chair jerome powell. live coverage here on c-span. chair powell: good afternoon. my colleagues and i remain squarely focused on our dual mandate to promote maximum employment and stable price force the american people. commit has made good progress toward our dual mandate objectives. inflation has ease interested its highs without a significant increase in unemployment. that's very good news. but, inflation is still too high. ongoing progress in bringing it down is not assured. the path forward is uncertain. i want to assure the american people that we are fully committed to returning inflation to our 2% goal. restoring price stability is essential to achieve a sustained period of strong labor market conditions that benefit all. today, the fomc decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings. over the past two years we have significantly tightened the stance of monetary policy. our strong actions have moved our policy rate well into restrictive territory. and we have been seeing the effects on economic activity

chair powell: yes. so, the central banks meet six times per year in switzerland, just the central banks, not the elected governments, not the finance ministries. that was not part of my world before i was chair. we do not issue communiques. we just go there for three days and a talk about what is going on in economies around the world. there are crosscutting issues we deal with like how is inflation going? all the things that matter for the economy. what is happening with monetary policy. that is enormously informative. as you pointed out, nothing proves how global the economy is better than the pandemic. it is global. during the pandemic, i was often more than once a day with the heads of other major central banks by phone. we were the only ones at the time of the global financial crisis 15 years ago when there was plenty of room to cut interest rates. that was not the case. that was the only one far enough above zero or we could meaningfully cut it and we did. major central banks were always talking a

things powell mentioned the inflation mandate.hey have an unemployment mandate. looking at those two levers is the best way for investors to track the economy right now. we are looking at the levers and inflation has made a lot of progress the employment is still low. if you don't see either side of those moving in the direction the mandates are wanting, we won't see a rate cuts. i'm looking late spring or may or september to see the timing of that. it is much too early >> i think that's what jay powell was indicating to the market i know you are looking at the bond market for opportunities. listen to sound that was on cnbc yesterday. jeffery gundlach on "closing w bell." he likes the short curve >> if you want to buy bonds, buy treasury bonds two years or three years or five years or maybe out to ten years. i think bonds remain attractive with the inflation rate stalling out in terms of the improvement. it is likely to stay lower we have a high real interest rate >> your take that is jeffrey gundlach he likes the two or five y-ye

powell not pivoting.ed on the fight against inflation. >>> markets continuing to find new highs thanks to the strong results from the tech sector. we layout if the magnificent seven can keep up its high flying act. >>> a monster storm slamming california. in the path of destruction and potential billions of damage. >>> it is monday, february be 5th, 2024. are you are watching "worldwide exchange" on cnbc. >>> well mcccome back. i'm frank holland. we pick up the half hour check on the u.s. stock futures. futures in the red across the board. we are looking at the dow off the lows of early this morning. it looks to open 70 points lower. stocks on friday made a big jump on the back of the better than expected jobs report. dow, s&p and nasdaq, all three, hitting fresh all-time highs. dow up 1%. this morning, we are looking at the bond market. upside action on the bond market. benchmark at 4.08 yield. two-year note on the upside. we are also looking at oil. coming off the worst week since october. this morning,

call telling me that - jerome powell has no reason to jerome powell has no reason to show his hand ats point. the rate decision comes after fresh data showing us economic growth slowed down in the last quarter, but performed much better than forecasters expected. now to other stories making headlines.. boeing boss dave calhoun has admitted that the plane maker faces a "serious challenge" as it seeks to restore confidence after one of its 737 max nine jets broke off in mid—air. he was announcing the firm's latest financial results... which showed revenue growing 10% in the last quarter of 2023. boeing says it will not offer guidance for its earnings this year. trust in the firm has been shaken afterjanuary�*s alaska airlines blow out. let's turn our focus now to social media because the bosses of companies likes meta, tiktok and x have faced a grilling from us senators. at the heart of the fiery hearing was the companies' attitudes to legislation currently going through congress which aim to hold them to account for material posted on their platforms. meta ceo mark zuckerberg ended up

