yellen: yes.m very focused on pursuing diversity and hiring to make sure we do have diversity in the economics team at treasury and throughout treasury. it is a very high priority. sen. menendez: and at the federal reserve? chair powell: this is something very high-priority, something we have worked hard at first some time, and we are not at all satisfied with where we are. we do a lot of outreach to historically black colleges and universities, as well as hispanic serving institutions. i met with a class of minority students from a historically black college last week and spent an hour with them. more than that, we have a systematic program to encourage more minority kids to study economics, and if they do study economics, to thing about the fed and that sort of thing. but there's a lot of work to be done there. it is a challenge we are very focused on. sen. menendez: i would be happy to work with both of you in providing individuals i think who presently could meet the challenges. thank you, mr.

yellen? sec. yellen: i agree with that. so many people who are not working are not doing so because of safety considerations or because they have children out of school. the studies that have been done about whether or not the additional payments discourage work show pretty clearly they don't serve to do that. in addition, they will be expiring in the fall. >> but my remaining time i want to talk of increasing taxes. as a small business owner who employs hundreds of people, it's pretty simple. you cut taxes, you increase jobs. i hope everyone will understand raising taxes to any business is not good for our economy. i yield back my time, madam chairman. >> thank you very much. i call on mr. bartus of california for five minutes. >> thank you very much, madam chair. i appreciate very much this hearing. i also congratulate in the strongest way secretary yellen. it is an honor to have a woman running treasury. it is very exciting. -- about deficit spending. when we democrats are in power. they don't seem to remember that when

yellen: yes. i am very focused on pursuing diversity and hiring to make sure we do have diversity in the economics team at treasury and throughout treasury it is a very high priority. chairman powell: this is something very high-priority that we have worked hard at and we are not at all since fight with where we are. we have done a lot of outreach to historically black colleges and universities as well as hispanic serving institutions. i have done a class with minority students last week. we have a systematic program to encourage more minority kids to study economics and if they do that, to think about the fed and that sort of thing. there is a lot of work to be done there. it is a challenge we are focused on. >> i would be happy to work with both of you in providing individuals who presently could meet the challenge. sen. rounds: thank you. and thank you to both of our panelists for your service to our country. secretary yellen, i want to begin with you. as i'm sure you are aware, the irs is faci

yellen: we have to issue guidance quite quickly. i think it's within 60 days and to distribute the funds, and we are working very hard to sort through the issues that we need to in order to provide clarity about the purpose of the funds and how they can be used. rep. scott: madam chair lady, i am concerned that we have the treasury secretary here and we have the chairman of the federal reserve here, and we passed this bill and put certain things in here to increase the delivery. everybody cannot get this payment through electronic accounts. most of the people that you and i have been very concerned about getting inclusion are not getting these funds as quickly. so i just want to encourage, and i know you'll agree, but i want to take a moment here. we passed it. it's there. please, please, treasury secretary, please, federal reserve. we need to hurry up. we put these things in place so we could reach those who have been excluded. very quickly, they need the money as quickly as everyone else. t

yellen: absolutely. kristalina: so we wish you in that regard as the treasury secretary all the success. i know that you also have your eyes set on making sure that the united states leads the world in the traditions of the new climate economy where i hope that there will be a lot of space for women. we are coming, unfortunately, to the end of time. i cannot believe that we have almost exhausted the time we have for this conversation. i do want to bring in the end a message to all the young people that are watching. what should they aspire for? it is a difficult time for those who entered the labor market for the first time. how should they think of the future? what should they be excited about? sec. yellen: well, you know, there are so many challenges that we face as a global community. climate change, diversity and inclusion, economic growth, so many challenges that we face. young people have many, many different paths by which they can involve themselves and contribute. you know, my view of a good lif

