and lisa cook from your michigan state.us about michigan state economics this morning. >> lisa cook is poised to be the first woman to serve on the fed board. the big question will be what happens with this nomination process. we have heard concerns from pat toomey over her nomination. she has concerns about climate change policy. there is some concern there. it's really going to come down to joe mansion and kristin cinema whether these appointments will go through. tom: there is a new social instrument. professor jefferson addresses that. >> you have jefferson on policy and there is a lot of impact into race on policy. raskin has focused on climate so this is a way for the biden administration to try to take it policy and nominate people to the fed who are diverse. they want to be choosing individuals that speak to some of the priorities of the left including the progressive left. elizabeth warren up with concerns so this is a way for biden to try to appeal to the wider swath of his party when you combine his five nominees

lisa cook served on the council of economic advisors.r at michigan state university and someone who spent a lot of time around the fed. always at jackson hole. a very good reputation. phil jefferson has a fabulous reputation as an economist. he is at davidson college now. he gets an endorsement from kevin hassett, who was donald trump's chairman of the sea a -- cea. he will get bipartisan support and lisa cook will get bipartisan support. sarah will have some trouble. she has written a lot about climate change and suggested the fed should not be lending to possible fuel companies. that has made a number of republicans angry. there are questions about whether she would be too tough a regulator on banks on the republican side. you can expect when she comes up, there will be some tough questions asked. guy: in terms of what we should expect, walk us through, we are talking about the banks and regulation is a huge issue. but the entire sector remains a massive challenge. what do we knew about her editorial -- attitude toward regulating? >> m

lisa cook would be the first black woman ever appointed.ferson would be only the fourth black man ever on the board. if both of them are confirmed, along with michelle bowman and lael brainard, the board would be majority female for the first time ever. there are going to be some bumps along the way. sarah bloom raskin already attracting fire because she has been outspoken on climate change when the fed was lending to companies act in the 2020 crisis. she said they should not lend to oil and gas companies. she said fossil fuels are a terrible investment. pat toomey on the banking committee, who's going to be in charge of her confirmation, has already come out with a sharp statement saying that he thinks she would abuse the fed's statutory mandate, so they may oppose her. lisa: there's really pressing social concern of wages, which we have been seeing from all of the banks, and we know the story for the vast majority of the nation. how many people on the federal reserve, including the nominees, are afraid of a wage spiral right now? michael:

he has also chosen lisa cook, the first black woman to serve on the fed's board. the president nominated philip jefferson, and a former fed researcher. the nominees need to be confirmed by the u.s. senate. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ jon: i'm jon erlichman. welcome to bloomberg markets. matt: i'm matt miller. here are the top stories we are following for you around the world. u.s. retail sales dropped by the most in 10 months suggesting the passes inflation in decades is taking a greater call on -- tall on consumers. and as hong kong tries to maintain china's zero covid policy, chaos ensues at certain places. jp morgan and citi tumbling after posting a steeper the next big drop, coupled with a surprise jump in expenses to spook investors. all that and more, coming up. jon: the banking theme certainly alive and well when we look at the intraday averages after that 1.5 drop for the s&p yesterday. you can see we are dow

andrew: i just want to say that lisa cook and phil jefferson are phenomenal. guess we will see again what the white house finally decides, but those would be to great choices of people to bring onto the federal reserve board. i will say, the fed will have a tough year or two ahead of it, very challenging. inflation close to 7%. the unemployment report today, not just about on them and and payrolls, but a crucial fact in the report today is nominal wage growth was running at 7% over the last six months and heading upward. that is because they are trying to keep pace with the cost of living. that wage price dynamic is at play now. even if we get an easing of supply chain pressures, the likelihood is inflation will stay high and the fed needs to explain clearly to the public and the markets as well as to congress. i think having raskin and jefferson along with chair powell and vice chair would be helpful. romaine: i have a broader question about economics in general and the way you view the world through your research. we talk a lot about diversity of thought and

we will also have lisa cook from michigan state diversity. she will be the first black woman ever appointed to this board of governors if she does get the thumbs up from the senate banking committee. and philip jefferson, also an academic economist, he has spent time advising the new york fed, so he has this fed monetary policy connection. between lisa cook and phil jefferson, they will be the fourth and fifth black governors. a lot more diversity. some are saying we have a landmark moment for the federal reserve. the next step is their nomination hearing as i keep saying over and over, but many are saying these are bipartisan pix that have a good chance of getting through -- bipartisan picks that have a good chance of coming through. rishaad: there has been a roadblock for the immunization program in america. let's go to new york for more. >> a divided supreme court blocked a key part of president biden's work to get more people vaccinated amid a covid surge. the vaccine requirement for nursing home and hospital workers was approved. the dec

