yellen. alix: of course, you have results coming up from bank of america and goldman sachs earlier this morning. both of those themes seeming to play out within the markets. you have the russell 2000, you have banks pushing their way higher. the nasdaq outperforming, up 0.8%. the nasdaq had a massive run, really outperforming other sectors. if you get the stimulus, that is going to be a big boost. it is a mixed dollar story, a very big reaction from what we saw yesterday in the dollar market. the assumption is that janet yellen will speak about how the market is going to handle the dollar and not the benefits of a weaker dollar, so that is what we are watching. let's kick it off on bank earnings. mixed results for wall street banks. this morning, bank of america falling. it is pretty much flat after trading revenue fell short of expectations. goldman did rally on investment banking beats. now little softer on the day. joining us is jeff hart, piper sandler research analyst. good to talk. why

yellen: absolutely. i think treasury, along with the rest of the administration needs to stay laser focused on that. we have many tools that are implemented through treasury to address national security concerns. the treasury leads the sify is process and has sanctions and enforcement actions that dismantle financial and support networks of those who seek to do harm. certainly, leadership of treasury is important and a priority. sen. sasse: glad to hear you say that both on the cfius point and the sanctions regime, in the past, i have chaired the subcommittee of banking that deals with sanctions. i agree that you have a very important and professional staff in that area. do you regard the chinese communist party as an existential threat to the united states? sen. sasse: i regard china as our most important strategic competitor, feel it is necessary to devise an administration-wide, multifaceted approach to address the threats that china causes. certainly, we need to target illicit activities that are lin

yellen. >> without objection, so order. >> thank you, mr. chairman. i say to my colleagues, all of those treasury secretaries don't just come together bios moses. they believe deeply in the challenge ahead of us in this country and they all think janet yellen is up to the job. nobody deserves more credit than chair yellen for the longest economic expansion that we have seen in our history, which lasted until the pandemic hit. but the federal reserve chair yellen changed decades of conventional economic wisdom that put too much focus on inflation and deficits. she was correct that policymakers should focus more on wages, employment, and inequality and that the economy safely could run a little hotter. she took some heat at the time from republicans but later, they tried to attribute janet yellen's success to the outgoing administration. but the numbers show the successes of chair yellen's approach. unemployment went down, which is went up and a lot of working americans were better off than the

yellen -- sen. thune: dr. yellen, thank you. the one thing that concerns me, that nobody seems to be talking about anymore, is the massive amount of debt that we continue to rack up as a nation, and in fact, the president-elect has proposed a couple trillion dollars fiscal plan on top of that, which we have already done , which would add somewhere around $5.3 trillion to deficits , according to the committee for responsible budget, of which you have been a board member. that is 25% of gdp, and it would move the additional debt above 100% debt to gdp, which are categories we have not been in since the 1940's. so what i am concerned about is we seem to have no concern now about borrowing money in the short term, and the argument is that interest rates are low, it is like free money. it is not. it has to be paid back. at some point, the risk return ratio that people who are lending us money are going to say is not sufficient for the risk, and demand a higher interest rate, and we have to refinance at a higher interest rate, and pre

yellen.ave a great day. sen. crapo: thank you, senator scott. next we go back to senator toomey. sen. toomey: thank you, mr. chairman. dr. yellen, welcome and thank you for your service to the country and your willingness to serve in this capacity. i look forward to working with you, but i have to admit that the contours of the stimulus bill as proposed by the biden administration are going to make that difficult. the ink is barely dry on the second largest stimulus package in american history, nearly one trillion dollars after nearly $3 trillion early in the year. we are looking at another spending blowout. the only organizing principle is it seems to spend as much money as possible, seemingly for the sake of spending it. on additional $1400 per person, regardless of that person circumstances, guaranteeing that there will be several thousand dollars in payments going to families with six-figure incomes who had no income interruption whatsoever makes no sense. increasing unemployment payments

yellen. you can watch the full hearing on c-span.org. ms. yellen: chairman grassley, ranking member wyden, members of the committee, it's an honor to appear before you. and senator feinstein, thank you for that very kind introduction. i have immense respect for the test for this committee, rebuilding the american economy from its sharpest downturn in history. if i'm fortunate enough to be confirmed, i would strive to be a good partner in that work. i have spent almost my entire life thinking about economics and how it can help people during hard times. my father was a doctor in brooklyn. it was more of a working class neighborhood back then. his patients would take the bus up from their jobs at factories or docs and come to our stoop because that's where my dad's office was in her basement. he was the kind of doctor who treated the whole patient. he knew about their lives, about when they had been fired or couldn't pay. those remain some of the clearest moments in my childhood. my parents hav

