chair powell: generally, yes. would say the economy at this point does seem to be at an inflection point. that makes sense with widespread vaccinations, strong physical -- fiscal policy and continued support for monetary policy. you see the economy opening, ridership on airplanes going up and people going back to restaurants. the march jobs report shows with what that can look like close to , one million jobs in one month. we are going into a period of faster growth and higher job creation and that is a good thing. there are still risks. i would say the main risk is that we will have another spike in cases, perhaps in one of the virus strains that may be more difficult to treat. now we do not see that yet. , we have cases moving up a bit but that is something we need to be careful about and it would be wise to keep wearing masks and be socially distant for a little while ago. david: the debt is high and the annual deficit is $2.5 trillion to $3 trillion. is that a concern for the fed? in terms of impacting inflati

powell: there may be some of that involved.id: what have you learned as a member of the fed that you did not really know before that surprised you, perhaps, and what have you learned about the pandemic and the weight that it has infected the economy that might have been a lesson learned and how the economy operates in a pandemic? mr. powell: i am just about to have my ninth birthday at the fed so i have learned a lot in those nine years. you have to master specific economics around monetary policy and payments and regulation. there is a lot to learn. the first and most important thing about the pandemic was health care policy, which starts with things we did to shut down the economy. not weak, but that the government did in the private sector did to get the pandemic under control and then to get people to socially distance and get people vaccines. all of that is more important than anything we can do. the second most important thing was fiscal policy. 30 million households are suddenly without income. congress had to replace th

>> powell: no, it's not.t we've done is, we've updated our understanding of the economy and therefore, our policy framework, to the way the economy has evolved. the economy has changed. and what we saw in the last couple of cycles is that inflation never really moved up as unemployment went down. we had 3.5% unemployment, which is a 50-year low, for much of the last two years before the pandemic. and inflation didn't really react much. that means that we can afford to wait to see actual inflation appear before we raise interest rates. now, we don't want inflation to go up materially above 2%, and go back to, you know, the bad, old inflation days that we had when you and i were in college, back a long time ago. but at the same time, we do have the ability to wait to see real inflation. and that's what we plan on doing. >> pelley: and when it hits 2%, how patient are you going to be? >> powell: well, what we said was, we want to see inflation move up to 2%. and we mean that on a sustainable basis. we don't mean

chair powell: that is correct.course, we realize we are an attractive target for hacking and cyber attacks. and so we invest a great deal of time and money trying to make ourselves as safe as possible. we also have very strict rules for fomc participants and their staff for the handling of confidential materials. i will just say, you never feel like you have done enough. i am sure you feel the same way in business. we try very hard to be as robust against those kinds of penetrations as possible. david: you are the first person in quite some time to be chairman of the fed who was not a phd in economics. you have been trained as a lawyer. is that why you are better to speak in the king's english better than economists who have had that job? because you tend to speak in ways that people can understand. chair powell: i do consciously think it is very important to speak to the interested public in ways that they can understand and avoid jargon. large public and private institutions around the world are really struggling

let's continue the conversation about jay powell.joined david rubenstein on a platform at the economic club. let's get to michelle and see what she thought of jay powell and the narrative. good morning, michelle. michelle: good morning, manus. i like the way you put it earlier that he tried to take back the narrative on the timeline for interest rates. the key highlight being that well before phrase. something consistent with that guidance this year but not something the committee had put to a hard vote yet. beyond that preconditions they're waiting on three things to raise rate, recovery in the labor markets to be effectively complete, inflation reaching 2% sustainably and that inflation is on track to run moderately above 2% for some time. he noted most members are pegging the timeline for raising rates. as many fed chairs have worn, don't focus too much on the estimates because they will be outcome based instead of just focusing on the forecasts and the rest of the forecast that looks so rosy right now. we do have to be a little b

victoria. >> hi, chair powell.d to ask you, you've talked a lot during this crisis about the need to have a lot of help from fiscal policy and monetary policy to make sure there is not long-term scarring in the economy. i was just wondering given all the policies put in place, do you expect there to still be some long-term scarring and if so you know what are you most worried about? where are you most worried about that showing up? >> so i would say that we were very worried about scarring both in the labor market from people being out of the labor market for an extended period of time. the evidence is clear it becomes more difficult for a long time to get back in, get back to the life you had. same thing with small businesses which are the work of generations where we wipe out many of those unnecessarily. that was a big concern. i would say that so far you know, here we are in late april of 2021 we haven't experienced that, that level of scarring either in the labor market or among smaller businesses. so we're not

