yellen: sure. inventories of cars are depleted because the american car companies aren't able to produce a fair capacity. they just can't get the semiconductors that they need to embody into these cars and that's because the demand for goods and for technology -- technology devices that incorporate semiconductors became so enormous during the pandemic. it takes a long time to increase semiconductor manufacturing capacity. american companies are in the process of doing it. but at the moment i think if you go to a car lot and try to -- a dealership, you see almost no inventory available to purchase and that's why you pay more than msrp. mr. vargas: that's right. i want to put words in your mouth. i believe they are your words. i think you were saying the war in ukraine threatens to inflict, i think this is you what said, enormous economic repercussions. you may have commented already, but i have 30 seconds left. could you comment on that? sec. yellen: sure. the sanctions that we've placed on russia a

yellen: sure.enator, i agree that student debt is as substantial burden to many people especially those who end up with low incomes or have gone to colleges or for profit institutions that actually haven't, they have not either completed the degrees or haven't found themselves with enhanced skills that enable them to do well in the job market. it makes it hard to buy a house. sen. warnock:a lot of folks under the debt don't have a degree. sec. yellen: a lot of people don't finish their degrees. sen. warnock:do you think that might encourage starting of small businesses? sec. yellen: well, it would provide greater resources. sen. warnock: collect criticism are those things good for the economy or bad for the economy? sec. yellen: well, they could be good for the economy. there are tradeoffs involved that need to be analyzed. sen. warnock: as secretary of the treasury if president biden issues an executive order to cancel student debt are you prepared to support the implementation of such an order? s

yellen: yes, sir. mr. green: i think as we weigh in, and i'm sure you're doing this expand it to make sure we include the rest of the world. i appreciate the $10 billion deal, but your statement rings true. as long as the pandemic is raging anywhere in the world, the american people will still it be vulnerable to new variants. that's important. so can you give me the crit kalt associated with not only having a deal for the united states but also the rest of the world? sec. yellen: well, we absolutely need additional funding to help the rest of the world deal with the pandemic as well. we're continuing to do everything that we can through the w.h.o., the world bank, the task force that they have put together, and i think that's right. i would repeat what -- the words that you quoted me as saying. that as long as the pandemic is raging in any part of the world, the united states is not safe. there will be new variants. and i think it's critically important. i'd also like to add that we have requested funding

good morning, secretary yellen. secretary yellen, director chopra of the c p b is a member of fsoc, is he not? i said, director chopra is a member of fsoc? >> yes, he is. >> he has recently recommended removing deposit insurance from financial institutions have an enforcement action. during his proposal, director chopra specifically named financial institutions out of 27% of the u.s. deposits combined. and he propose that these institutions should have harsher enforcement actions placed on them, such as revoking their fdic insurance or placing them into receivership. do you agree with removing deposit insurance as an enforcement action against depository institutions? >> you know what, i'm sorry, i haven't had a chance to review his comments or proposals on this. i would say that deposit insurance plays a critical role in the banking system and it is something that is promoted financial stability -- >> from that comment, i would assume that you believe the deposit insurance is important to financial stability of the

and secretary yellen.i understand you will be giving a speech tomorrow on digital access regulation. i don't want to force you to reveal any spoilers here. i do want to touch on something that is at the core of developing any well regulated digitalized asset ecosystem. and that is how can participants securely and reliably assert their digital identity online and offline, with the appropriate control an imagery that is being developed in the eu and elsewhere? i was very encouraged that recently, assistant secretary for financial crimes elizabeth rosenberg, recently announced that the treasury plan to make 2020 to, quote, a year of action for digital identity. there are really a host of reasons why treasury may be the most appropriate authority to help deploy a secure digital identity framework. i am also very encouraged that the technical components for privacy preserving, you would call it a crypto financial drivers license are actually in place. the mobile idea, or digital drivers license that are being

secretary yellen asked me to do when we were nominated, she asked me to conduct a review of financial sanctions over the last 20 years. that was what i did when i was confirmed, and during that review, we didn't only look internally as to what we had done but she asked me to talk with allies and partners about what had worked over the previous 20 years and what we should do going forward. it formed the basis of many of the conversations we would have in the year when it came to talk ing about what we would do if russia were to invade ukraine. some of the important lessons we learn from that review, which we published at the end of last year animated the way we thought of sanctions, and will animate the way we think going forward. one is a multilateral approach is always preferable to a unilateral approach. both because of the economic consequences, and i mentioned when it came to russia, we formed a coalition that has included more than half of the global economy, but two, because it politically isolates the adversary in a way that makes it harder for them to find a place to turn. it