caroline: all about yellen nothing that janet yellen actually said today affected the direction of those equities, but maybe more on the dollar the treasury secretary nominee reiterated her support for a large stimulus package, calling it vital for the recovery. she encountered some republican resistance to the plan for yellen, who could be confirmed as soon as thursday, urged lawmakers to act big. she mentioned restoring ev incentives, something that gm and microsoft i'm sure were happy to see. before that, how do you grade yellen today? joe: i do not grade officials and would be treasury secretary's. let's listen to some key moments. >> we are going to need more aid , with interest rates at historic lows. what we need to do is act big. in the long run, the benefits i think will far outweigh the costs. the united states does not seek a weaker currency to gain competitive advantage. china is undercutting american companies. these practices, including china's low labor and environmental standards are practices that we are paired to use the full array of tools to address. we have to rebuil

yellen on the hill.iden's treasury secretary pick is telling the senate that it plans to act big on stimulus. the president is expected to issue pardons, but not to himself or family members. he leaves his term with a 34% approval rating. good morning. welcome to "bloomberg surveillance." i'm francine lacqua here in london. the markets firmly focused on what janet yellen will say in front of the senate committee. it's not really an interview for the top job but she is getting vetted as treasury secretary pick. it will also be a way of her to explain exactly what they are trying to achieve with the recovery plan. we are getting some news out of the iea, cutting its oil demand forecast. this is something we had talked about with the iea in the last couple of weeks. i did want to show you brent crude up 55.21. the focus firmly on it janet yellen as she explains the recovery and that $1.9 trillion stimulus package and the impacted as on demand for oil. let's get to the bloomberg first word news with leigh-an

yellen on the hill. biden's treasury secretary pick is set to tell the senate that it's time to act big on stimulus. and trump's last day. the president is expected to issue pardons, but not to himself or family members. he leaves his term with a 34% approval rating. good morning, everyone, and welcome to "bloomberg surveillance." i'm francine lacqua in london. tom keene in new york. tom, i have been reading extensively of janet yellen, her testimony, what markets are looking for. they want to ask janet yellen through the senate committee, and of course it is about a very different inauguration this 2021. tom: we can go short-term chair yellen, secretary yellen, and look at the history of the moment that we will see tomorrow, i'll coverage beginning tomorrow bright and early. to chair yellen, i would go over the long weekend in the united states, stimulus was at hand. whether it was prichard in the telegraph talking about 25% of gdp, all in, or even the debate, francine, in the united kingdom, over the l

meanwhile biden's pick for treasury secretary janet yellen has been confirmed by the u.s. . and it she's the 1st woman to take the role of. times dodes look at the down we'll meet another woman who has broken through the glass ceiling and clawing to the top of her profession this time in texas. this is due to be business on robots in berlin welcome to the program u.s. president joe biden has signed an executive order forcing government agencies to buy american he hopes to increase government but kill him and give us made goods to boost manufacturing and construction american allies had hoped biden entering office would signal a return to economic liberalization especially with the $600000000000.00 that federal agencies spend every year for grabs well here's what president biden had to say and today we're getting to work to rebuild the backbone of america and the fracturing unions of the middle class is based on a simple promise that will reward work not wealth in this country and they keep plank of ensuring the future will be made in america. that means we're going to use ta

yellen on her appointment. statement >> chairman grassley, ranking member wyden, members of the committee, it's an honor to appear before you. and senator feinstein, thank you for that very kind introduction. i have immense respect for the task before this committee rebuilding the american economy from its sharpest downturn in history. if i'm fortunate enough to be confirmed, i would sktrive to b a good partner in that work. i have spent almost my entire life thinking about economics and how it can help people during hard times. my father was a doctor in brooklyn it was more of a working-class neighborhood back then his patients would take the bus up from their jobs at factories or docks and they'd come to our stoop because that's where my dad's office was, in our basement he was the kind of doctor who treated the whole patient. he knew about their lives, about when they had been fired or couldn't pay those remain some of the clearest moments in my childhood. my parents had been children of the depression, and

that's start with janet yellen downing washington, d.c.hat are you looking for a little bit later -- janet yellen down in washington, d.c. what are you looking for a little later? evan: i think we are going to see her endorsing 1.9 trillion dollars, and given we have already seen the text of her speech, going big, janet yellen very much endorses what jay powell has done in terms of trying to engineer and inflation overshoot. there's going to be a very healthy relationship between those two individuals. we really need that if the fed is going to achieve its goals of higher inflation and much stronger employment, so expect her to be doubling down on what biden said last week with the large fiscal number. tom: fold in equity dynamics into your asset-management management choice right now. it is -- is it the dynamics of sustained growth margins, or the surprise revenue growth? evan: i think it is outright earnings growth and operating leverage. we saw the multiple expansion last year. now it is time to deliver and give guidance about a really

