to make ends meet. this is an election year, which means that many lawmakers are fighting for theirjobs, so you can expect pretty much the questions to be tough and unrelenting. stay with us on bbc news. still to come: as rwanda hosts the commonwealth leaders conference, is it also an attractive investment oportunity? members of the neo—nazi resistance movement stormed the world trade centre, armed with pistols and shotguns. we believe that, according to international law, that we have a right to claim certain parts of this country as ourland. i take pride in the words "ich bin ein berliner". cheering as the uk woke up to the news that it is to exit the european union, leave campaigners began celebrating. in total, 17.4 million people voted for the uk to leave the eu. the medical research council has now advised the government that the great incre

noon hour on the east coast of the united states, we're watching reverberation of fed chairman jerome powell on capitol hill. he is giving everyone a different piece of something here. he is cone vinceed right now he will avoid a recession here. says that it is certainly a possibility that interest rates could rise to levels that cause a recession but he is very confident that that can be avoided. he says that the u.s. economy is well-positioned to handle more rate hikes. he did not telegraph how many rate hikes there might be coming. again the overwhelming anticipation next month we see another 3/4 point hike. battle for stocks whether you see inflation still getting out of control which would lead to a big backup in interest rates and all of that. we're seeing less of that today on the interest rate front. investors seeming more convince ad slowdown, worse a recession is coming. so that put a lid on that activity. it is a confusing mess. now reports that the administration wants to do what it can, at least on the gas price front by offering up a federal tax holiday that could go up three m

reporter: neil, fed chair jerome powell told lawmakers that the path the u.s. right now is quote, unsustainable. he said the reason why debt is growing faster than the u.s. economy. he said we've been on that path for quite sometime but he was also asked how the fed managed to fumble the ball in its handling ever inflation from the get-go? >> underestimated actual inflation. what do you, what do you think you missed? >> well we did underestimate it. with the benefit of hindsight clearly we did. we had to decide whether that would be a lasting thing or whether it would kind of turn around quickly. we knew it could be wrong. i think when it started to look pretty wrong we pivoted. reporter: powell also told lawmakers yesterday inflation has been a problem well before the war in ukraine, refuting president biden's claim it is putin who is to blame. this graphic shows prices began creeping up after biden took office. i went to ask powell if time for white house marketing of inflation as putin's price hike. chairman powell, should the president stop calling it putin

that is not what the fed chair, jerome powell just said. listen to this difference. >> let's remember how we got here. putin invaded ukraine. >> would you say the word ukraine is the primary driver of inflation in america? >> no. inflation was high before, certainly before the war in ukraine broke out. >> martha: senator john kennedy was in that hearing with jerome powell. he's here to react to that and respond to it in moments. first, we're glad to be joined by james spurling, senior adviser to president biden. thanks for making time for us today. what is your reaction to what jerome powell just said about the real driver of u.s. inflation? >> there was no contradiction at all with what president said and your tape of federal chairman powell. president biden is talking about what has happened with gas prices. on that, there's no controversy. on january 17, when putin starts doing military exercise in belarus, the price of gas is at $3.31 at the pump. that is actually below the average for real prices in the previous decade. after he does t

elizabeth: jerome powell says we got to get back to the trump market. more mayhem out of d.c.ction to this. watch. >> for all those republicans in congress criticizing me today for high gas prices in america are you saying we were wrong to support ukraine. >> are you saying the war in ukraine was primary driver of inflation in the america? >> inflation was high before the war in ukraine broke out. >> we're talking about 18 cents per gallon which will to a long way. >> if you went to the uk today for a gallon equivalent you would be paying $7 and 71 cents. if you went to france you would be paying $8.49. if you went to canada you would pay over $6 per gallon. elizabeth: which should be happy with 18 cents in tax savings? with when you won't be able to buy a gallon ever milk. inflation is trans other, recession is transition, now this, larry. >> by the by these high energy prices causing food prices to skyrocket. on top of that let's not forget this e15, putting new ethanol incentives in not only detracts from the gasoline, it also detracts from corn growing. it also destracks f