yellen: absolutely.ina: so we wish you in that regard as the treasury secretary all the success. i know that you also have your eyes set on making sure that the united states leads the world in the traditions of the new climate economy where i hope that there will be a lot of space for women. we are coming, unfortunately, to the end of time. i cannot believe that we have almost exhausted the time we have for this conversation. i do want to bring in the end a message to all the young people that are watching. what should they aspire for? it is a difficult time for those who entered the labor market for the first time. how should they think of the future? what should they be excited about? sec. yellen: well, you know, there are so many challenges that we face as a global community. climate change, diversity and inclusion, economic growth, so many challenges that we face. young people have many, many different paths by which they can involve themselves and contribute. you know, my view of a good life as if

secretary yellen, thank you for being here today. secretary yellen, i have a quick question. during your confirmation, you've said that a global minimum text could stop the destructive global race to the bottom on global taxation and help discourage harmful profit sharing and it's necessary for the companies to be globally competitive and that's why the negotiations are so important. but i'm trying to understand, having been a state legislator and stake holder of the house, i'm trying to understand how this is given from federalism and they're competitive. we had the highest corporate tax rate of any states that had a corporate tax rate and now we have one of the lower ones. we were also in the fourth quartile for job creation and now we're in the top quartile. >> why would any countries like vietnam or thailand or any developing nation have the idea that they should have a minimum corporate tax rate. what would you expect-- why wouldn't we expect the flow at the expense of the united states? >> we believe this the oecd negotiations can be productive in creating a reshapement

yellen: my pleasure., judy. ♪ judy: it was a pilgrimage never seen before, in the face of violent threats and a deadly virus. nick schiffrin has the story of pope francis in iraq. nick: in the birthplace of abraham, pope francis was welcomed as a hero, and prayed with the most vulnerable christians. iraqi catholics arthe epitome of what francis calls the “martyred church.” today he honored their sacrifices. >> in the last few decades, you and your fellow citizens have had to face the effects of war and persecution, an ongoing struggle for economic and personal security, which has often led to internal displacement and the migration of many, including christians. nick: he spoke in our lady of salvation, in the same sanctuary that, 11 years ago, hosted horror. in october 2010, militants from al qaeda in iraq -- precursor to isis -- stormed into sunday evening service. they shot the men, then the women and children, and before they could be captured, blew themselves up. at the hospital after, chaos. bloody s

final question i have is about oversight, secretary yellen.al predecessor agreed to very onerous and rigid and strong oversight for the c.a.r.e.s. act. this current $1.9 trillion has rescinded all of those things, sadly, except this quarterly hearing. so what i would like to hear is your voluntary commitment to work with congress, the gao, the special inspector generals and the congressional oversight commission as well as this committee. >> you have it i think oversight is very important, and i pledge to work with this committee and the oversight groups. >> thank you, secretary yellen. >> thank you very much. >> congratulations on your new chair. thank you. >> thank you >> i now recognize ms. maloney for five minutes >> okay. thank you so much, chair waters, for having this. welcome, chairman powell and secretary yellen as the first female secretary of the treasury in the history and the first to head the fed, we are so proud of you and of your many accomplishments, secretary yellen. >> thank you. >> this women's history month, you are certai

yellen saying the u.s. could potential reach full employment by next year, though in the last sans, she was talking about how much larger the actual unemployment rate -- she said it was probably near 9%, when you include individuals who have dropped out of the labor force many of them women who have go -- worked in service jobs that haven't come back or are attending to family matters, but possibly full employment by next year chair powell of the federal reserve emphasized he has the tools to deal with too high inflation. stocks near lows of the session. meanwhile, ten-year continuing to retreat from highs. steve liesman has been listening in fed chair saying he does not seem a long-term inflationary threat he stuck closely that any future inflationary increase will be temporary. >> we're strongly committed to our price stability man dade, which is along with our maximum employment man dade, those are the two that you have essentially given us our best view is that these -- the effect on inflation will be n

