janet yellen pushes a robust stimulus package. global infection slow but joe biden says don't expect. immunity before the end of the summer. christine lagarde suggests a soft exit from stimulus once recovery takes hold. >> good morning. let's check in on the markets. a few minutes ago we did see brent go through $60 per barrel. right now, $58. equities globally, we are seeing this risk on momentum. a fifth day of gains on wall street. s&p 500 index futures up 0.4%. who was the fact that it was the bad news about the jobs number giving this fresh impetus to the invited administration to push through this stimulus plan. 10 year yield, ever so closely inching toward 1.2 percent, a level that we have not seen since february, before the march meltdown. reflation flavor is back in play. manus: the breakevens are breaking aggressively higher, the highest since 2014. it is between larry summers, who one would say is probably more on the left, and janet yellen. janet yellen saying we are in a deep hole, you need to do more, and you need to

this is bloomberg. ♪ francine: janet yellen says the u.s.timulus to get the economy back on track quickly. larry summers publicly disagrees. a new astrazeneca vaccine is being developed, this after early data suggests the product has limited efficacy against the south african covid variant. and ecb president christine lagarde hints at a soft exit from stimulus once a recovery takes hold. good morning and welcome to "bloomberg surveillance." i'm francine lacqua in london, tom keene in new york. come -- tom, are you ok? are you thinking about the reflation trade and how you can trade it in the second week in february? there is a lot going on? we look at covid-19, vaccines, astrazeneca, and what janet yellen said about the labor market. tom: i am trying to figure out who choreographed the weekend at the super bowl. i thought the choreography was just stunning, a triumph. we are getting over the super

treasury secretary janet yellen says the u.s. can return to full employment with a robust enough stimulus package. she spoke yesterday to cbs. ms. yellen: this package is going to speed recovery and analysis by moody's and economists at the brookings institution show that very clearly we will get people back to work much sooner with this package, and that is really critically important. there is absolutely no reason why we should suffer through a long, slow recovery. francine: former treasures herrick -- former treasury secretary larry summers questioned yellen, questioning the size of the package. there is a chance that my current economic stimulus close to world war ii levels and normal recession levels will set off reflationary pressures of a kind we may not have seen in a generation. he can used by saying that she continues by saying i worried that containing an inflationary outbreak without triggering a recession may be even more difficult now than in the cast. kit juckes, let's start off with the basics. will the fed rather

consumer protection, is that something janet yellen wants to deliberate.reasury secretary calling a meeting. we'll talk about that next. this is bloomberg. ♪ ritika: this is "bloomberg markets." coming up, t-mobile u.s. cvo joins bloomberg technology at 5:30 p.m. in new york. this is bloomberg. let us check in on the first word news. president biden is drawing a line in the sand on his coronavirus stimulus proposal. he told house democrats that he will not back off the plan to send $1400 checks to millions of americans. he says he is opening -- open to tightening the eligibility. republicans suggest that the checks be smaller and fewer people get them. amy klobuchar is proposing a reform to antitrust laws. it would make it easier to stop mergers and acquisitions in court, plus it would target conduct by dominant companies that thwart competition from rivals. she is the incoming chairwoman of the committee on antitrust law and competition. mckinsey and company has agreed to settle claims stemming from the opioid epidemic. the consulting firm will pay 540 --

janet yellen speaking about a financial transaction tax. higher rates -- we may be taking a little bit of a break today, but nonetheless, the curve is the steepest since 2014 and that will definitely affect equity markets at some point. nasdaq down by over 1%. they tech names the first on the chopping block but the smaller are not getting the beneficiary of higher yields. a teeny tiny bit coming in mostly over in europe. significantly steeper than where we were. copper up by almost 2%. $10,000 call might not seem crazy. guy: absolutely. we will continue the trend, and we see what happens in other markets. momentum getting behind these things. let's talk about the stimulus package, because that would be a major part of this question. democrat -- democrats, even, beginning to push for the stimulus bill this week. the bill, alix, will pay some markup in the house. the full vote will happen friday. secretary yellen speaks at the new york times deal book conference this morning about how to get the economy contract. sec. yellen: my view would be

