loretta: i do not think of it that way.ly in the pandemic, we had monetary policy and fiscal policy acting in tandem. they were complement tree, and they were doing different things, as you pointed out in the intro, where financial markets were very much under pressure and stress, and in february, the fed stepped in to economic crisis was not put on top of a pandemic crisis. we brought down accommodative monetary policy, and we had set up some facilities so credit could continue to flow. the fiscal authorities did stimulus payments, households, and individuals, the ppp lending to help small businesses, and other aid that were grants that could be given to the really .tressed households the second cares act or the package that was just past -- again, that was really targeted on those most vulnerable. if there is another package next year -- and of course, that is up to congress -- that will presumably be targeted as well so we can get to that second withwhere we have a chance the vaccinations being broad-based and getting be

loretta: there's two things going on.tions about what the economy will look like, the real part of that, and also inflation expectations that is embedded in that long rate, so part of what we saw over the last few days was a rise in inflation expectations, so again, the way policy works, it works with lags, and it has to be forward-looking. it also means it's going to be more patient than what a gyration in the bond yield would be or what a gyration in even some of the economic data would be. we are going to be patiently accommodative and of course, we will recalibrate as necessary to support the economy over the median run and to get back to our goals but i view it as sort of important to look at where the economy is, where are we relative to our mandated goals? and then calibrate our policy to that. matt: now is loretta mester, president of the cleveland fed, talking to our global economics and policy editor, kathleen hays. coming up, president trump condemns the storming of the u.s. capitol having urged his supporters

this time with loretta mester. this is bloomberg. oomberg. back to the european market open. we haven't 17 minutes until the start of cash equities trading. futures pointing to the upside. with democrats set to gain control of the senate and house, joe biden will have a clean slate to reshape the economy. we spoke to loretta mester about relief andt of more higher taxes could affect policy. >> you think about the beginning of last year, we had monetary policy and fiscal policy. they were doing different things, of course. as you pointed out. financial markets were very much under pressure and stress. the fed stepped in trying to -- financialederal crisis was not put on top of a fed crisis. when you had set up some facilities so credit could continue to flow. the fiscal authorities did stimulus payments. the ppp lending to help small businesses. given toat could be stressed households. the extension of unemployment benefits. thesecond cares act, package just passed, that was targeted on those most vulnerable. if there is another package next y

loretta mester today was talking about how maybe you could raise rates in the back half of next yearthings work out -- sorry, you should taper asset purchases, not raise rates. if that something we need to consider for 2021? chris: i think that is probably a theme for the second half of the year. if economies really get going and all of this cash on balance sheets gets spent, they are going to look very punchy, and the lenders will start changing. i am surprised that loretta mester has done it quite early, but clearly jerome powell is not in that mindset. if you get more than changing the language, we get into the phase two, and phase two is really the bond yield curve anticipating some sort of tightening some way out there, and that leads to the consolidation in equity markets. to me, that is the big focus. i think wall street is far too bullish across the board. it is going to be much bumpier this year than people think, but having said that, the best thing for equity markets is lockdowns and covid cases because it means more stimulus, more monetary, more fiscal. so for now, i woul

the mathematician from cleveland ohio, loretta mester's is one of our brightest lights at the federalerve. now withalk about this our chief underemployment economist, michael mckee. eventful 2020. we jump into the job report in seven minutes. achael mckee, loretta with message that the fed changes fiscal calculus when it comes to a democratic senate, house, and white house. to take they will have into account the idea of stimulus which becomes more likely now. how fast does that change the economy? it will partly be about if it stimulates traditional hiring. but also about how much spending does it create that create shortages that leads us to the additional inflation. you have some people on the fed suggesting we might see the fed begin to taper at the end of the year if we get more inflation. mester suggesting we would just let it ride because she does not expect inflation to breakout this year. tom: in the research combine, romaine bostick and the equity markets and now i need economics, michael mckee's purview. barrelmorris said $60 a on crude late this year. what does that mean?