two janet yellen come away in is too much debt harmful -- two janet yellen, when is too much debt harmfulthe fact that we have both chair powell and treasury secretary yellen, i am getting them confused. it is really hard. but this idea that janet yellen will have to be asked what is the appropriate rate of 10 year treasuries to make this borrowing spree worthwhile, and to chair powell, what are you going to do to suppress borrowing costs enough to make this worthwhile? these are very important questions. i don't think we are going to get responses. jonathan: the chairman powell of 2021 is very different from what we saw in 20 18. this tuesday morning, here's the set up. a little bit of risk aversion. equities are down 15 on the s&p. the nasdaq is softer, even with this massive bid into the bond market. we have been so used two seeing yields go the other way. 1.63 percent on tens. in the fx market, euro weaker. euro-dollar down 0.4% to $1.1883. if we stick on this story, commodities underperforming. uti lower by almost 5% now, $58.60 -- wti lower by almost 5% now, $58 60 cents. there's th

secretary yellen, thank you for all the work you and your people have done. i would be remiss if i didn't urge you to be quick on the roll out of the rules for the restaurant revitalization fund that obviously is a sector that's been brutally hit in the last year or so. we're hoping that those funds become available quickly in my remaining four minutes, i have one question for both of you that i'd like to offer it's undeniable that everywhere we have looked today, we see the effects of the very substantial liquidity in the system. it's gratifying to see monetary and fiscal policy working in tandem this was not true when i was a freshman in '09 when the fiscal policy was working against monetary policy for recovery it's very gratifying to see that everywhere we look we see the effects of a flood of lick wi t -- liquidity in the system. the high yield market is yielding something like 4% everyone and their brother has a spac my question for both you have and let me ask you to take a minute and a half to two minutes, we learned in 2008 that trees do not grow to

testimony from jerome powell and janet yellen are on the docket.lor merkel puts germany into a hard eastern lockdown amid a surge in covid cases. she cause the situation "very serious." we hear from baidu's ceo on a big homecoming as china's largest internet search firm debuts in hong kong. very good morning to you. 90 minutes away from the start of european equity cash equity trading. march 23, 2021, 1 year on from the u.k. lockdown. europe still struggles with the coronavirus and we saw the overnight with angela merkel just after 2:30 a.m. local time putting germany into a hard easter lockdown. we have a picture of equities across the board extending losses into the red. msci asia-pacific down nearly 0.8%. the nasdaq not continuing the pace today. we do have as well alongside u.s. equity futures lower. a lot of attention will turn to the treasury market today. tender yield this morning, 1.66% -- 10 year yield this morning, 1.66%. also overnight, we got details of president biden's infrastructure plan, including the price tag, a tentative $3 trill

yellen: i completely agree, agree with you. it vitally affects human welfare and really studies trends and developments that have an enormous impact on the quality of people's lives, what they feel they can achieve, and the opportunities they have. of course, your background in environmental economics is tremendously important now as we deal with the challenges posed by climate change, which is something that is a critical global challenge that we are focused on now. kristalina: and we take it on behalf of the work of the imf now and in the future because we have to bring economic policy to help us both manage the risks of climate change but also capture the opportunities of green jobs and green growth that can bring everybody in a better position if properly done. they need to value with the document which i didn't think was very research oriented. i said to myself with this environment a more serious note what it says about your family coming to the depression to see people soaking glad just to have a job it reminds me in the

chair powell, secretary yellen. secretary yellen, chair powell. 12:00 p.m. eastern. in megan green, harvard kennedy school senior fellow. do you think it's premature to have the cycle conversation? maybe the fed never raising interest rates. >> i think it is a little premature. there is a huge debate about what kind of inflation we are going to get. we know we will get some temporarily. the fed has acknowledged as much. will it be sustained, that's a big question. i think if we have unemployment as for -- at 4.5% as the fed expects, and yellen says we get to full employment next year. and we have inflation at two point 5%, it is going to be increasingly untenable for the fed to argue that the appropriate rate -- i think the fed will be pushed into hiking sooner rather than later so i think the scenario where the fed never hikes is pretty unlikely. jonathan: are you a kaplan 22 type of call if you are on the fomc right now? >> the said -- the fed has said they will provide a long runway for investors. if we ended up having the fed hiking in 2022 it would probably happ

