how high jerome powell would like them to stay high and for how long, could we see a pickup?ing. tactically, we've gotten a little more -- less bearish. we have seen stability in the key metrics that we think are the leading edge of default. three i would highlight. one is bankruptcy filings it seemed to stabilize albeit at high levels. credit default moderated .3%. leverage loans has been an area of focus for us and reviewers. you've seen ratings migration stabilize in august then september to date. i think really it's a question of time horizon. we are feeling a little bit more surprised candidly at the resilience of some of the default and stress metrics. longer-term as you allude to come at the biggest risk certainly after the fed is the potential for no landing, higher for longer. certainly or concern when you go to 2024 about the potential scenarios for default rates in the u.s.. katie: it's refreshing to hear that you are a little less bearish. when you look at the fundamentals of the corporate credit market, are you on the same page or are you feeling more worried? gu

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wednesday, federal reserve chairman jerome powell holds a virtually press conference.atch this week live on the c-span network or on c-spanow our free mobile video app. also, head over to c-span.org scheduling information or to stream video live or on-demand any time. c-span, your unfiltered view of government. host: joining us this morning is dr. georges benjamin, executive director of the american public health association. let's begin with the new booster that was announced by the fda and cdc for covid-19. what should americans know about this? guest: thank you for having me. americans should know covid is still with us but we have much better tools we have developed over the last 2.5 years. we know more about the character and the way the body functions. we have better teams and we know more about how to protect -- we have better vaccines and better therapeutics. we know more about how to protect ourselves and treat ourselves should you get exposed to the virus. host: if you get exposed today, what is the virus like, and is the booster needed? guest: i believe the

. >> leader mcconnell-- [inaudible conversations] >> tonight the chair of the federal reserve, jerome powell, giving an update on u.s. monetary policy and the state of the economy. watch his news conference at 8 p.m. eastern on c-span2. c-span now, our free mobile video app or online at c-span.org. >> wednesday morning in washington d.c. and the u.s. senate is about to gavel in to start the day with more work expected on 2024 spending bills. lawmakers have been focusing on the agriculture, transportation, hud and veterans affairs legislation. a procedural vote set for 12:15 p.m. eastern today. further votes on the bill are possible. at 5:00 p.m. they will go into a closed door briefing on the situation in ukraine. defense secretary lloyd austin and secretary of state antony blinken will lead, and president zelenskyy's meeting tomorrow with president biden and the lawmakers. now to the senate floor live here on c-span2. aplain: let . eternal god, the fountain of all goodness, thank you that you hae us in the place you want us to e teach our lawmakers to take seriously their role in solving

. >> next federal reserve chair jerome powell holding a press copy of the decision to not raise futureate increases are not off the table. will be dependent on new

. >> up next, federal reserve chair jerome powell talks about the core target inflation range and how the fed is prepared to increased interest rates if needed to tackle high inflation. chair powell also spoke about the economic outlook during a speech of the federal reserve bank of kansas city's economic symposium in jackson hole, wyoming. to chairman powell. chairman powell: my remarks this year will be a bit longer but the message is the same. it is the fed stopped to bring inflation down to our 2% goal and we will do so. we have tighten policy significantly over the past year although inflation has moved down from its peak, a welcome development, it remains too high. we are prepared to raise rates further if appropriate and intend to hold policy at a restrictive level until we are confident that inflation is moving sustainably down towards our objective. today, i will review our progress so far and discuss the outlook and uncertainties we face as we pursue our a mandate goals. i will conclude with a summary of what this means for policy. given how far we have come at the upcoming

it seems clear that jerome powell is determined not to do a repeat of the 1970s when it was stop ando and the fed blue pool back and inflation go up again. he and the fed are determined to make sure inflation gets down to around 2% and keep it there. at the moment they have good news going but you've got to see that happening for several months before you can think about the fed lowering interest rates because the fed understands if inflation goes up it is the middle class, as we were just explaining, people's ability to report a basket of goods from daily life become more difficult and the fed doesn't want to let that happen. paul: less important, what the fed does next week, 25 basis points or not, stay the course in tight monetary policy until we see they had the 2% target. >> you could have variability month-to-month on energy prices but the fed credibility is at stake and that is so important to jerome powell because he missed what was happening as inflation two years ago so if they are going to reestablish credibility, they have to be very careful. the problem is the data is la

