pat toomey said today that "basic questions have not been adequately addressed and the committee should not proceed with a vote on sarah bloom raskin until they are." global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ >> good afternoon. from new york, it is 1:00 p.m., six opium in london and i'm matt miller. welcome to "bloomberg markets." here are the stories we are following for you from around the world. the latest on ukraine as president biden prepares to address the country on the situation later this afternoon. in this week's etf iq, we look at the unexpected cause of heavy outflows in two of the largest funds. and leisure travel demand wars back, we will discuss -- roars back, we will discuss that on the back of marriott's earnings beat this morning. now a check of the markets. we have a rally on our hands.the s&p is up about 1.1%, this on the back of a headline that says that russia does plan on pulling back troops after exercises. i will point out th

that quote from pat toomey we will show you the five biggest stocks traded.d of the show. >>> in canada, block of the ambassador bridge forcing ford to shutdown two factories. that bridge carries 25% of all trade between canada and america. the traffic has been stopped for three days ford hopes the situation is resolved quickly because if not, we could have a widespread impact on all automakers in the u.s. and canada. >>> the peloton ceo off to a rough start. the company held a virtual all-hands meeting yesterday. one meant to introduce mccarthy as the new ceo instead, the conversation cut short by current and former employees who logged in and yelled about how angry they were about recent job cuts and posting messages on the company chat accusing of mismanagement and calling the meeting tone deaf one person writing they are selling the peloton to pay their personal bills no comment from peloton. >>> now to the stock of the day. that has to be disney. beat expectation on the top and bottom line for the recent quarter. the company beating on parks and experien

. >>> let's bring in pat toomey. senator, good to see you again.to start with the cyberattack. it was the largest in ukraine's history. couple that saying they have been breaching the american defense contractors, and one wonder that's the putin's cybercapabilities might be more of a global threat than any troop build-up on ukraine's border. >> no question they have been developing their offensive cybercapability. they use and it test it all the time. it is a threat and they are in all likelihood, deploying it now. and unfortunately, that's a problem for the ukrainians. it is one. areas where we can help ukraine. >> so republicans have gone at it alone in a bill to sanction russia before any invasion happens. mark warner said the democrats might have been on board with the proposal republican lindsey graham floated. take a listen. >> you can say, all right, here are the sanctions to go in immediately. before even any invasion but still give the president some level of an ability to waive those and give him some discretion. that's what senator linds

senator pat toomey yesterday asked the chair of the council of economic advisers about the effect of inflation on the job market. >> most low and middle income workers have experienced a bigger rise in the cost of the things they need to buy than in their incomes. >> well, i appreciate the concern very much, senator, and we are all concerned about inflation and it is important that we have a full slate of governors. i would like to point out the chart. >> we all know the number of governors is adequate to do whatever they need to do about inflation, so let's not go there. >> let's look at this chart on the far -- >> can you confirm the simple fact that for most workers razors -- workers wages are not rising as fast? >> if we look at the bottom 50% of workers, their income before taxes and benefits is greater than q4 2019. >> so we saw the number of 7.5% as the most recent annual rate of inflation. low and middle income people pay a disproportionate amount of income for things that are rising more rapidly like gasoline, like groceries. are you telling me you think the average worker i

. >> thank you we're going to be speaking to senator pat toomey at the top of the hour and we'll get>> your hat? >> pull something out of your hat. >> right. >> pull something out of your hat. i don't know what you're thinking, beck ychl your mind a lot of times goes right to the -- >> hat >> no. people think it's us little do they know after all these years. i know. >>> coming up, offices are reopening. what do they do about employers when they come back? >>> plus, viacomcbs reporting mixed results. paramount global we'll talk with ceo bob bakish in the 8:00 hour remember you can watch us any time on the cnbc app if you so choose you alright? [loud exhale] [ding] never settle with power e*trade. it has powerful, easy-to-use tools find opportunities, 24/7 support when you need answers, plus some of the lowest options in futures contract prices around. [ding] get e*trade and start trading today. ♪ music ♪ [ding] get e*trade ♪ dream, dream when you're feeling blue ♪ ♪ dream, dream that's the thing to do ♪ ♪ music ♪ when you see value in all directions, you add value in all directions.