so i think janet yellen is trying to manage things. on tax hikes, she has a white house who's trying to not fall into that messaging at least. she's stuck in the middle, and she knew she would be from day one. so when i hear her speaking about this, i really hear her hedging her bets, trying not to overcommit, focusing on that language of infrastructure investment and investing in people -- neil: right. >> but the fact is she knows the door is wide open. whatever progresses in the senate can get done, they will try to get done. and the white house, i don't think, has a choice but to sign it. neil: you know, republicans, of course, are lashing out on this, looking at raising taxes. when they lecture none on debt, it's like me lecturing you on eating a salad. you are the last ones who should talk about runaway spending. it rocketed under president obama, it rocketed under this, president trump. the fact of the matter is this is a bipartisan binge we've seen, and there's very little evidence that it's going to slow down. i know larry kudl

then -- one on one -- treasury secretary janet yellen reveals what she says is the real unemployment rate, and why she supports going big on economic aid to americans. sec. yellen: the most important thing is to get our economy back on track and help people get their lives back in order to make sure that this pandemic doesn't permanently scar our workforce. judy: and it's friday.

i haven't. >>> welcome back we are moments away from jay yellen and janet yellen, the q and a portiontimony right now. we're going to take you there live as it happens in the next couple minutes first, let's bring in the former federal reserve governor thank you for being with us this morning. welcome. >> great to be with you. >> so fed chair powell has been pretty -- he's held pretty steady in recent days, recent weeks on this idea that we're seeing this economic recovery take root and perhaps faster than expected but there's a long way to go. and that while inflation might be picking up a little bit, he doesn't see it as a longer-term lasting situation. it's been interesting because we've had some fed officials former fed officials on in recent days who have been a little more skeptical about that outlook. how do you see it? >> i think he's trying to take the optimistic approach that yes, there will be a surge in consumption. we've had this enormous fiscal expenditure coming but we can deal with that because it's just temporary. that's possible. i mean, i don't think that's an unrea

janet yellen and fed chair jay powell will testify to congress.eck in on the bloomberg's first word news now, i am rich, up to. we are getting more details on the shooting deaths of 10 people in a supermarket. police identify the shooter as a 21-year-old. he is now in custody. among those killed were the first policeman arriving to the store. president biden is making a push for his next multitrillion dollar spending bill. this one is focused on infrastructure. he said it could enshrine u.s. competitiveness against china for decades to come. americans are heading north across the border being spurred by promises of stimulus deal resurgence in the u.s.. the number of monthly apprehensions of working age mexicans traveling without children has grown. at a yearly rate, the most in a decade. 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 blue. guy: treasury secretary janet fed chair jay powell about two of three days of congressional t

powell and janet yellen had back to the hill today.

janet yellen is 74. steve mnuchin was 58.ly, a 74-year-old person is one of the categories that's most at risk for covid, we get that. and we also know that, to be fair, people do work from home. i am working from home communicating with you, you know, doing my hit here. that said, when i asked the trump people, former trump administration officials, you know, what was it like when you were there, the onus was to come in the office, they tell me. but not only that, when it was crunch time, when you had to get the bills through, you had to do something really important like covid relief imagines -- packages, it was all hands on deck in the office, and this is a divergence from that. now, again, we spoke with some people close to yellen. they said she was part of the package. they did not deny that she wasn't on the hill, that she didn't show up, they just said she was part of the overall putting together of the package, played a key role, and they also made this comment to us. at the end of the day, we got the deal done. as yo

recovery powell continued to warn that the recovery is far from complete despite some progress as yellen touted the 1.9 trillion dollar american rescue plan and the hope that it will help stimulate the economy in the coming months but that's not all the buy administration is reportedly considering pushing for an additional 3 trillion dollars in spending though would be devoted to improving infrastructure fighting climate change and reducing economic inequities so joining me now to go further in debt well tonight partner and director of training research and education for the market gauge group now michelle let's start with today's hearing we know there was a lot of tension surrounding this latest stimulus package which was passed without the report without the support rather of a single republican so what was the atmosphere like is congress now questions how the money is being spent. well when you say atmosphere i don't think you mean you have this fear in congress because i think we can probably guess not it's not so great but we're certainly seeing reflection of that atmosphere and wha

