secretary yellen, good to see you again.oining us. >> nice to be with you thanks, sara >> so now that you have had some days to see the impact of the sanctions that you and our allies have put on russia, what is your determination of whether they're working? >> well, i think the sanctions have been devastating in their economic impact. we have all but cut russia off from the international financial system you can see that the ruble is in freefall the stock market is closed stocks that trade in western exchanges have lost the bulk of their value. the export controls that we have put in place will have a devastating longer medium run effect in depriving russia of the technology that they need to run a modern economy and advance in defense and other areas which will diminish the power that they will have for years to come and you know, russia's war chest, the $600 billion plus of reserves that their central bank had, i believe they hoped would shield them from the consequences of our sanctions and be like a buffer against them

and janet yellen says the fed can, indeed, engineer a soft landing. are you buying that? larry kudlow's going to be with me, and he's got a few opinions as well. all that and so much more on "making money." ♪ ♪ chls charles all right. more action in the market before the opening bell these days. you saw equity futures erupted higher on headlines positive, maybe hopeful heldlines on the war in ukraine. there has been no follow-up on this news, so so we started to drift, and then consumer sentiment came out, and it was a decade low. that, of course, reflects declining, i think, declining sentiment that really -- listen, i think it affects everybody, right? all political affiliations. if you look at the data, and they even feel worse about what's going to happen six months from now. so the swoon is also near levels, folks, that are always associated with recessions. it's hard to remember that just a month ago we were talking about being hesitant because of the coronavirus. how do we navigate this new set of circumstances? because the waters are dark. i've got two of the best

live at the treasury department building to interview janet ye yellen so much to talk about. the sanctions on russia and the news we'll talk about in a moment in terms of what president biden agreed to providing more energy in europe and we'll talk inflation and economy and probably talk crypto and so much more lots of news, i imagine, will be made in the 7:00 hour. i should say in the 8:00 hour. >>> you know, stick around a big interview. very good. let's look at what is happening in the markets it is friday end of the week. dow futures higher up 25 points this is after being up 1% yesterday. s&p futures are higher they are up 2 points after the gain of 1.4% yesterday the nasdaq right now is flat less than 1 point below fair value. this is after the positive market with the dow up 350 points s&p up 1.4%. nasdaq up 1.9% all 11 of the sectors up yesterday. technology was the biggest gainer chipmakers in particular intel and nvidia at 6% if you want to look at where we have come this week, it has been good for the markets the dow for the week down, but only .10%. s&p up by 1.25

janet yellen out this morning with a lot of contradictory statements on energy.ays the climate goals haven't changed we know that. she sees no impact from esg on higher oil prices but drivers are grappling with the spike in fastest spike in gas prices ever so if they don't see the problem doesn't it mean it's going to get worse? >> yeah, exactly. well in california, they are going to send out either 400 or 800 i can't, i don't know which story to believe, dollars to everyone, and the idea is we're going to help you pay for higher gas prices, but once you spend that $400, gas prices are still high, and there is no doubt in my mind, and i think most americans minds, that all of this focus on renewables and solar and wind, it's too early. i wish we could have clean energy. i really do, but we can't live without fossil fuels right now and the idea that all the administrations actions aren't having an impact, it's ridiculous. charles: it really is. we gotta leave it there my friend great seeing you as always brian thank you so much. >> yeah. thanks. charles: oil closi

he said janet yellen is miserable. he said that the administration is also miserable.ing about this before the war. so we'll see how the ukraine bloodshed changes the situation but this is certainly a story i've been watching to see when we're going to hear from janet yellen in the midst of this economic slowdown that is apparently underway, dagen. dagen: right. and she is one of the least owed odious people that work in the situation. why ron klain still has a job is beyond me. i don't speak bidenese. gasoline prices are at a record. he diesel is over $5 a gallon. that's going to feed to higher inflation costs, whether it's trucking, roofing, asphalt, you name it. but this is the administration's response to american whose are facing financial hardship from record high gas prices. it's this. and you know why? the pain is the point. none of these alternative energies -- electric vehicles don't make sense unless gasoline prices are sky high so this is what they want. the pain is the point. is the line that you will hear over and over again. and if they had the tamerity