. >> chair powell, the u.s. is going fast. it is the driver of optimism in the global economy right now things to three pharmaceutical companies and fiscal stimulus. and you and your team at the federal reserve. we got a great job reports, a services number. no stronger rebound are we looking at for this year? >> thank you, sarah. there are a number of factors supporting a buyer outlook for the u.s. economy which looks like a faster recovery. i would point to substantial fiscal support. vaccination now moving quickly and on track to allow a full reopening of the economy fairly soon. we vaccinated at least over 100 million americans, have had at least one vaccine. over 60 million are fully vaccinated. we're doing 3 million a day. monetary policy is still supportive. we got a taste at what fats progress would look like with the report, close to one million jobs, particularly if you had in the revisions for january and february. we want to see a string of months like that so we can show progress towards our goals. the recovery re

chairman powell talked about a digital economy. this is one area where the world is moving very fast. this will drive trade. for the foreseeable future. and yet, we do not have the roles -- the rules for this. strengthening roles -- rules for small enterprises and women in trade, women have been particularly hit by the pandemic. these are areas the debbie co needs reforming -- the wto needs reforming. we need to lower carbon emissions in the world. we need to build rules that will help strengthen the system. a lot of work to be done. a lot of challenges in order to make the place a viable one. where big countries and small countries can settle their differences and agree on new roles. -- new rules. it's going to be tough but we will get it done. >> thanks for sharing. in the few minutes left, we have been talking about all these issues that could affect trade. i really want to get your take on politics in europe. chancellor merkel is retiring this year after 16 years. germany faces an election in september which is, of course, para

stocks touch another record on dovish comments from jared powell.he s&p 500 was higher than tack and consumer discretionary stocks. the 10 year yields being sent down. we have jobless claims going the wrong direction for a second week. energy stocks led the declines. crudes futures have been stuck in narrowband. we do have u.s. futures at the moment heading higher. let's turn to sophie for a check of what to expect in asia. sophie: japan, a company restarting output as a fire hit the plants on april 19 and this -- broadly speaking looking at asian stocks, they could cap a two week gain with futures -- keeping a close eye on singapore's reaction to the political pieces. the aussie dollar heading for the first weekly gain. the yen is set to snap a two-week decline, now trading around 109. shorts got unwound and chinese inflation is the headline. it will likely offset the pickup we have seen in energy. the trend globally has been for higher food prices, which is hurting for households across the world, and that is keeping inflation risks top of mind. w

thank you, chairman powell for talking to us about this. there's been a number of proposals for infrastructure investment legislation circulating including the very recent white house proposal that calls for prioritizing broadband projects that are either owned by or involve participation of governments or nonprofit organizations. are you or your members rather about to get squeezed out of this infrastructure largess being contemplated? >> guest: we don't really think so. there is not really a national solution to reach all americans who need broadband at affordable rates. that is executed exclusively and solely by government owned networks. while we think they can play a role in addressing the problem,, the solution, they will not be the central solution for communities completely across the country. look, i just want a level set. i think we should all be for greater expenditures on broadband infrastructure, but to do so it takes more than money. it takes policy at any thinke learned a lot of lessons in the past but i hope we're not doomed

let's talk a little about what is going on with jay powell. speaking over the last hour and saying, frankly, a lot of things he said in the minutes. he has been dovish and wants to continue to communicate that message to the markets. >> we've got a taste of what progress will look like with march employment reports. close to one million jobs, especially if you add january. we want to see a string of months like that so we can see progress in our goals. the recovery remains uneven and incomplete. matt: all right, so he has also talking about the point amanda was making, lindsey piegza joins us. even with the big jobs number we got last week and the pmi number, the best march ever in services, the best march for the ism, manufacturing numbers, since 1983. we have seen a jump in jobless claims again, and as amanda points out, the real problem is people who lost jobs the most and got hit hardest are getting hit hardest now in terms of food inflation. how can the fed deal with this? lindsey: the fed is trying to acknowledge the recent improvement w