we've got the yellen dollar narrative.orate front, asml, i will leave you with the more interesting stuff on richmonte. it has been allocated to you. i got chips. asml, they provide the big machines that power semiconductors. 100% global share of euv market. it is all about the guidance, annmarie. they are guiding higher in terms of what we can expect. for the fourth quarter, the ship nine of the newest euv machines. that is what's going to drive the market higher. the fourth quarter profit rises to see growth in 2021. now, take it away with richmonte. it is all about luxury goods. annmarie: certainly. a massive increase, 5% on sales increase coming north of 4 billion euros. all of this is driven by the chinese consumer. there is a lot of worry about where the chinese consumer would come out of this pandemic, but the insatiable demand for luxury goods continues. the one thing that has changed is chinese shoppers are not traveling so what they are spending on -- it's at home now. revenue in china jumped, a percent that show

how would the dollar fare under yellen? yellen said she is not after a weak dollar policy.make her change her mind? steve: i don't think, i mean, i don't think she wants to say she wants a weaker dollar because that opens her to other governments to take the same stance from their own currency perspective. we see what she alluded to in her comments, as well. ultimately i think she will be happy with a weaker dollar. if you add up her comments on fiscal stimulus and also funding costs, which means the fed continues to expand its balance sheet for another 12, 24 months at least, from that perspective that would press the dollar together with the fiscal and trade deficits we are seeing. our sense is we broke lower in november last year, we are consolidating short-term but we will see another 6%, 7% from where we are today on the downside for the dollar in the coming 12 months and that could continue into 2022 but we don't have to make that call today. haslinda: steve brice, thanks for your time. still to come, time for our morning calls. the top recommendations across markets.

yellen. we would like some thorough answers to all of these questions, but please respond to these as quickly as possible. and with that, dr. yellen, thank you for being with us today. this hearing is concluded. [captions copyright national cable satellite corp. 2020] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] announcer: just a reminder, you can see the hearing again today for janet yellen coming up tonight at 9:00 eastern here on c-span. you can also find it in its entirety at c-span.org. one of five hearings we are covering today. we will take you live this afternoon to retired general, lloyd austin, to be secretary of defense, the armed services committee of the senate will be meeting this afternoon at 3:00 eastern, we will have that live here on c-span, also available on c-span.org, or you can listen live on the free c-span radio app. ♪ announcer: tomorrow, joe biden will be sworn in as the 46th

you say janet yellen is revolutionary for market participants. why is janet yellen revolutionary?eter: she is really going to look at ways to ensure that money makes it beyond some of the big corporations. i thing some of the complaints about monetary and fiscal policy is that it really stuck with the upper echelon of corporations and did not make it down to smaller companies and individuals. i think she will expand on the main street lending program and if you go back to what we were doing in march and april, where mnuchin set some treasury money up, i don't think he ever wanted to lose that money. he wasn't a risk taker. i think she is willing to risk some money to drive this economy and further small companies and equality. lisa: peter, you were talking about how on the whole, things are reasonable, especially with this policy backdrop that is incredibly accommodative on the fiscal and monetary side. but is it reasonable, going back to the penny stock surge, for people to be in chat rooms ganging up on short-sellers for fun? it seems almost out of boredom, and drawing instituti

as economist janet yellen or former fed chair janet yellen so she understands very well labor marketnomist by training, and so when you look at the labor market and the fact that we have so many that are classified as long-term unemployed and the fact that the probability rises so sharply for them just leaving the labor market all together, if you don't quicken the economy at a pace of growth as much as possible to bring them into the labor market then you do have much longer term problems down the line, and so janet yellen the economist is approaching this in that classic way i do agree that we need to have much more robust unemployment benefit programs i do agree that state and local governments need a lot of aid here, and so we think that something closer to a trillion dollars will ultimately get passed, and that more is needed here i don't expect something as large as the full 1.9 trillion think of that as the opening bid. >> so ellen, let's talk about this notion that if nothing is done now, or if the size of the package is not big enough, then worse things happen down the line

yellen, as you say, it all caps off at 10:00 a.m. d.c. time, her confirmation at the senate finance committee. what is your sales pitch for the bite into trillion dollar stimulus plan? -- biden trillion dollars to mills plan? we met -- trillion dollar stimulus plan? what can we expect from her? derek: well, i think you are going to see -- all eyes are going to be on her. she's the sort of person everyone in the financial world, if you are the sort of person who watches bloomberg tv, you know janet yellen very well. you tractor every statement as she has been an oracle of fed policy. this role is different. there is some amount of stuff you look to the treasury secretary to try and guide policy but i think you made an astute point and that is to say that part of yellen's job here is not to just be the person who is looked at for what she says but also to be someone who is selling people on a course of action. she will be involved in these negotiations. she will be involved in trying to persuade republicans to go big on stimulus spending, t

