thank you. >> commissioner sommer. i want to thank you for the presentation it was clear the way you upon explained was helpful. and i money i think the difficulty as the receiver of the information and perhaps the public has is obviously, you know there are issues shown reflected in the budget this are not resolvable this moment. approximate you know everybodiments to resolve things this moment. so that's not happening because it cannot and we will stay tune exclude hear from you in future meetings how that evolved. i appreciate your presentation and the way you presented this information and explained to us the process. thank you. commissioner shaddix. >> thank you, president bito. i wanted sill thank you for the presentation spot of i get t. i got it. you did a very good job of explaining it all and thank you for clarifying not cutting that inspection program out of the budget i thought we were not i'm happy to hear that and thank everyone that showed up to advocate keeping this funding. thank you for the presentati

larry sommers also saying this weekend that we may very well enter a recession later in the year, he'sorried about policy. your reaction and what a does that mean for the mack he crow . >> larry sommers has been talking about this for some time often at odds with janet yellen. i think he's right. he's looking at four primary indicators that are showing we're on the praecipes of rece. he highlighted it would look similar to wiley coyote and falling off the cliff and not realizing he's off the cliff and dropping like a rock. that could happen. we have inventory to sales ratios that shows inventories are accumulating which means that the demand is slowing and i think that's right. the question i think that is still out there and a lot of us economists are he debating whether that needs to coincide with a jump in the unemployment rate. and i still think it does. you have demand forces and you have supply forces. both working to push inflation higher. it's lower than it was at the peak, the peak was 9% and now we're at 6% but as you say, maria, that's way off of the 2% target. there's fisca

but larry sommers is going back to his idea that you know what, we may very well be seeing a recessionhalf of the year let's not count that out p. what's your a take on that? >> well, i think we have to be a little bit more patient. there's something what i would call inflation gridlock right now or a hangover with the supply chain, a lot of us think the supply chain should snap right back. let me give you an example. with containerized shipping, the spot rates of those contracts right now, i don't think a lot of people are focusing on this, are back to pre-covid levels. however -- maria: that's a good point, yeah. >> the contracts are long-term contracts so we have to see -- the contracts we're seeing now have been in place for one or two or three years. they have to fall off and the new rates will come in so there's a delay with all of this and i think we're being too impatient to think everything should go back to normal. we're seeing this in spots. i think the economists are off with this. i think they should be a little more broad thinking about this. maria: well, it's a good poin

larry sommers worked under the clinton and white house. >> i think the economy is vulnerable to a wylie coyote kinds of moment when these things all come together. and it's like walk on a ledge sometime in the middle or latter part of this year. i'm not predicting with confidence that that will happen. but i think the risks are significantly elevated. >> a wylie coyote moment, that means it goes off a cliff. next week's january inflation report is coming hotter than expected because gas prices are up. >> i think it's to be expected. we have been warning under this one-party rule in the last congress, they spend trillions of dollars. you will see a lot of oversight in stooping that by republicans in the majority. but we have got a great model already, you have seen what the tax cut jobs act did. when you allow people to keep more money in their pockets and allow companies to invest in their businesses and employees. you will see investment in america. texas right now, if you look at the net job growth, 60% of the in the job growth happened in texas. the dallas-fort worth area has increas

. >> here yoochl commissioner sommer. >> here. >> and we have i quorum.

maria: you know, over the weekend former treasury secretary larry sommers said a soft landing is morew than it was a few months ago. similar sentiment from jamie dimon who walked back his economic hurricane comment when i spoke with him in january. the futures market fully pricing in another quarter point rate hike at the next fed meeting in march. we've got powell's comments in washington tomorrow. how much of a market mover could this be? >> i think he'll reiterate the things he said on wednesday. i don't know what other questions could be asked or what other answers he will have. i think it will be along the same line. we are data -- data dependent. february 14 we'll get the consumer price index. we've seen the number come down, that's great. when the fed says they're data he dependent. that means the market is really data he dependent. it will be more extreme should we get a back print. maria: data dependent. how accurate is the data when it comes to jobs. a whole host of companies are cutting jobs. the monthly empl employment num, you see pretty good growth. are you expecting job

five americans are turning to dollar stores to buy their groceries, former treasury secretary larry sommers a soft landing is more possible than it was a few months ago. but people are stretched. you know, we're expecting further rate hikes, another 25 basis point hike at the march fed meeting. jay powell's going to speak in washington tomorrow or wednesday, rather. so we'll actually get more content in terms of what he says about the rate hike schedule. your thoughts on its impact? >> yeah, well, i think first off it's about realities and expectation and i think expectations have just been so low here. i won't discount the fact that people are stretched. i think that's true because inflation's been so high and food inflation is one of the components that went up. even though overall inflation is coming down, that went up in that number last month so you can see where people are going to look anywhere they can go to save on the grocery bill. kudos to the dollar store for -- capitalism, right, they're filling a need, figuring out ways to fill that need, one of the great things about our coun

i'm sommer the executive director of playmates preschool. out in the sunnet. we opened dooros august 11 of 1950 and a cooperative preschool provides high quality, affordable childcare in the city. that average family pace 500 an among if you have children you know how high it can be to send children to preschool in san francisco. weave pride ourselves on able to provide this service to the families. not only to provide affordable preschool and adult education to the parents and the broader community. we really try to give become to our own community that is enrolled but the community in the sunset as well. i want to take a moment to thank everybody for listening. wonderful presentations. and richard, who is in the here, he was [inaudible]. hi. was really instrumental in helping me get the application together and making sure i'm here today. thank you for your time and consideration. >> thank you. >> i'm johnny i'm with the blue light on union street. and thank you all for hearing our presentation it is an honor to be here with our business and hopefully become