that is the message from fed chair jerome powell. the fed voted unanimously to keep interest rates at 22 year highs. but officials are still penciling in at least one more rate like this year in their quest to get inflation back down to healthy levels. and the fed does not plan to dial back its inflation fighting medicine very much at all next year. fed officials previously projected four rate cuts in 2024. now they only see two rate cuts. so what does all this mean? first, it suggests that borrowing costs will stay relatively high for the foreseeable future. we're talking about credit cards, car loans and of course mortgages. that means that further pressure on the economy. of course this is an economy already grappling with plenty of headwinds including worker strikes, return of student loan payments, and rising energy prices. still, there are clear signs of progress on the inflation front. fed officials marked down their core inflation forecast for this year and they simultaneously marked up their views on both gdp and unemploymen

>> jerome powell is addressing the fed's decision to hold steady on interest rates at least for now.the future of potential rate hikes and how the fight against inflation is going. we'll be right back. it changes how you eat, how w you feel, and how you enjoy life. it changes your smile and how others smile at you. clearchoice network doctors have changed over 100,000 lives with dental implants, and they can change yours, too. because a clearchoice day changes every day. schedule a free consultation. ma, ma, ma— ( clears throat ) for fast sore throat relief, try vicks vapocool drops. with two times more menthol per drop, and powerful vicks vapors to vaporize sore throat pain. vicks vapocool drops. vaporize sore throat pain. social media, it can be overwhelming for a young homeowner turning into their parents. has anyone tried pilates?! okay? that's what it sounds like when you type in all caps. progressive can't save you from becoming your parents, but we can save you money when you bundle home and auto with us. loving this pay bump on our allowance. wonder where mom and dad got the

also wednesday, jerome powell holds his quarterly press conference. watch next week life on the c-span networks or on c-span now our free mobile video app, also head over to c-span.org for scheduling information or to stream video live or on-demand any time. c-span your unfiltered view of government. >> a healthy democracy does not just look like this, it looks like this, where americans can see democracy work and citizens are truly informed in a republic thrives. get informed straight from the source on c-span, unfiltered, unbiased, word for word from the nation's capital to wherever you are because the opinion that matters the most is -- this is what democracy looks like. c-span powered by cable. >> >> welcome back. we are joined live by the nose and editorial director of the podcast. welcome. time and i started to realize that people could tell you, including me what was happening but what it was a lot harder to explain why. in this longer format, we call on experts and reporters in the field and reporters who really know the stories and we have th

they're waiting to hear what fed chair jerome powell will say about rate levels around the end of theear. the beige book also notes that businesses believe the u.s. economy expanded at a modest rate in july and august. it states that job growth was subdued nationwide and shortages of skilled workers persisted. >>> now, japan has a reputation for its low cost of eating out. one clear example is so-called the big mac index where in terms of the cost of the burger, japan ranks 44th behind the u.s. and some major asian countries, but that may be changing with a new mcdonald's pricing strategy spurred by rising costs. >> reporter: at this mcdonald's in the central area of shin joku. 500 yen or about 3.5. you can get the same burger for over 10% less. it's part of a new mcdonald's strategy. the prices are divided into three groups, urban, semiurban, and standard. the company has used a system to implement price hikes at 184 restaurants since july. the move is a new for chain restaurants in japan which normally have uniform prices nationwide. >> translator: i didn't realize it was more expen

for jerome powell, what is his chief ambiguity?g is really hard especially about the future but there are number of things on the horizon that could mess up what the fed's forecast interest rates will be going forward. you had the uaw strike. you have the war in ukraine. student loan payments coming back. russia's war. china's economy. there are lots of things they did not notice going to have been so the best case for them is probably to sit tight. i do not think they move rates. the question is do they change the dot plot, do they suggest they do not need to cut more. i do not think they will do that either. tom: fed tradition as you get the last question because of your power and grace and heritage, if you have the first question today, what would it be? michael: i think logical first question how much confidence do you have in any think you are telling us today because there are so many possibilities to go that you have to wonder if people can put much stock in what the fed is forecasting. i think john was making a good point w