a risk on date read across the board as investors weigh comments from donna yellen -- janet yellen.asia direction up by 1%. south korea and hong kong stocks outperforming, amid gains across much of the asia pac region. in terms of other asian markets, malaysia trading, $3.7 billion virus package to help the economy counter the impact, currently up .2%. keep it with us. this is bloomberg. ♪ >> it is almost 11:00 a.m. in singapore and hong kong. welcome to bloomberg markets: asia, i am haslinda. rishaad: the end of the trump era with thousands of troops in washington. the president approve numbers slump as he prepares to leave. >> a wave of mainland money as investors await the inauguration in washington. >> they are busy preparing the new strategy for the asian expansion and say what has changed, we hear from the chairman, mark soccer. -- mark. haslinda: investors await comments from janet yellen. a lot of the investors this year waiting for the comments. will some taxes be raised? a lot of questions. remember that president moon jae-in is talking about limiting housing. up by 2.5%.

yellen who helped shepherd the u.s.ut of its last recession told the finance committee it was essential to protect businesses and households from the worst effects of the pandemic while addressing underlying issues of inequality. >> neither the president elect nor i proposed this relief package without an appreciation for the country's debt burn, but right now with interest rates at historic lows, the smartest thing we can do is act big. in the long run, i believe the benefits will far outweigh the costs, especially if we care about helping people who have been struggling for a very long time. kate: while the biden ministration will break o reverse ny of the trump administration's policies, it isn't planning a u-turn on the u.s. trade war with cna. yellen said she would try to repair ties with traditional u.s. allies, but that she would hold a hard line against what she called china's abusive, unfair, and illegal practices. the tariffs that haveeen placed on chinese imports are expected to remain in place. yellen addres

we do await secretary yellen likely never have. we are getting a sense of how she operates as a political operative, not just in a political appointee head of the federal reserve. there is a question of what line she will toe encouraging spending and how she navigates the cake shaped recovery. when you talk about the pivotal aspect of the data which have been devastating for the lowest tier earners. the question is -- what could she as secretary can be done that she couldn't do as head of the fed. tom: we know that the package will be less than the $1.9 trillion. what is important to me is right away they have to start with the second idea which wrapped around infrastructure, if you can't do infrastructure with a democratic president, house, and senate, when are you going to do it? lisa: infrastructure spending will be on the table and also the minimum wage. this idea of doubling it to $15 an hour. i think it is a controversial point. the economic statistics seem to point to a higher wage being an official for the economy, but ther

the power of the american purse could soon be in her hands and janet yellen says she's ready to use it the nominee for treasury secretary telling senators today the u.s. needs to spend big now to push recovery and value tough line on chinese trade practices . also on the show he employs more than $50000.00 americans and was initially a fan of donald trump's tax cuts we asked seamon c.e.o. joe kayser for his appraisal of the trump yours. hello and welcome to the show i'm super busy in berlin it's good have you with us well u.s. president elect joe biden's nominee for treasury secretary janet yellen is pushing for a big stimulus package to save the u.s. economy a former federal reserve chair woman spoke to a senate committee on tuesday she would be the 1st woman in the position and one of the 1st few and one of the few rather treasury secretaries with an economics and policy background rather than a career on wall street yellin wants congress to approve close to 2 trillion dollars in pandemic rescue funds in the face of a ballooning deficit. and here's what she said to justify the spendi

yellen support this nonsense. andrew cuomo said if they don't give them help to get the federal government bailout he will raise their taxes. when cuomo was elected governor in new york, while governor of florida i lower taxes each year, cuomo raisedi taxes. we were both elected families and businesses having increasingly left new york for lower taxes, better schools, better roads and warmer weather. in fordham. asking taxpayers to bailout politicians and liberal states like new york illinois and save them from their own bad decisions is not fair to the taxpayers and physically response will states like florida. many taxpayers left new york because of cuomo's tax policy. it makes no sense. congress has already allocated more than $4.5 trillion to address this crisis. think about it we just passed the nearly $1 trillion relief package four weeks ago. mr. president this is all borrowed money. the federal government does not have savings for a rainy day. we still don't know how much money is unspent for the previous

