former vice chairman and past president and ceo of tiaa and a cnbc contributor roger, it is great tooors for years. take us through your narrative this is probably one of the toughest situations they had to be in navigating main street and wall street at the same time what does jay powell have to tell congress? >> thanks, dom pleasure to be heere he has three messages in the upcoming testimony he will reflect that labor markets are still tight. i think he positions that as positive and they are able to withstand increases and rates. the disinflation process is slower than he thought last month with the data showing stickiness with inflation. that is point one. point two, he wants to keep as much flexibility about the future of rate increases as possible you know, there is talk about 50 points i don't think that is baked in yet. i think he wants to keep as much flexibility to respond to incoming data. also to keep the market from getting too optimistic the third thing is to reinforce the 2% inflation tar get there is some whispering of a move there he wants to be clear that 2% is wher

bring in roger ferguson, of federal reserve, former ceo, a lot of alphabet soup here, former ceo of tiaare is a case where we need to coverx1lpe1 deposits, youlp know we're going cover deposits if necessary. we're not saying we're going to cover all deposits. can you tell me exactly what the future plan ise1 on that? >> i'm not sure exactly what the future plan is. i think what you're hearing is policymakers who are balancing two things. one is the reality of anxiety among some banks ase1 jay powel said, serious problems among a small numberq of banks. and at the same time, a legal regime that basically says, no, we're not going to ensure all deposits. fine line to create a sense of % reassurance without crosÙ line into upsetting congress and changing the general expectations. i think it içi go to be very,fá verylp tricky. more than their words. and i think their actions are such they're really working hard to stem any kind of systemic "át banking systemlp and i presume they'll continue to do that using both existing some new tools as well. >> i don't know. valley bank here? what is so s

they would not apply with i am going to tiaa bank field this afternoon, or taking my kids to ny arena. the state -- the stadia may have a life of 15 years, but the commodity is an event with a few hours of longevity. this is wedded to the debate over the issues within the event ticketing space. over the last several years we have heard the term consumer welfare standard audit more frequently. questions over whether the standard is still applicable in today's vichy economy, whether it should be replaced with some other subjects rather, -- measure, and what it even means. i am going to ask you all today as we conduct this hearing to set that principle aside, in this area we would contend that consumer welfare is very clearly defined and reflective of the issues and challenges within this industry. those representing the dominant player would contend that their group has allowed them to innovate and make advances that greatly benefit consumers. a few million taylor swift fans would respond this is why we can't have nice things. to be clear, from our perspective, the issue is not that tay

want to bring in roger ferguson, he is former vice chairman of the federal reserve, the former ceo of tiaaa cnbc contributor, and roger, i would have said a week ago that i thought it was probably more likely that the fed would raise by 25 basis points, but seeing everything that played out last week and watching what's happened this weekend, i've changed my mind. it seems like it'd be kind of crazy to go ahead and raise rates without stopping to look around and see what's really happening in the banking system. >> i think i have a slightly different point of view. i think it's a very, very close call i wouldn't be surprised if they took a pause, but recognize two things one is inflation is still running well above target. two, labor markets are still tight, so we are very focused on this show and you know, the wall street world of financial market ss a real economy that the fed has to think about the second point i'd make is the distinction should be drawn between monetary and financial stability policy at this stage they have laid down quite a bit of protection in the financial stability

the former president and ceo of tiaa and now a fellow for international economics with the council on relations he is, of course, a cnbc contributor. roger, let me ask the measures taken by the fed and treasury. are these enough to stem concerns about other banks at this point >> obviously, time will tell i certainly hope they are enough to stem concerns what i find most interesting is the easing of the terms around the discount window through the special new bank term facility the fact that the fed is willing to basically take as collateral the good risk and riskless assets and provide liquidity should give them a great deal of comfort. it says the fed is ready to provide liquidity to banks in good shape that, i think, i hope, is sufficient to give the comfort it is called for >> i sure hope, too. let me raise the question. depositors are safe. shareholders and bond holders are not the case any stocks that have been under pressure and banking stocks down double digits and not low double digits for many. one of the banks we were watching today, first republic has been given extra cash