economic engine that's pulling the world's economy at this point? what about that u.s. budget deficit? kevin hasset is the chairman of the white house council of economic advisors. please welcome them. >> thank you. [ applause ] >> oh, kelly, tharnks. we're down to 19 minutes, so let's just get right into it. >> why don't we start out talking about financial markets. the dow is down around 700 points as we walked out here. why is the market down? what is it telling you? >> i think that, you know, day-to-day stuff is hard to call. i think one of the main driving forces in equity markets is revisions for the outlook. if you look at how the outlook has revised since last spring, i think the big change is the asian economies are slowing, european economies are slowing. yesterday i met with the chair of the council of economic advisors for germany and they're lowering their forecast for next year. for u.s. multinationals, they have business all around the world. the u.s. outlook is still very possible, but the outlook in europe and asia has dropped a lot. i don't know about today. i think basically the news since last spring is that the global economy seemed to be in

some might argue that technology will eventually kill the profession altogether the white house council of economic advisors published a report in two thousand and sixteen that found that vehicle automation could threaten up to three point three million jobs industry professionals however argue that trucking will always need a human if for nothing more than ensuring proper functionality and in case of emergencies such as flat tires system failures or the need to recharge batteries on vehicles like tesla's semi autonomous all electric class eight. semi were several decades away from you know trucks that are going to be able to drive themselves in urban areas in particular the technology that we're adding so that it will get less intensive let less labor intensive as far as no technical skill of the driver but what it is doing is adding safety technology by leaps and bounds incorporated into the truck autonomous vehicles is great they're fun to talk about they truly are but no matter where you go no matter what autonomous truck you see you generally see a driver seen a steering wheel which means it's going to

. >>> the head of the white house council of economic advisors and treasury secretary talked about economic and trade issues this week. they were part "the wall street journal's" annual conference. >> we're going to dive into the economy over the next hour tracking the u.s. economy. it's on a roll setting a pace for global growth, how long can that continue? can the u.s. be the only economic engine that's pulling the world's economy at this point? what about that u.s. budget

next, we will hear from the chair of the white house council of economic advisors and treasury secretary, they took part in the wall street journal annual ceo conference in washington earlier this week. this runs a little over 45 minutes. >> we will dive into the economy over the next hour tracking the us economy which is honorable selling a piece for global growth, how long can this continue? can us the only economic engine that is pulling towards the economy at this point. >> here's the chairman of the white house council of economic advisers. he will be interviewed by the wall street journal chief economic core standards -- economic correspondent. >> thank you. >> we are down to 19 minutes, so let's get down to it. let's start off by talking about financial markets, the dow is down around 700 points as we walked out here, lies the market down and what is it telling you? >> i think the day-to-day stuff is hard to call, but one of the main driving forces in equity markets is revisions to the outlook. if you look at how the outlook has revised since last spring, the big change is the asi

blake: with all the market volatility we want to bring in kevin hassett, white house council of economic advisors the chairman over there. >> great to be here, thanks. blake: this is pretty wild days. 1,000 point move yesterday and what you saw today. if the president saw what was going on, you would tell him what? >> i spoke with the president last night flying back from air force one. the bottom line the fundamentals are strong just as your guests mentioned. anybody that can really tell you for sure why the market did this or that today needs to have their head examined. the market is much smarter than us, it moves around for very strange reasons day-to-day but in the long run, i said compounding is the most powerful force in the universe and compounding of growth be can lead to heck of a lot of earnings and heck of a lot of dividend. 2 1/2 is looking like pretty good yield relative to bonds. people are looking at that, decided they should get in. markets are signaling there is downside risk for next year. the thing we focus on all the upside risk for next year. as your guests mentioned holiday

