kathleen: rob kaplan is concerned this is a liquidity issue. the whole thing of deposits and too many bonds on your portfolio. he said we have not begun the credit cycle. he thinks the credit cycle lies ahead and that is why the fed should pause right now, signal it is still ready to do what needs to do to fight inflation. he thinks it may not have to raise rates again but may have to keep rates of this high for the next years. he is concerned about how this is going to have a lasting impact on small and medium-sized banks and if they are not lending that means a small and lasting impact on small and medium-sized businesses. if we go into a downturn, to come out of it you have to have them on board. he looks in the crystal ball. he sees problems ahead. he thinks the pred asked the fed in prudence should pause. rishaad: kathleen hays. going to be very busy. a global economics and policy editor. you up to speed with the first word news. millions of chinese travelers have visited major cities across the five day labor day break or golden day. the

the bcg attorney rob kaplan. the requirement under the code is that the csc provided input to the big before the big makes recommendation unless the ordinance is unless that requirement is waived by the director and the president, um and on the determination that the ordinance is non technical errors, non technical in nature. and administrative only. um. if you feel that you cannot make that waiver and need to hear from the c a c. the options would be to continue the item to the c a. c that is, do we have the dates scheduled for this year that there is a date scheduled for tomorrow that we there is not a confirmed quorum yet we would continue the item until the code advisory committee can hear it. and if they have any input, determine whether we want to set a special meeting of the big to incorporate that. input into your decision or if you would prefer to waive hearing from in advance and proposed recommending the ordinance. um subject to s input going directly to board supervisors. that's another option they wo

we spoke to rob kaplan earlier, and what if's themes is the reason for all of these rate hikes, 500 basisoints of rate hikes have not slept on the economy more is that fiscal stimulus is acting in opposition to monetary tightening between the american rescue act, infrastructure spending bills that have been passed, there is lots of spending, lots of stimulus out there and u.s. economy, and that is one of the things making it so difficult for the fed to get its job done. he said it may be that is another reason, currently the fed is not looking at that, they are not looking at the driver of the high inflation. they're looking at the data itself and he things that is slowing them down. he thinks they should pause and will pause, but i think they genuinely do not know and that is why we are getting a lot of statements. rishaad: kathleen hays there, are economics policy editor. had a vision credit at blackrock is still with us -- asian credit at blackrock is still with us. doing asia and the u.s. it is different. most asian central banks are looking at being done now. >> i think one common th

treasures that was less than 1%, so a, these are just high quality assets at wrong price only action, rob kaplany the only action is to shrink, shrinking, bank assets means less credit for the economy pressure on small businesses, pressure on mom and pop homebuilders going to have economic indicationsings repercussions will take time to show up in numbers. maria: great point i thought really interesting the financials in china have been rallying chinese banking stocks, o surfing, in the seen since equity bible financial next up 5th session in a row reaching highest since april 2022, adding 166 billion market value in the process, how do you look at the reopening, of china? as a -- market signal? because, they say that they are opening, and things are vibrant once again, that is going to have an impact on global economy isn't it? >> a it will, in terms of demand for o o commodities i thought move legislator in oil looked overdone driven by speculators much more than fundamentals of supply and demand i still like energy, you know, of course, the policies in this country are pretty -- favorable for

jean carroll's lawyer, rob kaplan, of that. yeah, unfortunately. or fortunately.the way it was his m. o.. by the way, eugene's lawyers did a brilliant job by also providing two other women, who had been harassed and groped by donald trump. in the way his trump method, maybe that patented, is to harass women in public. in a way where, in a place where, they are not gonna scream, because they're not going to be comfortable screaming. and gets away with it. until now. >> lisa, how would you describe the experience and or ordeal if you think of it that way, of testifying on the witness stand in a federal lawsuit like this and being cross examined the way you are being cross-examined. >> well, honestly, i wouldn't wish this on my worst enemy. it's very daunting. the process is very hard. i have to be, in particular, you know me a little bit, careful of not saying too much. which i often do. you have to be very, very clear. the thing that was really scary, the cross-examination. i had been working on that i think my great lawyers, -- jonathan and sarah really prepared m