first, mark meredith. >> when pat toomey announced he was requiring, the flood gates opened up.s getting on the list. there's a long list of candidates, but some notable candidates like dr. oz and david mccormick, and carlos sands who served in the trump years all seeking the seat. pennsylvania primary voters will be heading to the polls in may. political experts believe this race is not only closely watched but also so expensive. this week the philadelphia inquirer doug through the campaign filings and found dr. oz is spending a lot of his own money. the paper wrote it up saying that he lent his campaign 5.2 million in the first month. that accounted for almost all of his money with the significant chunk coming from his wife's family. and mccormick joined the race in february. he does have large donors and pac money backing his campaign. and no matter who will win the gop primary here, democrats are vowing to put up a huge fight. john fedderman leading in the polls and conor lamb putting up a strong fight. seems like everybody wants to be pennsylvania's next senator. >> martha:

senator pat toomey joins us ahead of tomorrow's big hearing. nominees we'll find out why >>> and a lawsuit rocking the nfl as one former coach accuses the league and three teams of discrim nakz and racism when it comes to hiring. the second hour of "squawk box" starts right now >>> good morning and welcome back to "squawk box" right here on cnbc. joe is off today let's show you u.s. equity futures on what is ground-hog day but not necessarily feeling that way today looks actually up for the first time in a bit. dow up about 25 points, nasdaq up about 207 points. s&p 500 up about 37 points i want to get straight over to dom chu with a look what's moving this premarket. >> the nasdaq really kind of the driving force for some of the market sentiment and for good reason the nasdaq has been the epicenter arguably of a lot of volatility of late alphabet, it'll be what propels the bulk of what's happening certainly within the nasdaq 100. those shares up right now. amongst other things a beat on earnings and a bate on profits and everything else about

of them one retirement from a state seat of the democratic senators so in pennsylvania, senator pat toomey is retiring and that makes it to the democrats best chance at a pickup race this cycle. while we still feel republicans are slightly favored given the national environment, pennsylvania was one of those in the presidential election that's an open raising that there are good candidates and it's a real opportunity for democrats. then you've got wisconsin where senator ron johnson has finally announced that he is running for reelection. another state that was closese in 2016 and 2020 because johnson is an incumbent and a democrat's ae still working through the primary and won't have a nominee until mid august. after that we have north carolina, and other republican n retirement, senator richard burr. a similar situation. a big republican primary. democratic. democrats already have the presumptive nominee and the former state supreme court justice so she has already transitioned to general election mode and republicans are still figuring it out but north carolina is a bit more republican

senator pat toomey says she's given insufficient and misleading answers about her past history.tors watching your money. joining me right now is chief investment officer christopher zook, baird strategist ross mayfield, and the fitzgerald group principal, keith fitzgerald. thank you for being here. keith, kicking things off with you, with the market on watch this morning, we are waiting on retail sales but of course we're watching tensions between russia and ukraine. markets yesterday snapping a three day losing streak as january's producer price index showed a jump in wholesale prices. we're in the middle of the highest rate of inflation in 40 years. we're waiting on retail sales. the question is, will they higher inflation and worries about higher interest rates to come cut into consumer spending and impact the retail sales number that we're expecting today? what is your expectation for the markets and retail sales? >> good morning. i tell you what, that is a very sophisticated question with a lot packed into it. i think it's going to have a marginal impact on the rel tail num

democrats, andrew >>> president biden's fed picks are in limbo definitely as republican senator pat toomey a fin tech term where she served as director he wants answers we heard more from the senator this morning for more on this let's talk to eric cantor, now vice-chairman and managing director at moelis and company. do you have a problem with sarah bloom raskin and if so do you have multiple problems what takes precedence with you >> good morning, joe i've got problems and sitting as an observer now looking to see what pat toomey and the banking committee republicans are doing, obviously i'm in full support of what they're doing, and let's sort of stipulate here this kind of boycotting committees, not showing up to a quorum is not something new. there is like long precedent on both sides of the aisle for this to occur if you listen to pat i kevin i heard earlier in this show and talked about their reasons for doing so, that's fine. but i can tell you now as someone very concerned about our markets, our economy, certainly always about our country, i do not think she's the right one to go

pat toomey sits on the senate banking committee.en about the ownership. senator toomey says it is a small part of his portfolio. lawmakers should know something about what they're regulating here and legislating about cynthia lemis is an advocate on crypto on capitol hill this is a situation where lawmakers are not hiding investments. some are open and public about the trades they made and say this is part of the lawmakers' participation in the financial markets. there is nothing wrong with that as long as they disclose >> very, very fascinating. ylan mui, thank you. >>> coming up, the ceo of parno america. she has an update on the costs on everything and the spirit of the coumnser "worldwide exchange" will be right back you want your data to be protected and secured. and your customers want seamless and easy. with ibm, you can do both. your company can monitor threats across your clouds, address all those regulations, and still create all new experiences. trustworthy ai powered security. that's why so many businesses work with ibm.

