powell, go there. powell, go there. you are now a four-star general. you are now a core commander in germany. it made life a lot easier, just doing what you were told. that's what the army is all about. i had choices i had to take a look at with my family, with my children. and with the america's promise alliance. and it served me well and served those people well. but the people who taught me everything i needed to know our chinese military experts from 2000 years ago and german experts. they are the ones who teach about politics and if you go to work, do well and you will prevail. david: four-star general, secretary of state. you have grandchildren. they call you general? what do they call you? caller: poppy. david: do you tell them? -- secretary powell: papi. david: do you tell them? secretary powell: no, their children. it doesn't make a difference. i did not want to be anything special to my children. one quick story is when i was promoted and stationed at fort carson, colorado, we had just changed to the new, plage uniforms -- camouflage uniforms

chairman powell: interesting. you are right that the covid shock, strictly -- the covid shock was significantly larger, but the two episodes are fundamentally different. the most important differences are not about size. when you go back to the global financial crisis and the great recession, there was a buildup of unsustainable imbalances in the economy, in the form of a housing bubble that pops. and then they undercapitalized banking system, amplify it, and the system ultimately needed to be built up by taxpayers. there were also lots of points of failure in the nonbank part of the financial system as well. going into the crisis, household indebtedness was quite high, and a lot of it in support of unsupportable mortgages. so foreclosures came in, and you were right away into a very slow and long and painful recovery. the pandemic was effectively a natural disaster. it struck an economy that was performing well. every economy, and certainly our economy, faces longer run challenges. but there was no threat to long

chairman powell: i think that's easy. i remember coming back to the united states from an overseas trip near the end of february, really being concerned about the possibility of horrible outcomes in the economy and society. so we went to work and congress went to work and the people who invent vaccines went to work. you are sitting here on january 14 of 2021, we are now living the downside case. the projections were scary in march and april and we were doing the best we could. but here we are with a vaccine, the population is getting vaccinated and you are in a situation where we could be back to the old economic thing very soon and we may bypass a lot of the damage we were concerned about for low and moderate income people who still have very high unemployment. but with the reopening of the service economy later this year, we hope we will get that back up. i am optimistic about the economy and we've got to get to this winter with the spread of covid, but as the vaccines go out and we get covid under control, there's a lo

in 30 minutes powell will speak. wall street appears losing faith that he could keep accommodation much longer. that the whole thing will be out of control. what can he say to reassure wall street that interest rates will stay low essentially forever. this is what wall street wants to hear. feels like part of couple meetings they haven't felt that confidence. >> he will repeat all the things he said before including in some way, shape or form, we are not thinking about, thinking about raising rates. he has to stick with his story to try to get credence in it all. look, could he go further and do yield curve control? could they step up the pace of buying things? they could do that. i don't think they will. i don't think they will need to. because their message is very clear. fed has got the pedal to the metal. the old don't fight the fed. the market is going through i think a little bit, it's a little tired. charles: right. >> it is up double-digit percentage just in a few weeks, charles, awe know, as you pointed out

annmarie: what's the kind of tone jay powell needs to have today?s the first time he was full-time on the fed governors board. he urged for that tapering. does the memory of the taper tantrum of 2013 loom large in his mind? sam: definitely. i think that's why, combined with the fact that the fed now has a different strategic framework with its flexible average inflation targeting policy, will inform the messaging which will be super dovish. the 20 experiences very much and impotent to that. the framework of the fred is different today. it is far too soon for us to be expecting any incrementally more hawkish shift from powell today. if anything, he will likely try to go above and beyond the dovish messaging that we heard from him just over a week ago. annmarie: of course, 2020, he was pointing the finger at capitol hill. we need more fiscal stimulus. do you expect him to embrace this new plan from the biden ministration of $1.9 trillion? sam: as always, powell will be cautious and commenting on the ongoing fiscal discussions. they don't want to be in

