and i think paul volcker kind of establish that. that was really not quite so clearly established at the time. so i will go with paul volcker. >> im going to out you on a private conversation but i do not think you will mind too much. which is the cork center has a bunch of experts panels of economists where you can go ahead and answer a bunch of questions. they will tell you who your favorite economist's and jay powell's favorite economist is anil kashyum. chair powell: it was a true story. and that was not a happy day. other than that. >> anyway, well, thank you, and we are so proud that you were able to be here. share your thoughts. chair powell: thanks very much. [applause] [captions copyright national cable satellite corp. 2025] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] [applause] ♪♪ saturday s watch americans serious first 100 days. we explored the early months of presidential ministries is with the stories in all things and through

i will go with paul volcker. anil: i will out you on a private conversation that i don't think you will mind too much. the host of this event has a bunch of expert panels of economists where you can ask a bunch of questions and they will tell you who your favorite economist is, and jay powell's favorite economist is neil cash app. [laughter] mr. powell: true story. that was not a happy day. [laughter] anil: anyway, thank you. we are so glad you were able to be here and share your thoughts. mr. powell: thanks very much. [applause] >> there you have it, short n' sweet from the fed chair. jay powell with us from bloomberg at the u.s. monetary policy forum at the chicago booth school. i am joe mathieu in washington and this is "balance of power" on bloomberg radio. search bloomberg business news live. we have just gotten started with a lot to talk about. kailey leinz is next to me for -- a little early, couple minutes early. we were listening to jay powell on what is a job stay in a down day with the nasdaq officiall

paul volcker wanted the vice chair of supervision to give it more prominence but prior to that, the chairmand a lot of influence and were involved in it and they were more in touch with the board as a whole on regulatory matters and i thought that was a fairly useful way of doing things. didn't have the prominence of the vice chair but you still had a board of governors more involved in this provision which is helpful. when they take on particular authority they have to go through them and the vice chair, he or she can ignore other governors until the final decision is brought to the full board, they are not well briefed on it, you want an active board of governors not just the chairman, vice chairman for supervision, not just the chairman of the federal reserve. that harms the banking industry. maria: do you think that the set up right now can just keep going whereas you have the committee overseeing bank supervision and the board overseeing and powell taking on more of that role and the person named? >> in the interim, that is the structure. powell should name the chairman of the supervisi

it's telling that one of the things he talked about of, you know, who's his favorite fed chair, paul volcker. >> it was interesting. gilbert garcia, do you worry as a guy that his job is to figure out where interest rates are going? do you worry about stagflation? >> well. >> let me tell you my view, if. >> you don't mind, which. is first, i. >> think the fed is. >> already falling behind the curve. >> i think. >> it is clear. that inflation is on a glide path. >> getting to their 2% rate. and my own. >> view is a. lot of the data that we're seeing. >> is somewhat. >> old news, because i believe that what's happening in washington and this is not a political statement, but the uncertainty, all the noise, all the flip flopping is going to lead to consumer sentiment really plummeting. it's going to lead to a lot of capex expenditures being delayed. and i think what we're missing and what i don't think is really being discussed is, you know, we're already somewhere around the mid 2% or so on core inflation, going from 2.5 to 2 point 6 or 7. we can handle that. but what we cannot handle is wreck