nancy marshalling gensler. >> hi, chair powell. i'm wondering, are you planning to visit the homeless are encampment that's near the fed in washington that you drive by? have you been invited, and if you went, what would you be looking to learn there? >> yes, i have not had a chance to do it yet with, i've been very busy, but i will visit. i don't want to visit at a time of a lot of media attention because i don't want that to be part of the story. but i will go visit when it's no longer a news story. and i, you know, aye met with homeless people many times, a number of times anyway, let's say, and i think it's always good to talk to people and hear what's going on in their lives. what you find out is they're you. they're just us. i mean, these are people who in many cases had jobs and, you know, they have lives, and they've just found themselves in this place. it's a difficult problem though, you know, there are many, many facets of it. and i'm well aware that this is not something that the fed has all the tools for or anything li

let's go on to heather >> thank you good afternoon chair powell.anted to ask, you have been hearing, of course, these concerns raised by larry summers and others about inflation and the fact that they think the fed right let things get out of hand with the new policy stance so my question is, can you tell us, what is different this time versus previous periods like in the '60s when inflation got out of control why are you confident with the lags in monetary policy, that the fed can get ahead of inflation and make sure it doesn't go too far above the 2% target >> i have a couple of thing i would lick to say about inflation, including addressing your question. let me start with just saying that we are very strongly committed to achieving our objectives of maximum employment and price stability. our price stability goal is 2% inflation over the longer run. we believe that having inflation average 2% over time will anchor long term expectations at 2%, with inflation below 2% for some time, the committee seeks inflation moderately above 2% for some time

but first of all, i would not presume to know what powell is thinking abouthis position. i have no idea what he is thinking about, but i think that there is no room for worry here. so, i am not worried, excuse me about the fed activity, you know, i don't think that they will do anything any time soon, but i think it is a little bit hard as some of our, as we have said a little bit here today. i'm not worried even about the increased corporate tax rates, but i believe that we won't see the type of returns that we have been seeing, but i also believe winners and losers going forward so i am focused on the names that i believe will do well regardless and buying the names they love on the dip. for me it is simple. >> josh brown, what do you want to buy with the most dovish fed chair of all time according to the professor? >> well, i don't know that i would like recalibrate a portfolio or a retirement portfolio of assets based on any one comment on jay powell, by i agree with what jeremy said, because it sounds about right, but i can't remember anybody out of hand outright dis

we will have to wait to hear from powell again.nna: we won't hear so much during the blackout period. thanks for your thoughts. coming up, europe's vaccination rate. the eu health commissioner says the bloc is working toward vaccinating 70% of adults by the end of the summer. we bring you the comments next. ♪ >> what we are seeing is vaccination rollouts have been picking up. we expect this to continue. the vaccination certificates should be ready by june. i think it is important for participants to feel they have this level of predictability. that we can open up economies and travel safely. anna: the eu health commissioner speaking exclusively to our colleague maria tadeo at bloomberg. we will play more of that conversation later. let's talk about where that leaves the european economy. we are joined by the senior european economist at allianz. good morning to you. we are just hearing their from the european health commissioner about the intended rollout of the vaccination program in europe. i wonder what assessment you are giving

chairman powell will kick off a very busy week. a slew of pmi numbers.ly, rounding out the week with the payroll report next friday. from new york city, that does it for us and we will see you next week. this was bloomberg real yield. this is bloomberg. ♪ want your workout to be easier, more effective, and more convenient? then you should try aerotrainer by golo. the new full body workout that you can do at home or anywhere. it's great for planks, squats, core, and glutes. you'll strengthen and tone muscles, relieve back pain, and reduce stress. it's also great for yoga and pilates. get noticeable results in just ten minutes a day. (woman) aerotrainer makes me want to workout. look at me. it works 100%. (host) all of this is a $300 value, but through this special offer, you can get the entire aerotrainer system for just four easy payments of $19.95. and if you order today, we'll also include free shipping. still not sure? then we're eliminating the risk. try the aerotrainer in your home for 60 days. if for any reason you don't want to keep it, we'll give