let's start with the powell interview.went on "60 minutes," what was he aiming for, why did he do that? >> charles i think he went on "60 minutes" because of how he ended the interview by saying that integrity is something that you can never lose and the only thing that you take with you by using words that are really fighting words like adult conversation. he is saying unequivocally that the past sins of his predecessors at the fed have facilitates really naughty behavior in congress and in the white house and in prior white houses and that it's time that the fed stopped facilitating the overspending by keeping interest rates at unusually low levels that he is not going to be playing a part of it. that is why i think he went on. charles: but here's the interesting thing, to your point, i love you pointed out the $1.3 trillion given out in relief, to all those relief programs. >> yep. charles: then have to be returned. 1.9 trillion of course we know from the covid thing. on the screen u.s. government balanced budget, this

we did get some clues from powell here.is something that has been buying up the us economy and he said that if that if that strong labour market continues it is no reason to the we wouldn�*t see initial rate cuts but it could be something that if we see the job market weakening it could spur them to cut interest rates a little bit faster. what that does is makes them look ahead to friday�*s payroll report with some curiosity to see if that pulls our thesis or puts a little bit of warm water on the idea we actually conceal first interest rate cut a little bit sooner. in jerome powell will�*s own words, it remains to be seen. he jerome powell will's own words, it remains to be seen.— remains to be seen. he is looking for that data _ remains to be seen. he is looking for that data we _ remains to be seen. he is looking for that data we all _ remains to be seen. he is looking for that data we all are. _ remains to be seen. he is looking for that data we all are. big - for that data we all are. big earnings week. markets close l

off the back of remarks from fed chair jay powell.every sector of the index currently negative the aussie dollar losing ground as well. currently 65 63 against the greenback. yields slip on the aussie tenure also. yields fell pretty much across the curve. crude prices remaining steady. 7590 a barrel still waiting to see what action the u.s. takes in regards to the airstrike on its troops in jordan that killed three and injured 25 earlier in the week. treasuries. let's look at the japan session. we saw yields falling across the curve after remarks from jay powell that appeared to take the march -- the idea of easing in march off the table. the yield on the 10 year now 39312 in the tokyo session. yes jay powell is preparing to rule out march in terms of rate cuts. that begs the question, what was the fed waiting to see? let's hear from the chair. chair powell: we want to see more good data. it is not that we are looking for better data. it is that we are looking for a continuation of the good data we have been seeing. an example is infl

powell's warning that it is unlikely the central bank will be in a position to lower borrowing costst its next meeting sent shares lower, with the dow losing more than 300 points and the nasdaq down by more than 2%. from new york, here's the bbc�*s north america business correspondent michelle fleury. the fourth meeting in a row, the federal reserve did not raise interest rates. this is the longest pause since policymakers began their aggressive rate campaign to tame inflation back in march of 2022. but for rate weary americans, well, they will likely have to wait a few more months to see any relief, given these comments by the federal chair. based on the meeting today, i would tell you that i don't think it's likely that the committee will reach a level of confidence by the time of the march meeting to identify march as the time to do that. but that is to be seen. mr powell's words disappointed us on wall street who believed that the first cut would potentially happen in march. this is after policymakers back in december hinted at rate cuts in 202a. however, mr powell said officials

to economy would you reapoint jay powell. >> no, i wouldn't do that no. >>. maria: because? missed in addition. he did is mr. no, i wouldn't be. maria: choice for fed chairman. >> i would have a couple choices can't tell you now. >> your take on this central bank digital currency you pledged to bank is that surveillance. >> very dangerous one day you don't have money in your account can be very dangerous thing, the other thing that i think, is maybe the most dangerous thing out there, of anything because no real solution, the ai as they call it, it is so scary i saw somebody ripping me off other day had me making a speech about their product i said i didn't endorse that i am telling you you can't tell difference looks like i am endorsing it you can get into words other things something has to be done, about this and it has to be so done fast, nobody really knows what to do, the technology is so good, so powerful, that what you say in interview almost doesn't matter anymore they can change things around nobody can tell the difference even experts can't tell the difference, th

you've been talking about powell's sort of political dilemma.ery fed chair does have that. it feels like it was magnified after george, sr. blamed the fed for losing his re-election cam pain, pressure, directly or indirectly from every administration to a certain degree. this year it feels like really thick out there because they are going to be making moves this year. >> he also told you that. but charles, let's not forget that the market anticipated they would be making moves this year around the fed's own summary of economic projections is anticipating a cut in 2024 since the middle of 2022. they have had that in their dots,. charles: right. >> for over 18 months. charles: right. >> it is not like it is shocking news. i mean if the fed wanted to bail out biden or influence the election they would have already cut by now. the fact they haven't is i think is important. charles: so one of the stories that came out of the interview was, okay, march is off the table but may will be 50 basis points. so, i mean, is wall street reading this wrong? be

