mr. powell on that. >> time ofthe gentleman has expired. the chair recognizes the gentlelady from ohio. >> thank you, mr. chairman, thank you, ranking member and thank you, mr. chairman. certainly as one would expect with you being the chair of the federal reserve that the questions would be centered around economic projections, economic developments, financial stability, monetary policy. but i'm going to keep in my true form of askin gyou the same asking you the same question that i've asked everyone who has sat in that seat. are you familiar with section342 of dodd/frank. >> yes, ma'am, i am. >> so with that, the office of minority and women inclusion can you tell me in your short time, which i recognize but you also have almost a half decade of being chairman of that board, tell me what you're proud about that's under your leadership with this group? >> i've been involved with my seventh reserve bank presidential search and we've been able to select diverse candidates and i'm proud of that. i think the reserve banks do a good job on this.

mr. powell: that didn't need to come up, david. thank you very much.: so when microsoft is moving forward, you decide to take the company public in 1986, and at that point you are a billionaire? mr. gates: ah, yeah, pretty close to it. david: close to it? >> within a year of going public, i think. there is some fortune cover that says the deal that made bill gates $360 million or some weird thing like that. david: all right. how did it change your life? or it didn't change your life at all? bill: that whole period of time was amazing because i was hiring people as fast as i could. i brought in steve ballmer, who was good at that, and he was helping out. you know, we had a sense of urgency that we wanted to lead the way, but i was really busy. so, you know, if some friend had tried to call me, i would not have had too much time for that. i was really into building this company, and i was going out and telling people about the magic of software, which is good for microsoft, but also helping them understand the opportunities and the huge change agent that

mr. powell. >> good afternoon. have a brief statement and then i will be happy to respond to your questions. the job market remains strong, the economy continues to expand and inflation appears to be moving toward the fomc's 2% longer-run goal. as you already know we decided today to raise the target rate for the federal funds rate by one quarter of a percentage point, bringing it to 1 1/2 to 1 3/4 percent. this decision marks another step of gradually scaling back monetary policy accommodation, a process underway for several years now. job gains averaged 240,000 per month over the past three months, well above the pace needed in the longer run to absorb new entrants into the labor force. the unemployment rate remained low in february at 4.1% while the labor force participation rate moved higher. over the past four years the participation rate has remained roughly unchanged. that's a sign of improvement given the aging of our population is putting downward pressure on the participation rate and we expect that the j

and every reporter once the fed chair to say something, anything newsworthy, it was interesting mr powelle policy. many members of the federal reserve board, we‘re hearing from members of the business community, that they were worried about a trade war and that has made the fed reconsider the possibility these tariffs might have some sort of impact on the us economy. so far they haven‘t changed their outlook for us economic growth. we will bring you all the latest ones donald trump announces further ta riffs ones donald trump announces further tariffs against china. what part of your work day do you dread the most? i‘m pretty sure the a nswer dread the most? i‘m pretty sure the answer would be meetings for many of us, and in the modern office, often we are trying to collaborate with people who are not even in the same room. what are the new—age solutions to get over that problem? as part of oui’ to get over that problem? as part of our future of work series, yogita limaye reports from new york. meetings are hard whoever you are. they can be boring and sometimes go on for too long. but the

mr. powell decided to take a cautious course. >> you are new to the job and you want to get through a meetingnd a press conference without putting undue expectations in terms of policy shifts coming in the immediate future. jonathan: joining me around the table is oksana aronov, jpmorgan asset management, colin robertson, head of fixed income for northern trust and him into us from london is jim cielinski, global head of fixed income at janice henderson investors. what have we learned about understanding the reaction of fed chair powell? ms. aronov: he played it safe. it was the inaugural meeting and it was important to get through with minimal volatility. it was interesting because during the meeting, it was perceived as dovish, but in the announcement subsequently, it was perceived as more hawkish. i was writing some comments before the meeting even happened and i said i'm writing this as we are sitting a day away from fed and it doesn't matter whether it's going to be three or whether they're going to indicate more than three. jonathan: why not? ms. aronov: as long as the fed continues to

mr. powell is helping us to get to that kind of point.ou could make the case the fed was behind the curve. wages need to go up further, that is for sure, and the fed would allow inflation to run a little bit hot. intohances of it turning something like the 1970's where we saw paul volcker type inflation, we are not going there. the trade war started, did it start some time ago, is it going to start today? we will see the u.s. slapping tariffs on aluminum and steel. the chinese are responding saying the u.s. is going to far. if it has started, is it priced in or should it be priced in today? not priced deftly in. we should be worried about it and we should be watching china's reaction closely. -- the things we are watching is the price of the yuan. they could weaken the yuan quickly and that could a bad for everybody. we know what happens when the yuan tumbles quickly. it is no good for any asset class. we will be watching that closely. ever.reat stuff as you can follow mark and the rest of the team. it is less than three weeks until russi