>> you can thank janet yellen for that because ms. yellen knows how to push the right buttons the markets want to hear what are the buttons you heard one of them. go big or go home. they know that in 2008, should have done even more and not going to fail this time. going to push a very big package, who knows if she'll have to compromise on that but first right note she hit emphasizing rates would likely remain low for a long time and very little emphasis on raising taxes. that's what the markets are afraid of. she even implied corporate taxes would remain below pre-2018 levels and that's exactly what the market wants to hear pretty broad rally tech stocks, growth names doing well particularly, semikuconductors the commodity names had a great start overall to the year. commodity stocks all up and lagging are those defensive names. generally, consumer staples and utilities and many days, even health care has been lagging in terms of what's been happening for earnings season, a good start to earnings season. fairly wide margins but somet

a pretty big agenda for janet yellen.the short term, the $1.9 trillion stimulus package is crucial for markets to gauge. >> thank you for having me. there are important implications for markets. most importantly, we have a treasury secretary who doesn't need training wheels. she will be a steady hand. she has vast experience. i had the honor of working with her at the san francisco fed. she knows how to communicate with markets. she's known throughout the world, throughout asia. the san francisco fed had a particular focus on asian financial systems. she fully believes in the biden administration's commitment to re-engaging with allies and multilateral institutions. i think she shares the view that the best way for the united states to engage with the rest of the world is to fix its problems. what she made clear in her testimony is that she carries lessons from the 2009 global crisis. first and foremost, go big. don't be too cautious. focus on main street, less on wall street. it was clear she believed that exchange rates

r cornyn is expecting a senate vote on janet yellen later today.p you updated as that crosses, and we are waiting for approval from lloyd austin, the defense secretary, as well. guy: we are also getting news out of europe, out of germany, the astrazeneca vaccine has yet to be approved by the eu, but where it to be, relatively soon we are expecting, looks like they will deliver less eu vaccine than originally anticipated. this comes on the back of problems with the pfizer and biontech vaccine and this is curtailing the year -- european efforts to vaccinate their population, which is currently running behind. we will have more on that vaccination story in the united states next. our next guest joins us to give us their take on how much progress is being made on where the bottlenecks are in terms of figuring out where the vaccine right -- vaccine is right now. this is bloomberg. ♪ >> this is "bloomberg markets" and i karina mitchell live. today, ian bremmer, the eurasia group president. this is bloomberg. >> we are paying very close attention to it. t

you say, so that is the story with janet yellen edward. who is up next in terms of confirmation hearings, do we know? reporter: a numb i about of them. actually five hearings were going on today as we speak. we know janet yellen will come to the full senate on thursday. there will be another hearing a preliminary hearing on thursday but again five of them went today, a number of the security folks did go today. but yellen will be the first it looks like actually possibly be confirmed with a thursday morning target. connell: edward, thank you. edward lawrence live here in washington. white house right behind me. president trump still in there. he recorded a fairwell message to the american people yesterday we're told. we're about to bring that to you in just a moment. so stand by for that. back to joint base andrews as well at this hour where the president-elect of the united states, joe biden has just landed. he is set to speak at a covid memorial event this evening here in our nation capital. they are waiting for the president-elect and h

janet yellen will be joe

janet yellen will be giving testimony tomorrow.now been widely reported that she will say that the new administration would like a market-based approach to the dollar. as was pointed out earlier in the program, that is a boilerplate statement but also maybe sending a statement others not to mess around with their currencies. how do you read it? kit: it means that the u.s. is changing -- it doesn't mean the u.s. is changing in any way, shape, or form. there is no doubt that the biden administration has got some fairly heavy weight trying to watch who is coming into help him out and he will not want to see the idea that they are acting a cheap currency help them boost their trade at europe's expense or the united states's expense. -- united states' expense. we should be prepared that the biden administration is anything but dovish on its approach to china. more likely, more collaborative, trying to look for a united front with europe on some issues , but they will probably start watching some foreign exchange reserve numbers closely

i still call her chair yellen. i'm going to embarrass myself with yellen, francine.two years, i am going to go "chair yellen," and she's going to say get your act together. francine: i was touched by the fact that she was doing it from home, but then she started talking about the dollar, and i had to listen in. i listened and i said this is going to be yellen actually talking about currency rates. it is going to be a change for us. tom: you nailed it, francine. this went through my puny brain yesterday. we are only -- only the secretary of treasury talked about currency, and she dials 1-8 hundred-chairman-powell, and she says start -- stop talking about foreign exchange. under the inauguration it is a gift outright, a better market. francine? francine: we did also have encouraging news in terms of earnings. the focus is on the inauguration and there is a lot of talk about what we saw with alibaba, certainly on jack ma, but european stocks also taking stock, for example, with some of the luxury companies doing better than expected in china because they opened up earli

yellen on the hill.ck is telling the senate that it plans to act big on stimulus. the president is expected to issue pardons, but not to himself or family members. he leaves his term with a 34% approval rating. good morning. welcome to "bloomberg surveillance." i'm francine lacqua here in london. the markets firmly focused on