coming up next, jay powell, remember him? jay powell on cbs pulled the plug on lower interest rate.tocks didn't seem to like it was they closed down to 75 points and down 400 points. we are going to talk about foxbusiness taylor briggs and breitbart john party. catch kudlow friday 4:00 p.m. your on foxbusiness. can't give us at 4:00? text your favorite 9-year-old and she will show you how to dvr the show and you will see how easily we can fix a broken america. i'm kudlow, we'll be right back. ♪ jay powell lower interest rates and some solutions megan much. first let's head to the white house to hear what edward lawrence has to say. you're watching 60 minutes last night. >> i did see the interview, it was interesting. federal reserve chairman waiting for the right moment rate and he said that on his interview will be hinted at the fact that the first cut might be in may. >> almost all, almost all of the 19 participants who sat at this table believe there will be appropriate and the most likely case for us to cut the federal funds rate this year. >> that forecasted three rate cuts, fe

jay powell speaking to cbs. you have had a repricing, markets expecting, betting on a 20% chance of a cut in march down from 40%. if it's 100 futures pointing to a gains of about 41 of a percent. iron ore is high in the session, so miners could get a boost. s&p futures pointing lower by .2 of 1%. nasdaq futures up by a similar amount pointing lower by around 38 points. let's flip the board and have a look at the cross asset board as we think about stronger dollar and what that will do to sentiment in the session. bloomberg dollar index up, euro-dollar at 107. yields a begin five basis points after the 14 basis point move on the back of the stronger than expected jobs data and expectations that the fed will start its cutting cycle later than many had expected. the pound at 126 down .2 of 1% and brent, not a huge amount of movement. given the action in the middle east over the weekend, $77 per barrel as the houthis threatened to retaliate against those strikes over the weekend. let's bring it the earnings story wh

coming up next, jay powell, remember him? jay powell on cbs pulled the plug on lower interest rate.tocks didn't seem to like it was they closed down to 75 points and down 400 points. we are going to talk about foxbusiness taylor briggs and breitbart john party. catch kudlow friday 4:00 p.m. your on foxbusiness. can't give us at 4:00? text your favorite 9-year-old and she will show you how to dvr the show and you will see how easily we can fix a broken america. i'm kudlow, we'll be right back. ♪ (fisher investments) at fisher investments we may look like other money managers, but we're different. (other money manager) you can't be that different. (fisher investments) we are. we have a team of specialists not only in investing, but also also in financial and estate planning and more. (other money manager) your clients rely on you for all that? (fisher investments) yes. and as a fiduciary, we always put their interests first. (other money manager) but you still sell commission -based products, right? (fisher investments) no. we have a simple management fee structured so we do better wh

with jerome powell on 60 minutes and then the grammys.ng for both of them made last night a very memorable experience for me and even the clip you just played, i watch that clip and i watch that clip over and over again and i keep asking myself, what exactly is jerome powell trying to communicate here because we get the 11 interest-rate hikes that bring us to the historically high interest-rate emergency in the labor market, if you believe the numbers on friday were on fire and keep in mind last week we were convinced that we get a get a rate cut in march, now or not now it's not quite happy. as far as when is the recession going to come. if he keeps rates this high for much longer he will throw us into a recession. they cut rates he could ignite inflation. he is a very typical task today and i don't feel very sorry for him and he put himself in this position and put the nation in this position by keeping monetary policy to lose for too long so we are on the precipice of a recession but if he could avoid that by strategically cutting inte

powell often travels to listen to the country.a, where the talk was of higher prices. >> inflation is one thing. prices are another. and i wonder if there is any reason to believe that people will see the prices of things decline. >> so, the prices of some things will decline. others will go up. but we don't expect to see a decline in the overall price level. that doesn't tend to happen in economies except in very negative circumstances. if you think about the basic necessities, things like, you know, bread and milk and eggs, prices are substantially higher than they were before the pandemic. so, that's -- we think that's a big reason why people are -- have been relatively dissatisfied with what is otherwise a pretty good economy. >> but those prices will not soften, short of something like a recession. >> things that are affected by commodity prices -- like, for example, gasoline prices have come way down. some food prices that incorporate the price of commodities, grains and things like that. but the overall price level doesn't