that was made clear by jerome powell. fed policymakers left their benchmark rate unchanged near zero and powell told reporters it would take some time for the fed to reach the threshold for dialing back its bond buying program. in a span of two weeks, states in the u.s. were to have seen the number of coronavirus cases go down by 43%. that outstripped the decline in other regions. california governor gavin newsom eased social distancing measures earlier this week, but that could lay the groundwork for inspections to spike again. the european union and astrazeneca are locked in a dispute over coronavirus vaccines. the drugmaker refuses demands that it take vaccines from its british factories to include doses going to the eu. the root of the issue is astrazeneca's decision to give the u.k. priority over the you following a part -- over the eu following a production glitch in belgium. xi jinping is signaling beijing will tighten control over hong kong cured president g says the center -- president xi says the center must be

they've closed a couple of powell's locations in the city.d one at portlans airport thatw closed. they had one devoted to books about home and gardening that is now closed. the main store is still open. i talk oed to one portland the phone the other day who said it used to be that the biggest problem standing in line at powell's this time of year was the long line to check out. now that it's open with limited capacity, the biggest oblem is the long line just to get into the store. >> sreenivasan: your informal beat, in a way, is music. you were able to profile an australian singer. what drew you to courtney? >> repotnrter: co barnett is, i think, perhaps the greatest singer-songwriatr of her genn. i know that taylor swift fans won't ike hearing that. i'm also confident that taylor swift fans don't care what i think anyway. but she has such a cgemand of langsuch a great presence. we you aord kid? were you a kid who loved words, and playinwith words? >> yeah, i loved reading. >> report yer: we making up words then? you do make up words. >> have

too early to exit, is this powell's new mantra? kathleen: it seems that way.he fed position at the meeting, powell's position at the press conference, not a surprise. not a surprise they left their key rate around zero. confirmation though. confirmation that jay powell says it is still too early to even think or talk about exiting. >> in terms of tapering, it is just premature. we just created the guidance. we said we want to see substantial further progress toward our goals before we modify our asset purchase guidance. it is just too early to be talking about dates. kathleen: he knows that millions are still unemployed. the fed's job is not done yet. in fact, job losses in restaurants, hotels, still in the millions. the vaccine rollout, very important. it has been a be at the beginning but inoculation, widespread vaccinations will bolster a healthy second-half rebound. he is not worried about inflation. in fact, he said the fed would welcome inflation. he is not worried about a bubble. he also said, we can't use monetary policy to address day-to-day market mo

you have heard jerome powell talk about this as well. he supports the idea of passing the baton over to the fiscal side because they can provide much more direct and focussed stimulus efforts to kind of really support what's really needed for this recovery in particular and, so, i think certainly what will be interesting, and it will be interesting to hear if he gets questions around this, how will janet yellen and jerome powell work together now they have been together for six years at the fed they have a history together they work well together. i think we could be entering a new era for fed/treasury cooperation here. >> thanks to our panel here. we appreciate those thoughts >>> let's get out to bob watching the market action in the wake of the fed reaction bob, are we seeing anything notable pop up >> not to the fed reaction but the over all markets, yes. let's take a look at the s&p they're trying to buy the dip right now, and it's not really working. there is no change in the main narrative about the covid vaccine or the stimulus fr

haslinda: how about fed chair jay powell? sound the same message when it comes to tomorrow's policy meeting? kathleen: i am sure he will. in the last month or so, he has said the same thing over and over and over. he said in his own words, it's too early to even talk about exiting from the bond purchase, exiting from a stimulative policy. a couple weeks ago at a princeton university seminar, he said the same thing. he's warning central bankers, you've got to be careful. he says the fed is ready, thinks it's too early to exit. he will send the signals to let people know, and rich miller, putting together a lot of analysis showing, jay powell was part of the team in 2013 who wanted to start tapering bond purchases, followed by the taper 10 to that followed bernanke for so long. jay powell learned his lesson, and he's determined not to make that same mistake again. another dovish message at that meeting tomorrow. haslinda: we await what he says. kathleen hays, thank you. still to come, the world health organization urges rich na