. >> the senate unanimously approved janet yellen's nomination. her nomination now heads to the u.s. senate for confirmation vote, which will be held monday at 5:30 eastern. last week on the senate floor, senator scott said he will not support the nomination. here are his remarks. mr. scott: mr. president, there have been few other times in american history when a need for economic growth through strategic, responsible, pro-business policy have been as great as it is today. nothing is more important to a family than a good-paying job. that's where the american dream begins. today as our nation fights to overcome the horrendous health and economic impacts of covid-19, we must balance our approach. we have to protect american families and individuals that have been hurt by this crisis, support commonsense public health policies and an aggressive vaccine district -- distribution effort while keeping businesses open and standing up to adversaries like communist china. we also need to continual cutting regulations to make it easier for businesses to op

janet yellen may have something to say about it janet yellen ran the federal reserve for years underack obama. janet yellen is responsible for creating the distorted financial system that made the reddit revolt possible, indeed inevitable. o where's janet yellen now? what's she have to say for herself? she's joe biden's treasury secretary. here is what joe biden slack had to say yesterday about janet yellen. >> is the white house concerned about the stock market activity working around game stop and now with some other stocks as well including the -- or whatever, the company that once was blockbuster? have there been conversations at the fcc about how to proceed? >> i'm happy to repeat we have the first female treasury secretary in a team that is surrounding her and often questions about market, we'll send to them. our team is, of course, our economic team including secretary yellen and others are monitoring the situation. it's a good reminder, though, the stock market isn't the onlya measure of the health of our economy. those don't reflect how working and middle-class families are

for janet yellen, estimates.exceeding companies the s&p 500 beats with 88% of high proportion of saw historically earnings season first week of results. the reported blowout goldman updates. vaccine rollout inauguration, and stimulus, another big earnings season, we deal with earnings season, another big stimulus, inauguration, and vaccine rollout updates. goldman reported blowout results. the first week of earnings season saw a historically high proportion of beats with 88% of the s&p 500 companies exceeding estimates.janet yellen, nominee for treasury secretary and a former chair of the federal reserve, appears before congress today. yellen's prepared remarks call for the federal government to enact a large stimulus to help the economy.the iea expects global oil demand to recover more slowly in early 2021, before staging a stronger comeback in the second half this yearmicrosoft is investing and partnering with gm's cruise on self-driving carsviacomcbs streaming paramount+ launches march 4 to join streaming wars (more on this in a moment)mega millions, powerball jackpots have swelle

they seemed relatively pleased with janet yellen. should they be?l push on the regulation front? she pushed for a new dodd-frank as recently as last year. do you think she will push for more, more stringent banking regulation? what do you think the banks will get out of this? >> i think what is important is this treasury secretary promote the things that have worked and that are good in the current administration and go away from the ones that aren't. i think the tax reform which is of course treasury's responsibility has been very important. i think a lot of the regulatory stuff ththat's been useful. there is question about international trade, how that is going to work. but i would like to see that the new administration keep the the things that are working and moves in different directions where they're not. i think janet yellen's experience will enable her to put in a good word on that. again it is not just domestic policy or international policy as well. she will have a seat on the national security council. that is an important part of her job

right now, as janet yellen put it, we're in crisis. if we don't do something big, we will head to a recession again. >> stephanie, stand by for a moment. we have breaking news there on the hill. in the last few moments, it would seem as if the general has become a secretary. garrett, what can you tell us? >> reporter: that's right, lloyd austin confirmed, 93-2. a couple of absences here today. austin is the first african-american chief at the pentagon. i believe now the secretary biden cabinet nominee in place. >> what more do we know about the new defense secretary? we have his bio on the screen and our listeners. retired four star general. as garrett pointed out, more history being made, becoming the first black chosen to lead the pentagon. what more do other than it would seem as if, to your point, just two folks who didn't vote, it would seem as if there's broad support for president biden's pick lead the defense department. >> reporter: that's right. that's often the case, frankly, with secretaries of defense. this is usually a bi