todd: people do not understand what the word nazi really means and professor loretta knew this at somethe same smith college professor said this, i'm challenging the call out culture. understand how calling out is really toxic and does alienate people and make them fearful of speaking out. why the change of heart? >> the narrative always changes when it comes to what is politically expedient. this is an new behavior especially on college campuses at turning point usa, conservative ideas are more under attack today on campus than ever before. todd: -- wants you to say. i don't know how to say these things. she, he, they, they want things like her -- this is what their thesis is on that. feelings and identities will matter more than grammar rules. when colleges focus on this type of thing, will students graduate prepared for the world of work and the world in general? >> likely not though they made lots of new words and pronouns that are just made up every single day. as a biomedical scientist i have been scratching my head of the usual gender pronouns for many years but it is beyond the

so this is basically a reference to loretta lynch, the former attorney general under president obama,hat q was saying was revealed in a conversation with bill clinton, tarmac. then it continues, ll talking equals truth revealed hrc email case. comey is james comey, the former fbi director. ll talking truth equals truth reveal, read hrc case. fisa brings down the house. when do birds sing? q. >> so as with most q-drops, this one doesn't have a clear hint or narrative. it's coded. it's written in this cryptic language. but basically, the message that people take from this is there was some nefarious link between loretta lynch, the former attorney general, this clinton email case, john brennan, the former cia director, and a plot against president trump. when do birds sing is a reference to when do people confess to their crimes? when does this storm happen and this cabal come crashing down? so when you're part of qanon, you are not just absorbing things that people tell you. you are out there, you are digging, you are trying to put together pieces of this puzzle. and then you are congra

senate against a democrat, loretta sanchez from orange county, and he gave a speech that i saw, it was before the democratic state committee, state convention. it was a terrific speech. went on long, very bidenesque but he opened it by talking about how close beau biden had been with kamala harris and how that really mattered to him. he was out there to make clear that joe biden, he was endorsing kamala harris' run for the u.s. senate. and that certainly helped she got the democratic party endorsement over fellow democrat congresswoman sanchez, loretta, and so it is clear, then when he announces his selection of kamala harris he made clear that what beau had -- beau biden told him mattered. their air lines dates -- alliance dates back to her first year as attorney general when she was trying to get additional money for california in the national litigation over the housing crash. and beau biden was an ally. they were a bit of a team there, and so i think that's where -- it was an important relationship, and had -- >> i know it was for her and she struck out on her own. there was a deal

loretta mester says the field of economics needs to be more diverse so it represents the public. an important field. it touches everyone's lives. policymakers make policies that touches everyone's lives. as most people make hiring decisions that touches -- business people make hiring decisions that touch everyone's lives it. it is important we have a diverse of people going into economics. doown feeling is we could better along those dimensions. >> so much of that is role modeling. young women can look to yourself, the likes of janet yellen and say there is roles for women in economics globally. did you have female role models that made you think more is possible? >> know, but i did not file lack of it because i had a of men that helped me. until it want to wait " now wesified to say have role models." we have to rely on men to help women. you see it happening in the .ield, the meetings the session are was in, the researchers doing this work is not only women. there are men interested in diversifying the field too. if you want the field of economics to be growing and taking on ne

speech from loretta mester, we will get you more. let's bring in our guest.alking about the amount of fiscal and monetary stimulus and liquidity driven, particularly if you look at u.s. markets, sophie was talking about the optimism over a market rebound. do you think that profit rebound will come and will it be enough the lofty expectations of what the post pandemic recovery trajectory will be like? brian: i thicket will be selective on a regional basis. -- i think it will be selective on original basis. it will be out across the banking sector. there is not a significant rise in npl's. at the when you look performance in the market in 2020, a lot of the stock market has been pretty bifurcated. a lot of perform just come from a handful of stocks. valuations, -- valuations of the stocks -- >> i want to get your opinion of alibaba, specifically. you expect alibaba to emerge from that relatively unscathed. is there an upside to this? it will be a pretty painful three months to come but they could come out of it more streamlined and ultimately still very profita

francine: that was the cleveland fed president, loretta mester. toail managers are rushing cash in.arket's most part, bitcoin is taking awful tub joining us is dani burger. good morning. -- joining us is dani burger. what warnings are we hearing from marketing to verse? dani: a lot of the concern above all around aspect of the market that are retail driven. this is not a new story, we herded around the second quarter of last year as well. when we see bitcoin hitting new records, you get this concern that there is going to be a big fallout, days like today when we have seen bitcoin fall significantly. but it is not just bitcoin that we are seeing. -- a lot of people are saying that call options are a much used tool by retail investors then is perhaps concerning. last week alone we saw the fourth and fifth biggest day in terms of volume when it comes to bullish call options, and these do tend to be the shorter dated individual, small block call options that are really hallmarks of the sort of robinhood trader crowd. but just because you have these corners, these warnings does not mean