it was following remarks by the fed chairman jerome powell warning inflation still has a long way tole central bank's 2% target. but the fed's restrictive policy has global repercussions, so what is that impact that we need to be aware of? our business correspondence across key economies from the west to the east break it down for us. ., ., ., ., for us. hello. i am in london where the — for us. hello. i am in london where the bank _ for us. hello. i am in london where the bank of _ for us. hello. i am in london where the bank of england i for us. hello. i am in london l where the bank of england has unexpectedly kept interest rates on hold. that follows 1a successive rate rises which are seen at the cost of following up seen at the cost of following up from 0.1% to 5.25% which was done with one goal in mind — to keep inflation under control and it does seem to have been working. prices are still rising rapidly but not nearly as rapidly as they were a couple of months ago. but that has given the bank a dilemma. does it stick? keep rates on hold or keep spiralling upwards? increasing

all three major us stock indexes tumbled more than 1% following remarks by the fed chairman, jerome powellinflation has a long way to go before it approaches the central bank's 2% target. but the fed's restrictic policy has global repercussions. so what is the impact? our business correspondents across key economies from the west to the east break it down for us. hello, i'm thea leggett in london, where the bank of england has unexpectedly kept interest rates on hold, following iii successive rises which have taken the cost of borrowing here up from 0.1% a couple years ago to 5.25%. all this was done with one goal in mind, to keep inflation under control. and it does seem to be working — prices are still rising rapidly but not nearly as they were just a couple months ago. that's given the bank a dilemma — does it stick key rates on hold, or keep spiralling them upwards? increasing rates comes with a cost. people on variable—rate homework where owns see their payments go up. that debt becomes harder to sustain and there's a risk of choking off economic growth. while on this occasion, the ba

that is currently slowing because of the number of interest rate increases that the fed chair jerome powellt forward, it does give you a clear indication that things are beginning to slow quite significantly. and the jobs numbers are that critical factor >>> they highlight that. so we are anticipate thank number to come through a little bit later. anything higher will still mean a lot of work for the fed when it comes to hiking interest rates further. >> thank you >>> still to come on "early today," why scientists are saying magic mushrooms could health help with mental health >>> and could doctors pay you to eat that apple a day your health headlines, next. day your health headlines, next. try. hope. fail. no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you had a vaccine or p

katie: blake, a lot of people saw the dot plot last weekend heard what jerome powell is saying and took it to mean higher for longer. that is what you have seen across the bond market particularly at the long end of the curve. looking at your notes it seems you were not too impressed by any shifts in the dot plot last week. blake: yeah, look, for me looking at the entirety of the selloff since july you can draw more of a story about the soft landing and hawkish fed. if i look at the last week, the last leg to the new highs all across the yield curve, to me, that's a little less about the fred -- the fed. fed pricing near-term has been stable. we have seen the backend lead the selloff. to me it is about a lack of buyers. i think the term premium story is weighing on people and icing to higher for longer acceptance means to have a long position you need to accept negative carry, these painful kerry for holding these positions. that is likely to persist for a longer time. i think a lot of people that would have been buyers here already got long when 10-year gilts work 390, 4%-10%. in that

. >> in fact, thinking that they would just remain stable with jerome powell talking about the possibilityf another rate hike. that basically dismantles the argument that you would have for buying high duration equities, those are the stocks that traded high multiples, buying future growth and that is generally going to represent some of the best performing stocks, like the one you mentioned, nvidia, which was a holding of ours up to and through earnings we unfortunately didn't top tick it and underline it at 2, the high it hit. but we did get out at the 480s. the reason we don't want to own stocks like this in this environment, these are the areas most vulnerable, and, you know, today could represent the market coming down a little bit but the trouble isn't over. the equity risk premium, that is the valuation of equities relative to fixed income instruments trying now is very narrow, and i think that's going to create some pressure. if we continue to see high rates you have to wonder about hydrhigh duration equities, and you're going to see volatility continue. >>> a sector that's likely