writing he has done when it comes to poverty, when it comes to coming from different backgrounds, lisa cookeing added to the fed, sarah bloom raskin with a wealth of experience when it comes to the environment. how do we build that thinking in earlier? the federal reserve has been under pressure because it needs to think from a more diverse and nature from the labor market. our people being set from a pay perspective? are we starting to see real, tangible needs but upon executive to ensure they think in a diverse manner? >> there are a few things going on. i think there was a tipping point when the business roundtable redefined who are the constituents? saying it is not just a shareholder primacy. obviously investors play an important role. when we think about the board's responsibility to employees, customers, the planet, that is making us realize we need that talent that brings back additional expertise, broader perspective. i think that is one of the considerations that goes into it. but there are other things that will help move that along. then, fighting it on the other side are things

andrew: the wall street journal has reported bill reston, lisa cook are likely to be among the three i have high respect for them and i worked closely with raskin and she's amazing, superbly qualified for that position. having a diverse group at the federal reserve, these are tough challenges ahead and they will have a tough year ahead of them. that team of seven, they are going to have two grapple and figure out the right way forward. alix: i would definitely not want to be at the fed right now. we definitely appreciate it. thank you very much. coming up, wall street goes remote again. more on how banks are handling the covid wave this is bloomberg. ♪ >> it is needed to do mandates for certain reasons, we would do so and come back around. this is the new reality. the city and school system must open. we must continue to focus. we can't lose two more years of education for our children. alix: that was the new mayor of new york city, eric adams. for what it's worth, he doesn't want to just keep schools open, he wants to see new yorkers come back to the office. unfortunately, that's go

federal reserve's next vice chair for supervision, she is a former fed board governor he will also tap lisa cook and phillip jefferson to serve as central bank governors cook would be the first black woman to serve on the fed's board. the house select committee investigating the january 6th capitol riots said it issued subpoenas to google, facebook, and alphabet they've received inadequate responses when they requested records over the summer, the committee said the committee believes each has held back information central to the house investigation. >>> and jack dorsey's payment company, block, is going to start mining for bitcoin the goal is to make mining more distributed and efficient in every way from buying and set up to maintenance and the actual mining brian? >> silvana we'll see you in a few minutes. thank you very much. >>> when we come back a cnbc exclusive with dr. fatih birol, his take on the european energy crisis and the state of play with russia. >>> plus possibly feeling the pressure from gm, ford and possibly rivian, the latest roadblock for tesla's truck ahead. >>> why even a

fed governor nominee lisa cook is a bormer obama administration economist.he street thinks all of these and sees doves in their potential monetary policy. they could come up against a group of emerging midwestern walks who include fed governor waller he was research director in st. louis for the current president bullard. they have typically been among the more hawkish fed members, at least they were before the pandemic all three presidents have the vote this year in the middle put fed chair jay powell and lael brainard nominated now to be vice chair so far little space between them on monetary policy, although some differences when it comes perhaps to bank regulation we don't know much about the new nominees at zero rates and a $9 trillion balance sheet, there may not be much difference between hawks and doves, at least earlier on the debate could emerge later this year over how far and how fast the fed should go in tightening policy. >> absolutely. we expect it to. they're under a lot of pressure. steve, thank you we appreciate our steve liesman reporting.

economic professors lisa cook and felix jefferson as governors and sarah bloom raskin to lead financialthis should soothe their pain a little bit. now the question, of course, is how much pain should the capitalist system be bracing for. i'm going to bring in first trust adviser's brian wesbury. why are so many free market advocates worried about sarah boom raskin? what is it -- sarah bloom raskin? what is it that has people terrified? >> yeah. first of all, i'm sure she's a nice lady. she's a lawyer. she's not an economist. she doesn't, you know, she hasn't studied monetary policy in any deep way. her focus is on climate change and how to use the federal reserve to move that agenda forward. and i have two issues with this, and i know we'll talk a little bit more about it, but, number one, the fed was started in 1913, and its whole job was to stabilize the value of our currency and try and damp business cycles, recessions and recoveries. and, by the way, it's failed at the stabilizing the value of the currency because we have inflation. charles: yeah. >> the second thing is that the fed

they include a former fed official, sarah bloom raskin, and two black economists, lisa cook and philipif confirmed by the senate, cook would be the first black woman on the f's board. and on wall street, stocks had an up and down day. the dow jones industrial average lost 201 points to close at 35,911. the nasdaq rose 85 points. the s&p 500 added three. still to come on the newshour: boston's school superintendent on the challenge of keeping covid out of classrooms. tennis star novak djokovic's battle with australia after he violated covid rules. immersive van gogh exhibits paint a new way of experiencing art. plus, much more. >> woodruff: the omicron variant is still spreading rapidly across the u.s. free tests, announced by the president today, should help track what's happening. but, they will not ship until about seven to 12 days after an order is placed. in the meantime, the omicron surge is hitting many hospitals hard, and stretching some to the edge of their capacity. william brangham reports on how this is playing out in california right now. >> brangham: judy, los angeles coun