i got to say that when we look at this it -- powell is powell and an attorney. he says the fed is achieving its goal as it moves forward and things look positive, then he'll added fact perhaps not the market has had a rose-colored glasses, we would say in terms of expecting a cut in march, expecting five to six rate cuts. we don't buy that. we are the club, one of the two cuts this year, probably, and now earlier we thought, towards the end of the year, now we're thinking more like probably midyear, can start as early as midyear but might be later it's a second half kind of story. >> 50/50 march rate cut. maybe built up the degree to which the market was dependent on that. now it doesn't seem like it's going to happen, you know, not long ago, a month ago, 80% for a march rate cut hung in there. what are earnings trajectory telling you right now. noisy in general getting pretty decent beat rate with guidance has been a dampener and, of course, waiting for big ones later today. >> i think, you know, the -- for the year, i think just as we approach the earnings sea

maria: would you reappoint jay powell. >> no i would not do that. maria: because it?e missed inflation. >> he did miss but no. >> who is your choice for fed chairman. >> have a couple choices but i can't tell you now. >> a lot of news joe pinion i would get your reaction from massive inflation again spikes in oil prices the 45th president powell may cut rates for biden to be political and i won't reappoint jay powell to the feds, your thoughts. >> i think jay powell has made it clear he wants no inflation and he does not want that to be his epigraph, conversely joe biden doing everything possible to make sure there was not a recession on his watch, the talk of work on the rica is a big thing as it relates to president trump talking about some of those union members and what they want compared to the reiki file in a little bit before the show started, what the union workers want is the economy that we had under president trump 7 million jobs created pre-covid and what the union members want is to make sure the savings accounts are good get eviscerated and people covere

chair powell seemed clear that march was off the table.ow, the numbers that support that from an economic perspective are coming to fruition. finally, the market is hitting -- it's like getting cold water thrown on it. it was overzealous for a good portion of the month of january already. my expectations would be for the rest of this quarter and probably the rest of the first half, you are going to see some ups and downs that are substantial in the market. sonali: deborah, double down. how do you navigate? where do you buy or sell to position for that reality? >> you have to look at the time frame. if you are looking at true cash, things from an operating basis, that stays in short-term securities and money market funds. that stays in liquid available funds on a given day without support risk associated with them. if you are talking about something from a strategic or core cash pay basis, that will likely not be needed until maybe the end of this year, the second half at some point or into 2025, then i think you are safe navigating out int

we are hearing from jay powell at the moment. really, in terms of, this is, of course, an interview when it comes to the 16 minimal -- 60 minutes interview on cbs saying it's unlikely the fed will have the confidence to cut in march. that rate forecasts have not changed much since december. that integrity is priceless. they don't consider politics. lots of concerns as to how potentially the fed might be impacted going into a key political year for the u.s., not to mention the geopolitical over the you spoke about at the top. the risk of moving to inflation settling above 2%. the fed is on path to price stability. but, they are committed to fully with story and that's restoring price stability there. pandemic affects and inflation. they don't see the economic turmoil of china as having a big impact on the u.s.. we have talked a lot about as to whether that sported deflation rate spiral could it impact major economies outside china. annabelle: right. we are seeing the story of u.s. strength and china not playing too much into the s

to powell's credit he only promised three interest rate cuts. who knows, we may get fewer than that. danielle dimartino booth on that. also my take later in the show just exactly, just exactly why the this main street and the white house always get it wrong when it comes, why does main street and wall street, rather, always get it wrong when it comes to main street. i will dive into that. first we have to have start with the cpi report. the consumer price index that shocked some folks today, although not necessarily my next guest, danielle dimartino booth. danielle, let's bring you in here on the show here, danielle. it's, you know, i think it is really interesting because there's so many reports, you know, wall them anecdotal, call it what you will, that the consumer was strained. in fact we saw last monday, we saw a dramatic decline in credit card debt. the average person out there is suffering, painful dealing with things and wall street keeps telling us it is not too high. white house keeps telling us it is not too high. guess what? it is to