senator pat toomey from the republican leader of that committee saying republicans will not get the quorum on sarah bloom raskin should not occur until questions are answered. no vote on sarah bloom raskin's nomination. we are awaiting confirmation of four other governors. back to ghp -- back to bhp, we spoke with the ceo mike henry earlier and he talked about the direction of iron ore prices. mike: at the end of the day iron ore price will be determined by supply and demand. given the strong outlook we see for the demand side of the equation, given production in china plus supply-side constraints we think that will provide a measure of support surprising. kailey: joining us for more is alan custis. give me your take on the fate of the underlying commodity, what the future of iron ore holds in your thesis when it comes to investing in miners and stocks like bhp? alan: good afternoon and thanks for having me on. guy made the point that it is around. -- it is around capex. the iron ore price reached $157, i kind of agree with mike henry that the fundamentals for iron ore look pretty good. i

speaking at a virtual conference today, senator pat toomey said he is happy to proceed with four of the five nominees. the pennsylvania republican vowed tuesday to keep blocking a committee vote on mr. biden's nominees until he gets more information from sarah raskin. a new government investigation has found a former trump administration official misused his position. the interior department inspector general says the department's former secretary, ryan zinke, try to advance a project in his montana hometown, and lied to agency ethics official about his involvement. the report also says he gave incorrect and incomplete information to an official who asked him about his involvement. the swedish telecom equipment maker ericsson may have made payments to the isis terror organization. the company ceo told he newspaper the money may have been used to gain access to certain transport routes in iraq. erickson says it continues to quote, invest significantly into an investigation into its iraq based operations. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than

beyond the economy and managing rick, fettle role on climate change a hot topic here's senator pat toomey of pennsylvania >> if we move aggressively to limit energy production but other countries don't, global warming probably won't significantly slow should we do it anyway how much reduction in global warming should we get? for the pain we would put the american people through? let me be clear. this isn't about whether one believes addressing global warming is important or how you would answer either of those or any other questions related. the point is these are difficult choices, which must be made by accountable representatives through a transparent and deliberative legislative process. >> joining me now is senator chris van hollen, a democrat from maryland. i think one of the constituents, sits on that committee, involved in questioning and joins me now. senator, welcome. >> kelly, good to be with you. >> so i would assume, on the other side of the aisle. maybe concerns about climate change aren't quite as strong as senator toomey's do you share broader concern about policy drift her

president biden's fed nominee and ahead of that hearing, david westin will be speaking with senator pat toomeyittees ranking member on "balance of power." this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable nationwide network. with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™ >> clearly it is russian aggression. 100,000 troops. >> took a world of business. >> i'm expecting a bad number. i would not be surprised if it was a negative number. >> this is "balance of power" with david westin. david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." jobs numbers come out on friday. right now it is not looking that good with

. >>> pretty now the race for the pennsylvania senate seat soon to be vacated by republican pat toomey president trump's shadow looms large over the race because he has yet to endorse anyone. dasha just traveled to the state committee meeting. these are always interesting. this is interesting from what you were told by some of the candidates but also what didn't happen. tell us. >> yeah, chris. this weekend the committee meeting they did not endorse a candidate. now, from my conversations with committee members, there was an expectation that this year's meeting with end without an endorsement since there are simply so many candidates, and that means, chris, that the field remains wide open and of course the former president has yet to endorse anyone as well. he had endorsed sean parnell but he dropped out late last year. the meeting was closed to the press this time around but we were able to speak to four of the candidates between close door meetings. sara huckabee sanders showing up. he grew up in the commonwealth but has lived in connecticut in recent years and was registered to vot

you have this instance where senator pat toomey had talked about the technology in order to store workomes to apple daily in china, and the inability for the government to erase the information that surrounded apple daily. how then does the u.s. or other people and actors and governments start to take a look at the data that is being stored? sam: i think the key thing is information is available everywhere, not just the u.s. we can collect that data from hundreds if not thousands of different places. while china may have successfully -- they really can't remove access to arweave in any serious faction -- fashion. caroline: just remind us of protocols, the arweave token in particular. how is it incentivizing people to be using your particular provision? how many people are? sam: using it on the storing site or the hosting site? either way, it is hundreds of thousands, if not millions of people on the storing site. there are hundreds to thousands that have replicated that information around the world. sonali: speaking of funds, you are announcing a fund raise, so what will you you -- do