this is the conundrum to jay powell's point.f interest rates are a problem, they would be a problem. i think most of wall street really will disagree. tom: we had this week our quota of abramowitz gloom. jon: i'm watching the clock, don't worry about that. [lisa laughs] jon: we are going to get you to do a 10 minute monologue. this is bloomberg. ♪ ritika: jerome powell says we are a long way from a full recovery. he pledged to keep the central bank's monetary spigots wide open to help the economy hurt by the pandemic. he brushed aside concerns that the super easy stocks will lead to a stockmarket bubble, and to high inflation. president biden will not make it easy for americans -- will make it easier for americans to buy insurance, opening the obamacare marketplace with an executive order today. a special enrollment period will begin february 15, helping people who lost their insurance when they lost their jobs. the republican party not automatically back donald trump in the 2024 presidential race. the chairwoman of the republic

well that's a rational thing for jay powell to say but he was asked a more pointed question and that was would you advocate for raising margin requirements and he flat out said the answer is no to that but just to go back. to the issue of retail traders are winning the day over these large hedge funds you know but the time this is the end of these trades comes and goes i'm not quite sure if they can actually run a victory lap for holding the stock at a very elevated price that is not worth even a fraction of what it is and my concern is that these retail traders are going to have to learn a very hard lesson about what intrinsic and fundamental value is as opposed to having sway over a particular trade because there are enough of them to create a crowd so i would i would i would raise that flag of caution up there because not everybody is going to have the benefit making it to the exit on time to not lose their shirt definitely that's where it's headed so people need to be careful but they are finding new ways obviously that maybe not new like you said but it is. more access to to the

jerome powell up later on, and we will speak with roe dudley.s is bloomberg. ♪ oomberg. ♪ mark: i'm mark crumpton with bloomberg's first word news. the centers for disease control says the united states could have as many as 514,000 covid-19 related deaths by february 20. the government also says it is making more medical professionals available to administer vaccinations around the country. the u.s. leads the world with 25.4 million confirmed cases and more than 425,000 deaths. president biden will sign a series of executive actions later this hour to combat climate change. bloomberg has learned they will include blocking temporarily new leases for oil drilling on fed -- on federal lands. president drat -- fedor -- president biden will consider climate change in their decision-making. he will direct u.s. intelligence agencies to consider global warming as they review national security threats. senator tim kaine says censoring former president trump may be better than going through a impeachment trial because it is clear both -- most publicans w

jay powell and mr. biden and the administration.'s get to the former ceo of the stock exchange in london and the executive chairman of capital markets. thank you for taking time to be with us this morning. gamestop, one guest said to me this is out streeting wall street. is this a risk to stability in the system? how concerned are you as you look at the story about the stability and fragility of the system? good morning. >> thank you for having me on your show. this is a risk to stability of the system? no. these are remarkable events. they attract attention. they take us back to the first half of the 20th century when retail was extremely powerful in the u.s. market. this clearly exemplifies the power of technology, the power of communication in a quantum, interconnected world, and this return of retail really in the market is something of course that regulators are going to have to ponder, but if we look at the core underlying fact, we have basically a hedge fund and hedge funds were created on the basis that they could short stoc

secretary powell, general powell, secretary powell, your excellency, let me ask you.s this a moment for accountability, or is this a moment for healing? because the two can't really happen simultaneously. >> this is a moment for accountability, to place blame on people who have done things that are wrong. and at the same time, i think it is something for accountability because there are a lot of people who did not demonstrate they were using the accountability they had. but i have no fear for our country. we'll come out of this. we now have three bodies that are all in the same party. we have a guy that's going to be the president of the united states who i have known for many, many years and will do a completely different rationale to what a president does, and so we'll come out of this okay. but we have to get mr. trump out of this entirely. he's going to be gone one way or the other by next week. whether it's the relief he takes for himself or it's an impeachment or just leave, resign, retire. and, so, he's going to be gone. and then we will start again. the big ch

powell, as well. jim lebenthal suggested that the level on the ten-year to make the fed feel uneasy is 1. 3 to 1.5 and maybe that's low and if you have moments up above 5%, what do you think about that thought? >> i think it depends on how and why we get there i think the fed is not going to lean against a 10-year that goes up because of belief in greater economic growth down the road. i think if it feels like the market is dislocated it will come in. if the fed thinks it will do good and if it does not see the prospects for better growth and if the ten-year is getting in the way of that, i think it might come in and i like the idea of the higher end or the higher range that he's talking about. >> steve, appreciate it. go listen to powell and we'll hear from you for certain. nancy, can you give me a last word in 30 seconds or less >> scott, i do think it's really a time for investors to be thinking about inflation protection and thinking about ways and i think the big, important point is there are lot