elizabeth you're not phased by the powell stunner.o you think the street reacted the way it did? >> good afternoon, charles. i think we can't set new all-time highs every single day. charles: we can't? [laughter] >> as much as the market would like to. no i think what we heard from powell yesterday was that we've seen the terminal rate so, they're done hiking rates at 5.25 to 5 1/2%. i think that is a good thing. what they made it clear they're not in any hurry to start cutting rates. now we're talking about instead of the first rate cut in march perhaps may. i don't think that is big deal or should be viewed negatively from investor standpoint. charles: the street is saying may will be 50 basis points? does that matter to you at all? 50 seems to me like a red flag? >> whether how many rate cuts and how quickly does that happen, i think, what they have continued to say they are going to be data dependent. i think what matters more rate, fourth quarter, gdp was plus 3.3% on an annualized basis versus wall street's expect -- expectation

we heard from chair powell.ded disappointed with them, because he said last year was a surprise. this fed is a data dependent fed. the market never pay that much attention to revisions, but it is extremely important. we had negative revisions all last year, another set of revisions today. if the revisions are weak, it gives the fed that confidence to start normalizing. we are going from very high positive real rates north. i think revisions are important for the fed. the market still has to do some work to pay attention to it. lisa: we learned a lot from the press conference, the buyers towards cutting rates and no way are they going to be cutting rates. when we say data dependent, what are we talking about? yesterday, we saw ism manufacturing coming in stronger than affected with prices paid surging the most since december of 2020. where do you place that immaculate disinflation? priya: i am glad you ring that up. immaculate disinflation is key to the soft landing and key to why the fed is softening. the good d

jay powell pushed back against that.less talked about aspects of his speech or his discussion on 60 minutes. he basically said is not as a systemic issue -- said it is not a systemic issue. jonathan: we can move onto the next asset class, foreign exchange. highly intuitive stuff, yields are up. right now, euro-dollar, 107.56. -- 1.0756. an interview on 60 minutes with cbs, powell reiterated his -- reiterated that march is unlikely, saying the danger is moving too soon and the really good readings we have had for the last six months somehow turn out not to be a true indicator of where inflation is heading. we talked about this wednesday, the discomfort around this story. lisa: especially given that they got it wrong when it came to the surge in inflation. the data has been almost too good. we heard this over the weekend. peter scheer at academy securities put it this way. this is the first time in months i felt the need to step back and see if i am not giving the economy enough credit. he is not alone. how do you factor i

. >>> european equities moderate despite losses on wall street after fed chair jay powell pushes backn the march rate cuts >> we will look at the meeting based on the meeting today, i will tell you i don't think it is likely the committee will reach a level of confidence by march. >>> and volvo races to the top of the stoxx 600 after announcing it will stop funding polstar. the ceo strikes a bullish tone to cnbc. >> a lot of hard work and the foundational work allows us to have a strong 2024 and beyond. >>> good morning yesterday was the major focus for the investment community with the fed meeting after the fed chair disappointed ins terms of the potential to deliver on the march rate cut that was a key market for markets yesterday. we look at the bank of england meeting today. we are tracking earnings this is super thursday with lots of names with results. you can see it is a mixed bag. we have deutsche bank in the money. those names are trading in the green with julius baer up 3.3% the german lender reporting gains after the drop of fourth quarter profit and raising revenue outlook

as powell said, this is a good economy. to go up in order to bring inflation down. less emphasis on the jobs numbers unless they start falling off significantly. then the fed would have to think of any earlier cut. it is all about inflation and i think powell was specific saying what we were to seize the same news, the same kind of progress. it doesn't have to be better but if we get a couple more months where in general the pc rates go down, we can move. the advantages we get three more pce numbers. he said six month is not enough, baby nine months is. jonathan: i want your thoughts on what happened in the banking system. they removed a reference to banks in the statement and then we got one specific bank in new york. your thoughts on where the fed is that in regard with banks? mike m: i don't think they change their view that the banking system is sound and resilient. i think it is quits it is that was taken out -- coincidence it was taken out. most was rewritten yesterday. p back half is boilerplate -- back half is boile

x thanks to chair powell. i like to key in on the word in this statement inflation remains elevated. you have pledged to cut rates before it reached 2% so that implies there is an intermediate step here on inflation. a cup would be consequent with the change with inflation remains elevated. what is a step down from there? >> i don't know we have worked out the ptilar statement lines and that kind of thing. you look at or 12 month inflation is. it is still well above chorus two per night which is way down from where itro was very positie development very fast decline. the case is likely will continue to come down. so that is where it is. we are wanting to see more data. >> if i could follow up on this statement allows you have greater confidence on inflationt following it does not mention the other side of the mandate. wind that also bring you to the point of cutting rates? >> yes. let me say we are not looking that's not something we are looking for but yes in the base case the economy is performing well. the