powell or gundlach? >> we are in the powell camp.e think the inflation pick is temporary to do with and finding it will work its way through. particularly the excess capa city that is still there in unemployment levels as well, likely to bring inflation closer to target over time. it is a big question. we don't know for sure. we are positioned between the reflation trade, which does happen higher on inflation and yields, but also, the value dial which we think will rotate, and cyclical sectors. when we think about what is driving inflation, we have obviously the commodity pickup, we have supply, demand mismatches coming out of the pandemic, but within we have more structural changes. we don't know how they are going to play out. it is to do with the raging populations we have an the debt levels we got. these are not dynamics we have faced at this level before. what is sure is that it is easier for the central bank to react to rising inflation than falling inflation. they are likely to let inflation run above their average targeting l

chair powell focusing in on equality.lso, the fed has the tools to curb any sort of price pressure we may see. joe: exactly right. we have heard this from the fed in a -- for a while. they are serious in believing that robust growth can help eliminate the inequality that fed chair powell was speaking of earlier. >> the recovery remains uneven and incomplete. the unemployment rate in the bottom quartile is still 20%. there's still 8.5 million people out of work, and this unevenness we are talking about is a serious issue. viruses are no specters of borders, and until the world, really, is vaccinated, we will all be at risk of new mutations. romaine: he has sort of been pounding this message for a while, but definitely some reassurance about what the fed will do until we start to see some achievement of those targets. joe: joining us now, bloomberg's chief u.s. economist. thanks for joining us. what is your take away about powell and where he sees us on the path to full recovery? >> i feel very much on the same page of jero

the powell theory, the powell way of doing it. i said well, it is not written in any manual. he said but i am going to write about it. you are? and he said yes, it is going to be called the powell doctrine. and i said well, in a nutshell, here is what it is. you look at the diplomacy of it, you know what you are going into. and if you can't find a diplomatic way to get out of it and you have to go to war, and you go to war with overwhelming force and i used the term overwhelming, i just said decisive force, that you would win. and then desert storm came along and that is exactly what we did. david: eventually, you retired from the military and you published a book on your life story, which was a bestseller, the list to say, but it was so popular the people said may be the author of this book should run for president himself and you didn't look at it. why did you not run for president in 1996? colin: because i was not a politician and i wasn't meant to be a politician. i thought about it for about two weeks. because i was getting such pressure. and i realized, you know what, t

but it will be transitory, and powell's word -- in powell's word. market is not worried about it right away. you have seen yields backup tremendously on 10 year and 30 year treasuries. but it will get worse as we go forward. it will take time for this to play out. the market -- the stock market is anticipating this, and has had a great run. despite what earnings have done. we will probably see first quarter earnings in the s&p be up 25%, 26%. the markets are already ahead of itself. at some point, you have to worry. you don't have to worry right now. shery: al lord, it was great having your insights. capital management founder and ceo. you can get more on powell's comments and around roundup of the stories you need to know to get your day going in today's edition of daybreak. bloomberg suppressed -- subscribers, go to dayb . also available on mobile in the bloomberg anywhere app. a bitter dispute between two south korean ev battery makers ends with a settlement, thanks to political pressure in the u.s. we will have the latest. this is bloomberg.

. >> now might be the time for powell to start hinting at that. they are so conservative i don't know >> i think they will wait till the third quarter even though they shouldn't >> it's great to have your point of view. thank you. good to see you. >>> today marks the ten year anniversary of when fed share led the first ever press conference jay powell instituted the policy of holding them after every single one with less than a year until the end of powell's term should we expect him to get extended by president biden or who else might be in the running for the job. st we have latest results of our c flr -- cnbc survey. >> jay powell is a heavy favorite on wall street to are renominated for a second term by president joe biden even while there's substantial disagreements with some aspects of fed policy under powell 76% say biden will renominate powell asked if biden should be renominated, 82% said yes. president biden's other options, according to our survey respondents and also council of economic advisers members, jare bernstein. the support for