eastern and in the wake of the largest federal increase in 30 years, jerome powell testifies before the senate banking committee wednesday at 9:30 eastern and before the house financial services committee thursday at 10:00 p.m. instant. the house and senate are both out today in reference to the juneteenth holiday returning on tuesday. the house takes up senate approved the bill for veterans exposed to toxic chemicals. the senate plans to dig a bipartisan gun legislation. watch this week on the c-span network or on c-span now, the free mobile video app. or you can stream online, on-demand anytime. c-span, your unfiltered view of government. now available, c-span's 2022 congressional directory. go there to order a copy of the congressional directory. this is your guide to the federal government with contact information for every member of congress including bios and committee assignments, also, contact information for the by. order your copy at c-spanshop.org or scan the code with your smartphone. >> next, a father testifies on the effect of gun violence on children.

no need to wait for jerome powell, the 10-year treasury yield already has a jump on things when it comes to rising rates. as soon as the jobs report hit the tape the, we've got it at 2.957%. before the markets opened the yield was around the 2 the.93%, so that really shows you the spike that we've seen. but a strong jobs report is not swaying tesla's ceo elon musk. the ev maker's stock drop thing on news musk is cutting 10% of his head count at tesla as he has a, quote, super bad feeling about economy. we're about to get you the accuweather real-feel temperature the gauge of the jobs market live with the ceo of recruiter.com. and as much of the consumer discretionary sector retreats, investors are saying cheers to duck thehorn portfolio. the north american wine seller jumping 2.7% after a beat on both profit and revenue as jpmorgan and jeffrey's rush to raise their price targets on the stock. the ceo on how he's popping the profit corks even as inflation rages. and today the marks the 100th day of russia's war many ukraine. what was supposed to be putin's victory lap has turned into a pr

. >> plus a chilling assessment of the economy from fed chairman jerome powell. he says it may never be the same because of covid. >>> and a big win in ukraine, why a special operation on snake island left russian forces evacuating on speed boats. (vo) get verizon business unlimited from the network businesses rely on. like manny. event planning with our best plan ever. (manny) yeah, that's what i do. (vo) with 5g ultra wideband in many more cities, you get up to 10 times the speed at no extra cocost. get verizon business unlimited from the network businesses rely on. you know liberty mutual customizes your car insurance, so you only pay for what you need? like how i customized this scarf? check out this backpack i made for marco. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ [whistling] when you have technology that's easier to control... that can scale across all your clouds... we got that right? yeah, we got that. it's easier to be an innovator. so you can do more incredible things. [whistling] >>> here in a few hours president biden is goi

we'll get the latest when senator tim kaine joins us and jerome powell heads to the house for testimony as the administration continues to battle inflation. we'll play for you the warning one democratic senator had for him. please don't drive this economy off a cliff. willie. >> we want to begin with the fifth and final june hearing of the january 6 house select committee set to get underway in a few hours now. today's focus, former president trump's pressure campaign on the department of justice. the house committee will seek to make this man jeffrey clark something of a household name. he is the environmental lawyer who former president trump wanted to take over the justice department to help in his scheme to overturn the results of the 2020 election. if trump had gotten his way, clark would have replaced then acting attorney general jeffrey rosen who resisted trump's pressure campaign. rosen is one of three key witnesses scheduled to testify at today's hearing along with his deputy richard donaghue and also expected to testify, assistance a.g. for the office of legal council, steve e

it was jerome powell's most explicit acknowledgment yet that raising interest rates could lead to a recession. he told lawmakers that a recession as possible and a soft landing is very challenging. powell is back on capitol hill today. president xi jinping reaffirmed the growth target analysts say is out of reach. it was the first reference to a target since the meeting in april. china is expected to miss its gdp goal. the government's zero tolerance approach to fighting covid and a weak housing market are the problems. a nationwide rail strike resumed today in the u.k.. talks broke down wednesday. the union once higher pay and a guarantee of no compulsory job cuts. tuesday's walkout lead to an 80% cut back in real service. ray dalio has built a bet against european companies. it has almost doubled its wager to its most bearish stance against the region's stock in two years. the chief of the school district police in uvalde texas has been put on leave in the wake of the mass shooting. the stop police -- the state's top police official criticized his response. state and federal officials are i