loretta mester of the cleveland fed looks for that tonight. with us through the day on bloomberg radio and bloomberg television on the morning in washington. ♪ >> >> this is bloomberg best. >> kevin burns, welcome. >> we have always been a mixture of things. growth is a way to delight more and more consumers. >> are you worried people won't take the vaccine? >> what is one word of advice? >> learn how to listen. that has served me well. >> it is a huge opportunity. partnerhilosophy is to where can and stand apart when we should. ♪ lisa: for viewers worldwide, i'm lisa abramowicz. the countdown to the open starts now. we begin with chaos and washington, d.c. the, supporters storm interrupting joe biden's presidential victory with a wave of unrest that took police hours to control. president trump finally urged supporters to go home but repeated the baseless claims about the u.s. election. >> i know your pain. i know you are hurt. we had an election that was stolen from us. it was a landslide election, and everyone knows it, especially the other

. >> ladies and gentlemen, loretta lynn.ar ♪ >> i believe one of the reasons musicians were drawn to president carter and vice versa, he was a man of the earth. he was a peanut farmer. he was raised around that music. that was part of that culture. shakespeare said if music be the language of love, play on. my favorite is lord fletcher saltoon. he said were i able to make the ballads of a nation, i need not write its laws. the songs that any given ten or 20-year period will more honestly or accurately reflected what happened. ♪ well i thank the change since way back then ♪ ♪ and it's so good to be back home again ♪ ♪ not much left but the floor ♪ no one lives here will anymore ♪ ♪ except the memories of a coal miner's daughter ♪ [ applause ] >> a lot of entertaining with his music friends he had. loretta lynn, conway twitty, tom t. hall. all the greats of that era performed in the east room of the white house to honor jimmy carter. i was lucky enough to go to the state dinner. a pretty grand affair. the entertainment was non

james carter, there was a jimmy carter in the white house before the president, loretta deans was anelizabeth moore and catherine smith. in her diary, henrietta has a lot of praise for the chief cook. she says that he could work magic and make anything happen. you get an idea of the interplay between the white house staff. the interesting thing that happens when the roosevelt come to the white house is in a way, they end a segregated practice. back in the time of president taft, he hired a woman named mrs. jaffrey, who is a segregationist. even though there was a multi racial white house cooking staff, she created segregated eating spaces. before, all the servants eight together, but she had a separate table for whites and blacks. by the time eleanor roosevelt gets to the white house, she rectifies the situation by firing most of the white people. i will let you decide if that is progress or not. [laughs] [laughs] but it's no longer segregation, have one race walking in the kitchen. overall, we have cooks that are culinary artists and many times family confide'ce. presidents go to th

the cleveland fed president loretta mester.g up, wall street's biggest halt political contributions after the chaos on capitol hill. ♪ ♪ manus: it is "daybreak europe." u.s. equities lower futures this morning. are we in full blown mania? the dollar's repricing higher. you can debate that with anna and matt in the next hour. some of the biggest names in wall street are planning to halt all political contributions after the riot at the capital. tony gardner told annmarie hordern and myself that companies should have known better. >> phenomena like this depend on many people, not just voters. business leaders. business leaders who gave money to this repeatedly when it was known, or they should have known where this would end. believing they would enrich themselves. i find it very disappointing behavior. gardner talking about having to look into your own soul on funding. our senior finance editor from asia, thank you for being with us. why are the banks second back now? -- stepping back now? >> it is clear this is a ramping up of

loretta beans was an assistant cook. lisa make duffy, when mentioned.and catherine smith. in her diary, henry area nesbitt has a lot of praise for ida allen as the chief cook. even though she was temperamental, she said, she was one who could work magic in just make anything happen if it needed to happen. so you get an idea of the interplay in the white house staff. peter thinness -- the interesting thing that happens when the white -- roosevelts come to the white house is they actually, in a way, and a segregated practice. back at the time of president taft. he hired a woman who was a segregationist. so even though there was a multi racial white house coaching staff, she created segregated eating spaces. before, all the servants it together. but she had a separate table for whites and a separate table for blacks. so by the time that eleanor roosevelt gets to the white house, she rectifies the situation by firing most of the white people. >> [laughs] >> so i will let you decide if that is progress or not, but you know, it's no longer segregation because