kevin hassett is white house council of economic advisors chairman. thank you for joining us. >> thanks for having me. melissa: let me start with the wage growth issue because that is one thing that took a while to pick up. >> sure. melissa: we've seen an annualized rate of 4.9%. 3.2, 3.2, 3.7 over the last four months. looking like very positive. the only challenge with that, it could be a harbinger of inflation. do you worry about that? >> oh, in this case know because what is happening is there has been a capital spending surge. capital spending drives up productivity and that drives up wages. something i have to disagree with the previous discussion. we're starting to see this really big positive news today on retail sales and industrial production. what we're seeing wage increases are feeding through into economic activity. atlanta fed gdp went from 2.4% in the fourth quarter to 3% because the big news. the 3% number i think is little low. the idea growth is slowing next year is not super in the data right now. melissa: how do you explain more pe

three pharmacy benefit managers control 85% of the market, a 2018 report by the white house council of economic advisors found that because of market consolidation, pbm's exercise undue market power, generating outside east profit. -- outsized profit. >> because private -- pricing and rebate terms are secret, the system encourages manufacturers to set artificially high list prices which are reduced via manufacturer rebates, but leave uninsured individuals leaving high drug prices. >> the independent pharmacies in my district have raised significant concerns about pbm business practices. these include -- include gag clauses debiting pharmacies from guiding patients to cheaper alternatives and exclusionary tactics for mail order pharmacies and opaque and effectively nonnegotiable contract terms resulting in skyrocketing penalties known as direct and indirect remuneration fees. >> the ftc has previously stated that pbm's help lower prices by aggregating demand, which increases negotiating power. however, a recent analysis comparing medicaid drug spending with actual acquisition costs, determines the saving

in a moment we're joined by kevin hassett the white house council of economic advisors chairman. ave 650 points on christmas eve that was half a day of trading. this is very scary time. a perfect time to bring in kevin hassett. chairman of the council of economic advisors. kevin, i have to ask you about your reaction what president trump said about the fed. roll the tape for the audience. get what you make of night they're raising interest rates too fast. that's my opinion. i think it will straighten. they're raising interest rates too fast because they think the economy is so good. charles: that was a more subdued commentary if you will for president trump on the fed. we know he is seething. he tweeted about it. he voiced opposition to the rate hikes. what do you make of all of it? >> i think the president is what you see is what you get kind of guy and what you saw in that clip is basically the way he is when we discuss things in the oval. the president is genuine, authentic person. that is what people expected of him. my job at ca, respect opinion of the fed and not give them a

reaction from the man who chairs the white house council of economic advisors kevin hassett is our gueste. >> sandra: james comey is back on capitol hill for another round of questioning at this moment amid new concerns about his handling of the michael flynn case. former governor and white house chief of staff john sununu will weigh in next. >> tomorrow is a big day to at least ask some very specific questions on new revelations and things that we didn't get to because comey very carefully put a hard stop in that allowed him to get out and take a breather. a home, and need cash? you should know about the newday va home loan for veterans. it lets you borrow up to 100 percent of your home's value. the newday va loan lets you refinance your mortgages, consolidate your credit card debt, put cash in the bank, and lower your payments over 600 dollars a month. call today. and get the financial peace of mind every veteran deserves. go to newdayusa.com, or call 1-877-806-8332. >> bill: 15 past. fox news alert. the news we broke to you about 45 minutes ago. two men including one of michael flynn'

of the federal reserve, sparking speculation. but the white house has repeatedly denied that. here is chairman of the council of economic advisors. kevin. listen. >> of course, 100%. >> his job is not determined by this president. >> kennedy: jerome powell has told white house officials he is open to their suggestions that he meet directly with president trump to explain the fed's interest rate hike. okay, james freeman, you work at "the wall street journal." tell us what is going on. they always have a tricky relationship, is this unusual? >> james: it's a little unusual that it is this over it. there is a question of how independent are they? they wanted to be insulated from politics. that's part of the design. we should note there track record is not so hot. whether or not they are independent, so i think like all of us, president trump is probably right to be paranoid about the fed screwing up as they have. but i think the fed chairman, jay powell, has a good case for why rates should continue to rise. >> kennedy: they were kept unnaturally low for a long time, which created a "wall street journal." they are looking down the

