i think the fed should try to follow interest rates, not lead interest rates, that's what paul volcker major the discount rate was slightly above the 90 day t-bill rate so people didn't fire from the bank successively. these people think they have the wisdom and power to lead markets and make interest rates go up and that's a silly policy and always leads to an expansion in the balance sheet and higher inflation which is exactly what people brought upon us and unless they change their ways i don't see this problem is over with. it. 20 start aging. i feel like i'm the only one aging. lauren: 1 of got the dow, even money now, the average average is with new records and we only have 5 minutes of trading to go. >> looking at gold. standing the test of time. .. 30 seconds left to trading to go, jeff basis we are getting word has sold her plans to sell $5 billion worth of stock, we should point out the stock is taking it on the chin, not the nasdaq, amazon is up 11%, but this worries some investors but the bill closes july 4th holiday, jackie deangelis in "the big money show" guys. john: jac

all the more credit to paul volcker for having the courage to do it. that has internalized a lesson for people in central banking these days. we understand that. we are committed to bringing inflation sustainably down to 2%. rep. lucas: one last question in my remaining seconds. you and the leadership at the fed will be there the day before the election, will be there the day after, still the same people, carefully watching the fed's possibilities? chair powell: this is my fourth presidential election at the fed. we will come to work the next day and do our jobs. rep. mchenry: the gentleman from california, mr. sherman. rep. sherman: coming out of covid, everyone said a soft landing was impossible and a soft landing was -- recession was inevitable. i want to congratulate you. looks like we have seen a soft landing. we continue to have historically low unemployment rates, and historically low unemployment rate for people of color. in the last 18 months, we have seen a 4.7-point decline in the inflation rate as measured by the consumer price index. is th

that happened to paul volcker, for example.l have very high inflation indicators in the services sector. excluding housing and energy, basic services are still rising at 5% a year. charles: what's causing that? where's the money coming from that is exacerbating inflation? because bankruptcies are going up, defaults are going up, delinquencies are going up, and the pace is picking up. >> we have a very uneven labor force in terms of mix of skills versus mix of needs. if you look at wages, for example, in new home construction even though we don't have a lot of new construction these days, wages are rising about 8% a year. they're rising very rapidly for auto mechanics and generally in the service sector. what's been pulling down inflation is the fact that china's been basically dumping in global markets. it's cutting prices. prices are fall being on imports is and on goods. but still if you look at wages in the goods sector, what businesses have to pay, they're paying close to a 5% annual increase for workers, so they can't take

i mean, paul volcker showed that in the 1980s that if you raise rates high enough, you're gonna get inflation under control. the question was could they do this without wrecking the jobs market? and the stunning thing is that it does look like they'd been able to do that. the unemployment rate has gone up, but it's still relatively low. and so if the fed is able to finally cut rates, it would be a sign that they think that inflation has finally been defeated that the race almost taller than us at this point, most, they might start to go down. maddie, thank you so much for that. >> new polls justin show, if vice president harris can turn what appears to be some momentum into actual votes and budget airlines, spirits set to start offering business class seats are as they are called him, a big front seat hen to trade bitcoin plus oil plus gold plus so much more. let me introduce you to cross 500. the intuitive and easy to use trading app that gives you a glimpse into the future a futures trading see a trading opportunity. >> you'll be able to treat it and to clicks once your account is open down

they tried that with paul volcker under reagan., who was a very powerful president, unlike the current president, on capitol hill, and i think he's totally indifferent. but sara, you touched on the key point. i'm going to watch janet yellen's testimony in particular here. the cost of carry for the government debt rolling over right now in the 5% to high 4% range, thus far has been 2%. another third of our debt rolls over next year and another third after that. that's where the pressure comes at the longer end of the yield curve. so powell's very adroit in avoiding that question. i don't have to worry about him. i'm no longer on the fo mc. that is going to drive rates from the belly of the curve out. short term, think about the numbers. a 2% carry is being refinanced now by a 5% carry if it's one year or less or the high 2s if it's closer to one year. we have a real problem in financing our fiscal policy and it's going to be interesting to see since neither trump or biden have talked about how to reduce that burden, deal with it, an

all the more credit to paul volcker for having the courage to do it. that is an internalized lesson for people in central banking these days. we do understand that. we are committed to bringing inflation sustainably down to 2%. >> one last question in my remaining seconds. you and the leadership would be there the day before the election this fall and you will be there the day after the election, still be the same people carefully watching the responsibilities of the fed, correct? >> this is my fourth presidential election at the fed and i can tell you coming to work the next day, we do our jobs be >> twins time is expired. we now go to the gentleman from california, mr. sherman. >> coming out of covid-19, everyone said a soft landing was impossible and a recession was inevitable. i want to commend you and the administration. toxic we have seen a soft landing. we have continued to have historically low unemployment rates and historically low unemployment rates for people of color. and, in the last 18 months, we have seen a 4.7 point decline in the infl

in 1979 paul volcker was the fed chair and we had back to back recessions, mass layoffs. it is not joe biden's fault. then you had wars in ukraine, israel and hamas situation. you have major flare-ups in the world. all of this stuff, it is really difficult to manage. joe biden is doing a great job for 81. he is moving every day. i don't know why everybody is beating him up. we need him because he promotes the concept of freedom, our constitution, preserving, protecting the constitution. what is free for all of us as americans. and on immigration give me your tired, poor, hudson manied masses yearning to breathe free. do you people come out on monday and call people animals and vermin and poisoning our blood. that is so wrong. get right, america. don't you have any conviction? host: all right, steve. we will pause on our phone calls and get back to them. but we will speak to representative brad sherman a democrat of california. he is on the foreign affairs committee and ranking member much the financial services subcommittee on capital markets. can you talk to us about wha