we will keep up-to-date on everything janet yellen does. we want to mention that democrats are seeking to -- under both for the impeachment trial, which is supposed to take place next week. next, the ceo of kismet acquisition. ivanh■Ñsrú ■nga■■ vonnie: this is "bloomberg markets." nexters is going public with kismet at $1.9 million. joining us is the ceo of kismet, as well as bloomberg's ed hammond. ed: it is great to have you. thank you for talking to us about this. obviously, you have nexters to launch with two more in the pipe. tell us why this company. ivan: thank you for having me. the reason why we not only found but are bringing nexters to the market is because it's a truly global company in a truly global industry. gaming is the business without borders, so gaming studios from russia making games for europe and the u.s., it's a no border business. nexters is a top five independent european mobile gaming business with the hero wars franchise. vonnie: the multiplayer battle game that takes place in dominion. nexters is based in cyprus

janet yellen predicts the u.s. can return to full employment next year, only if it enacts a strong coronavirus to mills package like the one proposed by president biden. janet yellen said the job market is in a deep hole. republicans have complained the president's plan is to expensive. president biden promises a different relationship with xi jinping then donald trump had. the president told cbs news there'll be competition but not conflict. he said there is no reason why he has not spoken with president xi yet. vaccine developers are working on a new shop to fight the south african strain of the coronavirus. early data suggesting the current vaccine from astrazeneca has limited impact on the disease caused by the variant. the new shot should be ready by autumn. former u.s. secretary of state george schulz has died. he led cold war diplomacy under ronald reagan and frequently clashed with more ideological members of the administration. before that he was labor secretary and treasury secretary under richard nixon.

read 2 paragraphs that you'll see see clearly they're very very worried and almost begging janet yellen at this point the last bastion between you know the fed's already destroyed the dollar and now they're like hoping that janet yellen can do something so in public policy terms the best reason to focus on big coins rises what it tells us about the risks that may be bubbling up amid the federal reserve's commitment to 0 interest rates the justified purpose of that policy and acted due to the covert 1000 outbreak was to counteract economic collapse by encouraging investors to risk their money on job creating activity. rather than park it in government bonds given limited opportunities for productive investment though many have chased yield through speculative vehicles very much included of course there's been no investment in jobs for decades that's an absurd thing like that you anybody in the elites can sit there and think well if it only cut interest rates and will have more jobs people produce more and you know invest more in the economy and the like when have they ever done that in t

so genet yellen was put into the position of. as minister of the united states that's cold though i guess secretary of state for the most confused this is quite a symbolic. act i think because she's a formal head of the federal reserve she she knows i guess that this points to steam has to be sustained and she's almost you full fledged keynesian no she's in the position to do. politics which actually are needed to keep this going and totally agree with your implied question this system needs more spending otherwise it will implode and i guess it's a lot more i don't know if we need 4 trillion this year and you know that if you sit so would it be rather $5.00 to $6.00 trillions i would guess it would be some way of the syria right but the other tragedy here is that the same so equate money printing with somehow managing this catastrophe and doesn't seem to understand that the money printing cost the catastrophe chase aims to have some circuitry in her mind that were there as secretary of the treasury and operable malfunctioning sh

janet yellen is making her case to congress to pass the biden stimulus plan. yellen says the u.s. return to full employment next year if it is enacted. without it, yellen says it may take until 2025. donald trump's second impeachment trial is almost certain to end in acquittal. it will deliver a public reckoning for a presidency and influence whether his supporters continue to dominate the republican party. the impeachment trial begins tomorrow in the senate. in london, brent oil rose above $60 a barrel for the first time in more than a year, another milestone in a remarkable comeback. the coronavirus pandemic led to lockdowns and grounded planes. tom brady is still super. the 43-year-old quarterback took his new team to a win in the super bowl. it was brady's record seventh super bowl win, the other seven with the -- the other six with the new inlet patriots. he was most valuable player. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. ♪ >> i am afraid that