just to say, i am glad to hear that you and secretary yellen are convening of that mind.just to push that point further, though, you say it is the institution like the world bank, the imf. the multilateral development banks. just to say, we have been batting around this term of the international financial architecture since the 1997 crisis. nothing much seems to have changed on that, including the u.s. payment of quotas and the u.s. and european vote shares that fund the bank. inside the u.s. we have a very active discussion about the idea of representation mattering, certain issues do not come out of the wrong people at the table. the economics perspective has suffered spots of blindness because we have not had the right people at the table. in terms of international governance at these major institutions, should there be a change there to get the issues of what happens in the developing world more respondent to than it has regularly been? >> i have to agree with you, adam, that making sure that the institutions reflect the diversity of the global economy is an important

i just want to remind you though, ile will quote yellen to yellen on this. co- lead said quote activity -based approaches cannot address risks that are tied to the funding, leverage and combination of activities within aor corporation". it also says congress created with the both designation of authority and authority to review and make recommendations regarding activities. not intend for one authority to be a pre-requisite for the other. my only point here is with the 2000 and think designation that wrote this letter again, it has altered that balance. i want to see that balance come back. >> both tools should be available and one should not be a prerequisite to another in my view. but we need both tools and hope to do as well. [inaudible] pickwick stronger rules to protect our economy. >> senator cramer of north dakota your recognized. >> i cannot resist. getting back to the issue of t energy, oil producers the united states did not adequately return for demand as a consequence quickly enough is that basically. >> many energy companies suffer losses. i thi

with treasury secretary janet yellen and other world finance leaders. hosted by the u.s. treasury department. this is just over 40 minutes. >> good morning. welcome, christian and three mulyani for joining us as this year's finest shares with the g7 and g20, respectively. i pleased to have gilbert, christian, crystalline, and here as [inaudible] and the imf are actively responding to the global impacts of the war in ukraine. i wish we were meeting under different circumstances. but the reality is that we're facing rising global food insecurity. this threat touches the most vulnerable people the hardest. families that are already spending disturb or disproportionate amounts of their income on food. moreover, the interconnectedness of the global food system means that people on every continent are impacted. even before the war over 800 million people were suffering from chronic food insecurity. that's 10% of the global population, and more than the populations of our panelists, five or more countries combined. for nutrition and food insecurity have serious implications for

jay powell and janet yellen have a weekly breakfast.y also meet with the council of economic advisers basis. this is a bit rare and is no worthy but it may not be the big news that people are looking for. jonathan: are you saying lisa: they are conflating the meeting because these are photo op? >> there was a lot to be said for that. after the president's schedule over the weekend, speaking at arlington yesterday and meeting in uvalde, this is about hitting the reset button and reminding americans that the white house is paying attention to gas prices and the issues that have them concerned at the kitchen table. it may not be a market mover. tom: you are spending way too much time in the bill way. middle-class america is getting absolutely crushed by the quality and character of this inflation. lisa: this meeting coming after memorial day weekend is not completely coincidental considering whether people were driving or buying stuff their barbecues, you saw a material difference. perhaps this is just a photo op but how much pressure does

i would love to revisit the yellen remarks with you at some point, leslie.ecause it is important to talk about those souls who are lost who don't come into the economy. that's been part of the republican argument and next time we'll make more time for it. authorities declare the state of emergency in southern california where a wildfire is barreling into neighborhoods overlooking the pacific ocean destroying homes in its path and democrats clapping back at house republicans trying to stop the biden administration's new disinformation governance board. the battle over who decides what is truth and what they prefer we believe? u put it all on the line. u do it all. so u bring ubrelvy. it can quickly stop migraine in its tracks within 2 hours... without worrying if it's too late or where you are. unlike older medicines, ubrelvy is a pill that directly blocks a protein believed to be a cause of migraine. do not take with strong cyp3a4 inhibitors. most common side effects were nausea and tiredness. migraine pain relief starts with u. learn how abbvie can help you