in fact, thinking that they would just remain stable, with jerome powell talking about the possibility of another rate hike, that basically dismantles the argument you have for buying high duration equities. those are stocks that trade at high multiples, where you're buying future growth, and that is generally going to represent some of the best performing stocks like the one you mentioned, nvidia, which is a holding of ours up to and through earnings. we did get out in the 480s, and the reason we don't want to own stocks like that in this environment is because i think these are the areas that are going to be most vulnerable. today could represent maybe the market coming down a little bit, but i don't think the trouble is over. the equity risk premium, the value weigh of equities compared to fixed instruments right now is very narrow, and i think that's going to create pressure. if we continue to see high rates you have to wonder about these high duration equities, and i think they're going continue to see significant volatility through year's end. >> let's zone in on a sector that's

steve was on fire, and he really got emotional and said that jerome powell is not alan greenspan. basically he alluded, not to put words in his mouth, that jerome powell does not have control over the debate. he was wound up and i told the team to get a video block on that so you could steal it for your other property. but, there is a debate here about the dynamics. i make jokes about it but you are right, the fed speaker. jonathan: something on my side that was implied about the forecast, explain that again. lisa: i would also say that steve went on to say at the composition right now of the fed does not give the market confidence that they have the conviction to get inflation back down to 2%. nike earnings and blackberry and maybe we will get a sense of what the ski season will look like. making -- nike earnings will be key as consumer discretionary shares, falling 10%. so how much do we start to see some of the weakness play through that. that was pretty recently. jonathan: you bought some new sneakers? lisa: a year ago. tom: you need a backup pair. lisa: i know. i am always in

jerome powell holds his quarterly press conference.tch live on the c-span network or on c-span now. also head over to c-span.org for scheduling information or to stream video on demand any time. c-span your unfiltered view of government. >> c-span studentcam documentary, vision is back and celebrating 20 years, looking forward while considering the past. >> the youth of today are the leaders of tomorrow. it is imperative that we take care of them as they progress through life. >> we can work to prevent fen tanyl from becoming the next pandemic. >> inflation really matters. >> you're asking middle and high school students to create a video addressing one or two questions. in the next 20ears what is the most important change you would like to see in america? for over the past 20 years what has been the most important change? as we do each year we are giving away one hundred thousand dollars in total prizes with a grand prize. and because we're celebrating 20 years every teacher and student uber dissipates will have the opportunity to sha

it's the same argument as to why jerome powell is that still at the federal reserve man's were the $100000000.00 going back to private equity during the 0 bound interest rates. daniel the martino, but back to this point all the time, could be a multi billionaire. at this point, if money was, was what was motivating. it's not what's motivating. what's motivating this, fixing the fiscal balance sheet of the united states and using the hammer of the federal reserve to get it done. shameless plug for all my, all my work over the last few years. but it's the same thing with bobby kennedy and the state. and. and so again, again, i watched i looked at kennedy and he's like canada in the rock. right. but at the same time, he's also picking up and putting down, talking points that the the dnc has no answer to. i never actually put them in a really big bind when we start getting into the primary season with gavin bruce. them i get, this is not fun. what are they going to do is come all the harris and how they got a spirit of habit existence and all of this up when you was thinking about this this morning.

wednesday, federal reserve chairman jerome powell holds a virtually press conference.ch this week live on the c-span network or on c-spanow our free mobile video app. also, head over to c-span.org scheduling information or to stream video live or on-demand any time. c-span, your unfiltered view of government.

what will matter for jerome powell? steven: it is really a single indicator but if labor demand continues to grow faster than labor supply. then they are unhappy and vice versa. when they take a look at an unemployment rate in the mid- 30's, they want to see the balance of labor demand is the direction of travel. i think many will take a look and say, the economy cannot produce 190,000 jobs every month. we do not have a working age population that would do that, but the fact that we have come down, we slowing pace this much, and if it continues to move in this direction, they're going to be less concerned about whether or not monetary policy is tightened enough. i think we will head the other direction is in the coming year. tom: you mentioned that of course, we have seen job openings really cool down from m some of the big jolts numbers we were getting, but when do we see what the fed wants to achieve in the unemployment rate? steve: it is difficult to know whether people on the sidelines will continue to search for jo