jerome powell has to face this head on. perhaps he has to lay out the case for how he's going to get a grip on price growth has gone out of control. he has to reassure consumers and businesses. he is not going to be strong around the r word but he will be addressing what their strategy is to not fall further behind. 75 basis points is on the table. i checked the bloomberg survey. only four of 99 analysts are looking at 75. but i think you are going to see that number fly higher in the coming days. dani: this is the global market and we have other central bank decisions, the bank of japan being one. 10 year yields above 25 basis points. the upper policy bound, the boj saying they're going to do an additional purchase of ¥500 billion on tuesday. what are we expecting this week with both the bank of england and japan of course alongside the fed? >> what i wild weekend what a dichotomy when you are facing the bank of japan's conundrum. if we take a look at the bank of england first, we heard this week they are in recession in a

tom: jerome powell on his unconditional focus at 10:00 a.m.ing, the university of michigan survey on inflation expectations. it is not a boring friday. that is a key statistic for the weekend for the month. lisa: when do people start talking about things getting on -- getting unmoored, like bill ackman with saying, that the fed has to fight aggressively no matter what the economic data is? tom: our guest is a founder and geopolitical strategist. he joins us right now. i want to digress into the british elections, and the uproar of the conservative tory party leader residing at 5:30 a.m. london time. and i want to go out far west of london, to cornwall. this is the time of now, not poldark. in lovely devon, boris johnson was absolutely crushed. what is the symbolism that he was crushed in friendly devon, going back to 1935? guest: it is another blow to this prime minister, who nevertheless, as you would have seen, tom, has vowed to carry on exactly as he has been. we have had scandal after scandal. the chairman of the conservative party, as you

expecting to hear from the fed chairman jerome powell in a few minutes. what's the expectation of the narratives he's trying to set here? >> well, victor, jerome powell has to, first of all, explain what changed because just six weeks ago he was at the press conference for the fed, and he said that a 75 basis point move, what they just did today, was not actively under consideration, and now they're actually doing it. he also needs to explain how -- what's going to happen in the economy next? new projections that were just put out by the federal reserve moments ago show a darkening picture for the economy. the fed downgraded its gdp forecast for this year and next year. the fed is now calling for 1.7% real gdp increase. that is down from 2.8% back in march. they also increased slightly their unemployment projections and they are ramping up their inflation forecast. the fed is now saying its preferred inflation gauge, the pce metric is going to be at 5.2% at the end of this year. that is up from 4.3%, its earlier projection in march. that is nowhere near w

s&p 500 losing 4. >>> federal reserve chairman jerome powell says higher interest rates could cause acongressional hearings, powell said it's not our intent and outcome at all, but it's a possibility. rising fuel costs and supply chain disruptions have sent prices skyrocketing this year. senator elizabeth warren urged powell to proceed cautiously and avoid setting off a recession that costs millions of jobs. >>> president biden announces a tenth operation fly formula mission. the administration will import the equivalent of about 16 million eight-ounce baby formula bottles from mexico starting this weekend. cargo flights from europe and australia already have brought formula into the u.s. the white house has been trying to make it more available over supply chain issues after regulators shuttered a michigan plant run by abbott back in february. >>> and a name and logo change for this pantry staple. kraft macaroni and cheese is changing its name to, drum roll, kraft mac and cheese. they say the slight change is the way to reflect the way fans organically talk about the brand. >>> it's

vonnie: federal reserve care jerome powell called his commitment to curbing inflation unconditional duringowell's colleagues, governor michelle bowman, has backed another 75 basis point rate hike in july. democrats are warning powell against triggering a recession. >> it is unconditional, our commitment. the reason is, we need to, any particular situation -- we have labor market that is unsustainably hot. we are very far from our inflation target. we need to restore price stability and get inflation down to 2% because without that, we are knocking to have a sustained period of maximum unemployment. vonnie: the hong kong incoming health chief aims to cut quarantine for five days -- to five days from the current seven. buddy told local media outlets the city will stick to it dynamic zero approach to the pandemic. he did not mention whether travelers would be allowed to quarantine at home rather than hotels as currently required. the january 6 committee investigating the attack on the u.s. capitol heard first-hand accounts on how donald trump pressured justice department officials to support