according to the treasury secretary janet yellen, that is a trend that will likely continue. >> likely to see another year in which 12-month inflation numbers remain very uncomfortable and high you know, the federal reserve is looking carefully at this. they indicated that they intend to take actions to bring inflation down and i have confidence in their ability to make a meaningful difference going forward. >> all right joining us now is degas wright at decatur capital management. it is friday, degas. we love your ideas i will not ask you to weigh in on politics. i wouldn't ask that of anybody you need a shower after that the administration is trying to reframe the inflation debate over the putin war in ukraine. some of what we are seeing is related to that, but if it is related to that, will fed rate hikes matter you can't have it both ways. if it is related to the war, i'm not sure what the federal reserve is able to do? >> one of the things you have to look at for the federal reserve is to be proactive one of the things by raising interest rates is 25 bips in march. i think that's

today, treasury secretary janet yellen, as well as national security advisor jake sullivan, and off the record meeting with a number of business leaders, exuding conocophillips, jp morgan, other commodities producers. how much is this an issue with respect to the commodities, at a time when consumer sentiment is deteriorating? jonathan: we will touch base and just a moment. a story we want to stay on top of but treat with the care it deserves, boeing is down by a little more than 6%. a report out of china that a boeing 737 crashed with more than 130 on board. very slowly, as you might expect, putting together a pitcher of what has happened here. more headlines pouring out. kailey: we are waiting for the cattle count -- the casualty count on that crash. we are getting news from a financial organization in china which has said that china eastern will halt boeing 737 800 planes from tuesday following that crash, so you are starting to see a little bit of the ripple effects. this is after xi jinping called for an investigation into this. he said they need to find the reason for that crash.

russia invades ukraine boom you know yellen says interest yield down. inflation going from four to two and goes to seven and a half and powell says we're behind a lot of -- yeah everybody thinks supply chains are getting better. i don't think we've gotten better at all. >> mark, how is that not a warning for other consumer companies? >> it is and i think we all know that the next few quarters and probably rest of the year will be difficult for consumer and for supply chain, but i think pointed out, what you pointed out top of the hour, look at performance and lululemon' performance and divergence where stocks are today gone from everything is great few years ago to everything is horrible last three months to now pick and choose. pick winners and really know what your company's looking at where they're sourcing, how much is going on through asia and domestically and back to that stock picker start we often talk about. divergence in the two stocks is glaring. that's what we'll see through rett of the year that's okay. too easy in 2020 and 2021. tough the

. >> treasury secretary janet yellen saying they believes it will be a soft landing is too l. early. >> said by former fed chair. guy adami. here's the chair, nice that she was being nice about things. >> secretary yellen. >> oh, sorry my point simply is we are way too early in this. we don't know how this is going to play out. to your point about u.s. multi nationals. here's the thing, the u.s. has come out of the pandemic better than most parts of the world a lot of our multi-nationals are relying on other parts of the world to come on line. i don't know what the percentage of s&p 500 earnings or sales come from the u.s. but if you think we'll have 8% eps growth for s&p 500 this year given what's going on as we will definitely be in q2 before any sort of major deescalation that's just not happening. so at 19 times the s&p 500 with expected 8% growth, take that down maybe to flat if you're being really conservative. the market is still too high, still too expensive given the uncer uncertainty. >> timothy was racing his hand as a good student would do you have notion what the

the dollar is triumphant and janet yellen, a serious competition for the dollar is dominant. dani: thanks to lower oil prices, you are looking at zero point 5% rise on your stoxx 600 after eight gains almost 1% yesterday. a little weaker on the ftse 100. that is where the oil matrix will be living. s&p up 0.5%, dove more than 1% friday. nasdaq underperforming, perhaps a little bit tied to tiny -- to chinese text, which we will get to. manus: monster outflows from europe. let's bring the team together, standing by. our chief north asia correspondent stephen engle in hong kong. juliette saly standing by in singapore for the very latest on these markets. >> the economic and diplomatic pressures on russia appear to be growing. russia's finance ministers says it has lost access to almost half its reserves and u.s. officials say russia has asked china for help. the u.s. and china will hold their first in person, high-level talks since russia's invasion of ukraine. the white house is warning beijing not to help moscow to evade sanctions. let's go ahead and get to our stephen engle o

number of members not here today because they are traveling on behalf of the administration, janet yellenrst female secretary of the treasury. dan holland, first native american in the cabinet. [applause] >> president biden: former governor leading the commerce department. marcia, urban development. if i stole any more members of congress i would be in real trouble. shall on the young, newly confirmed -- stand up. where is she? i guess she is not -- the office of management and budget. ambassador thomas greenhouse, at the united nations, does an incredible job. not just the cabinet. we have seen your roles in every level of the white house, many of them today, something i'm proud of. kept my commitment to nominate the first black woman to the supreme court. [applause] >> president biden: feels really good. that's not all. we have confirmed more black women to circuit court of appeals then every previous administration combined. 75% of judicial nominees are women. it matters. it matters. we see the power of each and every one of you, thank you for being here, helping the administration aro