loretta deans who was an assistant cook, lizzie mcduffy whoi mentioned, elizabeth moore and katherinesmith and in her diary, hen ree ez ta nesbitt had a lot of praise for ida allen. even though she was temperamental she would work magic and make anything happen that needed to happen. the interesting thing that happens when the roosevelts come to the white house is they actually in a way end a -- in a way they end a segregated practice. back in the time of president taft, he hired a woman named mrs. jaffrey who was a segregationist. even though there was a -- she had a separate table for whites, a separate table for blacks, so by the time that eleanor roosevelt gets to the white house, she rectifies the situation by firing most of the white people. so i'll let you decide if that's progress or not, but you know, it's no longer segregation because you have just pretty much one race working in the kitchen. but overall, we see that we have these cooks who are culinary artists and at many times they're family confidants. presidents go to their funerals. they go to their weddings. they send

former attorney general loretta lynch i can't say that existed or not.er out of the loop. warm her fbi director andrew mccabe was not asked a specific question but rather as they point out in the town hall, questions about the accuracy and legitimacy of the unfair anti- trump dossier complied by an expeditious intelligence officer christopher steele quote, we've not been able to prove the accuracy of all the information and you don't know if it is true or not, he was asked and that is correct. we can go on. this is shocking. muller finds nothing after $40 million, 2.5 years, thousands of subpoenas, witnesses, hundreds of thousands of pages of documents, millions of pages of documents and no privileges raised by the president of the united states, two committees in congress working on a full time and nothing in the phony impeachment hearing and the secret and the secret testimony taking out a single official, anywhere, anywhere saw any evidence of collusion what so ever, michael flynn set up no evidence of anything wrong with his phone calls with the russ

attorney at the time, loretta lynch, black. the president of the united states, black.? if systemic racism is a problem, then a lot of these so-called black leaders have been committing it. let's knock it off. the number one problem, lou, as i told you many times, 70% of black kids are brought into the world without a dad in the home, and obama once said a kid without a father is five times more likely to be pure, nine times more likely to be -- poor, nine times more likely to drop out of school, and twenty times more likely to end up in jail. why have we gone from having 25% of black kids born outside of wedlock in 1955 to 70% right now? i argue that we, with our welfare state, we've incentivized women to marry the government, and we've incentivized menen to abandon their financial and moral responsibility, and we're not having that conversation, lou. u:e'ot hin tha thaha nv cosanv nv,nd i a'm n n ceaice taihan t aeonn then tidid adniadstmitionould awlgeedge f tacha tha touou j'vt j j h wh a a a a a a o u os u hsss t natnd and atsfelf is, is,t' ally tulyingnnoggghi ahi

he had two people at the justice department, eric holder, loretta lynch, the first black attorney general. and condoleezza rice and colon powell ran the state department. they're black under g.w. bush. if this is such a racist country, they allow black people to run the state department, the white house and now the pentagon with the first black secretary of defense. if this is such a racistic country, how is it that black people are running so much of it? >> juan, respond to that. you're saying the democratic party is not very self-aware. >> i'm puzzled. obviously all the examples that deroy cited were people that broke glass ceilings. you know, in the long history and glorious history of the united states, it was a first. a first that we have a black woman as a vice president. it's a first when you see a barack obama as president or, you look at colon powell. lloyd austin is the first at the pentagon. so race is part of the american story. i don't see how you get away from it. most common in our history is that we don't talk about it. we just make assumptions and have a very kind of, you

right now, i'm trying to seduce a young gay white male who was loretta scott's assistant for 20 yearsand has papers in his house, to get them out. to get them out. there is a lot of black history in there. there is a lot of of black women's history in there. i just bug people and say, you got to get moving. >> i hope all of our fellow panelists are hearing you. i hope they now are thinking about it. >> i just want to answer that. one of the things i have done with young scholars is to say, you don't need to wait until you are famous. because these are scholars doing amazing work. you don't need to wait. because just assume that something, somebody will want to read what is going on with you right now. even if you are three years away from getting your phd. poor starting to teach -- or starting to teach. i think we are at that moment now. there is so much going on in terms of understanding who we are, and understanding the issues that matter. especially race and gender in this country. and the people who are doing t e at are really amazing. and i think, again, they will help us to writ