. >>> plus, president biden holds a meeting with fed chair jerome powell as he tries to control inflation. >>> and a story from the supreme court yesterday. in a 5-4 ruling, the court blocked a texas law that would have restricted social media companies from controlling the content on their sites. republican governor greg abbott said the law was in response to those platforms blocking conservative views. but the social media giant said without being able to regulate their sites, hate speech and other dangerous content would run rampant. the split was an interesting one with john roberts, stephen breyer, brett kavanaugh, amy coney barrett and sonia sotomayor making up the majority. r making up the majority finally. our honeymoon. it took awhile, but at least we got a great deal on our hotel with kayak. i was afraid we wouldn't go.. with our divorce and.... great divorce guys. yeah... search 100s of travel sites at once. kayak. search one and done. ♪ sweet ♪ ♪ emotion ♪ ♪ sweet... ♪ now that's eatin' good in the neighborhood. attention medicare beneficiaries, ♪ sweet... ♪ if you have or are

from powell -- jerome powell takes aim at inflation with a 75 basis point hike.side moves will be rare. stocks snap a five-day rout. the post fed rally falling in asia. attention now turns to the bank of england, expected to the anti-in the fight against inflation -- expected to up the ante in the fight against inflation. the s&p snapping five days of losses, relative relief in the u.s. that the fed is getting a grip on inflation. also relief for the fact that jay powell did not commit to significantly higher increases over a prolonged period of time. he did leave the door open for july but said the 75 basis point move would be rare going forward. the msci asia pacific up 0.2%. the u.s. to year yield is preparing some of the gains -- gains are up in session today. you saw a move of money into treasuries yesterday. some suggesting now is a time to get further exposure to u.s. bonds. the 10-year at 332. move up in yields of a little over four basis points. it is expected 25 basis point hike which will be the fifth in a row from the bank of england. concerns about g

jerome powell was on capitol hill. one of the questions for haggerty.rical center asked a basic question and sadly for jerome powell's career perhaps he answered honestly. listen. >> would you say that the war in ukraine is the primary driver of inflation in america? >> no. inflation was high before. certainly before the war in ukraine broke out. >> i'm glad to hear you say that the biden administration seems to be intent on deflecting blame and as recently as just this past sunday spread the misinformation that putin's invasion of ukraine is quote the biggest single driver of inflation. i'm glad that you agree with me that is not the truth. >> brian: actually said on a war footing. america knows a war footing we have been doing it 20 years. this is not a war footing. writing checks and sending arms to another country to fight. we're not doing it. that's not a war footing. >> steve: ultimately, what it comes back to the biden administration, everybody at the biden administration except jerome powell is saying it's putin, it's putin, it's putin. it's act

the issue is the primary driver of inflation, as we just heard from the jerome powell himself, his foodenergy and housing. when we look at the food and energy components, those are completely outside of the fed's control. so, the fed did not really want to raise rates to trident tackle -- try to tackle inflation but it does not have the tools to tackle properly. they wanted to wait to see how the consumer was looking at the russia/ukraine situation through a big spanner in the works and we saw another surge in food and energy prices to the point where the fed can no longer wait to see what happens and how to act. >> a lot of factors in play. remind us how this move on interest rates will affect american consumers. >> primarily, it is not going to help when it comes to this food and energy situation. that is something that t world is facing and it is outside of the u.s. it's completely out of the fence control. there is some hope that it will help cool the housing market. we are seeing the fed raised rates and hiking the u.s. into a recession, because households will still have to purcha