highlights from jay powell's comments, next.ycoon is reviving investments, betting that the economy will bounce back from recession, soon. our exclusive with the chairman is coming right up. this is bloomberg. ♪ haslinda: welcome back. a long way from reducing stimulus policy. our editor kathleen hays is here with a recap. we have heard that from powell many times over. kathleen: it is like it is his new mantra. what he is doing, he is staying on message. not enough jobs, not enough inflation. >> in terms of tapering, it is premature. we just created the guidance. he said we wanted to extend further progress before we further modify our guidance. it is too early to be talking about dates. kathleen: a policy statement said it is moderated with less spending. he noted job loss is concentrated in the areas hit hard by lockdowns like restaurants and hotels. another reason why she is focused on the backs people now, he expects vaccines to pick up. he said there is nothing more important than getting vaccinated. when it comes to the n

powell hasr indicated they want to give a long-run day -- long runway.ubstantial financial process is what they want to see. that sort of gives them a framework. someer progress, then further progress, they can evolve the language to let us know that we are getting closer. out have already laid 2013-2014 as a benchmark for how long it might take. it might take nine months to a year to exit the program. want toyou don't even start that discussion. until we are on the others. they don't want to prematurely bet on this pandemic ending and everything be in great until we actually see it happening. we need people vaccinated, we need to see that that is effective. we need to see that cases are down, hospitalizations are down. that people are starting to move around, schools are reopening. all of that has to happen before they start the conversation. then they give us maybe six months heads up that it is coming and then they initiated. we are expecting in december they announce it and start in january of next year. so right now, pedal to the metal. they are goi

hannah lang. >> hi, chair powell. thank you so much for taking our questions.the fed in december eased restrictions on bank dividend repayments and share repurchases. i wanted to ask what factors the fed will be looking at to determine what level banks can pay out in the second quarter and when we can expect such a decision? >> okay. so we're monitoring that on an ongoing basis. continuing to evaluate our restrictions. we haven't made a decision about whether to continue them in the second quarter or not. we're just going to look at -- we're going to look at the whole range of information including economic activity, banking activity, the success in vaccination, all of those things will go into our assessment of what the right answer is to that question. i think we've been careful about rolling back those restrictions and i'm pleased with where we are. let's remember that the banks, the banks that are subject to the stress tests have taken very, very large reserves, very large loss reserves and also increased their capital. they've actually -- they have higher

what will powell say about the need for such a big fiscal stimulus? >> that's the big question.hey have sort of said the paper discussion is putting it -- pretty premature. we are not a surly into the reopening to know what it will look like as we get further down that road. there is no formula. the trade seems to be the favor of a lot of spending. the questions will be pushing powell to sort of declare, saying do you need $2 trillion or what do you need and why do you need it? i think you will tries best to avoid that question but if he gives any inkling of supporting it, bond yields will go up because the market will reassess the probability and raise that probability. i think the dollar will go down because if it looks like the fed is endorsing it, it's almost like a commitment to be accommodative, to be behind the curve in terms of inviting bond yields to go up. they will go up a little bit but not enough. most likely, he would be delighted if nobody acts. alix: good luck with that. guy: we talked about this in the last hour. if powell comes out and supports going large on f