. >> in the last hour, i spoke with pat toomey. he said their sanctions bill come down harder on russia. take a listen. >> the big difference between our two approaches is in our bill, we impose secondary sanctions on russian banks. that has the effect of shutting down russian economy. probably crashes the ruble. makes it very difficult for them to sell even oil and gas anywhere in the world. >> could you get on board with that if russia were to invade? >> well, my legislation had removal from swift, which was the sanctions that brought iran to the negotiating table and i think it is far more powerful than secondary sanctions. and secondly, what swift doesn't do, removing russia from the swiss system, is break the lings with europe. secondary sanctions on a series of european companies and financial institutions breaks the alliance and we need an alliance to have multilateral sanctions on russia and putin if he makes the mistake of invading. >> thank you very much. i appreciate it. >>> just across the border, cnn is there. >>> and

candidates in the hotly watched race made their case for why they should fill retiring senator pat toomey's race last year leaving the race wide open. >> over the weekend at a closed-door event, the state republican party voting not to endorse any new candidates. the newest name in the race, flexing money and maga connections. >> i am not in politics. it has been a new transition for me. >> the former connecticut resident, veteran and hedge fund executive getting heat on his roots and business deal tphgz china. >> i spent the majority of my life in pennsylvania, and i am a pennsylvania taxpayer and this is a continuation of public service to pennsylvania and the country. >> do you regret some of the business you did in china? was any of that a mistake? >> look, i have been blessed, and just like president trump's experience helped him be a great president, my experience in business is something i am proud of and i want to make sure the dream i have lived is available for them. >> i want to know what is getting your blood pressure off? >> dr. oz olding a rally with the focus on covid-19. >>

least people supported by the nra, senator joe manchin, democrat from west virginia and senator pat toomey. one of the problems is democrats push these big sweeping packages. the toomey-manchin bill to close the gun show loophole. i was just talking to senator toomey. he says the white house reached out about a year ago to talk about it and he hasn't heard from you guys ever since. that's something that you could change right now and toomey thinks you could get ten republican votes. how come you haven't been doing that? >> we have pushed for that, alongside other things. this is not an either/or proposition. when they introduced that bill, i was in the house of representatives. you know who stopped it? the house majority, which was the republicans at the time. we are opened. we have governed in a bipartisan fashion. i think that you have seen republican members come down to the white house, the bipartisan infrastructure bill. we're willing to be bipartisan on making sure we have safe gun regulations. it's easy for toomey to say that there's 60 votes to do it to get past the filibuster, but

not ranking member pat toomey, kennedy, tim scott, tom tillis.etter for the republicans politically to have this level of inflation than it would be to actually do anything to help americans dealing with that. democratic senator from montana was on the committee. not happy about the republican notion or. >> the constituents senate are here to vote. nobody is on the other side. i hear on the floor every day republicans get up and talk about inflation, and by the way, inflation is very important and we need to get our arms around it. the white group is out there to deal with the market forces any better than the fence? there is none. yet they don't show up to vote. i think we should have the vote today regardless, just to prove to the constituents that these folks, that they're not showing up. they're not showing up to do their constitutional duty that they were elected to do. and would have further rich in the situation is the number of nominees that came before us in the previous administration that were not qualified. but they showed up to vote

there's another huge should go to law and that was brought out by senator pat toomey of a pennsylvaniao pointed out that she's proposing to usends o the awesome power of regulatory rules ofme unelected bureaucrats to do things that the congress hasn't even wanted to do itself. so taking under herself the sort of power that the members of the house in the senate don't even want to take on themselves. and lastly, the issue here as well, she promised the senators to pass statements that she wouldn't really follow through on those. but i don'tte think we can trust her at all. >> you pointed to a sweet deal one and a half million dollars that she got for three years of> work with this financial technology company. it can't it can't trust her . chuck and jon tester, his constituents in montana martelli's in arizona. if you're watching this , you've got to urge your so-called democrat u senators manchin and all the rest of them to vote no on raskin. this is a nightmare nominationbe and should be pulled. chuck, thank you . now this man spends all day on cnn and msnbc crowing about how democrac