i join you in very warmly welcoming secretary yellen at the imf. she has done what no man has achieved in the united states, a hat trick being the chair of the council of economic advisers, chair of the federal reserve and now the secretary of the treasury. no wonder everybody at the imf is looking forward to hear from you, secretary yellen. we want to learn how you made your choice to get into economics, what have you learned from your life experience that is of interest to the economies at the fund and to everybody at the fund. what we can say about advancing women in economics. what are the barriers to move away? and let me just say that we have chosen the age of womanomics. never in my life i have seen so many women in key positions where core economics and finance matter. you, as the minister of finance of the united states, christine lagarde, my predecessor at the ecb. the very first woman president of a multilateral development bank. we have two women across the streets, the chief economies of the world bank and of the imf. we are very proud

, is and also akrotiri of the treasuryjanet yellen, is more important treasury janet yellen, is moret yellen, is more important to air on treasury janet yellen, is more important to air on the treasuryjanet yellen, is more important to air on the side of getting peoplejobs and making sure they survive then are on the side of avoiding inflation. thank you very much. pope francis has met the influential shia muslim cleric, grand ayatollah ali al—sistani, during the first—ever papal visit to iraq. later, francis celebrated a public mass at stjoseph's cathedral in baghdad. 0ur rome correspondent mark lowen is travelling with the pope. peace in iraq will take time to flourish, but this visitor is determined to see it. along the narrow alleyways of najaf, and into a historic meeting of two faiths, catholic and shia islam. grand ayatollah ali al—sistani face—to—face with pope francis. at 90 and 84, it's taken long lives and generations to get here. the two religious leaders spoke of friendship to overcome oppression, rare unity after iraq's sectarian conflict. that theme of dialogue then sp

secretary yellen, thank you very much for joining us.re going to be briefing the president this afternoon on the state of the economy. there was an unusually strong report today for unemployment and the month of february. does that tell you the recovery is coming sooner than expected? when do you think we could have a full recovery? >> well, i was pleased to see 379,000 new jobs this month. the unemployment rate ticked down just a tenth of a percent. it was a bit stronger than expected. but really, judy, what we have, to put this in perspective, we still have an unemployment rate that, if we really measure it properly, taking account of all the four million people who've droppeout of the labor force, it's really running at 10%. and the jobs were mainly in leisure and hospitality, the hardest-hit sectors of our economy. leisure and hospitality, over the last year, it's down more than 3.5 million jobs. and when you think about the pace, although 379,000 jobs in one month, it sounds like a lot, but at that pace, it would take us more than t

. >> along side and janet yellen.hey have a face down and a lot of critics than the republicans. >> criticism from republicans. the democrats are pushing yellen very hard. first on the house financial services, the senate banking committee. we know that janet yellen is full tilt behind biden's plans and we will hear her. powell is going to say something he doesn't want. powell, his prepared remarks are out. he said fed stimulus is going to say and janet yellen say full employment could be back. is she the idea that people from prominent economist and high praise in 2022 not in 2023? it's interesting to hear her that the economy is going to be so strong and going to be interesting testimony regardless. >> kathleen hays there. and breaking news out of germany. the e.u. should not have an export ban and five-day lockdown over easter and because of the situation and coming on the leaders agreeing on an expanded period. markets are expected to open. germany a five-day lockdown . >> u.s. japan and emerging markets. the stra

