mr. fischer: the process hasn't changed.e using the same set of monetary tools, slightly different because we have a gigantic portfolio at the moment, to work on the aggregates. we don't have the capacity to make sure that the minimum wage , in the sense that it is not creating unemployment, and fair. we would be very happy if there were such a mechanism, and that's not something the fed can do. the numbers are all there, man. the point, pew research has, with a wonderful study of the middle class and the changing middle class. you have seen this across all of your academic career. do our central-bank institutions need a new calculus to address the polarity of our labor force? see a i don't new calculus to address the polarity of the labor force. i can see research which is taking place, and which has led to many discussions, of the relationship between the things we do and the distribution of , namely, hollow interest rates, good for the poor or bad for the poor? the people who look at them say well, they must be bad for th

mr. fischer: i cannot answer that question, because, as i have emphasized in the past, we simply do not know. the world is an uncertain place, makers monetary policy can really be sure of is that what will happen is often different from what we currently expect. that is why the committee has repeatedly indicated that its policy decisions will be dated dependent. is, we will adjust policy appropriately in light of economic and financial events to best foster conditions consistent with the attainment of our employment and inflation objectives. michael: that was a point he kept coming back to. we are watching the data, watching the data. he kept pushing back on the idea that the fed was expected to raise rates four times this year. he said we do not get together and decide how many times to raise rates. we look at the charts and anticipate when it might work out, but as the fact change, we -- facts change, we change. our colleagues were asking quite a bit about oil. you got a shout out as well. background as an academic economist at m.i.t. and he went back to the 1970's and the oil prices we sa

mr. fischer, stanley, has been saying.ow do you interpret it in terms of what the fed may or may not do? >> i listen to stan's discussion. i always used to tease him, we're cousins, he just spells his name wrong. he adds a c. he made a good point which i haven't heard many people talk about, steve referred to it a couple of times. here is the key point. monetary policy remains accommodate ir, significantly accommodative, and he also referred to the reinvestment of maturing securities and what is called the selma portfolio, the fed's portfolio of treasuries and mortgage backed securities and i want to give you some numbers. i think rather than focusing on how many rate increases there might be, if any, for the rest of the year, this is, to me, the most important influence on the fixed income markets and through them on other markets. this year, i just wrote these down, i'll look down to make sure you get them correctly. but this year, 2016, 216 billion treasuries will mature in the portfolio, between new and 2019, 1.1 trill

mr. stanley fischer. he was saying the slump in the price of oil would be keeping inflation lower for longer. he also blamed the commodity for some of the recent market moves. >> the large movements in asset prices likely reflect increase concern about the global outlook, particularly ongoing developments in china, and the effects of the declines in the prices of oil and other commodities on commodity exporting nations. >> stanley fischer there weighing in, making comments. everybody who's following the markets or central banks have to follow oil as well. >> absolutely. they definitely can't ignore the energy space, especially when you look at the pressure on inflation. fischer also went on to say it's too early to assess the economic impact of the recent market volatility. he also said there are no plans to move to negative rates in the u.s. >> now, at the same time, when looking at some of the other players out there, jpmorgan, they're feeling the heat from the crude collapse itself. they're saying that

mrs. fischer: thank you, madam president. i rise today to congratulate nebraska's beef producers for continuing to reach new areas of the world with our very high-quality american beef. earlier this month, it was announced that w.r. reserve, a beef processing plant in hastings, nebraska, will have the honor of delivering the first u.s. shipments to israel in nearly 13 years. in december, 2003, israel was one of many countries to suspend imports of u.s. beef following a confirmed case of b.s.e. in the united states. because of this, america's beef producers have been unable to ship their products to this close friend and ally. however, during my visit to israel last fall, u.s. ambassador to israel dan shapiro asked me to begin a dialogue with the u.s. department of agriculture and find a way to bring nebraska beef to israel. the ambassador was especially interested in serving that nebraska beef at the embassy's annual fourth of july celebration. over the last few months, i have worked with the usda's food safety and inspection

mr. mccoy? we're prepared to proceed to verdict. (fischer) summation and charge tomorrow. 10 a.m. [gavel strikes] (mr. howell) hey. let me get this straight. boatman gets a pass and robbie still goes up for murder? i'm not happy about it either, mr. howell, but some things are beyond my control. what? like justice? please. you're an important n. you've got to help me understand this. ey offered boatman a deal because he could help our war effort. but my son nick, he fought over there too. what do i have to show for it? one dead son. one in jail. was to be hardworking americans. it doesn't make any sense. i don't even know what countryliviym ie. let me see what i can do, mr. howell. well, why can't you just dismiss the case against me too? you don't deserve a walk, mr. howell. but boatman gets one. that was due to extraordinary circumstances. yeah, he had a terrorist to trade. and what do i got? we want to help you. we can make you a good deal. (mccoy) atted malaughter. jail time? five years. oh, please. boatman shot him. not me. with your invaluable assistance and your blessing. my

mrs. fischer: madam president? the presiding officer: the senator from nebraska. mrs. fischer: madam president, i rise today to continue my tribute to this current generation of nebraska heroes by remembering those who died defending our freedom in iraq and afghanistan. each of our fallen nebraskans has a special story to tell. over the next year and beyond, i will continue to devote time here on the senate floor to remember each of them in a special tribute to their life and to their service to our country. time after time, nebraska's gold star families tell me the same thing: they hope and pray that the supreme sacrifices of their loved ones will always be remembered. today i want to celebrate the life of sergeant jeffrey hansen of cairo, nebraska. he group with the heart of a soldier, enjoyed an all-american childhood, spending time outside hunting, playing football and staying in shape. bora 19393 graduate, attended college at university of carney before graduating in 1997 with a bachelor's degree in athletic training. over the years, the urge to serve his country t