mr. powell decided to take a cautious course. >> you are new to the job and you want to get through a meeting a press conference, preferably without putting undue expectations in terms of policy shifts coming in the immediate future. jonathan: joining me around the table here in new york is oksana aronoff, alternative fixed income strategist at jpmorgan asset management, colin robertson, head of fixed income for northern trust asset management, and coming to us from the city of london is jim cielinski, global head of fixed income at janus henderson investors. what have we learned, if anything, about understanding the reaction function of fed chair powell? ms. aronov: i think he played it safe a little bit during this first meeting. it was an inaugural meeting and so it was important to get through with minimal volatility, perhaps. although it was interesting because during the meeting, it was perceived as sort of dovish the message he was sending out but subsequently now he is perceived as more hawkish. but the reality is, and i was writing some comments before the meeting even happened, and

mr. powell sounds like janet yellen. that's what the bulls are hoping for, at least.he risk here is that there may be a policy error. that's what traders call it when the fed goes against them, it's called a policy error. he may sound too aggressive. >> you say nothing to shout for for the bulls but the bears aren't screaming that loudly on the tech front because there is still some selloff for facebook and twitter but tech across the board is flat, nasdaq slightly positive it's drawn a line under it. >> it's stabilized a little bit. we want leadership what's going to move the market to the next phase? there's nothing out there. when you get this, without any kind of move forward, without the fed saying, okay, we're only doing three this year, something like that, the market tends to flatten out because the prices are high they're still relatively high. >> energy is leading things today. >> yes >> you get oil up 2% on the day, that's going to help remember, oil never recovered after the february drop that we saw. so, these stocks are way, way down there and it's going

mr. powell later on today in terms of united dates and their banks. u, will you mirror the fed step for step this year in 2018? >> we at the uae -- mr. al mansoori: we at the uae have a fixed currency regime. so we will match any increase in rates. >> let's say the fed has done what they suggest what they will do. in the slowred time? mr. al mansoori: i think it has helped the uae over the years. it will provide stability in terms of the exchange for the inflow and outflow of capital. in that regard, it is proven to be positive for the uae. of course, when it comes to businesses increasing rates, it is really increasing the cost of capital. however, we have what we produced recently, which is the credit bureau. which is really giving the score on the individuals and businesses. risk,means it is more at that specific of that entity. should we be reducing based on the profile of the borrowers? >> you have rate hikes on one side and this is your proposed strategy to balance against that. would you consider lower reserve requirements? >> at this point, it

say she is improving rapidly although it's unclear if she will be able to speak to investigators mr powell remains in critical condition at least sixty eight people have died in a fire in the overcrowded cells of a police station in venezuela relatives of prisoners have fourth with riot police outside the station after being given little information about what happened. the leaders of north and south korea have agreed to meet face to face for the only the third time since the end of the korean war sixty five years ago they announced one follows high level talks in the militarized zone between the two countries south korea's new joy in will meet north korea's kim jong un in the same port a village on april the twenty seven minutes to say the north's nuclear disarmament will be a critical point the funerals taking place for an unarmed black man who was shot dead by u.s. city of sacramento twenty two year old stefan clarke was killed by officers who say they thought he had a gun but investigators found a mobile phone near his body. for the headlines but don't go away next stop is the stream a

mr powell now as we know is the chairman of the fed so this is a president who is capable of making a strong pronouncement one week and then making a very different pronouncement the next we going to doesn't appear to hurt him at all in the polls mr tag do you think that president trump will go through with this well i think you will in now remember this is a law that says he's using a lot of this accident. this is prior to. or anything that resembles hat stage or moderate book economy but i think the timing of my american colleague the timing is very very suspect i mean he had more time to make this decision but i think given this past week it's probably been the most challenging one of his term with a close advisor. resigning or forced out one way or another with some a moderate daughter not being given security clearances with this dog is russia investigation at his heels. looking to ask he needed a conversation change this is what he's done now there's one other thing that we're here at is donald trump really does the that america can be the playground bully that if you just get r

say she is improving rapidly although it's unclear if she will be able to speak to investigators mr powell remains in critical condition . at least sixty eight people have died in a fire in the overcrowded cells of a police station in venezuela relatives of prisoners have fought with riot police outside the station after being given little information about what happened. the leaders of north and south korea have agreed to meet face to face for the only the third time since the end of the korean war sixty five years ago they announced one follows high level talks in the militarized zone between the two countries south korea's new joy in will meet north korea's kim jong il moon in the same port the village on april twenty seventh minutes to say the north's nuclear disarmament will be a critical point the funeral is taking place for an unarmed black man who was shot dead by u.s. city of sacramento twenty two year old stefan clarke was killed by officers who say they thought he had a gun but investigators found just a mobile phone near his body. as for the headlines but don't go away next sto