david rubenstein with jerome powell. as mr.stein mentions, it is a piercing and different interview than the usual you hear from jerome powell. lisa: there is actually news crossing the bloomberg terminal. iata sees the expectation for airlines to start breaking even in 2022, which is interesting, given the fact international travel has to come back by then. when in 2022 is important. jonathan: the key idea -- tom: the key idea is to get to 2022. coming up, jane harman. lots to talk about on america, and particularly on washington. this is bloomberg radio and television. ♪ want to save hundreds on your wireless bill? with xfinity mobile, you can. how about saving hundreds on the new samsung galaxy s21 ultra 5g? you can do that too. all on the most reliable network? sure thing! and with fast, nationwide 5g included - at no extra cost? we've got you covered. so join the carrier rated #1 in customer satisfaction... ...and learn how much you can save at xfinitymobile.com/mysavings. ♪ jonathan: good morning, good morning. this is th

chairman powell won't link. do you think everybody gets that now? marvin: i think people will get that and that is why we have the positive the bond market. remember, we had a very intense selloff in the first quarter. since then, bond yields have gone up a lot. they are not really going anywhere. that is the market accepting that. the next step is, they need to see is the economy going to be stronger? or is it going to be in line or some sort of disaster that is going to take it down? we are just going to have to wait for the data. that is why we are trading across asset markets right now. jonathan: always good to see you. great to catch up. shout out to sam r.o.e. of yahoo! who drew my attention to the worker. here's is a quote for you. i think the fed is far more concerned about the virus and the average american. jay powell is the guy that shows up staring -- sharing stories about how about the pandemic is while you are back sharing pictures of your beach vacation. tom: that was a clear and consistent tone. one thing to note, i'm a member when b

powell, go there. powell, go there. you're now a four-star general. you're now a core commander in germany. it made life easier just doing what you were told. when i left it was different. i had choices. i had to take careful look at with my family, with my children and with america's promise alliance. and it zrveed me well and served those people well. but i have no illusions about who i am or where i came from. people who really taught me everything i need to know was chinese military experts from 2,000 years ago. and german experts. they are the ones who teach you about politics and making sure if you're going to war, you do it well and you prevail. >> final question. you're a four-star general and secretary of state. you have grandchildren. do they call you general, secretary of state? what do they call you? >> papi. >> you tell them i was a four-star general. >> it wouldn't work. they don't care. it's family. and when i was a junior officer, it didn't make any difference. but the more senior i became, okay, what's his name. that's the way i wante

but, up next, fed chair jay powell said the u.s. economy appears to be at inflection point and poise for stronger growth. hear more from his interview with david rubenstein next. this is bloomberg. ♪ shery: fed chair jay powell believes the u.s. economy is at a turning point. it is place for stronger growth and more jobs as the country emerges from the covid-19 pandemic. speaking to david rubenstein, he said debt levels were sustainable for now but the coronavirus is still a major risk. >> the economy, at this point, seems to be at a bit of an inflection point. that makes sense with more widespread of vaccinations. strong fiscal policy, more support for monetary policy. you can see ridership on airplanes going up and people going back to restaurants. i think the march jobs report we recently got shows with that can look like. close to a million jobs in a month. we are going into a. of -- a period of faster growth. there was a spike in cases, perhaps, it may be more difficult. we do see cases having been moved up a bit. i think we wo

[laughter] powell has already made it very clear what they intend to do.not doing anything. they are going to sit tight for as long as they possibly can. jon mentioned it before. market dominance is about expectation. expectations are high for very strong economic outcome. that is pretty much consensus for the most part. expectations are that inflation is going to pop as well. we are going to see pretty strong numbers over the next couple of months for a whole host of reasons. but the question is, when we get to august, september, october, when we are three months out, if the data is still strong, and particular inflation data, what does the fed do? can the fed really hold on? this fed, it started to lead, but it often follows the market. the market tries to push forward . the fed has held its line so far , but the question is, can they continue to do that if the data not only surprises to the upside, but persists to surprise to the upside? unfortunately, we are not going to know that for a couple of months. i look a lot at near-term indicators. the expect