treasury secretary janet yellen was set to meet financial regulators thursday to discuss the game stop trading frenzy yellen has said that she wants to deeply understand the surge when shares in the videogame retailer skyrocketed more than 600 percent last week as users of a reddit forum banded together to drive the stock higher the resulting short squeeze left hedge funds that had bet against the stock with huge losses and it spurred complaints of stock manipulation game stop shares lost more than 40 percent on thursday. are for more on this let's go to our financial correspondent in new york yen scored a good to see you does this meeting involving yellen and these financial regulators does that suggest that these traders have done something wrong. we don't know that sexually what janet yellen and a lot of other high ranking people from the oversight boards and to regulators try to figure out and you already mentioned it engendered yellen in an interview before this meeting said it quite quite clearly we have to understand the whole thing deeply and then we can make decisions by the w

dani burger, yellen says markets are resilient.impact on markets over the past two weeks? dani: even if there is not this huge contagion effect or if the market was not resilient as janet yellen says it is, one of the lasting things we will see is the staying power that retail investors have. even when robinhood was limiting how many people could trade or rather how many shares they could buy, we still saw more and more people downloading robinhood, trading on them. i should say it is not even just in the u.s. the number of u.k. investors who were downloading and spending money on these retail brokerage accounts -- that has equally skyrocketed, especially among the age group, the white line, the 18 to 29-year-olds. what impact does that have on the market? that is more of a tricky one to dissect. one thing that has been extremely clhis is having an impact on the options market. a volume in options is incredibly high to the extent that for every 10 normal cash shares that are traded, there are 12 options being traded. usually there

good to see you does this meeting involving yellen these financial regulators does that suggest that these traders have done something wrong we don't know that sexually what janet yellen and a lot of other high ranking people from the oversight boards and to regulators try to figure out and you already mentioned it engendered yellen in an interview before this meeting said it quite quite clearly we have to understand the whole thing deeply and then we can make decisions by the way there are more panel some more committees to follow so we won't see any decision anytime soon there was a separate report by the way by bloomberg that the f.c.c. so the cubana securities and exchange commission is also having a deeper look if if there are any fraudulent activities was the shows for the media posts and i guess we also have to understand who was clearly behind it so. so no fraudulent activity peter took missing a trader from the reporter it's all but to generate yellen and her colleagues there will figure that out as well. colleagues there one other question is this game stop hype is it reall

dani, yellen says markets are resilient.see any lasting impact on the markets from those wild two weeks? dani: one thing that's been made a moderately clear from this saga -- abundantly clear from this saga is that there are more retail investors out there, they're more active, and it's hard to see them go away anytime soon. there are calls to delete robinhood. we still saw more people downloading the app, getting involved. you can see more and more people keep trading on those retail brokerage platforms. it's not just in the u.s. the u.s. has the biggest share of retail investors. but if you look in the u.k., for example, barclays has data that shows a huge amount of growth, as well, to these platforms. so, the attention means more people are interested. i've talked to hedge fund. managers about what that means what does it mean if you are trading in these markets? it is a torn topic. one said we've seen this before. perhaps it's not retail investors, but shorts get sweet all the time. i've talked to others who said he's no

janet yellen hits the talk shows with a clear message: the u.s.eeds big stimulus to get the economy back on track quickly. yields creep higher. m&a monday, dialogue confirms it in talks for a $6 billion to cover from japan's renaissance and veolia turns hostile in its pursuit of suez, france. and renaissance technologies is hit by $5 billion of redemption since the first of december last year. the walkout comes as the firm's double digit losses for funds in 2020. just under an hour away from the start of cash equity trading in europe. let's look at futures this morning. we see the gains you would expect after so much emphasis is put on pushing through the $1.9 trillion stimulus plan in the u.s., your stoxx 50 futures up .75%. we also see u.s. futures rising this morning, the dow s&p, nasdaq contracts, nasdaq futures up .6%. anna? anna: let's get to some breaking news we've got coming through from akzo nobel this morning. in terms from m&a, a big scene. we're hearing from akzo nobel they no longer intend to buy a finnish listed chemical business. i