you have yellen and you have powell on the hill today. me ask you, jon hilsenrath, to jump in here. what are you expecting from the testimonies that begin today? jon: well, i think, for jay powell, i think he's going to repeat after the fed meeting a week ago which is to say that he wants to see real proof that the economy is getting back on its feet before he even starts talking about raising interest rates. he wants to convince the market that is the fed is holding the line. as far as janet yellen, he's very focused on getting that unemployment rate back down to 4% or lower as quickly as possible and, you know, that's going to mean another round of spending plans, this time focused on long-term issues not relief checks but spending on things like green energy infrastructure, highways, things like that. so i think that there's a lot of money coming at this economy over the next few months and that's going to be the message we get from powell and janet yellen. maria: yeah, but the bill will come due soon rob luna. that's when we will be t

treasury secretary yellen is not worried the u.s. has to borrow a chunk of change. what we will sit with now, retail numbers, what do you make of it? joe: i like that, by the way. pothole, setting up our infrastructure discussion. the decline was worse than expected. how much of that was the weather, how much of it was other seasonal factors, what does that say about the recovery? that is what we will discuss in a minute. romaine: i heard about it. joe: it was on the news quite a bit. joining us with more is olivia rockman. thank you so much for joining us. when the headline first flashed, much worse than expected, but it does not seem like it was anything actually in this in the end that gave economists too much reason to worry. what is your take away? olivia: economists are really writing off due to the winter storms. also, taxes coming in later because of the filing window pushed back two weeks. there were a couple of factors on top of the weather that brought retail sales down. caroline: confident for march? olivia: yeah. march is looking good and economists are

treasury secretary janet yellen says the biden ministration is planning to propose another $1000000000.00 in spending measures and they are looking to increase taxes in order to pay for it then that has facebook twitter and google to testify on capitol hill so what do they have to say about the spread of this information online we have a lot to get soon so let's get started. the united states has made it abundantly clear that it does not approve of its western allies working with russia or more specifically benefiting from russia's oil supply the threats made by u.s. officials in brussels this week have placed washington in a position where they appear ready to create a massive conflict within the nato alliance by imposing sanctions on some of their closest allies but while they lecture germany on how their support for the north stream to pipeline will divide europe and open the gate for russian manipulation the u.s. is leaving out one very important fact washington itself actually profits from the use of russian oil and right now imports from moscow are at an all time high while the u.s.

what do you presume is an unemployment rate where yellen is?n: it could have gone way lower than 4%, and i don't even know the headline and implement rate is something they look at for the fed. that won't be the driving factor for them the same way. tom: part of that is a two-part american economy, and that comes to one of our themes percolating here. no it is going to be getting bigger. let's get a brief from julie norman, university college of london professor. we talk about the dispersion of this american fiscal stimulus. how would you presume that stimulus will pervade out into the global economy? julie: well, obviously for biden and the democrats, they were thinking mostly domestically with this bill, really trying to provide relief on the one hand and stimulus on the other. so you are exactly right that this will also have ripple out effects on a largely just because of the size of the bill, $1.9 trillion, going into the u.s. economy. it is by nature going to have ripple out effects. at the same time, europe and the u.k. have been also ta

i join you in warmly welcoming secretary yellen of the imf. she has done what no one is achieved in nine states being the chair of the council of economic advisers chair of the federal reserve and now the secretarynd of the treasury. no wonder we are looking forward to hearing from you secretary yellen. we want to learn how you made your choice to get into economics, what have you learned from your life experience that is of interest to the women at the front and for anybody out the front. what we can say about advancing womenomics and what are the barriers to move away and so let me just say in the age of this womenomics never in my life i have seen so many women in key positions where court economic -- you are the minister of the finance of the united states. christine lagarde my predecessor at the ecb at the world choice organization the very first woman president of the multilateral development tank at cbs d. we have two women across chief economies of the world bank. we are very proud with our own and we are very proud to come to the othe