we talked to secretary yellen and she agreed that this supplemental -- this would be supplemental to what the administration has already done unilaterally. this legislation would apply sanctions to parties who help russia finance their war by buying or selling this blood gold. that means anyone who buys or transports gold from russia's central bank would be the target of sanctions. this would be a huge deterrent to anyone considering doing business with russia and helping them evade sanctions. in short we need to take every possible step to cut the financing for putin's war machine, and this is one additional way to do so. along with the lend-lease bill i mentioned a moment ago, i hope we can pass this legislation without further delay. there's more we can do to support ukraine and hit russia where it hurts and to raise the costs associated with its unprovoked and unwarranted invasion of ukraine. but what's -- but it's past time to continue to ramp up the pressure to the maximum ability that we can. at this juncture principal leadership and decisive action are absolutely critical. as

. >>> treasury secretary jantd yellen joins "squak box" tomorrow 8:00 a.m. to talk the economy, probably won't talk much about the fed but she will and a lot more certainly talking about sanctions and using currencies and crypto to potentially avoid them. >>> ahead on this show now, tomorrow morning will come 8:00 a.m secretary yellen crypto's new king? ethereum the blockchain used for building nfts grows but is bitcoin being left behind. plus the trader's take on two tech giants having a massive run. tesla, for example, up eight straight days. "power lunch" will be right back w, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq >>> welcome back to "power lunch. i'm dominic chu. computer chip stocks are moving high every with an etf that tracks the names smh in positive territory. every constituent of that it of up on the day with

janet yellen is speaking to the energy sector and wall street speaking to them as well. i am so curious. how much will they say on one hand that we appreciate how much we do and we love you guys and you are an integral part of the community, please pump more oil and by the way, we will tax you. lisa: if you increase prices too much, we will come down real hard. jonathan: the treasury secretary is off the record. we will break down what is possibly set. lisa: wouldn't you want to be there? jonathan: futures are down 11 on the s&p 500. yields are up three basis points. chairman powell a little bit later today. from new york, this is bloomberg. ritika: keeping up-to-date with news from around the world. a boeing 737 with 100 32 people on board has crashed in china. the eastern flight crashed in an area in the southwest province but no word on casualties. the plane involved was not the 737 max. hypersonic missiles happen threatened against ukraine from russia. they want to show the world that moscow has abundant power and analysts expect more airpower to be used as the russi

janet yellen thinks we should allow u.s.ks to support china's tech industry -- she is our treasury secretary. it's despicable and it's anti-american. joining me now is gordon chang, senior fellow, you called this a long time ago. janet yellen is supposed to look out for american interests and our treasury department but who keeps benefiting from these policies most? >> china of course, that is the same china in may of 2019 declared a people's war on the united states. that's the same china that sells fentanyl into the united states as a matter of communist party policy. that is the china that deliberately spreads coronavirus beyond its borders. if we are supposed to fund these chinese tech companies? this is insane because we are helping develop the tech that china's military wants to use to kill americans. >> laura: the other significant thing is all the money that we are spending in china, $11 billion trade deficit just in the month of january we just learned earlier today, all that money ends up helping to prop up russia

he references are yellen four times and powell twice he should call yellen first. he was hard on yellen in the call i think gary is upset about what you're talking about we can't control -- mccormack, the spice company was on last night, and talking about trucks. we can't control trucks. and some of the things with the ports and trucks seem attractable. things are going up. i was talking to jason i don't know if you know him he's been doing amazing stuff. >> yeah. it's about my restaurant i'm now transferring but it'll be a later story everything is up 30% and i just don't know if would be such a knuckle head to open up a restaurant now. it's too expensive unless you have skin then you can tell some of the suppliers to stick it. >> you think there's emphasis on chipotle and yum. >> they can talk to suppliers and say, listen, that is not going through. when you've got your party $300 or $400. that's basics, small to amaze -- medium size business say i'm not taking that then go elsewhere. you can't charge $9 for beer everybody is bumping up against the door dash prob

jon: janet yellen is saying sanctioning china in her view is not necessary or appropriate at this timend the u.s. position, what is your take on that? >> as we've just discussed, china is providing material assistance so janet yellen needs to be realistic and understand what china has been doing. treasury secretary does not want to do anything to disrupt the markets but we are in an extraordinary situation if we don't use military then will have to do something and that something is sanctions in the united states can stop china from helping russia by raising dollar account, we are not doing that so janet yellen can say all of these things but they are not connected to reality. jon: china obviously has its eyes on taiwan, they are going to watch russia as it tries to gobble up ukraine and we'll see whether it encourages them or perhaps causes them to think again. good to have you on, will have you on again soon. more than a month into putin's war on ukraine, images of the destruction and will show that to you next. ♪♪ we are seeing more heart-wrenching images from the battlefield in ukr

