ms. yellen: sometimes it brings forwardms. yellen: a decision that might have been made later. i think the stance of policy also has repercussions with more on thelasting impact state of demand. it is not only a matter of shifting purchases early by have a more accommodative financial conditions. there are repercussions i can be longer-lasting than that. you may disagree, but my sense of the academic consensus is the main effect of accommodative monetary policy is to induce economic activity that was going to occur later, at an earlier time and that was the principal activity. but you are acknowledging there is some of that. ms. yellen: there is some but it is not the only thing. toomey: isn't it very likely the case that some of the economic activity that would be was trackedday forward in years gone by and it has already occurred in the past? it is very hard to know how large the effect is but i continue to thank our policy, fore example low mortgage rates, is continuing to boost activity in the housing sector. it has not only pulled activity forward to suppress it now. sen.

ms. yellen: a good situation to be in. ms. yellen: that would be a much less desirable situation. i did indicate it is highly alikely and would require very unlikely set of circumstances. >> it is possible a circumstance would arrive where it would go negative? ms. yellen: it is possible. >> the chair recognizes the gentleman from north carolina. >> thank you. i would like to make a comment whoeference to my friend stated you play the most important key role in terms of our economy and the increase in jobs. you have mentioned 14 million jobs, a very accommodating monetary policy. during this administration. the contest i would bring this to you is we had 20% interest rates, high inflation and high unemployment, and the regulatory burden was significantly reduced and the two years, we are creating 400,000, 500,000 jobs a month. don't you see clear contrast in terms of the regulatory burden put on the economy today and how that is not achieved and desired . i see their green shirts and expressions of hope and yet the very policies, it seems to be counterproductive. his supervisor to

ms. yellen. if you know anything about ms. llen, their political leanings are well known, i think if your child, this is the same issue with brexit -- if you are trump, this essay makes you -- this is the same issue with brexit. the average joe has done bad out of this. the pressure is going to be on yellen. is perhapss perhaps -- i think there is perhaps some political motivation to show trump that she is not there to backstop hillary. not store up a little more dry powder? costs atce of lending a all-time low going to do anything to slow up the economy? bob: it is not about slowing the economy. i think doing one more hike to show that the fed is not married to hillary, or that ms. yellen is not pro-hillary or pro-democrat that she would do whatever it takes. it is not the economy. the economy is slowing down anyway. from my perspective, we've got the beginnings of some recessionary indicators flashing. i think that is going to hit worse. the u.s. is not an island. the global economy is slowing down. the fed's projections are

ms. yellen doesn't want to screw up. with her speech on monday. so where i think it puts us, that is a horrible number in april followed up by an even more disgusting number in may, and then the april number, is revised -- >> the market is moving off of the lows and isn't as bad as a number like this would perhaps cause liesman just said june is off the table. >> no. it's one number. >> thank you. >> we got god pce -- earlier this week. i'm not saying july is awful. i'm not really sure -- >> july may be on the table. >> july has been did -- >> here's what's off the table today. banks. banks are selling off. banks were a bright spot because we figured okay, economy's improving, interest rates are moving up, good for the banks. that's why those stocks have been running. not today they're not. >> we could be down a lot more. some of them are only down 2% or 3%. they've had a really big rally. >> was the bank trade just killed today? >> i don't know. no, i don't think so. because i don't think this is one number and it's a crummy number. so i'm not go

ms. yellen: i wouldn't say that i've seen any data -- >> we are stepping away for a moment from our coveragejanet yellen, chairman of the federal reserve. at alive feedg today being given by donald trump in lower manhattan, hoping to recapture the voter attention it's recently been focused on his internal campaigns and the campaign's fundraising issues. among the headlines out of this reach so far, trump saying that clinton ran the state department like a hedge fund

ms. yellen: i wouldn't say that i've seen any data -- >> we are stepping away for a moment from our coverage of janet yellen, chairman of the federal reserve. at alive feedg today being given by donald trump in lower manhattan, hoping to recapture the voter attention it's recently been focused on his internal campaigns and the campaign's fundraising issues. among the headlines out of this reach so far, trump saying that clinton ran the state department .ike a hedge fund going back now to capitol hill to the chair's question and answer session, but if you would like to continue watching the speech you can find it on your bloomberg at life for our live events channel. seenellen: we have not negative changes that i am aware of. >> is this true throughout the regions? : to myle yellen knowledge. >> part two of the question, you said that that's not a material reality, so part two is more challenging. is it attributable to new banking regulators? is the fed observing dislocations in the credit market to small and medium enterprises that might be attributable to new regulations? hon. yellen: we kn