thank you pac-12 lori lightfoot wants to make chicago an abortion oasis, janet yellen leaves killingunborn is a boom to economy. >> limiting the right of women to make decisions about limit whether to have children but has a very damaging effects on the economy and with set women back decades. roe v. wade and access to reproductive health care, including abortion helped lead to increased labor force participation. >> laura: translation, getting rid of those pesky babies will get those women back into labor force much quicker then if they are actually mothers. senator tim scott could not believe what he just heard. >> did you say that ending the life of the child is good for the labor force participation rate? >> secretary yellen: one aspect is able to feel that you have the financial resources to raise a child. in many cases, portions of those are of teenage women, particularly low income and often black. >> senator scott: as a guides raised by black woman in abject poverty, i'm thankful to be here as a united states senator. >> laura: that was the line of the day. running the notes

secretary yellen, the economy is at a crossroads. .. yellen, the economy is at a crossroads. democrat-led washington, democrat policies, are failing the american people. in the first quarter, our economy shrank. the gdp came in at a negative 1.4%. democrat a record 11 million jobs available as workers are ac still on the sidelines because inflated wages are eroding the ability of the private sector to hire employees at mass production demands. the roots of the problem control l democrat spending which hascreated consistent inflation . yesterday the bureau of labor statistics announced it inflation rose in april it's 8.3 percent over the past year remaining near a 40 year high. inflation is killing american consumers household budgets. wages are not keeping up with inflation and the rising cost of thingsthat families by . instead of addressing the issues of rising prices, and what those problems are creating for the economy ngand the american families financial well-being democrats will focus elsewhere. deep down they know their spending spree is hurting america but pulling ba

what do you make of that exchange between the senator and janet yellen?t caught people by surprise. >> maria: great to be with you and todd this morning. it is nonsensical, abortions are not good for the economy. when you look at serious policy, look at tack legislation of 2017 and then you see the needle move in terms of impacting the economy. when you saw taxes go down for all income levels, you saw the bottom ranking of earners, the bottom of earners actually see their wages go up the most relative to the rich. when you want to talk about actual policy that impacts people, take a look at tax policy and policy regarding oil. to make the connection of abortion being good for the economy is massive stretch and makes no sense. >> todd: i want to go broader on this, if aoc said this, what a stupid statement. this is from janet yellen, she's responsible for setting economic policy for our entire nation. how concerning is that to you? somebody who understands how money operates. >> maria: very concerning and you are hitting on something very important. people

the single or here is yellen codified the word slack of an america unemployed.ot the case now. powell's fed is roughly a fully employed america. how will the president listen to these two about jobs in america in this horrific inflation? brian: he will listen to them and underscore his core point, which is he intends to provide the fed with the space it needs to operate. as you know, he has nominated a quality slate of people, including at the top of that slate chair powell, to lead the federal reserve through this challenging time, and he intends to give them the space to operate, but we are in an environment, unique environment, and we have unique economic strength right now. the job market and the labor market being chief among them. household balance sheets are in a very strong position because over the course of this recovery , americans have been able to save more and pay down debt. we are seeing small business creation up at record levels. we have unique economic strengths with's position us well -- strengths which position us well. the economic choices w

yellen did, and tell you the truth.ing up, they are hearing it, 2022 and take them out at 2024. >> tucker: i believe that completely. really quickly you had a provocative observation. you said the black church is effectively a state church. what is -- and i know you preach sometimes -- what does that mean? >> yeah, man, i wrote a book, and i went back into the black community. they have been saying the white racist conservative republicans were destroying the black community, but when i went down there, i found out there were so many african american preachers down there that were being paid by white liberals, and these preachers were taking money and they were using their churches and basically conduits between themselves and these rich white liberals. the democratic party basically controls the black church and the black community. not everybody, but a majority of them, and this is why the black community cannot move. black preach is a lot control and lend it to the democratic party. they built the church back in slav

if you are janet yellen you pick your own spot here.a: there is also the issue of gas prices and the fact this administration has come under fire for not supporting the fossil fuels industry more and doing an about-face and saying, this is a national security crisis. is there any shift in the white house on that front or are they going to try to message it as being part of this equation as we transfer to a greener, fossil fuel-verrilli -- fossil fuel-free future. joe: we are going to hear more today when the president speaks. the administration has run into a lot of issues after not making a lot of friends in the oil patch and encouraging them to drill more as a patriotic move. they have been more questions about whether they should have financial incentives to do so, having been felt like they had been demonized by this administration. tom made the comparison to protein as well. as the white house takes a look at this, starts talking about the cost of beef, the cost of protein, chicken, and other fruit, as a side effect of consolidatio