what jerome powell had to say afterwards?— what jerome powell had to say afterwards?, afterwards? yes, they had been afterwards? yes, they had been a little bit of — afterwards? yes, they had been a little bit of an _ afterwards? yes, they had been a little bit of an expectation - a little bit of an expectation that the first rate cut from the fed would come in march and he categorically said that was unlikely to happen. he still expecting to see inflation coming down and at the point he made is we need to have further evidence that inflation is indeed on its way down towards the target. inflation is actually lower in the us than here in the uk but still above the 2% target. from jerome powell and the fed's point of view, there is no particular reason to rush to cut interest rates. the economy is doing well, wage growth is still holding up, thejob situation is strong, so why rush? holding up, the job situation is strong, so why rush? andrew bailey and _ is strong, so why rush? andrew bailey and his _ is strong, so why rush? andrew bailey and his team, _ is strong, so

powell said that was the biggest risk for the economy.g the houthi attacks ant tand the potential impact on shipping rates. downside risks ahead, but the economy is in a good place if you look at some of the data. the major averages are lower but we're coming off our fourth positive week in a row and our next guest helps manage $325 billion. joining us is chris alman, chief investment officer at calley ster. good to see you. >> good to see you. thank you. >> are you guys positioning or expecting weakness to come in the economy or for this kind of environments to continue? >> sara, where we're david said. we are neutral, on the market, at our target in the market, and we think that the powell pulled off the soft landing. the market got ahead of itself in november and december expecting rates to come down so quickly. david hit on point. we could do okay at a 5% rate. i would like to see it ease off. it's a little bit tight because real estate and some sectors are having a tough time, but these earnings are amazing. it's not uncommon we have

mr powell's words disappointed those on wall street who believed that the first cut would potentiallypen in march. this is after policymakers back in december hinted at fewer rate cuts in 202a. however, mr powell said officials wanted greater confidence that inflation was falling back to its 2% goal first. with prices coming down but still high and with the economy doing well, david russell at trade station believes that this is the right call, telling me jerome powell has no reason to show his hand at this point. the rate decision comes as fresh data shows us economic growth slowed down in the last quarter, but performed much better than forecasters expected. that's the picture from the united states. the bank of england will reveal its decision in just under half an hour and then 30 minutes later its governor andrew bailey will share some of his insights. victoria scholar, head of investment at interactive investor will be listening to that. victoria, what are you expecting to hear? , . victoria, what are you expecting to hear? , ' ~ victoria, what are you expecting to hear? . .,. v

. >>> also, federal reserve chair jerome powell says the time is coming for an interest rate cut.at time the next couple months or years? hear exactly what he is saying next. so, you've got the power of xfinity at home. now take it outside with xfinity mobile. like speed? it's the fastest mobile service around... and right now, you can get a free line of our most popular unlimited plan. all on the most reliable 5g network nationwide. ditch the other guys and you'll save hundreds. get a free line of unlimited intro for 1 year when you buy one unlimited line. and for a limited time, get the new samsung galaxy s24 on us. ♪ >>> are the air strikes working? >> yes. >> well, president biden says the strikes against iranian-backed militia groups are working now but this morning iran is calling it a, quote, strategic mistake. on friday the united states launched retaliatory strikes on iraq and syria in response to last week's drone attack on the u.s. military base in jordan that killed those three american soldiers. 85 targets across seven locations in iraq and syria were hit. >> another

he turns to powell and powell scruples on the corner of the paper and put it down and he slides it to reagan and reagan looks at it and then gets up and says, the answer is no adding that paragraph and gorbachev explodes and gets in reagan's face is a little shorter. he's like in this space and they are really yelling at each other and the whole deal is about ready to fall apart and then gorbachev backs down and says okay and he's kind of defeated and they don't add the paragraph. everybody files out of the room and marlon fitzwater goes back to the table and sees the little piece of paper and picks it up and it says if you agree you can never criticize them again meaning you can never criticize the soviet union began if you put that paragraph in a deal. reagan saw that and trusted powell so much that he risked the whole nuclear deal on that graph. so colin powell's influence not only with reagan but the bushes and a lot of people in washington were exponential. >> i know president reagan stated publicly at one point that he had hoped that powell would run for presidency and he would