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mr. powell. he's been saying this week that his economic outlook has improved since the tax reform act.this be enough for americans to feel more confident about the administration? prof. reich: i hope so, obviously. powell did shake markets up a little bit by forecasting some inflation. i don't see any signs of inflation, by the way. if there is inflation and powell and the fed respond by raising interest rates, there is going to be a negative effect in the markets. the markets are responding to the news of steel and aluminum tariffs. they worry that if we are on the smoot-hawleyher era, in the 1930's when the congress led us to a new era of isolationism, that has a net loss for the economy. the markets are reflecting that concern as well. shery: we saw the president bush tariffs on foreign imports back in 2002. we saw many job losses. is that going to be a repetition this time around? prof. reich: that's exactly my question and that's the exact worry i have. if you impose tariffs or taxes on something that is an input into a lot of downstream products, steel and aluminum, for example,

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staying he took it was he still is quite ill so nothing is being left to chance the gravestones of mr powell his wife and about of his son are also being looked at as well as well as his house so really trying to get as much of that as possible over to be examined nearby at the government medical facility where. we'll be able to ascertain what the substance is and where it was produced but of course this is all raising a lot of tensions with russia even though politicians have said that no one ought to come to any conclusions yet until all the evidence has been. contested and or rather proven but it hasn't it has raised that because of simply because of the parallels that it has which has had with other debts namely that the most famous one up out of russian dissident alexander litvinenko who died some twelve years ago poisoned by radioactive radioactive agents so this is of course tensions in the backdrop of this very. determined investigation which the british authorities are hoping which will unravel more information so they're going to thank you very much qatar has filed a complaint to t

mr. powell? >> i thought he was clear spoken. one of the shortest press conferences ever because he answered same number of questions in half the time and i'm worried that rising rates will continue to be a problem for this market t has been this year. it is not a good thing rates are going up. [closing bell rings] ashley: deederly, nicole, thank you for that is it for the countdown. david asman and melissa francis for "after the bell." david: wall street digests first interest rate hike for the year and comments from the new head fed, jerome powell. the dow was all over the place t was spiking to session highs of 250 immediately after the announcement. the s&p and nasdaq following a similar path also ending the day lower t was up. it was down. it was a crazy day. hi, everybody, i'm david asman. melissa: i'm melissa francis. more for the outlook for the economy and look at big market movers. here is what we're covering this very busy hour ahead. wild weather slamming both coasts of the u.s. on the northeast. the fourth

mr. powell decided to take a cautious course. >> you are new to the job and you want to get through decentng at a press conference without putting undue expectations in terms of policy shifts coming in the immediate future. jonathan: joining me around the table is oksana aronov, asset management, colin robertson, head of fixed income for northern trust and him into us from london is jim cielinski, global head of fixed income at janus henderson group. aboute learn understanding the reaction of fed chair powell? ms. aronov: he played it safe. andas the inaugural meeting it was important to get through with minimal volatility. it was interesting because during the meeting, it was perceived as dovish, but in the session the announcement subsequent leak, it was perceived as more hawkish. i was writing some comments before the meeting even happened and i said i'm writing this as we are sitting a day away from fed and it doesn't matter whether it's going to be three or whether they're going to indicate more than three. jonathan: why not? ms. aronov: as long as the fed continues to shrink its bala

mr. powell will be more hawkish. a move dovish approach from the fed could push stocks higher, possible given the volatility we've seen over the past few months. no guarantee. the question is will tomorrow bring a rally or sell-off in stocks in right to the floor show. traders at the new york stock exchange and the cme group. let's go down to the nyse, john corpina, great to see you, john. what are you expecting to hear from the fed, if they are more dovish does the market go higher or seem a little more aggressive, do we see a sell-off? >> ashley, i think you are right by saying if we see dovish comments out of washington, we're going to get a rally in the market. the blueprint has been set and as you said, the odds are heavily in the favor we're going to see industry rate hike. they have no choice, they painted themselves into a corner. they are data dependent. if you look at the volatility but the overall and economic data and how the market has performed over a longer period of time, yes, in fact, this does warra