. >> for key thing rob kaplan banks, -- he knows how investors and traders think.e thinks the fed should not hike, he thinks they should go on hold with a hawkish bonds. >> i would propose a hawkish pause. signaled we are in a tightening stance. i think the banking situation may be more serious than we understand. >> concerned there is more to this banking -- we need a word between crisis and turmoil. they are going to be hurt i this, the big banks will be ok, lending to small and medium sized businesses is going to be vulnerable. you have made a big bank bigger, where does that smaller banks? so much more to come, the fed president saying take the pressure off for now. haidi: let's get you to vonnie quinn for the first word headlines. >> the fed's policies his is coming out, showing at employers in march as a layoffs jumped, indicating softening labor demand. the number of available positions decreased. layoffs jumped to the highest level since 2020. the quit rate falling to the lowest. millions of chinese travelers have visited tourist hotspots over the labor day

we just talked to rob kaplan, a former president of the federal reserve bank of dallas, and rob does think they are leaning towards a pause. but they are not just there yet. let's listen to what he said. >> it feels to me that they are moving toward a pause, it does not surprise me that they are having a debate though because despite all these rate increases the economy is holding up pretty well and i think that is a bit of a surprise. >> of course one reason he thinks they are having this problem figuring out what is going on is because there is so much fiscal spending and the economy. the inflation reduction act and the programs passed during the pandemic. money is still out there and that's why even with so many rate hikes, 500 basis points, they still have inflation at unacceptably high at which a lot of them have said. it is a pot that is being stirred. data dependence as much more than ever, three more reports apparently could actually determine the next two inflation reports to determine these people on the fence. how they make up their mind which way they go. >> of course we

portfolio carry negative so from a risk management perspective, which is what fisher's replacement, rob kaplane -- >> people are going to government money funds, and there's two reasons they're going to government money funds one is the stable net asset value rules they passed in 2016. and one was to give people a safe place to put their money. the problem is you can keep a stable dollar asset price in a government fund, but not a prime fund so now, you went from 1.4 in prime funds and $1 trillion in government funds to $4 high pressure 4 trillion in government funds and only $700 billion in prime funds and the second reason is that the reverse repo program the fed expanded, they were supposed to prevent rates from going negative now it's -- rates aren't anywhere near negative, obviously. so now it's just drawing money out of bank deposits so you've got this real flood going into government funds that do nothing that money just sits there it can't be re-lent. so it's potentially a big drag on the economy but if it causes a real acceleration of those deposit growth and credit contracts very sha

dimon turns to regulators to help end banking crisis former dallas federal reserve president rob either are kaplanlures how they will impact the economy swells federal reserve next steps. he will join me next. ♪ ♪ ♪ . what if there was a community of like minded people ready to support you when you need it most? christian healthcare ministries is an organization with over 40 years of trusted care who understands the importance of family. a group that sees you for who you are regardless of your health history. offering affordable healthcare cost solutions that could save you up to 40% on your healthcare costs. learn more today at your chm dot org about healthcare that puts you in control. are you a new at&t customer looking to upgrade your phone? you're trapped! locked into your contract for three years... and your phone is locked into their network too. no two-year upgrade for you, jonathan. but t-mobile has a way out. introducing the easy unlock. bring your at&t locked phone and t-mobile will pay it off and give you one of the latest 5g smart phones free! plus, next time you're ready for an upgra

attorney joyce vance points out robs trump of the usual attack he uses against his enemies. >> judge kaplancalls trump's bluff. he says okay, your client says he's going to testify. he says he has to leave europe early and fly home. i'm going to bend over backwards and give him every opportunity. what the judge does here is he forecloses trump's opportunity to tell everybody what a terrible biased judge he had and how they prejudiced him and didn't let him testify. he has had every opportunity here. >> which brings us to today's news, where closing arguments in the trial just finished off in the last hour. e. jean carroll's lawyer roberta kaplan reiterated to the jury that no person, not even an ex-president, is above the law. she used trump's own words against him, saying that through his taped deposition, quote, trump is a witness against himself. she also went over the clip we played at the top of the hour, saying that by confusing carroll with his ex-wife marla maples trump proved his own defense wrong, carroll actually was his type. in her closing argument kaplan also argues this, quot