fed chair jerome powell calls his commitment to curbing inflation unconditional.e wrapped up two days on testimony on capitol hill by warning that fed is far from its inflation target. meanwhile fed governor michelle bomer and says she supports raising interest rates by 70. five points again next month. it is being called the biggest breakthrough in u.s. gun safety in decades. the senate voted to approve bipartisan legislation that will improve background checks, secure schools, and gives states money to fight gun violence. the house is expected to pass the measure. the senate passed the bill hours after the supreme court issued a ruling that could mean more guns on the streets at big cities. in the u.k., prime minister boris johnson has suffered a major election absent. his party lost key seats in england. the liberal democrats won one new seat. shares of twitter are higher in premarket trade. twitter sent further user data this week to elon musk, who wants to buy the company. it includes information which allows his team to determine how many users are actually

senator warren asking jerome powell about this.s, the fed chair said just after the largest interest rate hike in 30 years very much left the door open to do so again saying more hikes are likely needed in the months ahead in order to combat the surging inflation which is at, as we all know, a 40-year high. belief in the economy is strong but there is more pain ahead. >> that does it for us this morning. jose diaz-balart picks up the coverage right now. >> thanks for watching. >>> good morning. it's 10:00 a.m. eastern, 7:00 a.m. pacific. i'm jose diaz-balart this morning, a look at what to expect at tomorrow's january 6th committee hearing. after a day of emotional testimony and new revelations. >>> and for the first time in three decades, theest is senate making moves to pass a significant bipartisan agreement to address rising gun violence. >>> also this hour. abject failure. that's how the top officer in texas described the police response to the uvalde shooting. he said officers were well equipped to take down the gunman in a m

it's, as federal reserve chair jerome powell is trapped in a dilemma that is, essentially, guaranteed to keep the central bank at the mercy of inflationary forces, not in control of them. the feds monetary policy tools are useless against a surging global food and energy prices. but they're starting to play an outsized role in rising inflation expectations, a situation that could have been rising prices in the national psyche. that is bad news, right jonathan levin, for the economy and raises the risk of stagflation. in his remarks to reporters wednesday, after the central bank raised interest rates, 75 basis points, pal appeared to acknowledge how powerless he felt. quote, we can't have really much of an effect, but we have to be mindful of the potential effects on inflation expectations. so, it's a very difficult situation to be in, it's tricky, indeed. and powell is a commitment to mind one minute mindfulness would help one bit. that from john f. 11, and opinion piece on bloomberg. our question to you this morning about your faith, your confidence in the fed of the biden ministrati

biden met with jerome powell to discuss inflation. >> chair powell and other leaders of the fed noted at this momentive they have a laser focus on addressing inflation just like im. >> it's not clear what steps the president plans to take to get prices back down cnbc senior white house correspondent kayla tausche life in our newsroom. kayla. >> reporter: president biden and his top officials said the strategy is to let the federal reserve raise interest rates as much as needed making it more expense every to get loans but when since they met inflation already high continuing to climb, as jerome powell waited the confirmation for a second term at the fed, the latter of which only happened recently. today's meeting comes as mr. biden weighs a handful of policies with mixed impact on prices like a slimmed down version of his build back better social and climate package funded by tax increases. a rollback of tariffs on chinese goods and $10,000 student loan forgiveness for bot borrowers. some policies may abdouble edged sword. largely popular among voters but voters also say their top wor

wednesday federal reserve chair jerome powell will testify in the nation's economy and efforts to curb spikes in inflation. watch live coverage at 930 again on c-span3 and also on a free mobile video app c-span now or online at c-span.org. the january 5 committee interstate five of its public hearings. watch thursday as they examine the trump administration alleged attempts to pressure the justice department to overturn the results of the election. coverage continues live thursday at 3:00 p.m. eastern on c-span3. c-span now a free mobile video app or any time online@c-span.org. you can also visit our website@c-span.org/january 6 to watch previous hearing and other videos related to that date. c-span, your unfiltered view of government. the director of the texas department of public safety called the police response to the uvalde mass shooting at robb elementary school last month and abject failure. and said not enough training was done. colonel steve mccraw testified before the texas senate committee investigating the shooting. it was the first public hri