here's what the fed chairman jerome powell said last week. people hate inflation. hate it.he chairman of the fed is absolutely right. working families are tired of wondering how to make ends meet every month. they are tired of being told that bidenomics is working for them. >> mr. president, a few weeks ago regulations enacted in the european union went into effect that cover more than a dozen of the world's biggest tech platforms. this includes online marketplaces, app stores and social media platforms like facebook and instagram. the european union regulations address a host of harmful practices, including preventing targeted advertising, minimizing the legal content and hate speech, and most importantly, protecting kids from harmful content. if companies fail to comply in the european union, they can be fined up to 6% of their annual global revenue. they can also be banned from operating in the european union countries. this shows that big tech can be regulated. it is possible to craft rules to protect our families without breaking the miracle of the internet. in contras

with fed chairman jerome powell saying it is not a soft landing for his baseline expectation.nure yields at levels we have not seen since what, 2014, ahead of the boj decision day tomorrow. day tomorrow. every business deserves a great deal. that's why comcast business is launching the mobile made free event. with our business internet, new and existing customers can get one year of unlimited mobile for free. it's our best internet. powered by the next generation 10g network and with 99.9% reliability. plus one line of free mobile for an entire year. it's the mobile made free event-happening now. get started for just $39 a month. plus, ask how to get one free line of unlimited mobile. comcast business, powering possibilities. rishaad: china markets heading for their lunch break. this is what it's looking like, the doldrums for msci asia pacific. stocks set for 10 month lows and pessimism reigning supreme. some key gauges heading for there's lows level since november partly down to the selloff worsening due to continuous concerns about the economy. taking stock of two months af

haidi: that was fed chair jerome powell.us is gregory halter the director of research at carnegie investment counsel. there is a sends out the fed, like with everyone else, just feeling their way through this with a lot of uncertainty now when it comes to the inflation outlook with the resurgence of prices. where does that leave investors who want the certainty and the fed put, if you will? gregory: thank you for having me. i guess number one, the point i would make is investing is uncertain to start with so for folks out there looking for certainty, that is probably not going to happen. obviously, you would like to have a better path in terms of knowing where things are. but there are plenty of crosscurrents in the economy, not just the u.s., but globally. that will probably always be the case. you know, if it is not oil it might be student loan payments or this or that or the other. so, that is something we will always experience. haidi: where are you seeing opportunities given a lot of the hotspots we have seen in the ral

inflation figures last week said inflation went up unexpectedly in the us, slightly which is not what jerome powelle same time lots of other things are coming through like companies doing share buybacks is at its lowest level in the us for quite some time because companies are struggling the higher cost of borrowing?— borrowing? they are what companies _ borrowing? they are what companies are _ borrowing? they are what companies are doing - borrowing? they are what companies are doing is i borrowing? they are what companies are doing is to | borrowing? they are what i companies are doing is to try to control their expenditure on all this, it is having that impact already, so the effect is already there. in terms of the consumer, we need the consumer still to be spending, and consumer spending, although it has been weakening, it has now reached a level when it can start levelling off and pressing against off the manufacturing side of it overall can be pretty weak but i expect the figures i have seen so far for i expect the figures i have seen so farfor some i expect the figures i have seen so far fo

federal reserve chair jerome powell spoke at a news conference in washington, d.c., today. >> good afternoon everyone. my colleagues and i remain squarely focused on our dual mandate to promote employment and stable prices for the american people. we understand the strongly committed to bringing inflation back down to our 2% goal. price stability is the responsibility of the federal reserve. without price stability, the economy does not work for anyone, in particular without price stability, we will not achieve a sustained period of strong labor market conditions. the tight end the stance and raised our interest rate by 5 and a quarter percentage points and reduced our holdings at a brisk pace. activity in the housing sector has picked up somewhat and remains below levels of a year ago reflecting higher mortgage rates. higher interest rates are weighing on business fixed investments. in our summary and committee participants revised up their assessments of real g.d.p. growth at 2.1%. expect growth to cool following to 1.5% next year. the labor market remains tight with supply and demand cont