janet yellen saying it will limit russia's ability to finance destabilizing activities as they launchain, the sanctions continue to mount. as you said, the russian forces continue to advance on ukraine, and it remains to be seen where this all goes. russia's economy will be in trouble, but right now, ukraine's people and military are in trouble. rishaad: kathleen, we've had washington fire right back at moscow with sanctions on the racial central bank. how severe are they? kathleen: they are pretty severe. russia has about $630 billion of foreign-exchange group reserves. lucky for them, china, the people's bank of china holds about 13%. china could step in and help. but if you put together what the u.s. has done with sanctions and what the eu is doing as well, they have about 40% to 50% of that $630 billion under wraps. that is something russia cannot access. another concern is this could -- it will be a big recession for russia's economy and it could spill over into eastern europe. it is something people think ultimately could affect the global economy. you know, this is a new part o

janet yellen, the first female secretary of the treasury. applause] deb holland, the first native american person in the cabinet -- interior secretary. [cheers and applause] gina rah monodo, former governor, leading the commerce department. [applause] marsha -- houseing and urban development. [applause] if i stole any more members of congress, i would have been in real trouble. [laughter] and shove land da young, newly confirmedded -- [cheers and applause] yo land -- yolanda, stand up. where is she? where are you? where is she? i guess she's not -- okay. the office of management and budget. and ambassador linda thomas greenhouse -- greenfield, excuse me, who is at the unite nations and does an incredible job. [applause] it's not just the cabinet. we have women many senior roles at every level here at the white house, across the administration, many of whom are here today, and it's something i'm very proud of. i kept my commitment to be, nominate the first black woman to the supreme court -- [cheers and applause] she's really good. [cheers an

janet yellen gave a virtual talk at the annual stanford economic summit today.he federal. i'm sorry. the fed is likely to raise interest rates with a goal not to cause a recession here. they want to bring inflation down but in a way that achieves this soft landing so that they're able to simultaneously achieve maximum employment. now despite stock market volatility yellen says the us economy is on the rebound with robust job growth and consumer spending a weak spot remains supply chain shortages as well. she says gas prices in california hit a record today. we are the first state to ever to have an average above $5 a gallon and as abc 7 news reporter corina nova explains that number will keep climbing. you can see here in emeryville the shell gas station overnight jumped to 529 for a gallon of regular gas patrick dahan with gasbuddy says that's a sign of what's to come there will be more increases coming maybe to the tune of another 20 to 30 cents a gallon. i do expect that the national average in the united states will hit the $4 a gallon mark. that's probably

>> secretary yellen is correct, we'll have at least 12 months of uncomfortable inflation, something wead since the '70s and '80s. it hits food and gas particularly hard. as to what we can do, we have to be really careful we don't get another wave of inflation due to what economists call deanchored inflation expectations. basically, it is a simple story. i, being the america work, will go in and ask for compensation for past inflation. and i will also ask for compensation for future inflation. if that happens, we have that awful wage price cycle. >> brennan: mohamed el-erian, thank you very much for your analysis this morning. and we will track what happens in the coming days. we'll be back in a moment. >> brennan: today marks two years since the start of a national emergency in the u.s. due to covid-19. earlier, we spoke with the chairman and c.e.o. of pfizer, albert bourla, about his book. inside pfizer's nine months race to make the impossible, possible. here is part of our conversation: do you think we will ever fall have to prepare ourselves for the booster shot for covid like a fl

yellen says she does not want to predict what will happen in the second half of 2022. she says the russia invasion of ukraine is creating uncertainty and exacerbating inflation numbers. the labor department announced that in the past 12 months ending in february, consumer prices rose 7.9. it's a 40 year. high gas, food and energy make up the biggest percentage of the increase since russia and ukraine produced nearly 30% of the world's wheat supply, food costs continue to rise. we have seen the energy the increase. uh you know, happen as a result of russia's invasion of ukraine. there are so many things key things that affect the global economy that have been impacted by this war in ukraine like corn. the price of corn, the price of grains because if corns expensive, you switched to eat. economists say the federal reserve is caught in a dilemma when it meets next week. it was expected to raise interest rates to try to control inflation. however there are concerns that higher interest rates could also rattle the stock market and slow down economic growth, possibly leadin