jay powell, remember him? he says no interest rate cuts.tocks get slammed we have "breitbart"'s john carney, our own taylor riggs to talk about that. will this election be about democratic lawfare, sabotage, inner recollection? this may all backfire and bury biden instead. we have steve hilton and molly e hemingway. ways and means committee chair jason smith. he will cut taxes. fox news congressional correspondent chad pergram live on capitol hill. chad, what can you help us? >> reporter: good afternoon, larry. the bill provides $20 billion for border security. it provides shut down of the border after 5000 in a week. house gop is killing the bill. >> are you killing the bill because of political considerations. >> i don't believe the it meets the criteria necessary to solve the problem. that is what we are about here. it is our responsibility to do it. >> reporter: however the bill does provide $650 million to extend the border wall plus the border patrol supports the package. this is why some democrats are exasperated with republicans dis

we heard from jerome powell over the weekend and we just heard from austan goolsbee.t was adjusting making the point that he does not want to rule out a march cut. that's the policymakers view. they don't want to lock into anything but what is the investors view about when that start is? carol: we would be in the camp -- we would never be in the cap thinking of a march cut. the fed especially chairman powell over the weekend and last week got a number of fed commentaries out there really pushing out on that cut. or the cut potential. if you start cutting too soon and need to cut to aggressively that pushes back against the theory the economy is doing pretty well and we have seen stronger numbers through an chairman powell in particular was very vocal about saying we need more data, more similar doesn't have to be exactly the same but just showing our strength the overall rate of disinflation is continuing and headed toward that trajectory and the fed -- of the cpe and of 2%. katie: you look at the official data still very strong, that jobs report blowing expectations

sentiment further impacted by jay powell.e march rate cut unlikely to be, pushing back expectations that rate cut may come on in the second quarter at the earliest. this is on the back of that strong jobs data, strong wages, as well as that interview he gave to 60 minutes. take a look at the ripple effects in asia. take a look in terms of emerging-market yields, they are surging in the philippines, in indonesia, south korea. also surging in australia ahead of an rba decision. it is expected to stand pat read rates likely tuesday at 12-year highs. in the commodity space, we're keeping an eye on brent crude under widening tensions in the middle east, the u.s. said it will provide further attacks on houthi rebels. we have brent crude trading at 77.39 at this time. it is a strong dollar story weighing on asian currencies. the ringgit getting smacked. down 0.8%. the one also lower. so lots of risks out there it is playing out in the markets. rishaad: risk playing out, of course, with regards to other parts of the world and region.

that's the message from jay powell. >>> new over the weekend, u.s. and uk launching air strikes on iraq, syria and yemen. keir simmons has more on what is happening. he is on location. keir, what can you tell us? >> reporter: becky, good morning to you. the headline for cnbc viewers this morning has to be just no sign of a deescalation in the red sea and the gulf of aden. houthi rebel he s declaring the have the ability to interrupt the shipping lane there. that comes after the strikes you mentioned by the u.s. overnight and over the weekend, the biggest strikes against the houthis so far, 36 strikes against 13 targets the u.s. says. here in iraq, the night before that, here in iraq and syria, we saw an onslaught from the u.s. against the iraqi and syrian border targeting the iranian-backed militias. the border running along jordan where tower 22 is located where the three u.s. servicemen and women were killed. b-1 bombers taking off from the united states to take part in the operation just as the bodies of those servicemen and women were arriving ho

speaking on the cbs show 60 minutes, powell said given the economy, policy makers can afford to wakelonger to make sure inflation is moving down to 2% in an sustainable way. it comes after last week's fed meeting in which the central bank decided to hold it steady at a 23—year high. rate cuts are expected this year but it is unclear exactly when the fed will start to reverse course. foxconn warns there is a shortage of chips for al servers. the production capacity cannot keep up with demand and new factories may be needed. despite that, liu is still optimism about the outlook for the year, forecasting is slightly better for 202a. and staying with al, we've been hearing a lot about how much big tech firms are investing in the technology. but today we're going to focus on how can help small businesses save time and money. and as inflation is still very much in the picture, this could be a game changer. earlier i spoke to venture capitalist and founding partner at oxford capital, david mott. he told me about profound changes happening in the start—up scene right now. what we're seeing t