treasury secretary janet yellen says u.s.n subdued despite massive fiscal spending. she told abc's this week that despite some rises will be temporary. a survey sees the fed hiking rates in 2023, but don't expect that moved to be reflected in forecasts this week. the military leaders of myanmar have declared martial law in the commercial capital. the move comes after beijing asked for better protection for chinese owned businesses with some coming under attack. the death toll is continuing to rise in the country. the united nations says 88 people have died since the coup on february 1. global news, 24 hours a day on air and on bloomberg quicktake powered by 2700 journalists and analysts in more than 120 countries. this is bloomberg. anna: thank you very much. on the program, we will look at stocks to watch including roche as the company agreed to buy covid test maker genmark for $1.8 billion. this is bloomberg. ♪ anna: welcome back to the european market open, 15 minutes until the start of cash trading. european equity market

meanwhile, janet yellen has a more difficult job. she has a more nuanced role to play in these testimonies, doesn't she? michael: she has moved from the fed over to treasury across town. she has moved from the neutral seat to the political seat. republicans had a lot of questions for her today. there were some really interesting exchanges. the one that is going to get the attention on the news is the exchange she had with senator john kennedy of louisiana, who criticized the administration for supporting an increase in fdr allocations at the imf that could be used by poor countries to pay for their pandemic response. because money is fungible, republicans are concerned that money will go to russia to pay for oil, it will go to china to pay back loans for the belt and road initiative, all kinds of foreign policy results the united states does not want. janet yellen defended that idea and he started talking over her. she said, i don't know where you are getting our numbers from, these are wrong, and they did agree to talk off-camera, s

testimony from jay powell and janet yellen will give investors plenty to consider. the turkish lira plunges as another central bank chief is ousted. he is the fourth in two years. the eu is ready to withhold covid-19 shots from the united kingdom. a very good morning to you and happy monday. a busy week. we are seeing weakness broadly across the asia-pacific region. down 0.2%. u.s. futures in the green but europe is broadly in the red. the dax -- germany is gripped with a third wave. 10 year yield this morning down so far dropping five basis points. we have a number of options this week -- auctions this week and we have to talk about the lira. down more than 9% against the u.s. dollar as erdogan fired the bank governor in a late-night decree. the new governor is turkey's fourth central bank governor in two years. everyone is worried about the rock-bottom rates. more on that in 10 minutes. a busy week. a number of events. jay powell and janet yellen will testify. tuesday. there is a series of treasury auctions. the later takes place on thursday. and a host of data po

janet yellen says the risk is small and manageable. new data shows the extent of china's economic resurgence year after the coronavirus lockdown. investment sore more than 30%. astrazeneca insists its vaccine is safe. this despite more countries banning the shot. there are concerns about blood clotting and adverse reactions. and rent has risen to around $70 per barrel -- brent has risen to around $70 per barrel. is this the last year -- boom year for oil? many people have called the demise of oil before. a risk on tone to the week. central bank announcements abound. a trillion dollars has flowed into equities in the last months and will the wash of money continue? the nasdaq has topped out relative to the s&p 500. we are in an epic reversal. deflationary nasdaq, topping out, and an inflationary russell. this employee says 2020 marks an inflationary low point. i show you the rates market because some would say it is a wonderfully rich page. $15 billion flowed out of the bond market last week. that is the most in a year, as it yields sti

we've got jay powell and janet yellen completing the second day of their testimony here.pany go from here, let's bring in ellen zentner. chief economist. ellen, glad to have you back here with jay powell and janet yellen with the immunity of some time with the best stimulus we could very much. i put out a prediction, 5% unemployment by the end of the year, i'm bullish. what do you think? do you think the job market will heat up that much? >> yeah, i think your spot-on with the unemployment rate i think if it goes even lower than that we shouldn't be surprised. and we shouldn't be surprised where growth goes. think about where we are at this time last year we kept revising forecasts across the street, rapidly trying to understand how deep the drop in economic activity would be how much job loss we would have. fast forward to the end of last year, and growth wasn't nearly as negative as we thought it would be and here we are, i think, entering the spring, and we're going to be in opposite situation, i think, where we're going to be in upward forecasts trying to catch up to