>>. >> hi, chair powell. i wanted to ask, you've talked a lot during this crisis about the need to have a lot of help from fiscal policy and monetary policy to make sure that there's not long-term scarring in the economy. i was just wondering given all of the policies that have been put in place, do you expect there to still be some long-term scarring? and if so, you know, what are you most worried about, where are you most worried about that showing up? >> so, i would say that we were very worried about scarring, both in the labor market from people being out of the labor market for an extended period of time. the evidence is clear that it becomes much more difficult if you're out for a long time to get back in and get back to the life that you had. same thing with these small businesses, many of which are the work of generations. were we going to wipe out many of those unnecessarily? that was a big concern. i would say that so far, you know, here we are in late april of 2021, we haven't experienced that lev

powell, chairman of the board of governors of the federal reserve system. before i begin the interview of chairman powell, i'd just like to recognize a few special guests, our international ambassadors that are with us. honorable to roam h. powell, chairman of the board of governors of the federal reserve system. before i begin the interview of chairman powell, i'd just like to recognize a few special guests, our international ambassadors that are with us. ambassador -- ambassador singapore, rosemary banks, ambassador of new zealand. philip, ambassador of france. ambassador of -- martin weiss, ambassador of austria. arthur, ambassador of australia. and -- ambassador of thailand. her upcoming events on thursday made the 13th at 12 pm will have a discussion with russia lewinsky, the director of the center of disease control of prevention and the honorable -- may the 20th have the ceo and president of investments. thursday during the tenth, will have john thank you, the chief officer of at&t. and july 13th at 12 pm, mull have scott kirby, the chief executive o

investors preparing for chair powell. >> what does the fed do?d has telegraphed a do-nothing policy for the time being. >> since their last meeting. >> we are being bombarded with economic information. >> it is better than expected. >> if the data not only surprises to the upside, but persists in surprise to the upside -- >> the harder it will be to move off that. >> the fed will get what it wants. >> the fed will be more patient. >> that is part of the fed mantra right now. >>

dovish tone continued from jay powell. he played down the risk of inflation and pledged to get the u.s. back to a great economy. he also invoked a homeless encampment in downtown washington saying the recovery remains incomplete. he said the push to vaccinate people worldwide was important. >> what we have said about our asset purse is they will continue at the current pace until we see substantial progress towards our goals and that means actual progress. we are not looking at forecasts but actual progress. we will be able to measure that with inflation and it is matched with the indicator of maximum employment. i would look at global vaccination as a risk. annmarie: in san francisco, the fed says they are bullish on the recovery but noted we are still a long way to go. >> we have to see further progress. not expect it but see it. annmarie: stay tuned for more from mary daly. later today, we will speak with fed chair -- fed vice chair. that conversation is coming up at 1:00 p.m. london time. joining us this morning to bre

fed reserve chair jerome powell says the u.s. economy as at an inflection point.ell told "60 minutes" there is strong growth in hiring ahead thanks to vaccinations and strong policy support, but says it would be smart of people continue to socially distance and wear masks. today, democrats will start considering president biden's infrastructure and tax proposal. his american jobs plan focuses on infrastructure and some social measures. the president is expected to ask for another massive investment in programs focused on health and families. regulators in china have told ant group to become a financial company that can be regulated more like a bank. they halted ant's record ipo. microsoft is making a massive bet on artificial intelligence. the software giant is set to buy nuance communications in a deal with an equity value of about $16 billion. it is a software that helps doctors take patient discussions and integrate them into health records. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more

as chair for powell said smart policy.calculated between now and 2025 we will add $9 trillion to global output if everyone is vaccinatedto faster. and the other interesting peace of this is 60% will go to the emerging market economies. the benefit would go to advanced economies and that would translate to $1 trillion additional tax revenue in advanced economies. i cannot think of a better value for money this and next year then investing in accelerated vaccination. and only then, chair powell can think seriously about hesitant strategy. which by the way it's meant by the united states and the rest the world. strong growth in the united states have positive spillover impact. by the same token it is a gradual change in financial conditions in the world. that may come from countries that are falling behind. this multi step recovery bears some risk of financial stability. put an end to the health crisis. >> were taught about the three pillars of fighting the pandemic and the economic pain that is out there. we talked about vac

but i think powell is quite right.est rates like portfolio managers can do to their portfolio. if the fed believes, and i think they're right, we're going to have a short-term deviation from the trend line then you don't do anything you only do something when you believe that the trend line is going to change. once we get past all this temporary stimulus later in the summer into the fall, we're going to decree recreate the conditions of what happened in the fourth quarter of last year. we're going to have a very big slowdown powell can't talk about this because you've got janet yellen being the nation's economic cheerleader. when you go to the fed's forecast from the last meeting and look at what they did to this year's gdp growth and back out the quarterly pattern, i think that they agree with me. they won't come out and advertise it, but i think the fed has fourth quarter zero for gdp growth this year so why would you do anything with interest rates knowing that? >> so you're saying that a lot of this boom that we're