with an overwhelming majority of $84.00 to $15.00 yellen no stranger to the world of finance lead the world's biggest central bank from 2014 to 2018 of course janet yellen is best known for her chair chair for her tenure as chair of the federal reserve overseeing a period of falling unemployment and steady economic recovery from the global financial crisis few people possess the experience and expertise that miss yellen would bring to the treasury particularly during this moment of economic crisis. the 74 year old says she hopes to revive the economy with a massive covert 19 relief package she urged lawmakers to act big given historically low interest rates in spite of soaring federal debt the administration's 1.9 trillion dollar economic relief bill includes another round of direct stimulus payments to individuals and small businesses also planned our long term investments in infrastructure time now for a look at some of the other business stories making the news sentiment among german industrial exporters improved significantly this month hitting its highest since october that's acc

we expect janet yellen to become treasury secretary of the united states. the votes in the senate. amit yoran, still with us, talking about cybersecurity. we are seeing president biden's cabinet being rounded out. we are waiting for more appointments on the security front. i wonder what your advice is to the biden administration when confronting an unprecedented threat landscape. amit: any incoming administration at its core needs to recognize that cybersecurity and technology risks are absolutely critical across the board. it's true of every federal department agency and of every major sector of the economy. all organizations, all enterprises leverage technology in a way that makes them more efficient. that efficiency and use of technology also make them vulnerable to attack. so we've seen lots of examples. over last year alone, nearly $1 trillion of loss because of cybersecurity breaches. this is something the administration has had the opportunity to address head on. emily: you put out a study that 77% of companies say that they expect attacks to increas

janet yellen will do what she's asked to do. watch the senate.ator in the background, making things happen. todd: you mentioned budget reconciliation, the two biggest words you'll hear in the next 24 months. nikki haley warning of the harsh reality that bernie sanders is going to be the budget committee chair. she says in a tweet, time to face the harsh reality, socialist bernie sanders will become the chairman of the senate budget committee, he vows to enact his progressive agenda on healthcare, climate, infrastructure spending and cutting defense spending. seems like you share nikki haley's concerns, is that correct? >> i do. it's not because i'm projecting anything. this is exactly what bernie sanders has said, if you look at what he's been tweeting and saying over the past few weeks, he's been saying exactly that. the word he's used is aggressive. he wants people to think about his move as as aggressive and those two words, budget reconciliation, are going to be the words of the winter and the spring. that's the process that the senate can us

senate has confirmed janet yellen janet yellen rather as treasury secretary the 1st woman to hold the position senate has voted 84 to 15 to confirm yellen she's also the 1st person to hold the top 3 economic jobs in the u.s. government you know and was chair of the federal reserve in the obama administration white house council of economic advisors on the bill clinton. and the senate foreign relations committee has also confirmed at the blinken as u.s. secretary of state paving the way for a full senate vote during his confirmation hearing blinken said he'll order a review of the decision to designate yemen's who the rebels as a terror group said he'll also builds on the u.s. brokered normalization deals between israel and arab countries. u.s. homicide is pharmaceutical company madonna says its cover 19 vaccine appears to work against new coronavirus variance early findings showed success against the variant 1st detected in the u.k. but the vaccine is less effective against a south african what health experts are concerned about mutations of the virus that appear to be spreading faste

this comes back to my concerns as janet yellen -- of janet yellen.ollegiate people to come to a conclusion and the right conclusion about monetary policy. they were tapering and tightening at the same time and that blew up on her watch. i believe that janet yellen may not necessarily, although very qualified for the job, may not be the right person to deal with the egos involved on capitol hill and she will have to deal with them. she hasn't shown the ability to master the art of negotiation properly. this is where steve mnuchin was a unique character. he orchestrated a good deal of the funding many movies. when you are dealing with the movies you are dealing with egos of producers, actors, egos of studio companies. he was capable of dealing with the large egos out there. it remains to be seen whether janet yellen can. when she was at the fed, she certainly was not able to do that. it will be interesting to see if she can do it now. guy: it will be fascinating to see who she puts around her. negotiation skills will definitely be required and managing

i haven't spoken to secretary yellen. going to call her chair yellen bus the time you're going to have to patient with me. i've not spoken to her since i congratulated her on being nominated. i do expect very soon to begin our regular calls and ultimately meetings which have gone on really for 70 years the treasury secretary and the fed chair have had weekly or so meetings, lunches, breakfast, calls, depending on the situation. i expect that will happen soon. i've not met the president, president biden. i did not have any comment on your last question. it would not want to comment one way or the other. direct just a follow-up, some emergency programs that will expire march 31 with the fed and the treasury of worked on. do you have an expectation whether those will be left to expire then? or if they will be extended? i will just say our facilities were very successful in supporting the economy during its darkest moments. i believe protected the loss of millions of jobs. we are going to continue to monitor conditions throug