(informaciÓn en pantalla). >>> powell tambiÉn comentÓ que errores de liderazgos permitieron al capitolioo las autoridades capturaron al hombre que posÓ con la pierna sobre el escritorio de la presidenta de la cÁmara de representante nancy pelosi richard es fue arrestado por entrada violenta y robo de propiedad pÚblica el hombre de 60 aÑos se fotografiÓ desafiante en el escritorio de la legisladora, asesores de pelosi dijo que su oficina fue v vandalizada el miÉrcoles y robaron una computadora. las autoridades quieren detener a quienes murieron incluyendo un oficial de la policÍa del capitolio, rubÉn pereira tiene lo mÁs reciente. rubÉn a los detenidos se les ha presentado cargo? >>> efectivamente josÉ pero esta muerte del oficial tiene consternada a las autoridades y ahora hay cargoss por delitos cometidos en el capitolio a 1 personas esta persona era un hombre que tenÍa 11 bombas molotov en su vehÍculo >>> luego del ataque del capitolio que nadie imagÓ y el fbi tiene las imÁgenes para detener a los responsables ofreciendo una recompensa de $50,000 para encontrar a este individuo en part

general powell, thank you so much for joining us. what do you make of this democratic push right now to impeach president trump for a second time for inciting this insurrection? >> it really does not excite me. we have 13 days to go? >> yes. >> nothing will really happen in that 13-day period. let it play out now. the president is under such pressure now that he is just going to do everything that he can to stay alive, frankly and to figure out what comes next. i would not detour into, you know, the different pieces of the constitution that we think would be helpful. i just want him out. i want him out of office. >> you want the vice president to implement the 25th amendment to the constitution and get a majority of the cabinet to agree and push him out? is that what you are saying? >> no. i didn't say that at all. i would not work with either the 25th amendment or try to do an impeachment. it is too late for that. that is too slow. i just want to get him out of office now. about 13 days. and then we can start sorting things out. i t

chair powell, for doing this so a couple questions on timing. in the statement you removed the -- regarding the coronavirus -- you removed the time reference when it comes to the risk to the economic outlook. it simply now says considerable risk to the economic outlook should we read that as sort of a positive change that we now see in sort of the end game of this down the road? or is it more that you're worried it could last longer than you expect? and related issue, have you given any guidance yet to the fed staff or system on when the fed itself might resume in-person events >> so in the statement, on the language, we dropped in the medium term because really the risks are in the near term frankly. as i mentioned, it is the roll out of the vaccine it's the arrival of new strains that are more contagious and perhaps more virulent. and those are the -- and also just the third thing of course is the ongoing spread of the virus. it's in the near term, not in the medium term. we were thinking when we're thinking medium term we were thinking of lon

jay powell was optimistic. far more important than any specific policy is going to be on the virus develops, and there are a lot of positive developments. there is a vaccine coming up. there is a good chance we will have a very strong recovery. kathleen: a comment from you because you are known for your work on watching currencies. weaker dollar, strong dollar, and how is the fed going to deal with it? >> short-term if there is a large stimulus, that traditionally means a weaker currency because that does raise concerns about prices picking up , but then if we have a strong recovery that will make the u.s. an attractive place to invest also. there are a lot of forces at play in the dollar is the global reserve currency. although there are risks, concerns in the u.s. it is not clear there is another currency that is more stable and more promising right now. haidi: christian forbes -- kristin forbes, such a pleasure of having you want today. we get much more reaction from the president elect a biden plan. preside

we heard from powell last week. we know the money is coming right? how much? will be 3, 4 trillion? what does it do? i like that you mentioned in a large cap tech i really love the semiconductors. they act fantastic as some of these software names. how much is built into the rally what the street needs to satisfy what we've seen so far? >> already there is a lot built in i will point out already i have some 30 billion-dollars of direct checks gone to u.s. households in the first 12 days of january. that money is ready to be spent. i think the total proposed number will be 4 trillion. that doesn't mean it will get passed. that will be proposed. i think there will be another round of direct checks to households. money finds its way to the stock market and bitcoin. i remind viewers over the last 10 years, 90s% of flows went to the bond market, not to the equity market. there is not an overpositioning here, particularly people have more capital. charles: all right. alicia. always enjoy our conversations. thank you so much. >> thanks, charles. charles: well, folks