julianna tatelbaum is live out and about and brings you a look at the big day in the uk >>> and jay powell speaking out about the archegos collapse for the first time on "60 minutes" for the first time last night. >>> and ceos pushing back on the voting laws in georgia. >>> and history in japan hideki matsuyama is the first japanese player to take the green jacket at the masters. it is monday, april 12th this is "worldwide exchange. ♪ simply the best ♪ ♪ better than all the rest ♪ >>> good morning good afternoon good evening welcome from wherever in the world you may be watching. i'm brian sullivan good to be back with you after a week off let's jump in. it is monday futures are in the red we have seeing dow futures down about 90 points. not a huge drop. fair value you see is in the green. not quite a toss up. leaning more negative. the overall and why you are here is to see if the solid run of stocks can keep going in april nasdaq 100 is up nearly 6% this month. the s&p 500 is up 4% we have very good market stats coming up for you in the rbi in a bit. other classes like bond yields that h

jay powell says the u.s. economy is at an inflection point but a resurgence of covid-19 remains the main risk. 6:00 a.m. in the city of london and england is reopening for business. annmarie hordern is excited. this sunday is ahead of the pack. 44%. we will have protection from covid and that puts the united kingdom in the position ahead of the americans and europeans for now. annmarie: it certainly does. there is a sense of euphoria in london just because we have been dealing with months of not being able to go out and see friends, not being able to get the simplest things like a haircut. it's a partial reopening. it is a really big deal, especially when you look at what is going on in the rest of europe that is still dealing with infections rising and restrictions. manus: absolutely. the french are catching up. the germans doubled the pace of their vaccine rollout. in euro and sterling, the euro is whipping it around, the best week since september of last year, so we are seeing markets move higher, aren't w

hi, chairman powell. i wachted to ask about financial stability which is part of the feds's reaction function here. it seems to people on the outside who might not follow finance dily they are paying attention to things like dogecoin, gamestop does the fed see a relationship between low rates and easy policy to those things is there a financial stability concern from the fed's perspective at this time >> we look at financial stability for us is really -- we have a broad framework so we don't just jump from one thing to another many people just look at asset prices and look at some of the things that are going on in the equity markets which i think do reflect froth in the equity markets. we tri to stick to a framework for financial stable so we can talk about it the same way each time and so we can be held accountable for it one of the areas is asset prices some are high. you are seeing things in the capital markets that are a bit frothy that's a fact. i won't say it has nothing to do with monetary policy

we'll also look at the crucial caveat in chairman powell's assessment. our recovery is tied to americans taking the coronavirus seriously. in michigan, the covid-19 situation is so bad, that governor gretchen whitmer used a trifecta of sports analogies. >> the fourth down on the two yard line with five seconds left in the fourth quarter. we cannot afford to strike out, fumble the ball, it is everybody against covid. >> brennan: she is lobbying the biden administration for more vaccine supply. so far they said they'll help, but no extra shots. >> we don't know where the next increase in cases could occur. now is not the time to change course or vaccine allocations. >> brennan: especially not when there are supply glitches, and even more demands. in a week, all americans over 18 will be the eligible for a covid-19 vaccine. >> biden: no more confusing rules, no more confusing restrictions. >> brennan: we'll check in with former f.d.a. commissioner dr. scott gottlieb and look at the new guidelines for the school with superintendent tony thurmond, and it's al

shery: jerome powell speaking to david rubenstein.s a quick check of the latest business flash headlines. cvc capital partners and bain capital are reportedly joining forces for a buyout of toshiba. the nikkei reports that the cbc will submit a revised proposal for toshiba. that includes participation. private equity firm kkr and canada's of brookfield asset management are also said to consider a bid for the japanese conglomerate. session reports that the tiktok owner decided against listing in the u.s., in part due to risks associated with concept stocks. they were concerned that having shareholders may cause difficulty with u.s. regulators amid heightened tensions. facebook faces a former -- a formal probe by the main regulator in the european union following the leak of personal data for half a billion of its users. they said the probe will determine whether the company has complied with eu privacy mandates. up next, a company says the u.s. is to blame for caught -- four causing the global chip shortage. this is bloomberg. -- and h