the ranking republican senator, pat toomey, spoke to reporters he said he is willing to advance the otherrats hold back raskin's nomination. he said that he is concerned, in particular, about the master trust that a bank she's affiliated with received from the kansas city fed. he feels she's not answered the committee's and republican's questions adequately now, the ball is in democrats' court, to see how they will proceed. but as of now, republicans planning to boycott the committee vote on fed nominees this afternoon we'll have to see how democrats get around the roadblock guys >> really quick, elon, i'm just trying to keep track of toomey's complaints you mentioned some of these concerns about potential con conflicts. in the past, he's talked about raskin and been critical on the review of climate. is it combination of all those things, and are they widely shared >> reporter: certainly, republicans are unlikely to support her nomination, even if they were to have that vote on it they can always vote no. that is what the democrats say but in this case, he says they simply have questions

host: the top republican senator on the banking, housing and urban affairs committee, pat toomey, saysovernment intervention is not the answer to make housing more affordable in the united states. here is a portion of what he had to say. >> to improve housing affordability for all americans, whether renters or owners, we should pursue reforms that leverage the power of free enterprise to increase housing supply and make markets more competitive. we need to scale back the role of government and increase the role of private capital. we need to phase out subsidies that increase housing prices and rents. -- rent. we need to end the gse conservatorship. the state of the housing market affirms the urgency of the reform. the housing market is cyclical. it is a question of when, not if there will be a housing downturn. the housing finance system is not prepared. the system is still dominated by the same gse's that did so much to cause the 2008 financial crisis. the $7 trillion behemoth has an even bigger market share today than they had before the crisis. they certainly remain too big to fail.

rising in certain metrics that we're watching, the fed's ability to address this, especially with pat toomeyhis chair, very doubtable. a lot of republicans who would not allow for emergency measures if there was not some crazy black swan event to hit the market a lot of republicans would let the market fall. charles: we got the economy. we got wall street. former bank of england and bank of canada chair mark carney wrote a piece demanding quick action against the truck convoy that brought ottawa to a standstill. not asking you to take sides, when a central banker making rich even wealthier decides against this truck driver. the question, this disconnect, there has been a notion there is a major disconnect from these folks in these ivory towers at central banks and policies how they impact main street. your thoughts on that? >> i tweeted out earlier today, charles, kind of started with teachers unions and public schools falling by the wayside and you know, in the end though it has been central bankers who have poured fuel on to the fire income inequality and bad optics for individuals who are

pat toomey is retiring this year, after more than a decade in the senate.on the republican side, big names like former tv host mehmet oz, and former hedge fund executive david mccormack are hoping to take to the seat. and, their heads on the democratic side or john fetterman, kong nor lamb from west pennsylvania, and malcolm kenyatta from philadelphia. now, the reports ranks the said it ranking as a toss-up, meaning that candidates from both parties have a chance of winning in the general election. but, due to the volatility of pennsylvania in recent years, it's going to depend on what type of candidates emerge as the nominee for each party. so far, i've interviewed two of the democratic senate front runners. i am now joined by the, third connor lam, who represent pennsylvania 17 congressional district. it's in the western part of the, skateboarding rang on ohio. it encompasses all of it beaver county, portions of butler, and alligator county as well. congressman, good to see you. thanks for being on with us. >> thanks for having me. >> the senate race has

pennsylvania, where republican pat toomey's retiring this year. here's why is so important.eir blue wall. but, today, it looks like a state that could go either way. and when one of the two parties is in the midst of an identity crisis, trying to decide whether to be a serious political party based on conservative values or a delusional conspiracy peddling cult, dedicated to the warship of a man intent on overturning democracy, the stakes are pretty high. according to the cook political report, the race is ranked as a toss-up right now. yesterday, the pennsylvanian republican party declined to endorse a candidate in the race, leaving them with little guidance on who to support. in a field of one dozen candidates that includes a tv doctor, hedge fund manager and the former u.s. ambassador to denmark, a lack of party unity may be, well, one of the only things in the state that is bipartisan. because last weekend, pennsylvania democrats also declined to endorse a candidate in the senate primary. now, with me is another democrat running for that senate seat, state representative