mr. chairman? what do you hope will come out of this? chairman powell: we always try to implement regulations in a .ay that is least heard in some in this case we were raising our game by having a specific group of quantitatively oriented people with people focusing just on that. we have lately published cost-benefit analysis on specific regulations like long-term debt. we are trying to raise the game here. we also always ask for a public us views on costs and benefits. as you pointed out, we are tried to raise our game. sen. shelby: a lot of it is allowing the public to know what this is all about, for them and for the economy, is it not? is ourn powell: that obligation, to be transparent about those things. chairman powell: thank you -- sen. shelby: thank you. -- chairman powell, it's great to have you here. there has been this perception the largestome that foreign banking organizations, like barclays, ubs, deutsche bank has been talked about already, will be released from enhanced prudential standards. i fundamentally disagree with that. i think tha

mr. powell. next speaker, please. >> thank you, commissioners. christy wong from spur. thanks for the opportunity to weigh in on the central soma plan today. as you might guess, we're really happy to see this plan moving forward as quickly as possible. we agree that central soma is an area that's key to san francisco and to the region. adjacent to the financial district, which is an existing job center and holds the most links to regional transportation infrastructure. downtown san francisco is one of the few places in the region where people actually can an do take transportation to work. public transportation to work. so this is therefore the right place from both an environmental standpoint and a job standpoint for accommodating growth for housing -- is that right? >> we'll give you a little more. >> okay. [laughter] >> particularly for jobs. we do need more space for jobs in san francisco. we are losing many of our, quote/unquote, normal jobs, non-profits and architecture and engineering and other businesses are going to downtown oakland and to other parts of the su

mr. powell came out. our first time seeing him.fairly transparent, but he did throw an interest rate raise on the table. i mean, he actually raised it. we talked about two more this year and three more for '19. okay. then we saw the trade war. the headlines coming out about mr. trump and china and tariffs and what not. and people don't like that, we have seen that don't like that headline at all. so we saw a raise. we saw, and then we saw tech. we saw this sort of, you know, the first time we saw the cream of the crop stock, facebook, okay, suddenly have a crack. okay. like everybody's -- >> all this cambridge analytica concern. >> the whole serge has been led by tech. and for the first time, we're seeing something that makes people wonder, make people lack of trust, uncertainty. >> do people in the market believe the president's talk on china. he has given a lot of exemptions, not full, but a lot of exemptions. big talk and then he came back and changed it a bit. do they think he's really going to follow through with something tha

mr. powell, the idea with the transparency. i think they want to be out front of each and every meeting months ahead of time to let everybody know if this continues and the strength we're seeing and the economic situations here and around the world, they're going to continue to act the way they have. >> want to remind you to keep it here for the fed's decision on interest rates followed by powell's first news conference i. begins at 2:00 p.m. eastern time. over to sue now who has the headlines for us hi, scott. indeed i do. here's what's happening. in chile today, steven mnuchin said the u.s. will consider reentry into the trans pacific partnership once it accomplishes other goals. comments coming after he defended u.s. trade policies at this week's summit in argentina. >>> justin trudeau says he remains optimistic his country will strike a good deal on nafta despite time pressures the u.s. and mexico are facing with their elections. >>> the european union has conditionally approved bayer's $66 billion acquisition. both compani

mr. powell or the market understands that before us are other issues. the other significant thing why market aren't moving higher or why they didn't get back on their feet the china news would have been significant a couple months ago but would not have had this impact think about allocations, where you have fun, think about the moves that etfs do when you start to see selling across stocks high quality stuff gets kicked out of bed, too. the white house announcement is another announcement that gives people the sense that this administration still has issues it's concerned about with all the success they have had with the tax bill and other campaign promises i hear some hubris right now that tells me we are going to do what we want to do, we are not listening to the market and we want to do it because we believe we are right. >> what about what wilbur ross today said. >> i think there are too many unknowns steve you pointed out what we know a lot of those are true. you are right. but the problem is now we have the unknown. we went through the fed. we ha