you heard janet yellen earlier in the show.aid she thinks somebody who makes $60,000 a year should be getting these relief checks, but she wasn't willing to commit to 75,000. where do you think the cutoff should be? >> well, i think what we have done in the past, and what we have promised the american people, we've said two things in the last month. we said we're going to get you $2,000, which is $600 plus $1400, and a couple $150,000 or lower will qualify for that $2,000. we said we don't want rich people to get that benefit and i agree. what we need to do is have a strong cliff so it doesn't kind of spill over to people making $300,000. and that's what i support and that's what i think most people understand. but to say to a worker in vermont or california or anyplace else that if you're making $52,000 a year, you are too rich to get this help, the full benefit, i think that that's absurd, and it's also, from a political point of view, a little bit of absurd that you would have, under trump, these folks getting the benefit, b

would be in line with janet yellen. she says as treasury secretary now she has to deal with the entire company and the long-term fallout of job losses. she talked about job losses specifically among minorities and women which are very sticky right now. paul: is a compromise dead now? >> it seems like it never got up off the ground. democrats just want to go with the more aggressive plan. and put the assurance into the economy with the $1.9 trillion. biden did meet with the republicans. trying to get them on board for some sort of compromise measure. whether that is the final word is hard to say that listening to republican lawmakers in the last few days and again today, they want things to be more targeted. if there are stimulus checks, they want the cut off to be at the lower level. this is something the democrats oppose. we will hear more in the next few weeks but it does seem like bipaship is a struggl this piece of legislation. paul: ros from washington. during his first tv interview, president biden said there will

tom: we have chair yellen -- we got chair yellen to be treasury secretary. maybe we should have chair yellen to be president of the united states. i believe gamestop is open for trading today. francine: they were down 17% and german trading. down 17%, so we will have a look at the wider ramifications of that. the funniest thing i saw on twitter was someone saying biden is getting the old band back together again. tom: no question about it. we have a space launch as well, potentially scheduled. francine: let's get to first word news in new york city with ritika gupta. ritika: it is the biggest management change at amazon since jeff bezos founded the company in his garage more than 25 years ago. bezos will step down as the ceo of the world's largest online retailer in the third quarter. his replacement will be andy jassy, who runs amazon's cloud computing unit, a fast-growing division that has changed the way company -- the way companies' biotechnology powers businesses. ended democrats have moved to put president biden's stimulus plan on a fast-track. open de

to revive the economy struggling amid the pandemic yellen told c.n.n. si thursday quote we think it's very important to have a big package that addresses the pain this has caused 15000000 americans behind on their rent 24000000 adults and 12000000 children who don't have enough to eat small businesses failing i think the price of doing too little is much higher than the price of doing something big we think that the benefits will far outweigh the cost . in the long run meanwhile on the same day house speaker nancy pelosi said she is hoping for a floor vote on the legislation by the end of next week. and earlier we had a chance to catch up with international investor jim rogers to discuss the state of the global recovery and a myriad of other topics. i want to start with the state of the u.s. economy after being crushed by the pandemic in 2020 now in 2019 we were already seeing a downturn his growth was on the decline before the pandemic right now it seems like the entire recovery hinges on another relief package put forward by congress in the biden mini