powell: this is right in the heart of what secretary yellen is working on. believe she addressed this yesterday in some public remarks. and i do not have -- i am not privy to any, you know, private information about this. you are reading about it. i saw in that crypto transactions are spiking in ukraine and russia. i think it underscores the need to have a strong regulatory regime that permits appropriate activity, but that prevents inappropriate activity, and we do have laws on the books, but i think for digital finance generally we need a legal framework that would really take away as much as possible of the possibility that people could use unbacked cryptocurrencies as a way to evade the law. and hide their ill-gotten gains and things like that. i think it is very important. sen. warner: and, again, i appreciate the fact that the fed has both expertise-wise ramped up in this space. i think the notion of a united states having a digital currency when we see the challenges from china, but i do think that the amount of capital flows going into this area, you

yellen said the us economy is on the rebound with robust job growth and consumer spending a weak spot remains supply chain shortages as americans during the pandemic bought cars to rely on computer chips while spending less on eating out which hurts service workers when interest rates rise that could auto sales and home buying that's gonna affect things like home mortgages auto loans. it also is going to affect a positive way rates of return that you're going to be able to earn on short-term cash investments like money market funds david louie abc 7 news. under pressure the struggle with school social media and covid the effort to make others aware of a growing problem on college campuses covid changes. it's been two years now finally things are starting to look normal again the changes announced today ready to unplug why today is a good day to take a break from technology. do you have a tax question? i'm michael finney from seven odd your side and today up until seven o'clock. we're taking your personal. questions on social media you can go to facebook and we'll answer your tax quest

yellen pushing for more tougher oversight. so is elizabeth warren. warren has been very vocal for pushing more crypto regulations because it is a way for people to evade sanctions. i tell you this, a lot of people in the crypto world want more regulation, because once you get the guardrails in place, that is when the big pension managers and hedge funds around the world feel safe putting their money into cryptos. neil: i heard one analyst say, it gives you street cred. it all of sudden doesn't look so rogue. it can play both ways. thank you very much. susan li joining us. the crypto exchange founder joins us. a lot of money making its way into cryptocurrencies and investments. that has been welcome to the tune of tens of millions of dollars of cryptocurrency i should say. michael, good to have you. what do you make of the reaction crypto investments are showing in light of this, what would perceive to be a bit of a crackdown in washington on the whole arena? what do you think? >> to be honest, i don't have any time to analyze what is happening in the

the president seems like an even-tempered person but everybody gets upset from time to time to see yellen scream or he is not a screamer? how does he show his displeasure? does he write a note or how does he say he is not happy? ron: one of jode biden's greatest strengths as president is he has lived a life filled with incredible triumphs and incredible tragedies. people know his biography. they know his background. they know the successes he has had. they know the grave personal setbacks he has suffered. one thing that is true is there is never a morning i go in with news that is as bad or worse than the news someone else has had to deliver at a time in his life. that gives him a very even keel. when things are going well, he does not get too hyped up. when we are having tougher days, he maintains that composure. i think that is one of the hallmarks of his temperament. one of the things he brings to the office. that steadiness, that experience and a life that has been filled with triumph and tragedy. that has seasoned him and prepared him for this moment. david: some people say at 79 yea

. >> what about the inflation story, will janet yellen get pushed out because of that the secretary treasurerosition when you hearing? >> will buy to make a change, i do not know. my guess is probably not because again the left likes all these crazy policies. we ate let's take a look at how markets edit another volatile week is been much better than expected beverage jobs report. 678,000 jobs were added to the economy. the unemployment rate now at 3.8% a two-year low in the month of february. but there is concern wages are not keeping up with the rate of inflation for joining me is merrill lynch wealth management president andy. it is great to have it this weekend, thank you so much for being here. how does this jobs number we saw today jive with what you are saying in terms of the macro story? >> maria, it's a very strong number today. underscores the strength in the u.s. economy. i think if we take a step back, we are all watching a tragedy unfold in ukraine. our thoughts are with the people of ukraine. emotions are very high-end markets. this is a time when we asked her 18000 advisors acro

the ccp also knows that it has a friend in biden, treasury secretary janet yellen, who has said that trump's trump's old china tariffs arere n contributing to inflation nowow well,, this is great news for china which of course wants them drop the tariffs. got wealthy for dubious woknows that joe biden himself, whose son got wealthy for dubiousrk work in china, has said that china's growth is not a threat to the united states. china is going to eat our lunchn commodities. they're not bad folks,ot folks. but guess what ? they're not a competition for us now what are the actual chances that a feeble mindedry, biden is going to stand up to john kerry, janet yellen,of the myriad of business and find financial interests doing china's bidding? what about the oddshe he'll take on the media establishment that loves and protects china? twenty four sevents c. the answer is zero. no chance. and understanding how she views the united states at this point is also critical in any interaction or crisis dealing with china now right now she sees us as a power in decline. this as weak and self-loathing