king, and loretta scott king. as well as my old friend charles steele. the president of the southern christian leadership conference. together they are at the forefront, of the modern civil rights movement. and carrying on the legacy that dr. king started. i'm grateful that several of my colleagues, on both sides of the political aisle, stand with me to read portions of the letter today. i want to thank senators lamar alexander of tennessee, ted cruz of texas, kamala harris of california, ted kaine of virginia, and kim murkowski of alaska. to participate in this historic reading today. and anyone in the gallery, and anyone watching on television at home, that we might still learn today from this powerful message about justice, and freedom from oppression. and the indifference of people, who stand idly by when their fellow americans are persecuted. to begin the reading of the letter, i would like to yield to my colleague from tennessee, my friend senator alexander. >> madam president. >> the senator from tennessee. >> thank you madam president, and madam

loretta, portland, maine. caller: hi. how are you today? host: i'm ok, loretta. what you have been thinking as you've been watching this? caller: i can't -- i can't wrap my head around it. the lady that was shot earlier has passed away. so shall we say a prayer. but what i want to know is here was the capitol police? it is incredible, every time when you guys show the capitol, it is full of police. today there was no police. i don't understand that. what we witnessed today was a republican coup from the top down. it started with trump, infected the senate, went on to the house, and then it radicalized the people. those followers. and they ripped up the capitol and i heard that lady calling in talking about people who lost their businesses. that's what insurance is for. those people have insurance. they've been paid already. but for those followers of our capitol, ed every last one of them should be prosecuted and they should go to jail. thank you, greta. host: ok. caller: have a great day. host: bill. bill: a couple -- you mentioned the tweet, we were getting an

. >> host: loretta and ralph's. >> caller: thank you for taking my call . just a couple of things.first of all i want to thank mike pence for doing the right thing and not bowing down tothe pressure put on him by donald trump . second of all, the reason in my mind i know the reason that trump is so angry about losing this collection is because he can't stand the fact that obama, a black president served two terms. i heard mitch mcconnell, needed a little cut from something he was saying and he said obama came into office we would do everything we can to make this president a one term president. now that trump is the one term president, then he is not, it is just burning him up because hehasn't done anything presidential , period actually in 4 years but he certainly hasn't done anything presidential since the election. away wherever he has been. we've got people dying and the lady previously saying that losing their home, people losing their homes, my president, where are you when it comes to this? on what to do you want to be president. you could care less about being president. he

eric holder, loretta lynch. that's the list.. so what we have is the department that historically has failed in its mission and simply trying to go back to that failure is not enough, right? i think eric holder did a good job but they can do better than they were able to accomplish. entirely different level of holding police accountable that can be done through the doj. and did an analysis. ten of 14 cases where police criminality or misconduct were on the line. merrick garland cited with law enforcement and ten of those 14 cases while he was a district court judge. that's not great. so maybe he's ready to reach a higher level. people do change and improve. but that's what merrick garland had to do. change and improve. and bring the doj to a new level of justice and fairness. >> let me turn to you on this, jason. we're political nerds and talk about this all the time and the doj has been eroded under both jeff sessions and bill barr. eroded the office of civil rights and got rid of community policing initiatives during the trump

host: loretta joins us from florida, democrats line. you are on with john fortier, go ahead.r: i have a question about the constitution. i think some of the articles and amendments need to be looked at and possibly updated so they are comprehensive for this day and time so they clarify what they are saying. we can't know what the founders thought back then. the times have changed and circumstances have changed. things need to be black and white in specific terms. guest: i think it is a good point. there is a question of if you amend the constitution because you want the national popular vote or some other form. there's also the question of if the constitution is a specific enough. in some ways it is general, especially today when it talks about the votes being counted and being presided over by the vice president. we have fleshed out many of the in 1887,n a law passed amended and changed a little bit over the years. essentially it is the same. even without law, there might be some more obscure cases where there would be ambiguity. i think it is better to provide clarity. amen