jerome powell says people have to lose their jobs, there's going to have to be some sort of tough lovego through, gas prices are huge part of that. i'm sort of an expert on energy, doing this my whole career, seasonally, they should be going down now which they were supposed to peek july 4th. now we are going into fall and they are going up and you've got opec plus saying we are going to take advantage of this, president biden, we are going to cut our production and make those prices go up because they profit from it, we lose. and all of that into it. >> if you purchase a car it will be more expensive, now you got to pay student loans. the state parks will be close, you can't drive to them anyway. >> golden forecast annual gdp, looking at over 3%, bringing that down to just north of one% so recession i don't know. we can debate about the definition of that but slowdown, yes. brian: are you better off now than you were three years ago? jackie deangelis, thank you, watch the big-money show weekdays at 1:00 pm eastern. all right. rachel, you've got some headlines for us. rachel: turning t

is what the decision will be even though most economists and investors seem to be betting that jerome powell and his buddies will take rates right where they are. for now we've got esther george on things these guys look at before pulling the right trigger and how this time and otto strike in which workers are turning down 20% wage hike with the inflation. hope you enjoy the ride. welcome, and and what matters, for that, the -- >> they are going to pause that there is no one certain to goo and tailwind of lowering the savings in july, taylor swift, barbie maney and other things. and ice bounce in july it even though we see potential acceleration in growth, looking at reacceleration of inflation, a lot of risks, you noted a couple of them, united auto workers strike, potential government shutdown if they can't make a deal and technicals are starting to roll over. it really matters how the statement changes about what they could do in november and if the dot plot changes, where the target rate is, it is over 5% now but how does that change going into the future? neil: if they don't move at thi

the fed chair jerome powell is hinting acts further rate increases which is meant to help bring downlation. what is the fear here? is the administration worried about a recession? >> i think a lot of outside forecasters had a recession call. they are now talking about soft landing and what we have seen its numbers which suggest resilience. we have a resilient labor market. we are still adding jobs, 13 million jobs during this administration, more than any other administration. unemployment has spent below 4% for 19 months in a row, the longest stretch in 50 years. those statistics are also true for black americans, for hispanic americans. we are seeing good participation and really low unemployment. >> you are an economist. do these numbers that we have seen particularly over the last year to date, do they defy your previous understandings of how the economy is supposed to work? every month with jobs, numbers, in wages and everything, folks are like, this is surprising. >> the economy is very much what the president has been working to achieve. a lot of people said that you could not

how much of that gets in the way of jerome powell and his colleague? it is a global issue and you are seeing that. lizzy, the wage growth story getting in the way of andrew bailey's plans and what is notable in the u.k. is fiscal authorities and monetary authorities are kind of on the same page when tackling inflation. lizzy: we get the job numbers at the top of the hour at 7:00 and over recent months, you have seen labor market cooling and vacancies falling, unemployment rising. it is the wage growth number that the bank of england is focused on expected to stay on hold at 7.8 cents. interestingly, we heard from -- at 7.8%. we heard from swati and parliament and she said that it a lagging indicator suggesting she is looking at more forward-looking indicators like the pmi's and suggesting that we are nearing the end of the tightening cycle. we also heard from cap your man, one of the -- catherine man one of the hawks signaling that more hikes are needed to control inflation expectations. at the september meeting, it will be contentious. kriti: we talke

rates to go back down, it's only the material shock to certain market participants even though jerome powellill err on the side of too hawkish versus too doveish in this cycle. i think the biggest data point for the u.s. economy will be a very good look into the consumer with costco earnings coming out this week. what are they giving in terms of guidance? last week the under-the-radar economic indicator i thought was fed ex's earnings. their air shipments were down 4% in terms of volume, ground shipments were up 3% year over year in terms of volume. that's only on the back of the bankruptcy of yellow trucking. so you're starting to see declines there. you're seeing shipping rates, international freight shipping rates plummet. what are we going to hear from costco in terms of consumer demand. is the increase in revenue purely inflation driven or are we seeing a decline in the power of the u.s. consumer and one of the biggest -- i'd say biggest and best indicators of actual wallet durability in these times, so when i -- i'm going to be looking really closely at the guidance to make judgments o