all eyes tomorrow will be on what jay powell in the fed say.ight now all i seem to be on gamestop. caroline: no one's going to be talking about -- tom keene stays up from 2:00 in the morning all the way through, he will be pumped up and happy. who is the next big name to come in on gamestop? joe: it's like we've got everyone. i don't think warren buffett is going to be tweeting about gamestop anytime soon. in terms of billionaires who tweet, we might be reaching the limits. caroline: meanwhile, let's dig on -- dig in on what is happening with president biden, how they are tackling covid vaccines as well. will discuss the rollout with our health reporter. we've already got the headlines that have rolled out in terms of doubling down on buying the vaccine from dharna m -- fromoderna. is this going to be enough to get into arms quickly enough? here is president biden. >> to dad like to update you on where we are. -- today i would like to update you. tomorrow we are going to begin briefings that will occur on a regular basis. we are bringing back t

jay powell at the top sort of tightened the entire show. fascinating conversation though. certainly one that we will continue to have jean-marie, appreciate that. thank you very much. guggenheim also allocate org saying it could allocate up to 10% of its money into cryptos and we'll have more about that in a few minutes and on "power lunch" even more on the crypto chat grayscale whose huge bitcoin bet paid off, the ceo will be here at 2:00 p.m. put your money away, never think about it, never touch it just add more to it. however, a recent survey from personal finance magazine "kiplinger" and wealth management from "personal capital" found many people are ignoring that advice or to have to nearly 60% of americans withdrew or borrowed some money from their retirement accounts during the pandemic in part because the pandemic changed the rules to allow penalty free withdrawals many using the money for basic expenses others maybe using it for tuition, home improvements or even buying boats joining us now is jay shaw president of personal capital. jay, welcome i want to ask you

it was made clear by jerome powell. policymakers left their rate unchanged near zero. he said it would take time for the fed to reach the threshold dialing back at the bond buying program. in a span of two weeks, a number of coronavirus cases going down by an average of 43%. that outstrips the decline in other regions. improvements led california governor gavin newsom to ease social distancing measure this week, but that could lay the groundwork for inspections to spike again. the european union and astrazeneca are in a dispute over the coronavirus vaccine, the drugmaker refusing demands that it takes vaccine supplies from its british factories to increase doses going to the you the root of the issue is astrazeneca's decision to give the u.k. priority over the e.u. following a production glitch in belgium. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries, i am ritika gupta. this is bloomberg. tom? tom: thank you so much. let's do a data check. what we do come across asset analys

i'm joined now by former secretary of state and retired four star general colin powell. thank you forjoining us. america has been tested in the struggle for it. is the country stronger after what happened two weeks ago? what what happened two weeks ago? what ha--ened what happened two weeks ago? what happened two — what happened two weeks ago? twist happened two weeks ago what happened two weeks ago? list"isgt happened two weeks ago happened what happened two weeks ago? list"isgt happened two weeks ago happened in the past. a bunch of ruffians and other crooks and bombs tried to see if they could overtake us and they couldn't. if you look at what we

we have two major stories as we headed to the final hour of trade, fed chair jerome powell in the question and answer part of his first news conference of the year were monitoring to see if he invokes the bubble word, considering notwithstanding the seller foreseen right now 632 points to the downside on the dow market are still close to record high. will he get asked whether he sees speculative bubbles forming in the wild were like trading we are seeing right now and maybe even between the reddit room rascals and the big wall street short-sellers at this hour. they are again in a fixed battle that may eventually prevent you, at least at the moment from buying and selling certain stocks. the so-called bull raid caused overnight destruction to online trading platforms, td ameritrade, charles schwab and fidelity which made the controversial move a few hours ago to restrict customers from making trade on super short stuff like gamestop in amc entertainment. the squeeze the reddit crowd has put on by preventing at least big head from betting against the stock was so powerful it is now taken bi

and i mentioned jay powell because he was speaking.ted speaking at 12:30 and the market just sort of watching it tick by tick because recently you had as many as ford fed officials who talked openly about the possibility of tapering. of course the fed had been saying you know they didn't want to. now some of the comments he said today were interesting. including he said they wouldn't hike unless there was quote, troubling inflation. mark, start with you on this. commodities have gone up a lot higher since we started talking. the market started to drift. >> yeah. charles: what is it? does the market not believe, @, that powell and company can do what they want to do? or maybe they will be forced into taking away the punch bowl and if so, this taper tantrum could be the very beginning of something uglier? >> it could be. you know the fact that yields have been low, that is what helped us with the whole tina trade, there is no alternative or you go into stocks. if yields go up, like courtney said, they basically doubled since october that