yesterday on cnbc treasury secretary janet yellen declined to say what additional tools the u.s. could use to punish russia. she doesn't see a recession underway as a result of the market shocks in response to the actions taken against russia as the war in ukraine enters the third week, an advisor saying this morning that russia's advances in the country had stalled. telling a news briefing, quote, our opponent has been halted in practically every direction by air strikes, rocket fire, and ground attacks separately ukraine's president said the war was at a strategic turning point. he said patience is still needed to bring the situation to an end and the uk foreign secretary also suggesting russia's forces outside kyiv may reattempt to take the city in the coming days so any positive sentiment, david, has in the past been very short lived. as the market begins to realize that putin is playing the long game here. >> yeah with utterly terrible consequences kayla, thank you kayla will be updating us whenever and we need it. >> if you haven't figured out, march is investor day month.

yellen says you should be ready for another year of very uncomfortably high inflation. yellen doesn't want to predict what will happen in the second half of 2022 but says russia's invasion of ukraine is causing uncertainty and fueling inflation. the labor department said in the past 12 months ending in february, consumer prices jumped 7.9% of 40 year high goods from milk, eggs, coffee things like that costs more money. residents russia and ukraine produced almost 30% of the world's wheat supply. food costs could go up even more. we have seen the energy the increase. uh you know, happen as a result of russia's invasion of ukraine. there are so many things key things that affect the global economy that have been impacted by this war in ukraine like corn. the price of corn, the price of grains because if corns expensive, you switch to eat, economists say the federal reserve is caught in a dilemma when it meets next week. it's expected to raise interest rates to try to control inflation, but higher interest rates could upset the stock market and slow down economic growth co

jonathan: lisa: did you see janet yellen say that she said inflation will be uncomfortably high for 12s at least? what happened to transitory? the politicians are rebranding the whole story. isn't that the story out of washington, d.c.? tom: that's one story and a lot of people i would consider pros aggressively push against that. there is some of that at the margin. it's hugely fragile right now. i'm looking for the dot plot here. it's not going well. jonathan: you didn't watch the soccer game? tom: you have to have like five streaming feeds. jonathan: i got a message from tom over the weekend, it's on peacock, i'm livid. how much does it cost? tom: it used to be nbc, cbs and channel 38. jonathan: yields are up nine basis points. from new york, this is bloomberg. ♪ ritika: keeping you up-to-date with news around the world. what -- watching dez russia and ukraine are holding another round of talks today. there have only been brief pauses in the fighting. russian prosecutors are threatening u.s. companies for criticizing the government or pulling out of the country. corporate leaders co

willing to roll the dice inprobably, onl as alan greenspan very different from ben bernanke and janet yellenvery in touch with the way the political wind is blowing. i think eventually of the economy slows enough and in the labor market becomes a political issue the economy changes as well. >> brazil bank is signaling another 100 rate hike in their next meeting. in their economy growth has taken a hit. are there any lessons we should be taking from economies that have hiked faster than the central bank in the u.s. or the ecb? >> yes. precisely what you are hinting at. hiking fast certainly helps bring down inflation but the downside is that helps bring down growth as well. be careful. i think at the end of the day the reason i think the fed will raise rates less than the market expects is because the dual mandate that has balanced inflation and growth. and we'll try to do so by doing more tolerant with respect to inflation to not risk rolling over the economy. >> said chair powell was asked about balance sheet production a couple times that is numbers. -- a couple times at the conference. he

over-the-counter bilateral crypto after cryptocurrencies rallied and after an overhaul of the assets which janet yellenstoric. our cross assets editor joins us now. what with these new crypto options from goldman mean? >> it is a big deal that somebody like goldman is looking to get into this space, and the bilateral options would allow trades to be customized, so crypto holders like hedge funds can hedge risks. they can do deals, so this would be a bigger name player getting into it. the market has really been dominated by kind of crypto native firms mostly, so bigger banks feeling confident to do this, we know there is some client demand, but anyone feeling confident given the current regulatory environment, that is a signal that we could get a lot more of these things coming down the line. rishaad: the biden administration coming out with some groundwork -- laying some groundwork, anyway, for new rules on crypto. markets took that well. what do we know about all this? >> well, it was a pretty broad brush instruction, so far, right? but it is a directive for these agencies to try to work together. ta