-- janet yellen is scared to death of bitcoin. the fed and it seems like every time she talks about it or any bed official talks about it, any banker, it falls and then people come back in and buy it back up as we see this morning. this is a buying signal and we will see momentum from here. stuart: you run a large investment company. yep hotels, apartment, retail operations. do you put any of part of your cash reserves into bitcoin and if not, why not? >> we like bitcoin and i use it as an investment. because of the lack of liquidity, i would say that we haven't gotten to the point where we have used it for what we would need to keep liquid, but i would say that going forward one of my initiatives and a lot of my investors initiatives is to take some money out of dollars and put it in bitcoin. we have been buying gold for a long time and bitcoin, although way more risky than gold, i would say fits the bill as the currency alternative because i believe money is freedom , but purchasing power is freedom and with the fed is doing is

caroline: yemen's commitment to going big or going home, -- yellen's commitment to going big or going home, and tesla. we are zeroing in on the greenback. what is the impact of relief spending on the currency, and should companies be spreading their bets and shifting millions of dollars on the balance sheet? crypto is not just a substitute for cash. the market right now is banking on enormous -- banking on enormous federal spending package. >> the 10-year break even, one measure of the outlook for inflation, up to 2.2%. it continues to grind higher, well above some levels, and the traders bet on an inflationary/reflationary situation. we are joined by our bloomberg colleague. thank you for joining us. we keep hearing about the size of the check, the size of the overall package. what do you think we are looking at in terms of timeline? a few weeks? the next month? when will we get a resolution on all of this? >> i .2 it happened before. march 2020 -- i point to what happened before. march 20 20. then, june 2020, -- march 2020, then june 2020, so when there is no massive crisis forcing

treasury secretary janet yellen -- remember her, left from the past--blast from the past.: everyone is trying to figure out what to do about this crisis of people overpaying, trying to figure out if they broke any laws. regulators meeting with the sec and the new york fed in the first public effort to discuss gamestop. interestingly, and this is part of the conspiracy theories, which were baseless, all the stuff about yellen connected to citadel, connected robinhood, that kind of -- romaine: ah. caroline: we love a conspiracy theory. romaine: i just want to note, is there a way we can connect this to mario draghi? caroline: i'm going to. it is always about italy at the end of the day. getting the old-school back. joe: this time it was gamestop and robinhood. let's bring back in jill carlson. it was kind of extraordinary. we think of robinhood as this disruptive tech company, and then we saw where the rubber meets the road when the ceo came out and did his tour. it's kind of like really zuckerberg where it didn't go that well. later on they had to explain all of these thing

global equities extend all-time highs as janet yellen pushes joe biden's relief bill. action is needed to revive jobs in the economy, he says. markets are getting a lift from a continuous slowdown of covid infections. vaccine developers are working on a new shot to combat the south african strain. president biden says he will deal with china differently than his successor, or rather, predecessor. the nations are in competition, he says, but not in conflict. iran says it is willing to return to the nuclear negotiations but only if the united states lifts sanctions first. i am yousef gamal el-din. in terms of u.s. equity futures, many looking to build on the 5% returns at record highs after earnings season solidified the outlook. though brother macro backdrop with the virus cases and the stimulus prospect, helping that risk on from top to bottom. seeing interesting moves, 118, the u.s. ten-year inflation breakeven is at the highest level since 2014. that is the pace of u.s. inflation as implied by the bond market. let her liquidity across many assets, you could blame the

will it overheat i tend to agree with yellen.e been in a very unusual and long period of extremely low interest rates the borrowing cost for the u.s. government are as low as they have ever been or probably ever going to be. if we are going to tackle this problem, now seems like a really good time to do it and if we start to see inflation creeping back, and i am not saying it's going away, i mean, there are conditions in which it will return, we have better tools and i think better understanding of that and the fed can jump on that when we see evidence of that and that, of course, would many pushing up interest rates. that will eventually be a threat to very high stock prices. >> you know, jim, it sounds like the playbook out of treasury and the fed is that there will be signs of rising inflation, we are starting to sea it now, and things like texas don't help but it will be transitory and that back half of the year maybe you realize that it was more of a head fake. does that seem like a reasonable playbook to you? >> i think it