ms. yellen and the ecb and mr. kuroda, how much more money it will bring. think they'll print a lot more, and if you look at the -- trish: you are talking about another round of qe here in the united states? more printing from janet yellen? >> yes. for sure. because both candidates for presidency, they will increase the deficit, meaning fully, and that will require the fed to buy more paper that is issued by the treasury. trish: but before -- before that happens, between, say, now and november, do you anticipate more printing? >> that, i don't know. but i, in the long run, most governments in the western world are, if they had to account like the cooperation, they'd be bankrupt. and so more money printing will become a necessity. trish: well, yeah, we need to get some discipline when it comes to getting our financials in order. >> i think each investor must own some honest currency and quite frankly, when i look around the world, the only honest occurrence see gold, silver, platinum. trish: all right, marc is telling us to buy gold. marc, in all fairness, y

ms. yellen brought it up, and of course, next week, the brexit, and what is happening in the market?xplosive move in the volatility index up 40% in a week, and it had been running around for a low rate for a long time, and measuring between 13 and call it 14.5 or somewhere in that range, and then suddenly, we get the spike and we are into the 20s and it is a much more difficult trade for all of of us, and that is a little bit of the sense of where are we in the terms of the uncertainty of what is going on right now, and then next week we will get a lot of things answered. >> and colbert, welcome back into the crew today, and how should we be thinking about the market, and the reaction today, and the volatility that we have been seeing over the last few days is mostly if not all fed-related? >> it is all fed-related. there is a lot of conflicting piece of information, but to pete's point about the volatility in 2014, we had 32 days where the s&p was up one or two percent, and this year, 32. so volatility is clear loin the rise, and manifesting some of the manifestation, and in terms o

ms. yellen saying that the economic activity is uneven and global growth should pick up offtime. and she did say in a considerable latter part of the hearing, the brexit could have significant economic repercussions involving in risk-off markets, and steve liesman is listening to all of this, and what caught your eye? >>le with, the general tone, scott. the yellen more opt mimistic or cautious. i heard a more cautious yellen and one waiting for some of the uncertainty to clear when it comes to the brexit vote this weekend or this thursday when it comes to the uncertainty of the weak jobs and the low prod productivity and the global headwin upds and she is golg to be waiting for it to clear. the markets are sensing it, looking at the 10-year or the 2-year, and status quo situation on the way they judged yellen last wednesday which is one very cautious about raising the interest rates. i did not hear a lot of the -- what's the word i am looking for -- strong criticism or the strong badgering from the senate there. it is collegial as these things go. >> and are you surprised that th

ms. yellen, wherever she studies.look at jobs openings, is it difficult to break it down by industry to give us a better sense of strength and weaknesses in the u.s. economy? michael: they actually do break them down. there are a lot more openings than people filling them in the tech industry and other higher paid industries. on the lower end of the scale, there are job openings. it is the manufacturing area where you are not seeing as many openings. francine: yesterday paul donovan was arguing that what we look at in terms of u.s. jobs data is flawed because there is so much flexible work that is not accounted, or the way we work from home and do jobs here and there. how much truth is there in that? michael: there certainly is truth in that. we talk with alan krueger, and he spent a lot of time on the gig economy. we do not measure people who work for uber and other jobs like that very well either. there is a lot that needs to be done. but people do like the jolts number. the only problem is, they are not as timely.

ms. yellen began speaking. look at the s&p futures. i don't think she tipped her hand whether june or july was still on the books. she did say don't panic over one month. you see that dip there. that happened just after she started talking. she did have a comment here. she did say the latest labor market data raised the less favorable possibility firms may have decided to expand their operations more slowly and i intend to continue to pay close attention to developments in this area. she went on and emphasized while the jobs report was concerning, it was a single monthly report. the general take away later on in her speech was don't overreact to the number we have here. she is particularly emphasized she was looking at the medium and long term outlook. the market moved back to where it was before she spoke. look at bank stocks, kbe which often reacts on movement in interest rates. you see a slight move to the down side. it recovered a little bit. the big story has been the oilt markets. oil has been concerned about nigerian supply disr

ms. yellen. i had a conference in june 2011, your predecessor was ask a simple question, reference to thousands of pages of dodd-frank, he was asked, has anyone bothered to study the kiemlative effect of these things? is all this holding back the economy at this point. and chairman bernanke responded, has anybody done a comprehensive analysis of the impact, i can't tell you anybody really has, it's just too complicated. following up on the line of questioning here, you were ask does the fed study any of this. i guess the question is, has analysis been done of the cumulative effect of dodd-frank, capital formation and job creation. have you done any studies on that? >> well, perhaps the kind of comprehensive analysis of everything that you're looking for hasn't been undertaken and i guess i would agree with chairman bernanke's remarks. congress set out pretty clearly a road map for the regulators in terms of ways they wanted to see financial -- >> if you don't have the tools, the ability to study