if i was to summarize the entire meeting yesterday, it would be from jerome powell inflation is bad, we're doing what we can, but there is only so much that we can control particularly with inflation. considering energy prices are very much reliant on the war in ukraine given supply chain disruptions has a lot to do with the pandemic. so those are the things that they can't control. what they can control is rates. and when you lower rates of course you encourage people to go out, spend, spend, spend, businesses expand, that kicks an economy into action. and when you raise rates, you get the opposite effect. now, life for people and businesses is already getting more expensive. when we look at prices at the petrol or at store, what you have to borrow, things are get even more expensive. that can cool inflation but probably not as much as needed. and the nerve will be concern f concerned about is protecting the jobs market and not stopping people from spending. so i think month to month we are se seeing very different actions from the federal reserve and also different desires from the

at 2:30 all eyes on jerome powell.ed the promised soft landing without pushing the economy into recession. lots to discuss. edward lawrence is live at the federal reserve for the decision. reporter: the federal reserve has gone 75 basis points first time since 1994 if you may remember nancy kerrigan got hit with a lead pipe. esther george dissented from the position. only wanted 50 points. inflation remains elevated because of supply chain issues they said related to the pandemic high energy prices as well as the broader price

host: jerome powell took a step last week as you referenced. as far as other steps the federal reserve can throw, what can you expect? >> more increases in the so-called federal funds rate. when that interest rate goes up, tenure loans go up. they are going to push up rates across the board. it's a blunt instrument. that's the game plan. they have signaled they want to move aggressively to what they call neutrals. and take a gauge on whether inflation is slowing. host: as far as the timeline for inflation, what's the best way to think about these things? >> it's a several year thing for sure. when chairman powell rolled out the strategy in its speech, he said they could expect to get to their 2% target in three years. that's a fairly clear commitment by the fed chair. the key to keeping it to three years is that inflation expectation is not getting ingrained. people expected inflation to be in double digits. people price double digit increases in their products. if people start doing that, it's hard to slow down the inflation. in that era the f

. >> all eyes on jerome powell.ome investors who are eyeing potential recession next year, the continued decarolina of the digital currency market. coin base is laying off 18% of its employees as the market just continues to melt down. do we think others will follow suit? >> well, coin base has already followed suit, followed others. so will more announced similar measures? most likely. so on monday alone we saw crypto lender blockfy announce it was cutting 20% of its employees. now coin base the ceo offered explanation to employees saying that a possible recession and need to manage costs and growing too quickly during a bull market were the reasons for this decision. but you obviously can't ignore the fact that we've seen a massive pullback in crypto currencies as you said. coin base shares down 79% this year. 85% from its all-time high. bitcoin meanwhile lost more than 50% this year alone. employees at coin base apparently were notified via memo sent to their personal emails because immediately upon making the de

what is the story for jerome powell? lisa: what is the story as he has to testify before the house tomorrow -- the senate and that the house after. this is increasingly the question, what damage to they have to do to the economy and the labor market in order to get the price of milk down to something more reasonable for a lot of people? tom: what is amazing here before we get to kailey and the world she is living in, i am doing math on manhattan luxury rent. it is not only the new inflation, it is the rate of change, the speed, the rapidity. we moved 5.1 standard deviations on manhattan rent according to miller samuel. lisa: this is just one measure of a whole host of issues we have been looking at with housing. the broader issues not just manhattan or florida, but how quickly does it roll over in order to really see some of the softening and inflationary inputs into rent? that is an issue as mortgage rates go up. tom: we have to look at the data coming in. kaylee, did you survive the weekend? kailey: i was glued to the