paul: trump says if he wins, he will not reappoint jay powell as fed if chairman.> i think it's kind of funny because if anybody if should be sore at a jay powell, it's joe biden. they'd like them to cut rates this year. i think partially trump is just blowing hot air, and he wants to show how tough he is against jay powell. paul: all right. when we come back, a bill that expands the child tax credit heads to the senate after a rare bipartisan vote in the house. both sides are claiming victory, but is it good economic policy and good politics for republicans? ♪ ♪ help fuel today with boost high protein, complete nutrition you need... ...without the stuff you don't. so, here's to now. boost. type 2 diabetes? discover the ozempic® tri-zone. ♪ ♪ i got the power of 3. i lowered my a1c, cv risk, and lost some weight. in studies, the majority of people reached an a1c under 7 and maintained it. i'm under 7. ozempic® lowers the risk of major cardiovascular events such as stroke, heart attack, or death in adults also with known heart disease. i'm lowering my risk. adults lo

shouldn't you ask colin powel that? i, i, i... i'm not going to speak to this particular traffic and i'm certainly not doesn't have nuclear weapons, i'm certainly not going to discuss matters of intelligence from the from the podium, who is it who is assaulting and taking food out of the mouths of the children of public workers in this state right now? is it the occupy wall street activists? no, no, the occupy wall street movement is movement about stopping the grinding wheels of repression right now and stopping this attack on all working people in this country. "every human being has a dream and every dream has fate, some dreams accompany one till death, and some only for moments that just tickle him, but he will soon forget. our dreams sometimes are like others have, but they may hate it, or at least be indifferent towards it. sometimes it is like something" that we own and we are not aware of, and sometimes it does not exist, and we have just thought that others have. we're condemned to our mother's nationality, condemned to w

powell said, no, no, no, that's not what we said.ything maybe that gives you the idea that rate cuts are more likely to come even if we don't hit 2%. >> again, certainly he said that he doesn't necessarily have to get to that magic number before moving and that he can continue to look with his fellow bankers at again potentially moving policy even if the labor market doesn't go into a big funk, but with that being said, again, i think they are looking for continued increase in certainty around where the inflation path is going. it's exactly hard to say what combination of data will do that, so we are all on alert just looking at what the path will continue to be. >> we are about halfway through earnings season. what is your takeaway? >> well, certainly earnings have really come in better than expected and though the rates are not quite to historical averages, what you have seen generally across the board is we are continuing to get the earnings surprises as well as top line that is better than what was expected coming into the quarte

maria: what about that, jay powell this week took the prospect of a rate cut and march off the table,aybe it is june but there were getting close to the election in november. president trump thinks he's going to cut rates to help joe biden. >> if he cuts rates, that the best explanation. i hope you won't and i think jay powell is a man of honor used to have lunch with him every month in the white house and the fact is that the economy is strong at the jobs numbers are strong much stronger than i expected or any of us expected it inflation has not gone down to 2% by some measures have a long list and a natural review article that i just wrote that inflation looks like it might be accelerating which is consistent with the job number. so the fed to pricing or the market to pricing 100% chance of said rate cuts like five or six meetings in a row this year is crazy and the only exhalation is a market things the fed is going to boost the economy provided. >> exactly what ron told me, your thoughts and how this year plays out economically speaking, what is your expectation. >> i think there

shouldn't you ask colin powell that? i, i, i...

a risk cognitive markets as fears of bank loan losses are reunited and jay powell pours cold water on the rate cuts next month. >> i don't think it is likely the committee will reach a level of competence by the march meeting to identify march is the time to do that, but that is to be seen. tom: the bank of england's next up with expectations of a core inflation forecast potentially opening the door to guidance on using. earnings season rolls on with european banks taking center stage, and deutsche bank says it will cut 3500 jobs. we will bring you the numbers work bmp and julius baer. the red head as her mother's job cuts, but the buyback would always begin focus for analysts, and the detail is coming through with 675 million euros being outlined in terms of plans for a buyback. the q4 was amiss for deutsche bank in terms of what this all in terms of tech sales and trading revenue coming in low estimates. net revenue in the fourth quarter missing in terms of estimates coming in at 6.6 billion euros. the estimates had been for 6.8 billion. we hear from the cfo later this hour. that in