our guest this week is michael powell, the president and ceo of an cta.mer chairman of the federal communications commission. i guess reporter is lynn stanton of walters corners tr daily. that's a lot of title. what does that mean? lynn: [laughter] it just means that i cover broadband and internet and telecom issues. that's part of walter's clue or. host: what is that? lynn: it's a multinational company that publishes in the business-to-business space in a lot of different areas. host: thank you just a follow-up on the acting chairwoman. would you support her becoming full-time chair? michael: that's addition for the private. i learned long ago to not expressing a preference to one chair or the other. i would only say this. i have worked with her most of my career. when i was chairman, he even tried to hire her to work for me. she was a wise woman and chose not to. her career has not suffered one bit as a consequence. i have a healthy respect for her intellect. we look forward to working with her and her acting capacity. if she should be so lucky as to be

powell says inflation is reflecting what he calls "transitory factors." as india expanded its vaccination program to all adults, the government run website hosting the vaccination registration process crashed. the systems came back up, there were no available slots. social media lit up all over the columns. more than 850 million people are eligible for the shop. andy is so far administered about 148 million jobs, as it surpasses 200,000 covid deaths. u.k. government has secured an extra 60 million doses of the pfizer beyond tech -- biontech vaccine. scientists at the joint commission on vaccination are deciding which groups of people should get the booster shot later this year, after they have been given their first two gives us. athletes completing at the tokyo olympics will be required to take daily covid-19 tests under updated rules. all participants will have to take two tests before flying to japan. this is according to the newly released playbook of antivirus measures. an official says vaccination remains non-obligatory. scrutiny over the event has

what jay powell will do next. story on the terminal sand wall street will try their hand at forecasting new variables. joe: i think been aware for a long time that there is this huge gap between white unemployment, black unemployment, different races. i don't think that has ever really coming as a factor to help people calculate the fed's reaction function. for the fed saying they want low unemployment for everyone, suddenly wall street is starting to realize that these alternative sub measures of the unemployment rate, it is important for them to forecast as well. caroline: it is something jay powell has been talking about for months now. even prior to the pandemic, they wanted the economy to run out. he was glad we were seeing parts of the economy that had not been touched starting to rise. wanting to see that stimulus, all both rising when we see the economy return closer to normal. joe: joining us, bluebird reporter matt bosler. the disparate unemployment rate among different races in the country has been well

observers were focused whether chairman powell could maintain control of his crew and get the powellrket moved in a way that presents another challenge. that is wall street simply may not have faith chairman powell can keep rates where he wants to well into 2024. ii want to bring in quell intelligence ceo danielle dimartino booth and ladenburg thalmann ceo phil blancato. any surprise in the minutes? anything that jumped out at you? >> one of the things that jumped out powell exerted himself on a personal level. he mentioned in the minutes, he is making clear that he keeps control of his entire committee. the other thing that struck me was the word sometime, quote, unquote, sometime. those are the two new words. some time meant to be super nebulous. meaning we have no idea. we don't want you to place any kind of time constraints when we'll reduce the $120 billion in monthly purchases that would proceed presumably your first rate hike. the market is may be trying to muscle the fed jumping the gun. i can tell you this much, from my years at fed and watching markets. the markets can forc

although, we'll never know for sure, because after she was caught, powell threw away the mask.as criminal ) "if i killed the guy, there'd be blood on my carpet, and you'll never find blood on my carpet because i threw my carpet in the ocean. it sank real good, because there was a guy rolled up inside." we also have an update about robert chapman. chapman has been charged by the justice department, but what's interesting is how he was caught. he was finally apprehended after he was turned in by someone he matched with after he blagged about his exploits on january 6. aw, kind of sweet that he is on bumble. he is just looking for a nice girl to share an ice axe with. she is out there, buddy! actually, they caught her, so she is in there with you. chapman really brought his "a" game to his flirty texts, bragging "i did storm the capitol." "i made it all the way into statuary hall." and "did an interview with robert o'morrow of 'the washington post.'" to which she replied, "we are not a match." too bad. he was hoping she would swipe "alt-right." what is weird is that when she said,