wednesday, federal reserve chair jerome powell holds his quarterly press conference. watch this week live on the c-span network or on c-span now, our free mobile video p. also head over to c-span.org for scheduling information or to stream video live or on-demand anytime. c-span, your unfiltered of government. bands and defamation cases. ♪ >> cliff sloan, your second book is about the supreme court but a very different era from the first one. tell me about the court at work. >> the court that war is about the supreme court during world war ii, and it is a very, very interesting and momentous time for the court, and it is really the roosevelt court. let me back up and tell you how i got interested in the subject. i was working at -- as a special envoy for the closure of guantanamo in 2014, and i was reading the decisions on military detention, including the notorious and shameful korematsu case. i noticed that the first of the shameful anti-japanese decisions , which was about a curfew targeted at japanese-american citizens, was decided exactly one week from -- one wee

. >> next federal reserve chair jerome powell holding a press copy of the decision to not raise futureate increases are not off the table. will be dependent on new economic data. [background noises] >> good afternoon everyone. my colleagues and i remained squarely focused on our dual mandate ton promote maximum employment and stable prices for the american people. we understand the hardship high inflation is causing will remain strongly committed to bringing inflation back down to our 2% goal. price stability as a is a responsibility of the federal reserve. without price stability the economy does not work for anyone. in particular that price stability will not achieve a sustained period of strong labor market conditions that benefit all. early last year fo 1c has significantly tightened the stance of monetary policy. ewe have raised our policy interest rate i by five and a quarter percentage points and haveag continued to reduce our security holdings at a brisk pace. we have covered a lot of ground the full effect it have yet to be felt. today we decided to leave our policy interest r

inflation seems to be coming down because of what jerome powell has been doing. even wage growth. that being said, it's still not resognating with the american people. why do you think that is? >> one is people's perception of the economy which has become very partisan. we live in an era where no matter how good the economy is, a 50-year low for unemployment. republicans are still going to have a negative view. i think data point i'm really encouraged by is what do people say about their personal financial situation and a quinnipiac poll recently showed that 60% of americans say their personal financial situation is good or very good. and so i think there is a lag between how people see the economy versus what's going on in their lives and i think that's going to be the real measure of how people start to feel over time. >> i want to talk about the polling numbers we've been seeing. i'm sure you're seeing the same numbers. if you have a general election match-up first of all, the former president and president biden are in a dead heat. 46 to 46 and then there is how they are seen.

i suspect the market will be looking for more hints from jerome powell whether they'll hike more ratest its end. >> here's a headline i think got a lot of attention including a lot of people of those who work in the west wing. oil prices are on track to reach a new high for the first time this year. tell us about it, arabile. >> yeah, in fact, a ten-month high at some stage at well is what has been hit, right? and one would aecht at the end of the summer when the driving period kind of comes to an end you'll find that fuel, oil prices all of those will perhaps drop off a little bit because demand begins to wane. but actually what has happened is saudi arabia and russia in particular have decided to continue their aggressive cut how much oil is supplied to the market, which has affected brent crude oil which has gone up to $95 a barrel, but wti has gone up $92 a barrel as well. that's the highest mark since last november and that gives you a clear sense supply in this market is beginning to get squeezed ever so slightly, and this of course will make opec nations very happy because they

time the market moving event of the morning, fed chair jerome powell hosting a town hall. the u.s. close, nike reporting earnings. all that have serious repercussions on the market trade will keep you posted. coming up we take a look at the electric vehicle landscape in europe and the need to roll out charging capacity if countries are going to hit their net zero targets. that conversation next, this is bloomberg. ♪ kriti: from the eu trade chief visiting china amid a probe into beijing's ease -- tv subsidies, delaying the end date for the sale of new diesel and petrol powered cars. electric vehicles are no doubt the hot topic this week. ryan fisher from bloomberg any have joining us for a deep dive into europe's ev landscape. there is a lot of news going on. talk to us a little about the uptick in europe at the moment. ryan: the ev market is one of the most exciting things at the moment and with the intro you highlighted that their. in the eu and the chart showing 3 million sales, they have really grown but to key topics -- the chinese. do they want those vehicles to be c