janet yellen says the u.s. to make payments on its international obligations. want to bring in clare sebastian live in london. another part of allies' efforts to hold vladimir putin accountable for his invasion of ukraine. >> reporter: yeah, 100 prgs. t %. the sanctions that came into force on the russian central bank, they were the most surprising to the russians themselves, but they did have a carveout at the time that would allow russia to continue to make payments on its external debt. it looks like janet yellen the treasury secretary says that that exemption will expire may 25th, which will of course as you say push russia closer to a default. the impact, not clear that there will be much. they already are shut out of international borrowing markets. but it would be symbolic and add to the already mounting cost of sanctions and those are costs that janet yellen also laid out. take a listen. >> the sanctions imposed against the russian federation have already had enormous impact. russia's experiencing reces

>> thank you so much, and good morning secretary yellen. good morning. thank you so much for recognizing the current situation. from where we sit, it is important, and secretary yellen mentioned it's important to keep in mind that since 2014, the food insecurity has been raising the issue. for the past 10 years or so the news was already not good because of the vulnerability. in covid has exacerbated this. and now it's ukraine. so what we are seeing is climate change, then covid, and ukraine. and who knows, we can accept this is the last global price -- crisis we are having, so it's quite crucial for us to look at it from a long-term building. the short-term humanitarian intervention is crucial for their humanitarian interventions that are quite critical. the second point is i wanted to mention that given the ukraine crisis is having, the direct impact is mostly at the small-scale producers level. in the past few days i was very pleased -- with the initiative and the additive announcement from the imf. it's for low income companies. does countries. i won

that's treasury secretary janet yellen refusing to back away from her claim that ending roe v.onomy. the daily caller hitting the media echo chamber with the headline the media's new line, abortion is good for the economy. here is why that's wrong. axios, fortune, bloomberg and cbs news for pushing her claims and california congresswoman katie porter lending her support. >> i think they actually reinforce each other. so the fact that things like inflation can happen and can become more expensive to feed your kids and to fuel your car is exactly why people need to be able to be in charge of how many mouths they will have to feed. so i think the fact that we're seeing this jump in expenses is a reason that people are saying i need to be able to make my own decisions about when and if to start a family. >> harris: you can't even make that up. instead of democrats coming up with a way to fix inflation she just said this conversation about abortion fits in with inflation and how you deal with it. "the washington examiner" op-ed hit back at democrats saying, quote, democratic rhetori

treasury secretary, janet yellen. i spoke with her just a little while ago. >> and joining us now, the treasury secretary of the united states, janet yellen. madam secretary, thank you so much for joining us. as you know, president biden says tackling inflation is now his talk economic priority. why should americans trust him to address this problem now when he's been getting it so wrong for a year? a year ago, he said inflation would be temporary. >> you know, there have been huge series of shocks to the economy that we didn't anticipate. further variants of covid that have impacted our economy, russia's war on ukraine, which have boosted energy and food prices globally. the lockdowns that have occurred in china. so really, the shocks to the economy have continued, but inflation is the number one concern for president biden. he met today with chair powell, indicated that he shares the fed's priority in lowering inflation and that he believes strongly and is supportive of the independence of the fed to take the steps

has been meeting with federal reserve to jerome powell and treasury secretary john of yellen at the white house to discuss how to tackle inflation, which is at a 40 year high of over 8 percent bite in the short power that he would have freedom from political interference the fed is expected to raise interest rates to ease price pressures. proposition for more, let's bring indians quarter in new york. yes, inflation is a big issue in the u. s. what has president biden been saying? well, and actually already on monday there was an update in the wall street journal from the president, and he outlined a couple of ideas somehow to bring inflation down at 1st of all, he mentioned that it's the primary task of the federal reserve, actually to help with inflation, but clearly he can put too much pressure on the independent board. then he had some and other ideas that he mentioned, for example, when it comes to gasoline prices. so all prices in the united states that he already opened up the strategic reserve. so well actually that hasn't really done the trick. i mean, prices haven't east at all i