joining us now from the white house the chairman of the council of economic advisors. kevin, great to see you. always a pleasure to see how optimistic and positive your face is in these things. you know, you said earlier on this network that there's about a 0% of a recession in 2019. but you've also said that markets are the best forward indicators we have. what are they forecasting right now? it's not good. >> well, i think that, you know, you nailed it in the intro, what's going on is that the european economy has slowed down significantly. china's economy has slowed down significantly. and u.s. multinationals get a lot of their revenue from other countries, you know, not quite half. and so i think the bad news relative to last spring that's had a big effect on markets in the fall and now, you know, heading into the winter has been that coordinated boom that we saw last spring is turning into a kind of uniquely u.s. boom, and that's bad news for markets, but i think that what's going to happen is the u.s. will continue to chug along and the other countries are going

the white house says jerome powell's job is safe. the council of economic advisorsays it is they're trying to calm the markets after bloomberg said president trump had asked about firing powell. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am courtney donohoe. this is bloomberg. caroline: thank you. a sound endorsement from the white house for jerome powell. analysis.s 100% safe in his job, do we buy it? >> we buy it until it is not 100% safe. i do think that donald trump tried to reassure the markets with the deflected the idea that he would discuss firing powell, even though our reporting from four sources says he was discussing whether he could in the white house a few days ago. for now, i think jerome powell is safe but that is not to say a month from now he will fall out of favor and the subject to donald trump's attacks. caroline: this is on the back of if we see further falls on the stock market. what he sees as a measure of his own success, how well stocks in the u

of power." jason: i'm jason kelly. the white house is federal reserve chairman jerome powell's job is safe. the comment from the chairman of the council of economic advisorernment official to try to calm the markets after bloomberg reported president of trump -- president trump was looking into the possibility of hiring him to president trump bid to get other countries to contribute more to the united nations is coming up short. pay the budget is creating a $220 million shortfall. the united states is still the top contributor to the u.n. paying more than $10 billion a year. the supreme court justice ruth bader ginsburg is out of the hospital and recuperating at home. the 85-year-old was undergoing surgery to remove growths from her left lung. no evidence of the disease was found. two former egyptian president's appearing at the same time in a cairo courtroom today. overfying in a retrial charges related to the prison break at the height of a 2011 uprising that toppled the government. ruled egypt for three decades could be seen walking into the courtroom with a cane along with his two sons. quickly rise to power, but was toppled a year later after protes

white house economic adviser gave and treasury secr steve mnuchin will not lose their jobs. that's after several reports of president trump being unhappy about the recent market volatility. the chairman of the economic council of advisors kevin hassett says he's 100% sure that their jobs are >>> more than a year after disappearing from the public amid sexual misconduct accusations, actor kevin spacey has released a bizarre "house of cards" inspired video drawing parallels between his character and real life. >> despite all the pop coopycoc the headlines and impeachment without a trial, despite everything, despite even my own death i feel surprisingly good. >> in the piece called "let me be frank" spacey channeled frank underwood and is apparently defending himself in the court of public opinion. spacey was dropped from the hit series after the accusations surfaced. he's scheduled to appear in court next month on indecent assault and battery charges. >>> breaking news from the north bay. sky 7 is over an apartment fire in san rafael on larkspur street. we do know the building was evacuated, and the fire was initially reported around 10:40 today. knocked down very quickly by fire crews. they said it was out by 11:03 or t

next, we will hear from the chair of the white house council of economic advisors and treasury secretary, they took part in the wall street journal annual ceo conference in washington earlier this week. this runs a little over 45 minutes. >> we will dive into the economy over the next hour tracking the us economy which is honorable selling a piece for global growth, how long can this continue? can us the only economic engine that is pulling towards the economy at this point. >> here's the chairman of the white house council of economic advisers. he will be interviewed by the wall street journal chief economic core standards -- economic correspondent.