yellen needs to recruit -- recuse herself of this? rep.t know, but what i want to see from the secretary is a little bit of caution and deliberation, and not a lot of overreaction. the broader markets are doing fine. obviously, there was volatility in respect to reddit field trades on gamestop, amc, and other equities. that is as a result of the advents of zero cost trading and the democratize asian of democratization of the marketplace. we are learning a lot about zero cost trading, and the influx of day trading and what that means for their short positions. it means that short squeezes are possible and there is market discipline that will set in as professionals -- with professionals. on the other hand, i think a lot of the day traders and small investments -- investors are learning that fundamentals matter and earnings and valuations matter, and that on the downside of this rally, as investors get in too late and too far away from valuation there is a risk associated with that. the market is actually working, but it is appropriate for t

janet yellen talked about scarring in the labor force.nt among women has also gone up, and we know there is a tipping point where we start to see mental and health problems in addition to the pandemic. you also see family structures disintegrate and there we go back to children paying the biggest price. >> so much on the line. diane swonk, thank you so much. good to see you. >>> george shuchultz, the forme secretary of state to ronald reagan, has died. he was 100 years old. in the 1980s, he was known to pursue a stronger relationship with the soviet union which laid the groundwork for the cold war. he also held cabinets under president nixon where he was a key adviser. schultz retired to teach and was affiliated with stanford university until his death. >>> we'll be right back. ♪ it is love, love, love that makes it all worthwhile♪ ♪and it is love, love, love♪ ♪that can't help but make you smile.♪ ♪it is love, love, love...♪ send the love. order now at edible.com at jackson hewitt, we offer safe and easy ways to file with a skilled tax pr

the globe stands in the fight against the pandemic so this comes as the treasury secretary janet yellen has claimed she wants to quote understand deeply the game stop trading dustup at the united states top economic leaders meet to discuss the recent developments and later major tech firms in the u.s. are feeling the heat as leading congressional figures are unveiling legislation to take on the new wage giants we're going to break it all down for you with a packed show today so let's dive right in. and we leave the program in the united kingdom as the nation attempts to make its backs a nation efforts more versatile now the country is launching a new trial to explore whether using different coben 1000 vaccines for the 1st and 2nd doses will show strong efficacy the trials will be led by oxford university and run by the national immunization schedule of valuation consortium now the 1st trials that will involve more than $800.00 volunteers above the age of 50 and test effectiveness of 4 combinations of 1st and 2nd shots of the astra zeneca oxford university vaccine and the fires are biote

secretary yellen joins us live this morning.appreciated. >> there is so much we want to discuss with you. you've gotten right to work. you've repeatedly said that passing a covid relief package, that it is urgent. so how much time do you have to negotiate with republicans before you, the president and congressional democrats feel you have to go ahead and push this bill through on your own? >> well, the president is really committed to helping americans get through this terribly difficult period. addressing the public health needs to deal with the pandemic as rapidly as we can. to get the population vaccinated as quickly and efficiently as is possible. get children back to school. make sure our economy gets to the other side with strong labor market so that people have jobs, wants to make sure that americans have food to put on the table, seeing long lines of people waiting to get food around the country is something we should never see in the united states. too many people have to worry about whether they'll have a roof over the

yellen is definitely pushing this bill. kathleen: she was fed. not push a policy political stance, but as a treasury secretary, it is her job to do just that. obviously, this is one area where she and joe see i die, going big on stimulus, or she would not -- where she and josie eye -- and joe see eye to eye, or she would not have gotten the job. krugman said we went too light after the great financial crisis, the great recession, in 2008, 2009, on stimulus. now, we have to go big. it has to be strong. she said regarding the $1400 stimulus checks, shouldn't they be a little more targeted? she said there are things that there we cannot see. this is why they seem to be this size, at least. let's listen to what she says. sec. yellen: the $1400 checks, of course, we do not want those to go to very high income individuals and households, but that really helps to make sure that the pockets of misery that we know exist out there that are not touched by the more targeted things, help is provided there, as well. kathleen: yellen also said we need aggressiv