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it's time to get everyone's goat fellow republican senator pat toomey definitely not feeling this idea. here he is on "squawk box" this morning. >> we can shut this all down and forbid members of congress from doing this, congress to make more reasons for people just not participating in public office i'm not sure that's a great idea we have extensive disclosure regime every transaction has to be reported all assets have to be reported people can see what members of congress do and they can draw their own conclusions. >> and on several stocks including ge, bought into bitcoin and ehire yum! saas's most previous not reporting holding or trading individual stacks. back to you. >> it's not going anywhere thank you. ylan mui. >>> coming up, tony dwyer on the sharp recess on stocks over the past four sessions and whether or not it will last. >>> plus, meta gearing up after the bell changes its name from facebook key metric to watch in that space. and as we head to break a check on bond yields coming down a little bit today following a report from steve jobs back down to 178 buying across th

pat toomey retiring from the senate. what i think is interesting is that pennsylvania will show us where the republican party is. where are they on donald trump? where are they on the establishment republicans that we have seen in the past and this is a pretty good tell? democrats think they can flip this state, josh. >> yeah, this is the most friendly state for democrats on the map. they think it's the most winnable opportunity because of toomey's retirement but both parties have some really interesting primaries that could dictate which way the race will go. the democratic side is the more turbulent primary. a very progressive candidate in lieutenant governor john fetterman in the lead in both polling and fundraising against a more mainstream moderate democrat in congressman conor lamb. democrats are quietly worried they could have a candidate that's too far to the left if fetterman gets the nomination and it could hurt their chances even though pennsylvania is a democrat leaning state. republican side an interesting p

host: the top republican senator on the banking, housing and urban affairs committee, pat toomey, saysovernment intervention is not the answer to make housing more affordable in the united states. here is a portion of what he had to say. >> to improve housing affordability for all americans, whether renters or owners, we should pursue reforms that leverage the power of free enterprise to increase housing supply and make markets more competitive. we need to scale back the role of government and increase the role of private capital. we need to phase out subsidies that increase housing prices and rents. -- rent. we need to end the gse conservatorship. the state of the housing market affirms the urgency of the reform. the housing market is cyclical. it is a question of when, not if there will be a housing downturn. the housing finance system is not prepared. the system is still dominated by the same gse's that did so much to cause the 2008 financial crisis. the $7 trillion behemoth has an even bigger market share today than they had before the crisis. they certainly remain too big to fail.

senator pat toomey is not seeking reelection and that makes it the democrats best chance at a pickofface this cycle. while we feel republicans are slightly favored given the national environment, pennsylvania was one of the closest state in the presidential election, an open race, there are good candidates, and it's a real opportunity for democrats. then you have wisconsin where senator ron johnson has announced he is running for reelection. another state that was very close in 2016 and 2020, johnson is an incumbent and democrats are working through their primary and will not have a nominee until mid august. after that, we have north carolina, another republican retirement, senator richard burr's, similar situation, big republican primary, democratic -- democrats already have their presumptive nominee and former state -- in former state supreme court justice cheryl beasley. she has transitioned to republican mode. north carolina is a bit more republican intrinsically that wisconsin -- stand wisconsin or pennsylvania. so we view the republicans as slightly favored in that race. finally

this concern over inflation, the house or senate in session, this is senator pat toomey talking about inflation is impacting wages and american buying power. [video clip] senator toomey: isn't it true that most low and middle income workers have experienced a bigger rise in the cost of the things they need to buy than their incomes? >> well, i appreciate the concern very much, senator. we are all concerned about inflation and i appreciate that that is -- the purview of the fed in the short-term and it is important that we have a full slate of governors. i want to point out this chart on the far right. senator toomey: we know the number of governors is adequate to do whatever they need to do about inflation, so let's not go there. >> let's look at the chart. senator toomey: can you confirm the fact that for most workers wages are not rising as fast as prices? >> recent estimates by economists suggest that actually, if we look at the bottom 50% of workers, that their market income before taxes and benefits is greater now than before 2019. if you look after taxes and benefits, they are a