reporter: some progressives are skeptical of yellen. they worry about the government coddling corporate interests and wall street. there are questions about the debt. the national debt exploded by $8 trillion under the trump administration. it is unclear just how fast the senate can confirm yellen and the rest of the cabinet. >> do both as quickly as possible and provide the justice that would be anticipated in an impeachment trial, at the same time carry out the responsibilities we have to get a cabinet confirmed. reporter: 12 years ago the democratically controlled senate confirmed eight of president obama's nominees on inauguration day. the senate cleared all nominees by voice vote. the senate confirmed two of president trump's nominees on inauguration day, january 2017. the timing will be important. there will be a meeting with republican leader, mitch mcconnell and democratic leader chuck schumer. how will they juggle impeachment trial and confirm nominees. they can't really have control of the president until vice president harris

susan: can i quickly mention on yellen?tored in, but people think about tapering and pulling back on stimulus. that is something the market is talking about. the federal reserve and government will pull away the punch bowl. that is the answer they're getting from yellen in this testimony. stuart: thank you, susan. we have come back a bit. we are just up 100 points for the dow. all right, let's get back to the big issue censorship. katie couric is the latest call for the deprogramming of trump supporters. watch this again because it is important. roll it. >> the question is, how are we going to really almost deprogram these people who have signed up for the cult of trump? stuart: fascinating. let's bring in tristan justice, he is with "the federalist." tristan, sounds to me like censorship of the newsroom. what say you? >> i would say look, we always hear about white fragility, let's talk about woke fragility. people threatened to quit because the magazine featured conservative writer ben shapiro in the "politico" playbook.

can see , up nearly $3,000 in the final hour of trade, but could incoming treasury secretary janet yellen expected to be fully confirmed this afternoon be the black swan no one saw coming in the crypto sphere. we'll have all of that and so much more, but first, a fox business alert. it is day three now of the biden presidency. the president, any minute, set to layout new executive orders that he says will keep the u.s. economy right on track. let's get to the white house where we find blake burman, following its second with all of the latest details, blake? reporter: hi there, ashley. the previous administration as you know had been making the argument we were in the middle of a v-shaped recovery a soaring stock market, record highs, 401 (k) and the like. the reason why i bring that up is because the biden administration is saying right now that we are in a "precarious moment" for this economic recovery. for example, they are pointing to much different numbers saying that right now, more than 10 million americans are unemployed, 14 million renters are behind on their payments, 29 million

when we heard from the incoming secretary janet yellen, or presumed secretary janet yellen yesterday, i have to say on the subject of china, she sounded like the trump administration. we might change how we make policy down in d.c. and go back to old ways, but will the policy actually change on issues as big as china? kevin: no. jonathan, you and i have talked about this for some time. to your point yesterday, tony blinken testified in the senate, border confirmation hearing to be secretary of state, noted that there was still quite some time before negotiating a nuclear disarmament deal. this, of course, the democrats and obama administration created that deal that the trump administration withdrew from. elsewhere, on the geopolitical front, beyond north korea, china, all of these geopolitical issues. i think we are going to see a key difference immediately as the outreach president-elect biden does to european allies. he is going to try to strengthen the european alliance with the united states in order to take a much more multilateral approach. on issues pertaining to trade and on

secretary yellen: so help me god. vice president harris: congratulations, secretary. thank you for all you do and have done for our country. and thank you, to your family. [indiscernible conversations] >> president biden spoke about his administration's strategy for combating the coronavirus pandemic. the president announced that the white house will resume daily briefings with scientists and experts on the pandemic, and the administration has ordered an additional 200 million vaccine doses. president biden: hello, folks. how are you? thank you, for taking time to be here. good afternoon. i am accompanied by the head of our whole covid team. today, i would like to update you on where we are. tomorrow, we are going to begin briefings that will occur on a regular basis with mr. zeitz and his team. we will bring back the pros to talk about covid in an unvarnished way. any questions you have, that is how we will handle them, because we will let the scientists speak again. i would like to update you on aggressive steps we are taking to meet our goal of administering 100 mi

842152 convey yellen she's also the 1st person to hold the top 3 economy jobs in the u.s. government yellen was chair of the federal reserve in the obama administration the white house council of economic advisors under bill clinton for. time for a short break here not just iraq when we come back a plea for help us cope with 19 sweeps through a camp for asylum seekers in the u.k. . and vietnam's biggest political event the communist party needs to shape policy in the next fight is more that stay with us. yet more winter weather in fact winter storm warnings are in the existence across the u.s. this is the picture of the grand canyon down arizona and he's trapped fog inside the canyon was snow on the top should see it's been that cold in the snow potential potential exists through new mexico through colorado and the central plains states and once again we talk about new england there's a lower limit to this where it's much warm we see rain recently but circulating behind me is the significant weather the incoming significant pacific storm which is stretch a long way down th