>> because jerome powell was the lap boy of the white house.interested in getting a re-appointment which he did. the exchange was supporting the administration's policies of high spending, which is what is causing the spending. >> martha: $4 trillion that got thrown at the economy. >> but this guy on the left side of the screen mays some enormous mistakes. first ant inflation itself saying it was transitory, which it wasn't, a month ago, just one month ago, he said that there wouldn't be a rate hike above .5%. now it's .75. he says things change. it's your job to figure out what will happen, to forecast the future. he's done a lousy job at his job. >> and to get ahead of it. the next to drop is the housing marked which has been very strong. >> martha: anybody who has talked to any friends or family members is not making different decisions now. we're not going to buy the house. not going to buy a car. maybe not going to do that cross-country road trip this summer. people are pulling in in a massive way. you can feel it all across the country. t

get on to this story the big story today and tomorrow, of course fed chair jerome powell was pretty clearng to see 50 bases point hike tomorrow but did the may cpi report change the fed's math, wall street senior writer john h ilsenrath tells us if 75 basis points is the new number to watch but let's take a look at the markets the dow, s&p, and the nasal in the red but the nasdaq almost trying to get back into positive territory , there you go, i did it. we'll be right back. this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. another crazy day? of course—you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're cover

repeatedly stated that the main task for him is the victory over rising prices from fed chairman jerome powell. market participants are anxiously waiting for hawks 2-year treasury yield statements, one of the most sensitive indicators of market sentiment, the relatively tightening policy reached a 15-year high today, climbing to the level of as much as two tenths of a percent, and it should be noted that the upcoming meeting will also be accompanied by macroeconomic forecasts for gdp growth inflation and future increases in interest rates. in the meantime, panic following the stock markets is spreading to other markets. particularly on oil market, if last week the price of brent blend exceeded $124, now it is already below $ 120 and although there have been no fundamental changes, traders are getting rid of everything they can rustam kasumov igor nedelkin logistics chains. they provoked a sharp rise in prices for energy resources , food and other goods. one of the most affected by such a policy was japan , the financial markets of this country and the united states are closely connected. again

but the board of governors of the federal reserve led by the chairman jerome powell? there is a theory behind it. and constitutional theory of governance that actually determines much of what happens in this country even though we never talk about it or debated. despite what it says in the constitution despite what we like to say we the people must not be in charge. we the people are too stupid or lazy or distracted to be trusted with power or even to exercise through those we vote for in the election. instead we need experts who are independent that are not stupid or lazy or distracted that wise, diligent, indispensable. i'm here to tell you based on recent evidence they are idiots. talking about inflation just a few months ago, you know he's an expert because he won the nobel prize for economics. >> headlines are about to come down. we are about to get a series of monthly numbers that are below with the corresponding month last year which means the annual rate of inflation is dropping for the next several months. steve: paul krugman told us definitively and categori

jerome powell faces a tough task , more pressure on the central bank. paul: more aggressive action from the fed. shery: china issues one of its strongest warnings. u.s. futures under pressure, we're talking about the nasdaq futures moving already 1% which is quite a big move. this is ahead of the fed decision this week, raising uncertainty, we have the s&p 500 moving almost 3%. we have really those short-term yields spiking, above that level since 2008. a signal that an economic hard landing may be unavoidable. oil prices have remained high at the $120 level. that price pressure was about inflation. take a look at this chart. another fresh 40 year high. we are talking about broad-based gains across categories, it's rising given fears that the fed may have to move faster to regain control of prices. annabelle: a lot of focus on the treasury market and bond space, the q. week 10 year at a level we have not seen since 2014. new zealand coming online just like this, australia a public holiday. japan futures are pointing lower. ports need to contend with cov

. >> wednesday, federal reserve chair, jerome powell will testify on the nation's economy and effortso curb spikes in inflation. watch live coverage at 9:30 a.m. eastern on c-span3, also on our free video app, c-span now, or online on c-span.org. >> president biden stopped to speak with reporters while spending time with family in delaware. he responded to questions about his upcoming trip to europe, student loan debt, gun legislation and reducing the cost of oil and gas. the president also talked about falling over his bike over the weekend. this is about 10 minutes. >> president biden, can we take a picture of you? thank you so much.