president biden today nominated sarah bloom raskin, frequent "closing bell" guest for the top slot lisa cook, the first black woman on the fed's boeshd. philip jennifer sob, both cook and jefferson academic economists they have to get a senate approval no one expects anything huge for the pushback but this is the key how much the market can digest turning hawkish and vigilant on inflation on a day like today seeing signs of weakening economy. consumer confidence. home sales all misses. >> yeah. they're going to talk as aggressively as they can get away with talking i think. it makes sense to see if they can kind of set expectations at those levels 2-year note up to .95% priced this in a lot already i guess you could argue from back when we were talking two hikes this year or three or now and maybe more gone sideways to up a little bit and credit spreads are okay so i think they try to see what they can do in terms of setting everybody's sights on the higher rates without having to go through with it. they test the ability to withstand this >> mike, thank you crazy day for rates. 1.77 on the

biden's overseer of banks that is jamie raskin's wife congressman on democrat said then governor lisa cookthese team positive get confirmed bloom raskin under fire or comments on financial regulations, and how they should approach fossil fuel? >> i have great kens about bloom raskin i still have some same concerns about lael brainard for vice chair bloom raskin even more radical in terms of approach on climate fossil fuels, remember a lot of times how you say things matters as much as saying them, to ras country's credit so blatant one point said she advocates a transformation of the american economy, only way to really deal with climate change we have greatest economic system in the world i don't want to transform fundamentally or any other way our markets work really, really will learn in language lael brainard, she referenced scenario analysis in context leads to climate stress test the ultimately goal fundamentally transforming american economy cook not a qualified in my mind i don't -- i don't think a bipartisan knowledges or confirmation process my hope that we fight like, you know,

fed governor nom fee lisa cook, economist and philip jefferson worked with the fed and is an economicsllege. sarah bloom raskin nominated as vice chair supersituation they cold come up against fed governor waller. he was the research director for current bank president jim bullard, they've typically before the pandemic, of course, have been among the more hawkish fed neb emembers. all three presidents have the votes. two new bank presidents will be named in boston with the boston president having the vote. in the middle, fed chair powell renominated for a second term and fed chair lael brainard, so far there has been little space on monetary policy and some deference on banking regulation. we don't know where they stand at zero rates and a $9 trillion balance sheet. the debate could emerge later this year over how far and how fast the fed should go in tightening policy, especially, joe, with a balance sheet. >> so, and i don't -- i shouldn't start things with so and a lot of people do that. i think, steve, you seen is ben franklin close, positives, negatives, you lest them, count them

liz: lisa, planning anything good to cook for the game? lisa: not yet, but i was thinking about it. was getting warm out there. that late day sun. most of us in the 60's today. we will be a little bit cooler in some spots. we will not notice the change. here is live doppler 7 where a ridge of high pressure does not want to get out of town as we look at current numbers. 34 in livermore. 31 santa rosa. with temperatures all in the 30's here for the lto, the coast is the mildest s. as we look compared to yesterday, the north and south end of the day most dramatic cooling from santa rosa. it will stay that way as we get through sunrise. that is at about 7:15. looking at san francisco, nice out there this morning with temperatures in the upper 40's to near 50's. patchy frost around the valleys. sunny and seasonal today with no sign of rain. a couple of systems will move to the north and bring us some wind and we could see a few sprinkles but it is the offshore winds that we will be watching for today. really nothing to write home about but as we get into monday morning, you will notice t

cook political report with amy walter," and tamara keith of npr. thank you for joining us. amy, i'm going to start with you, we just heard lisa'sssion just now of the filibuster debate abt it. however you look at it the prospects don't look good. i think to put it mildly on voting rights. with the filibuster, or without the filibuster. you, people are asking and people are asking why go ahead with this to the democrats when the rospect looks so dim. yesterday we heard congressman jim clyburn of south carolina say on one of the sunday shows, on several of the sunday shows, the reason we need to go ahead is we need to know where you stand. are you with us or are you against us. what about that line of thinking on the part of the democrats, amy? >> well, that's right. judy, there has been so much for these last few months, democrats just seem to be running in place. and the issue isn't much about trying to do work within their own party, rather than trying to get a bipartisan coalition together. joe manchin has been at the center of a lot of this but so has kirsten sinema the senator from arizona who took to the senate floor to sa