but i can't help but add that jerome powell is warning us the u.s.l too hot and this rapid pace of spending according to powell is putting upward pressure on prices so it might be a good thing to have the auto workers go on strike. that would help slow down spending and release some of this inflationary pressure that keeps pushing interest rates higher. still, the big story going forward is that 10-year treasury yield and until the u.s. economy slows dramatically, that 10-year yield is likely to climb higher and higher and at some point out it will reach a level that will trigger a deep downturn by u.s. equities while at the same time perhaps bringing a recession into close view. maria: yeah. i mean, something's got to give, right? we spoke with bob nardelli the other day, he said because of higher interest rates, some of the companies that he's invested in or on the board of or dealing with they've gone from interest payments of $2 million to interest payments of $14 million. i mean, john, that's a game changer. that could lead to bankruptcy. >> and

cheryl: that is why, i've said this before, the fed chairman jerome powell should be more vocal aboutthem out on the spending and on debt and deficit as well. i want to ask you about the comments from jamie dimon. he spoke at a conference in new york and he was talking about the economy and the consumer. listen to this quote he said to say the consumer is strong today meaning you're going to have a booming environment for years is a huge mistake. he also says that he was worried about central banks raining in the liquidity programs, quantitative tightening as well as other issues around the globe, what were your reactions to his comments? >> he knows everything because i have a huge credit card business and they see the spending to know how people are paying back. one of the things showing up in the latest round of data, that is a personal income has come down and yet consumer spending continues to climb you cannot have that equation going on for much longer, there has to be a give-and-take. what were probably going to see is consumers we know are being more deliberate. if the labor m

fed chair jerome powell says the main goal remains to slow down those price increases as price stabilitye responsibility of the federal reserve. without price stability, the economy does not work for anyone. the fed members also indicated that they're optimistic that the economy can achieve a soft landing and avoid a painful recession while slowing inflation. they expect to start gradually cutting rates sometime next year. stocks were lower on wall street today, with investors really digesting the likely hood that rates will remain high for the foreseeable future. the dow was down more than 76 points. the nasdaq taking the biggest hit today, down 209 or 1.5. the s&p fell 41 points, nearly 1. this afternoon, san jose celebrated the 20th anniversary of the dr. martin luther king jr library. at that celebration, ten commemorative library card designs were revealed honoring the milestone. the eight story library is known as the largest joint municipal university library in the country. it serves both the san jose community and san jose state university offering a variety of resources and mee

to eastern on wednesday the real action, jerome powell holds the presser which spills over into the showar lineup including wharton's jeremy siegel in the capital kyle bass, that is wednesday 3:00 p.m. eastern you do not want to miss them and their assessment they will pull it all apart, oil moved today not helping inflation in the picture during the regular session west texas intermediate hit a 2023 hi today of over $92 a barrel in the aftermarket pulling back just a bit, 9165, some analyst your hearing more and more predictive return to $100 per barrel before 2024, we showed you the ten year yield bond years to a 16 year high, two-year holding comfortably above 5% at 5.054% at the moment from the mostly the ten year four-point to 3% let's get to the floor show, j.p. morgan asset management managing director, chief market strategist phil blanco, the fed we know most likely it is a pause but what will you be looking most closely as it weaves into the equity picture. >> this is probably one of the most important meetings that we had a long time. they will stay at current levels and this i

read we got in july from the read in august, the expectations were different story, if you are jerome powell his mind what do you think you sing to himself? >> what he keeps saying i don't know what he saying to himself but would he keep saying that number has to come down when i could've loosened anything until we get that number down, right now there on a short fuse so i obviously don't think they could get that number down between now and the meeting, my guess is it decent chance of raising them again, i would not know i only have a guess but i would guess if i had to estimate i would say they try to raise it again. cheryl: to your point about what he says when he spoke at jackson hole last friday he did basically say not so many words that inflation is not where they want to see it in here comes another hike. at some point whether or not is this meeting who knows, any final thoughts on where you're putting your money right now? >> we have a lot of money short-term in the 90 day and 60 day treasury and i think people have to be aware if i can get five and half% right now in a 90 day treas