your mom powell will speak. i, he scheduled -- jerome powell will speak. michael mckee scheduled to ask difficult questions. stay with us full-time at future's negative nine. buttressed up moments ago. 3.38 on gamestop. -- 338 on gamestop. francine: this is bloomberg surveillance. i am losing my voice because we are spending so much time looking at gamestop and reddit. tom: your kids are just killing it. francine: the ultimate insult. if you don't exactly know what is going on, gamestop. i'm speaking about myself. let's go back to treasuries. more of a wheelhouse. gene frieda, when we look at the fed, a lot of the focus will be on bond buying in the future. how will they navigate this kind of lockdown world economy and what they can do without spurring more inequality? gene: i think it is a tricky balancing act. i feel right now that markets are kind of treading this very fine path between stimulus, optimism -- term optimism and fire -- stimulus optimism and virus pessimism, ensuring that the economy is backstopped, so from that perspective i think these k

on amc, this is the real question to chairman powell of the fed.y companies like amc may not have survived the last nine months if it wasn't for what they did. was that part of the goal? tom: it's the study of zombie companies. identifying the tumble we are in, -- tumult we are in -- >> in a world with rising populism worldwide, much of the populism has been created because people fear the future, fearful of these issues. in my mind, they are fearful of the conversation around climate change because there are millions of jobs connected to hydrocarbon industries and others. let's be clear, how fast are we moving to ev and other types of vehicles? we are moving quickly and technology may have to move faster. bill gates talks about this well , it's only going to be done on the backs of great technology and technology investments. that's why we need to invest in these new technologies. it's the only realistic way of us moving forward into a net carbon zero world. >> you talked about a carbon transition. at the moment, it is being left, by capitalists l

maybe fed chairman jay powell will give us a lot to chew on.we get to the point where we get the announcement, how do you see the day shaping up and why is everything lower for the most part. >> nasdaq is set to open higher because of the microsoft earnings from last night we're kind of retrenching from a hot open to the year we saw cyclical stocks leading, the interest rates moving up aggressively, and all of those things have refrtrenched a bit we're seeing growth stocks doing better, the vaccines, the new strains. anytime there's an absence of good news, you tend to have skepticism or bad news tend to fill it. that tends to be what happens. the good news comes from the fed, the economic data we're going to have on consumer spending, gdp, although i doubt it, and ultimately what's going to make the biggest difference is evidence that the vaccinations are ramping up into that 2 million, 2 1/2 million per day range in the u.s. and ultimately hopefully in europe as well, and i think that is the key to unlocking the economy, unless and until that

, powell went on to say i'm not a fellow of anything right now. i'm just a citizen who's voted republican and voted democrat throughout my entire career. and right now i'm just watching my country and not concerned with parties. east bay congressman marked asami a was at the. capital last wednesday, and today he shared with us some of the chilling moments when protesters stormed the capital building. i had a ringside seat for this. i was in a room just off the floor because i have underlying health conditions, and i just say separate, but i could look out the window and watch that mob coming up the mall, watch them. which is the capital police back they were violent. then they knew what they wanted to do. and then i could hear them outside my door trying to get in. and so i only get out because a group of brave capitol policemen came back to get me and escorted me out. so this is this is very serious business. you cannot placate these folks. we came very close to losing american democracy and i don't i'm not naive about the movements of the presid