mr. powell essentially not commit himself to anything. what was moving the market? >> we always have this back and forth action. we were up 250. we were down over 70. we were down 45. that was tougher one wanted to finish in the green ultimately. we're down 45 points. we see moves after 2:00 p.m. we got pretty much what everybody expected. they really expected jay powell to give it going forward in very succinct manner. more of a regular guy from carlyle group moving into the fed role and now our fed chief. you can see nasdaq also finished to the downside. on annotated charts you ethe selloff happening. it wasn't that bad. we had plenty of winners to speak of. we'll speak to great energy names, looking in particular at financials. financials all in the green as we got our rate hikes today as anticipated. three this year, three next year. that is pretty much on the table at moment. goldman, bank of america, morgan stanley couldn't swing it. let's look at facebook this morning was selling off once again. all the concerns about personal information, regulatory concerns

mr. powell says is going to affect interest rates intraday it's an absurd game for most people >> michael, you have a fruit salad of things to consider if you're an investor today there's a talk of trade war, whether a meeting is happening, not happening, about tariffs, et cetera the rate outlook, the topic of conversation today, given the fact that the fed chairman was on the hill. and what some describe as a chaotic white house, whether it's kushner, or hope hicks leaving, or other news is all of that playing a role in why the market is acting more volatile >> sure. i think so but i think, you know, the best advice in the fish market is to ignore the screaming and yelling and pay attention to the price of fish. the main price of fish still is the interest rate. if they're going to raise them three sometimes, as steve said, look, we've got three raises this year, we've got that coming up we've got a ten-year that's 2.75%, whatever. that should probably take ten-year yields up towards the 3.5% level that takes mortgages north of 5% this creates a significant headwind for the economy, for

mr. powell has found himself to be the closer for the fed. i'm not certain he can close because this game is getting nasty. >> what do you think. >> back on track here. >> that was on track >> it was not on track >> spring sport here i will say this, we were just talking about this is the longest economic expang post war that we've had and we have also had one of the lonnest bull markets in over 90 years. here's the thing we have never seen it of about last night tony dwyer was saying guys kmil out. until the yield curve inverts we are not going to have -- you know how tony -- blah, blah. but again we are not going by the same playbook. they are threading a needle here so the margin for error is slim. >> what did we do today? today being the setup for the fed. >> i'm preparing for volatility. i've thrown out some iwm shorts. i think small caps are under a little bit of pressure i think qqqs continue to -- they are now proved the me as opposed to the ones that were holding up i don't think it's run for the hills. i think dan and i are believin

mr. powell had to say. his view on tariffs. this was his congressional testimony yesterday.e also said there were no signs of overheating and the u.s. economy even asked the growth strengthens. >> we see wages by a couple of measures trending up a little bit. nothing in that suggest to me that wage inflation is at a point of acceleration. i would expect that some continued strengthening in the labor market can take place without causing inflation. manus: there you go. i think -- for me, this was about reaffirming the gradualist approach. in termso that for you of reappraising the bond market situation? the reaction, if he cared about it, was probably what he hoped for. i think he would care had the bond market reacted in a nervous way. i think when anyone in this sort of position first takes office, they obviously want to come in gender -- generally. we think they will raise rates at four times this year. that seemed to be the underlying message he was putting across as well. that in itself was greeted very positively by the markets. there are other things going on which are

pointing the finger that perhaps this bears the hallmarks of if not a state sponsored attack on mr powell and his daughter then perhaps it could be that of a criminal organization this has been something which the russian government has been strenuously denying from its part saying that has nothing to do with such a thing barks at the same time the british officials this does raise parallels with the death of mr alexander litvinenko a russian dissident who was living in the u.k. and was killed by radiation poisoning twelve years ago however there will there will be the matter of how do. it tightly define exactly who was behind this once the evidence yields that officials are saying that they will be raising this issue at a nato meeting in july together with nato partners as to how to proceed with perpetrators of such attacks on british soil and that of course is adding to a difficult time tense time diplomatically between london and moscow a second round of voting most likely in sierra leone with the results from wednesday's presidential election too close to call both the ruling all peop

moment over those international tensions that have arisen following the attempted murder of of mr scrooge powell and his daughter in london however the personal relationship between vladimir putin under. it's quite strong they are of course two of the longest serving world leaders on the stage at the moment what we found out last week was that every now and again the chancellor sends a few bottles of blood a mere pittance favorite german beer over to the kremlin to him and she receives a type of russian smoked fish that cheats repair has taken a liking to and when it comes to press reactions though here in germany well it's pretty much as you would expect we actually saw the main tabloid billed newspaper come out on sunday before a vote it being cast even congratulating vladimir putin on a victory that was more of a barbed congress than anything anything genuine the case though is dominating all of the talk about the russian elections here in germany and also elsewhere as well we've fact heard some newspapers saying that the the investigation and all of the the. outpouring that's come from that