important testimony with chair powell and secretary yellen -- very close to saying chair yellen.is so recent that she left the federal reserve. to see those two together will be interesting. you will like this line -- raise a glass to jay and the fomc. lisa: i saw that and i was thinking, a lot of people agree with him but there are such mixed feelings about the experiment we are embedded in. how will the fed extricate itself from these policies? especially because of this close partnership with janet yellen. the idea here, they are spending more and at the same time, they are trying to clamp down on yields or have a controlled rise. how will that balance makes? -- mix? jonathan: you are right to call it an experiment because that is exactly what it is. people have been calling for this experiment for years and what is amazing to me is that the people who called to do this five years ago, and that is some of the people complaining about it actually happening on the ground in practice down in washington. they have flipped from one side of the story to the other. lisa: we do not re

treasury secretary janet yellen spoke about this yesterday up on capitol hill.t yellen. >> i think a package that consists of investments in people, investments in infrastructure will help to create good jobs for the american economy and changes to the tax structure will help to pay for those programs. maria: okay. a change in our tax structure, aka much higher taxes. you were at the hearings. this is your committee. what did you hear and are you expecting the administration to follow through on these proposals, that is, come out with a $3 trillion package that's infrastructure, climate change and -- well, it's really climate change and then raise taxes significantly. >> she's wrong on this one. they inherited the greatest economy we've seen in certainly my business career of 50 years. you can not tax people, tax main street, big business, small business, and expect to create a growing economy. you have to cut taxes which we saw which creates jobs and creates opportunity. you talk about infrastructure. yes we need infrastructure. we needs roads, bridges, ports.

of pentode portfolio strategies now michael i want to start with a comment that yellen made there she's saying that even though the debt to g.d.p. ratio has skyrocketed and is now close to 100 percent the u.s. should keep borrowing on the belief that they can keep interest rates low is that the solid strategy that she seems to believe it is. well you know it's always a little disconcerting when the person who was formerly in charge of your currency and is now in charge with protecting treasuries value jobs you say who cares if the debt to g.d.p. ratio went from 35 percent 13 years ago to our 130 percent today we can just keep on borrowing well let's just see what are you she so. yes and when it comes to her worries about debt so the average interest rate paid on our national debt was 6 and a half percent in the year 2001 it came all the way down to 2 percent today well it will come down there by osmosis or some great global if any are how wonderful our u.s. dollar is and how you know sanguine or debt situation as it now warning have percentage points because how will and yellen and bern

secretary yellen losing her patients with washington. it was a little bit of a crack from the usually very calm, levelheaded secretary yellen in the last day. >> how far are we from president trump's er that we are talkinga about that as potentially losing her cool? i mean, come on. this is the drama that we are trying to drum up in washington these days. jonathan: i think the secretary of the treasury has set the bar so high for herself by not reacting to anything that just to see her crack a little bit got our attention. something that got our attention in the last day is the move in the russell, the move in emerging-market equities. shout outs of the team at morgan stanley. mike wilson saying we are downgrading small caps. since then, we are down about 9%. it is not just the small caps in america. e.m. on the brink of wiping out the gains year to date. in the context of the huge gains in the last several months, maybe not a big deal but it's got a lot of people's attention. a lot of people felt uncomfortable with the moves in the last

. >> jerome powell and janet yellen have been testifying to a u.s. congressional committee about the prospect of the u.s. economic recovery. both suggested the u.s. economy and labor force need more support to recover from the pandemic. janet yellen confirmed the administration is considering a hike of the corporate tax rate in part for a $3 trillion info structure bill being discussed by the administration and could be unveiled in the coming weeks. she also defended the recovery bill as necessary to protect the most vulnerable households. >> one in 10 homeowners with rtgage are behind on their payments. almost one in five renters are behind on their rent. 22 million people say they don't have enough food to eat. one in 10 adults are hungry in america. i looked at data like these and worried the economy was going to keep hurting millions of pple now and haunt them long after the health emergency was over. >> janet yellen in that testimony earlier. we will take a look at the trading action. a muted session on wall street saw stocks turning sharply low

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