>> this is fed powell for reassurance that stimulus -- central banks first meeting of the year comes as the covid crisis worsens. the vaccine rollout and the prospects of more fiscal stimulus are providing glimmers of hope. the imf raises its forecast to 5.5%. china delivers more signs recovery is on track. data came out just a while ago. growth for an eighth straight month, signaling demand remains robust. and saudi arabia returns, selling $5 billion of bonds. the kingdom raises -- 8:00 a.m. across the emirates. virus variance and stimulus hurdles, both of these factors still weighing on sentiment. here is the state of play. strong earnings overnight from microsoft. the big tech barrage continues with apple, facebook and tesla. u.s. tens were 103 for the yield. t optionh cyclee $62 a seven-year sale. demand will be a supportive factor. the bloomberg dollar index. brent crude at $56.17. we had the industry report suggesting a decrease in u.s. crude stockpiles. the secretary-general and opec said we are hopeful for 2021. we believe the worst is over. let's see how the markets are fari

i would hardly think that the vice chair would be more dovish than powell. i think there was a difference in the questions that were asked, how they were asked clarida gave a very specific speech about certain formulas and ways of arriving at details about fed policy he was more specific by design i think if asked the same questions the same way i think powell and clarida would be this the same place. >> thanks for that much appreciated. >> pleasure. >>> we have got 51 minutes left in the session s&p 500 just dipped in the red dow is only up 24 points at the moment the nasdaq is up a quarter of a percent. russel holds on to 2.5%. >>> as of now, the u.s. has administered 11 million vaccines according to the. >> caller: that's still way below target. we will talk about a former cdc frequenter tom friedman about how to speed up the process and how quickly j&j's shot could come to market and starti being used you are watching "closing bell" on cnbc. your grooming business is booming. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on

francine: that was fed chair jay powell speaking to push back and of course tapered talk.wer in the spotlight in the final days of the trump administration. jp morgan will kick off the earnings season today in a move that was not expected, trump a's overseer of biggest banks imposing last-minute rule chains. -- changes. joining us is bloomberg's dani burger. this is forcing companies to land, no matter ethical decisions. they would need to land to, you know, climate denying companies, gun manufacturers, and the like. wall street is not pleased. dani: that is not her statement. as you said, gun manufacturers, oil drillers, another non-esg friendly one. a lot of these banks had previously refused to do business with these types of companies, francine, it is also concern over the type of presidents it sets. does this mean we can have more last-minute regulation where we are not really consulting the parties that have a heavy interest in these sorts of things? this comes, of course, as the banks are preparing, just days away for of the biden administration coming in. part of t

robert: on the one hand, you have powell saying we will stand with both feet on the accelerator.arket looks at that and gets concerned about inflation. then overnight you get the announcement of fiscal stimulus. so this is a transition where there is a lot of monetary stimulus coming in, a lot of fiscal stimulus coming in, and the recovery from covid. kind of like a 2009 here. you have to make a call as an investor should you be neutral or be strong? that reflation trade you are talking just moved to an extreme. we were at 50 basis points on breakeven inflation not that long ago. now we are up at 2%. that swing happens frequently. the market is not just pricing in a recovery from covid, it is pricing in a return to an economy that was stronger than what we had at the end of 2019. tom: someone will say a single sentence, and i just stopped. you just did that. i just stop. . you said it is a kind of 2009 here. a year of total return. no one is calling for that. are you saying that this could be a solid year for bond returns ? robert: this is a transition, that's right. we have gone

jonathan: we will hear from chair powell tomorrow.he two day fed meeting starts in washington today. we will get the call from matt hornbach of morgan stanley in just a moment. this is "bloomberg surveillance ," counting you down to tom: the opening bell. tom:dow futures -- to the opening bell. tom: dow futures up 75? [laughter] jonathan: he's looking at the dow again. i think that's the first time i've done it in five years, ok? the dow is up 70. 67 now. does that help? does that add any value to anybody's day? tom: it is a value add. [laughter] jonathan: come on. this is bloomberg. ritika: with the first word news, i'm ritika gupta. a delegation of house members took the next step in the impeachment process. lawmakers delivered the single article of impeachment against donald trump to the senate. that triggered the start of an unprecedented trial of the former president, accused of incitement to interaction -- to insurrection. new treasury secretary janet yellen is tasked with promoting president biden's stimulus package and hiring

secretary yellen will listen to chairman powell's press conference tomorrow.g, everyone. francine lacqua in london. i am tom keene in new york. we are waiting for news, as we saw in the netherlands, from italy -- is it right to say a collapse of the government? francine: of course, it is something that is calculated. it is not really a collapse.