in the wake of the largest federal rate increase in 30 years federal reserve chairman jerome powell testifiesore the senate banking committee wednesday at 9:30 a.m. eastern. the house and senate are out on monday in observance of the juneteenth holiday, returning on tuesday. the house takes up a senate approved bill expanding access for veterans to benefits. the senate takes up bipartisan gun legislation. watch next week on the c-span networks or on c-span now, our free mobile video app. head over to c-span.org for scheduling information or to stream video live and on-demand anytime. c-span, your unfiltered view of government. announcer: c-span's the weekly podcast brings you 40 years of audio recordings from our video library comparing events of the past it today. on this episode watergate and g gordon libby. >> it happened 40 years ago. police arrested burglars in the democratic national committee headquarters in washington d.c. we remember g gordon lady -- liddy. he helped plan to break in, went to jail because of it and served five years of a 20 year sentence. liddy reinvented himself as

today, jerome powell will be testifying. that will continue throughout the day ahead of the thursday testimony to the house. how much will he talk about the dollar as a global destabilizing liability, the stronger it gets of the more other nations are importing -- reporting inflation. how much of that is problematic for a federal reserve, which is a central banker to the world. today, and of fed speak, including the chicago fed president, as well as philadelphia's fed president. we heard from tom bargain yesterday talking about what to expect when it comes to the rate hikes, particularly in july, and a 75 basis point rate hike and he gave strong words about why they are expecting to raise more than they had been a month ago. then we have president biden speaking about 2:00 p.m., on the proposal to suspend the federal gas tax. it is a major issue going into the midterm elections, as gas is still around $5 a gallon. tom: we'll talk to annmarie about the president's eventful day. emily roland is the co-chief investment strategi

anne-marie horton joining us, what does president biden need this morning from jerome powell? he is received on the hill. what is the tone of his reception going to be? very harsh? you are not going to get a standing ovation, but is there going to be reception that senators like what the fed is doing in terms of wanting to tamp down inflation, becoming more hawkish on it. the questions are going to be about inflation, and while you are trying to control inflation, how much does a risk -- how much of a risk as chair powell see when it comes to a scope of not going into a u.s. recession? tom: the panic of recession, amy cohen saying we need to look at fundamentals. the fundamental for pearman -- chairman powell and president biden is core inflation. there is glimmers of hope, right? annmarie: glimmers of hope when it comes to core inflation. mike mckee asked the best question, are you going to chase headline inflation, a.k.a., are you going to chase higher oil prices? chair powell said, our mandate is inflation. he made clear that americans do not like high inflation, it is obvi

what time is jerome powell? lisa: at 10:00 a.m. the testimony begins.i am glad somebody is up to speed. these are important comments. i would suggest, we talked about this yesterday, futures at -51, but yesterday we touched on this, the emotion over a longer weekend -- over inflation, it is tangible. lisa: yesterday there was a sigh of relief. today it is not nudgy. people are pricing in the inevitability of inflation. tom: there is the important conversation of the day with lots of years of experience, margaret patel at pioneer for years, now all spring investments, is brilliant when it comes to shifting to equities. we have never seen a bear market in bonds like this. the bloomberg total return high-yield series is down by 13%. i will call it three years, and i will let you correct me on that. but forget about the genius of margaret patel in equities, what do you do in bonds to recover from the emotion of trying to catch up by clipping coupons? margaret: what you do, because of the huge correction high-yield and investment-grade, is weighted out. at l

jerome powell is not buying that narrative. griff jenkins has more. >> griff: you are right, for months, the administration has blamed russia but yesterday fed chair jerome powell blew a hole in the putin price hike. >> no, inflation was high certainly before the war in ukraine broke out. >> griff: the numbers, gas prices, $2.39 when biden took office, $4.40 when russia invaded and today $4.94. suspending federal gas tax, calling on states to follow suit and issuing a edict demanding oil companies lower prices. >> president biden: to companies running gas stations and setting prices at the pump, this is a time of war. global peril, ukraine, these are not normal times. bring down the price you are charging at the pump to reflect the cost you are paying for the product. do it now, today. >> griff: energy secretary struggled to explain what is truly causing our pain at the pump. >> the fed chairman was on the hill today and testified, he got the question, is the war primary driver of inflation and his answers no. how do you square