and when we were talking early about janet yellen's comments, that is true as well. we dropped employment by nearly 10 million with a one million increase in the size of the adult population. there is another piece of the economy that is extremely depressed. if you look at it in the aggregate and we can take a look at consumer and commodity prices. commodity prices are raging for the good sector. if you look at hotel pricing it is falling rapidly until we get past covid, and then we can broaden the recovery. i think we will probably see, and this is still early, some of the things that have been strong, home electronics, shipments from asia, these were one-off purchases that will not be repeated. jonathan: it is great to catch up. citibank's chief economist and strategist. coming up shortly, ellen zentner. this is bloomberg. ♪ >> in new york with the first word news, the u.s. says it is willing to meet with iran to restore the nuclear deal. iran says not so fast. it wants the u.s. to join the 2015 agreement and left sanctions. donald trump pulled the u.s. out of the

now, the janet yellen issue is fascinating meeting with all these various regulators.n capital markets. and i think that's what this is. it's a group of regulators that meet regularly when markets get crazy as they are now, particularly in these sort of massive swings in a bunch of penny stocks that went from trading at $3 a share a couple months ago to now $300 and heading lower. gamestop the, the last i looked, it was below $70 a share, so it went from $500 a share to below $70. you're going to get some sort of reaction from regulators whenever that happens, and i think that's where we're going now. in terms of legislation, lots of stuff is bouncing around on capitol hill. something we were first to report yesterday thanks to lydia moynihan, my producer, was ending or sort of curtailing the practice of payment for order flow. that's when companies like robinhood, like charles schwab take their buys and sells order, and they sell it to third parties like brokerage firms. citadel is one of those. there's a lot of sinister motives attached to that sort of practice becau

tyler, back to you >> one question, if i might -- is he in somewhat of a conflict with janet yellen, who said she could see a full job market, full employment sometime next year >> you know, i don't think so. sometime next year is still some time off, i think we could say, and it's not like we will just get to full employment without doing anything i think when janet yellen says what she says, she counts on the fed being very easy and wide open on its policies i think janet yellen also counts on a strong stimulus or relief bill from congress and the administration, so i think those things are implicit in what janet yellen is saying i think if and when we get there there would be a time of reckoning, but the time is not now. >>> i can't wait for the q&a, because i'm sure he'll be asked about gamestop and reddit users. i'm really curious to see how he answers that inflation seems like a growing concern at about 3%. just what we're seeing in the commodities market >> um, i think that is an issue month market participants. my read and conversations with fed officials have said not an imm

treasury secretary janet yellen held the meeting with regulators to ensure greater oversight.u keenan joins us. let's start off with the plunge in the stock. investors after moving through precious metals and crypto, turning to new names in biontech -- in biotech. su: they are looking at small drug developers and ditching gamestop. look at the brutal decline in the stock. heavy losses down 80% during the way. volatility resulted in market value swing of 30 billion in the past week. check out other credit touted -- other reddit touted stocks. seeing brutal declines. those had all been flying high with gamestop charity shares with biotech were surging. the third stock notably was up some 30% and gave back all its gains and then some showing volatility remains in this reddit army but they continue to have an impact on stocks. the restrictions that robinhood, the online trading rocher, put on amc, gamestop and other stocks touted on the website and other message boards had impacted the decline. a lot of reddit related traders are blaming robinhood, calling them the bad guy. to quo

remain optimistic with janet yellen seeing full employment your.the back of a strong stimulus package. she fears the labor market is stalling and says more action is required. they see recovery but stressed that support is still needed. it may be hard to we the single market off emergency help. meanwhile china published official rules on internet monopolies that take effect immediately. to curb the sharing of sensitive customer data. the formation -- to squeeze formal rivals and subsidies to keep competition down. the increased scrutiny has triggered legal action. bytedance is suing tencent over monopolies at wechat. president biden is indicating a new era in relations when china -- with china. saying the two superpowers are in steep competition but no conflict. he says there is no particular reason why he has had to speak to see jinping but says that there has not been time yet -- to speak to see jinping. but says he is not had time yet. virus infections in the u.s. continue to slow. a new study warns that further surges of the more transmissible