no recession according to janet yellen. a 40 year high in the u.s.. more to come. 9%, 10% the market is saying. >> hawks have won out with inflation. ecb catching markets offside. i don't envy anyone who has been trading bonds. manus: absolutely not. to the bond market, repricing came through on the print. cpi out of the way. to the u.s. treasury market. up to two and a quarter percent quite soon. changing the narrative on the bond market. the question is whether you explode higher on the risk. 6.4 rate hikes. jp morgan are brave, they are shorting inflation on the five-year. they might be calling the peak. dani: sometimes you have to be brave. markets who may have been brave pricing in the ecb, the fed pulling back because of the start of the war, they were caught off sides. we are seven basis points near the peak of when the ecb had the hawkish pivot. say they are on the same path as december and february, despite the material change. this is yet again another repricing. manus: absolutely. quick snapshot of risks. lack of development in diplomacy. t

janet yellen has called it historic.he executive order mandates government agencies to take a closer look at issues from developing a potential digital u.s. dollar to combating illicit finance. the details, what is this executive order -- what does this executive order mean when you look at the fine print for the crypto industry? >> i think you mentioned earlier that bitcoin was up 10% at one point, the initial feedback is pretty positive from the crypto industry. there has been this concern when you talk to people in this business that the u.s. will get a come out swimming and not take a deliberate approach -- will come out swinging and not take a deliberate approach. they are taking a broad look at this asset class. from the crypto industry's perspective, that is good news. they have been complaining that financial regulators are taking a heavy hand and they continue to talk about the way that the government should be focused on what they say are some of the positive aspects of google currencies. -- cryptocurrencies. t

i think janet yellen wrote a congratulatory letter to president biden even before the executive orderssued and bitcoin has rallied, of course, with other risk assets today. can the u.s. be a leader in this? does the u.s. need to be a leader in this industry? >> that is one of the most surprising things that came out of this executive order, was president biden really making an emphasis on the u.s. leading other nations in terms of digital assets. we have not seen that kind of language from him before. there is a sense of fear that the u.s. could fall behind in nations that -- and nations that have less regulation, and some crypto companies have been flocking abroad to countries where regulation is a little looser. >> what do you see around the marketplace here for digital currencies compared to other countries? the places with fewer regulations flourish or is the industry looking for a home with rules? >> right now, in the u.s. particularly, officials in the industry have felt like the u.s. really has not given them a lot of rules, and before, there was some sense of not wanting that,

how much are we looking at a very different regime, even as the likes of treasury secretary janet yellenas said we are going to have to expect a very uncomfortable rate of inflation over the next 12 months? a different tone than what we have heard from her in the past. jonathan: thank you. team coverage begins with bloomberg's annmarie hordern at the white house and maria tadeo in versailles. let's go through miss calmly and carefully. -- through this calmly and carefully. the words of the russian president moments ago. your interpretation of that from vladimir putin. maria: this is complete whiplash from everything we have heard from the russians until now. yesterday foreign minister sergei lavrov was still denying a war in russia. ukrainians said they have no interest in a cease-fire, and this is so crucial because ukraine said they are not going to debate or talk or give anything until there is a cease-fire on ukrainians that continue to be bombed. this is also happening at a time in which president zelensky is saying i worry that russia is going to do a false flag attack on marie pau

live at the treasury department building to interview janet ye yellen so much to talk about.

under chair yellen, it was just $10 billion a month. this time, we would expect a much more sizable approach to the balance sheet, maybe in the range of $70 billion to $100 billion to begin to taper that back down to pre-pandemic levels. lisa: now for the confused surveillance take. i am listening to your explanation of how socks -- stocks can continue to rally despite this recession fear that if the fed gets inflation under control it is all ok. can the fed get inflation under control without stocks selling off more maturely? >> that is the million-dollar question. the fed is trying to navigate a soft landing. as long as that soft landing is still possible, i think the answer is yes. once it becomes clear the fed is overly aggressive, that the fed is tightening too soon, the answer turns to know -- no. the fed is trying to orchestrate this delicate balance where they slow growth but do not force us into outright negative territory. it is going to be a challenge, as the chairman said, with monetary policy. it does not have the ability t

formally exclude russia from the global world order which survived administration led by secretary yellen has really tried to bolster over the last year and now exclude russia that way and then sanction specific commodities and exports. insurance, shipping, gold, crypto, all that. >> friday seems like a long way away. the midterm seem like a very long way away. nevertheless, do you think this could have an impact on the outcome of the midterms? >> i think the midterm elections are really tricky because you see the agreed party come out in higher numbers. the agreed party is republican. president biden is not on the ticket. while congress is talking about sanctions, it is notable that they have not actually pass any legislation. speaker pelosi has suggested that they will this week, but regardless, it has been two months now of having ukraine front and center in congress has yet to pass a combined bill through the house and senate. i think this is less impactful for democrats that there is less freedom and voters stay home which would allow for maybe a more even playing field. my expectati

tom: it is a movable feast to me, and maybe it ends up with secretary yellen. it is the secretary of treasury that really starts to make tough decisions and advice to the president of the united states. jonathan: winnie cisar joins us, the global head of strategy at creditsights. help us decide if what we are describing is a credit event. the money can't get there. damian: that to me sounds like a credit event -- whenever it -- when a freight -- winifred: that to me sounds like a credit event. in terms of end investors hitting the cash they are owed from coupon payments, that is definitely a credit event, and you have these technical defaults triggered quite quickly in the same situation. kailey: is there any ripple effect in this that pertains to russia? -- in this? is this contained to russia? winifred: i think that is whatever one is wondering. initially when we had more financial sections headlines, more ukraine headlines, things were moving rapidly, and now that tolerance for a little but of the risk associated with these events and the potential fallout h

they also know that they have a friend in biden treasury secretary janet yellen who has said that trumpsld time that tariffs our to inflation now. this is great news for china which of course wants to drop the tariff. and of course china also knows that joe biden himself, who son got wealthy for dubious work in china had said that china's growth is not a threat to the united states. >> china is going to their not bad folks, folks. but guess what? they're not competition for us. >> what are the actual chances that the feebleminded aydin is going to stand up to john kerry jenny the myriad of business an financial interest during china's bidding? what about the odds he'll take on the media establishment that loves and protects china 24/7? the answer, zero. no chance. and understanding he how xi see that is critical to any action. right now he sees as is a power into in decline he sees is as weak in self loathing. a country culturally deployed and divided. fight he sees his communist system as superior in every way. he's a nationalist, and he's aiming for nothing short of global domination.

. >> janet yellen, when does she ever criticize china? never. joining me is the senator from the alaska. thank you for joining us tonight . how much longer are americans going to have to suffer because of an administration that is bowing down to the brainiacs despite the pain and suffering. this is beginning to cause american families. >> laura, let me begin by offering my condolences to you and your colleagues for your lost teammates at fox. i think american journalists ar doing heroic work. i want to add my condolences. you and i have talked about thi before. from day one, this administration has set out to actually undermine american energy production, stopping energy infrastructure, choking off financing to the american energy sector, definitely in alaska. you and i talked about this las time. i think a lot of this is intentional. these prices were rising almost from day one of the biden administration and way more tha 50% of the price rise occurred before the putin invasion. when you listen to their senior advisers john kerry, gina mc carth

people of power, janet yellens of the world, elizabeth warrens of the world, you think seeing this onhe world stage in washington not to think of this as the enemy? >> just a couple weeks ago president biden released his executive order on digital assets and that executive order stated that they believe the technology is going to be a critical and emerging technology for the 2010 first century and then they also went so far to say the united states must be a leader growing, developing, and implementing this technology so absolutely. i think that was really a breakthrough moment for our space and a huge validation of the key role technology is going to play in the global markets. charles: a a number of environmental groups looked into bitcoin's code that the energy use is contribute doing much to global warming. we heard this before. it was a reason it was run out of a couple of countries. your thoughts? >> that is a myth. proof of work is the most secure mechanism. proof of work is what runs the bitcoin network. it is the most secure way to confirm and record blockchain transactions.

pressure on putin's oligarchs, wanted to also announce that tomorrow secretary of treasury janet yellen and attorney general garland will launch the meeting of the multilateral task force. the task force was first announced in a statement by leaders, including president biden on february 26th, as a way to go after corrupt gains by some of the closest individuals near putin. the task force comprised of finance ministry and counterparts will use the respective authorities to collect and share information against russian targets, including sanctions, assets freezing, and civil and criminal asset seizures. let me give you a couple examples of assets that have already seized. a 213-foot yacht was seized in italy the another yacht in the italy. andre's 469-foot, $578 million super yacht was seized in italy. another in spain, and the $18 million resort was seized. two more things. on ukraine cran security assistance, the president will talk about this when he speaks this afternoon. he will talk about it more extensively tomorrow. as you know, there's 1$13.6 billion for ukraine. the president w