i am a company by the vice president and the secretary of treasury, janet yellen. i want to talk today about our plan. the january job numbers came out today. while we were grateful, it is clear that our economy is still in trouble. we had just 6000 private-sector jobs in the country last month. overall, we added 49,000 jobs. this at a time when we have more than 10 billion people out of work. 4 million people have been out of work for six months or longer. 2.5 million women have been driven from the workforce. 15 million americans are behind in mental payment. 24 million adults and 12 million children literally don't have enough food to eat. these are not democrats and republicans, these are americans. they are suffering. not because of anything they did through no fault of their own, once they have decimated their economy, it is still wreaking havoc on our economy today. we are still in the peak of this pandemic. in fact, january was the single deadliest month of the whole pandemic. we lost nearly 100,000 lives. others think that things are getting better and we

you have quell len, one of the three stooges in bernanke, yellen, and powell, running the treasury. powell is still printing. by the way powell and leg guard are printing $250 billion a month between the two. no wonder the nasdaq is soaring because if it wasn't, we would be in real big trouble. charles: phil, maybe they don't know what they're doing, but they do it with confidence. phil, you have a different take. you think there is real role of central bankers. >> gary, we'll not agree on this one. 25% increase on amount of debt annualized basis, 8% decrease in payments. lowest rate of financing on u.s. paper we ever had. spend less in financing every single day. you lost 3 1/2% on gdp. if gdp growth grows today, this year by 7% which i expect, that means we'll more than grow above our debt. i don't disagree at some point you have to get some control. we don't want to be japan with 200 to one deficit or europe with 150 to one. remember, we're not them. we're still the biggest economy in the world. we control global interest rates. we control our interest rates. we're spending less

i am accompanied by vice president and the secretary of treasury janet yellen and want to talk today about my plan. and the january job numbers came out today. while we are grateful for everyone who found work and is earning a paycheck, it's very clear our economy is still in trouble. we had just 6000 private sector jobs in the country last month, overall, we added 49,000 jobs. this at a time when we have more than 10 million people out of work, 4 million people have been out of work for six months or longer, and 2. 5 -- 2.5 million women have been driven from the workforce. 15 million americans are behind in the rental payments. 24 million adults and 12 million children literally don't have enough food to eat. these are not democrats or republicans. they are americans and they are suffering. they are suffering because of -- not because of anything they did through no fault of their own they are suffering. once in the sentry virus has -- once in a century virus has decimated our economy and it is still wreaking havoc on our economy today. and so much of it is still about the virus we

what was the surprise and developing an essay on secretary yellen?ew: it is going to be with you. what we focused on was everybody remembers she was the first and only female delete the federal reserve. -- to lead the federal reserve. but when you compare her record to her predecessors and her successor, you find janet yellen has, by the markets on measures, the most stability in financial markets of any fed chair in recent memory. you can look at it anyway you want to quit whether it is traditional economic figures are just market measures like volatility. she comes through as unflappable. that is what surprised us. tom: you taught me the fed worries about employment. the secretary-treasurer has to worry about employment most of what could she do to move the needle on 9 people out of a job? matthew: she said if you're going to make a difference, up to have a robust physical program. that is what the biden plan is. it is not without its critics, but her point of view is that it has to be robust and it has to be now. that is the only way this economy

dollar steady after janet yellen said the u.s. a slower rebound in jobs and the economy if it fails to enact a robust stimulus package. ecb's christine lagarde under -- the need for policymakers to enact fiscal stimulus gradually and what she calls a soft exit. a fantastic run so far in 2021, pretty much across the board, outperforming stocks. the bloomberg commodities index higher, up by 0.6%. oil climbing at a one year-. -- one year high. bitcoin up, 38,454. rishaad: emerging-market investors, the coming weeks may well be the beginning of the end to the rally that helped propel emerging markets to unprecedented levels. let's have a look with our chief asian economic editor. we have inflation data out of china. what are we looking for? >> the big talking point everywhere is, will we get inflation or not? that is why a lot of people will look at the numbers out of china this week. on the consumer side, expecting perhaps another lapse into deflation. that will perhaps reflect what is going on with the lockdown to contain the recent