let's create romaine: president joe biden meeting with the fed chair, jay powell and janet yellen.nt biden: it starts with a simple proposition. respect the fed. respect the fed's independence, which i have done and will continue to do. my job is not to nominate -- not only to nominate highly qualified individuals, but to give them the space that they need to do their job. i will not interfere with their critically important work or responsibilities. chair powell and other leaders of the fed have a laser focus. there was a larger complement among board members. i look forward to chairman powell's continued leadership with the fed. thank you for coming in. [indiscernible] romaine: the president of the u.s. preparing to meet with the fed chair, jerome powell and joe biden's secretary. there are some other economic measures. we will bring that to you, but we want to move from that to a milestone here at the end of may. a lot of focus on equality and how we can strive for a more equal society. a professor of economics over at the university. it benefits us all. thank you for being here

what janet yellen is saying is women should have the choice whether or not they want children.ice to have him. i think the middle ground conversation there is that about choice. women should have autonomy and agency over their bodies. i know many people that are in high income situations and low income situations that have to make the decision whether or not they want to choose motherhood. that decision is theirs and theirs alone. we should allow women to be able to make that choice. that simple. >> martha: the "wall street journal" went through what janet yellen said about how allowing abortion makes the economy stronger. they said this. woman's labor participation was rising for decades before roe was decided and continue to climb in the early 2000s amid cultural changes. teen pregnancy rates have plunged by 2/3s since 1990 amid increased access to contraception. jack brewer, what do you think? >> i think this is the example of why we are in the spiritual battle we're in instead of the reason why we're feeling the wrath of god across our nation. this is disgusting. i'm a man

we have janet yellen in the room as well. a wall street op-ed piece a little bit earlier penned by the president saying the most important thing for stable and steady growth is to bring inflation down. that basically brings us to our question of the day -- what should powell tell the president about inflation? let's talk about this meeting. let's bring in our washington correspondent and our international economic policy correspondent. amar'e, is this anything other man a photo op? >> you make a good point, guy. because the president last night in his opinion piece talks about the fact inflation, this is the realm of the federal reserve and wants to maintain an independent fed. he pointed to his predecessor who he said was demeaning to the fed. so when you think of that, brian said this as well. the president wants to leave it in the fed's hand. then, what is he doing in the oval office? it looks like this is just a show for the electorate. but obviously, they're going to catch up about the economy. this is while it's rare it

this is the same janet yellen that promised inflation was transitory. inflation is not transitory. economy is a train wreck and it she continues to the party line at this point tech she really is nothing more than a useful idiot and is past time that she fell off into retirement. he could not with reaction is fox business anchor larry kudlow. am i mistaken? are we to get new inflation numbers the consumer price. numbers tomorrow if i'm not mistaken? >> larry: yeah, it will get it tomorrow. it comes out tomorrow. >> sean: it is interesting that joe held a press conference on inflation today because i would assume that mama for those tomorrow's numbers are still going to be a 40-year cry. is that a fair assumption? >> larry: the trendline is not going to change. and joe biden, he probably got that number sometime in the middle to late afternoon. used to be in that loop. and look, he did was he played the biden blame game today. there's nothing new but he wants to continue to spend. he wants to continue to restrict fossil fuels of all kinds, gasoline prices hit a record high. he also

secretary yellen, i think i want to get to a couple questions one, secretary yellen, i commend all oftening sanctioning on putin's actions first, any macro idea of how we're doing in ratcheting down on the russian economy two, i was interested in seeing treasury's announcements saying on sunday we'll go down to the service level. doi fear that putin and other oligarchs are setting up companies that we could have leakage of getting away from sanctioning. >> i go black to the contribute cryptoarenas that are based abroad they are not sources of leakage. can you talk about some of the things that drove you to your sunday additional regulations? >> on a macro basis, i think our sanctioning are having a severe impact russia as acknowledged that their economy is clearly in a recession. it's forecast that it will contract at least in the 10% to 15% range this year. inflation has been running probably around 20% this year, and russian firms that have been sanctioned are finding it almost impossible to gain access to goods and services that they need in global markets this includes major defen

but jenny yellen doesn't think that's low enoughbunelo. got to go lower, get to work. rebecca heinrichs is a senior s fellow at the hudson institute. she's also a mother ofso five . she joins us . a rebecca, thanks so much forve coming on . i've always suspected that feminism was a corporate lie. this kind of confirms it.me you know, stop whining about having your own childrenet get back to work, says janete yellen. have you ever seenev anythinger more splinting really repulsive than that ? it'sti incredibly repulsive.nd >> it tucker . and the argument is barbaric in of itself. but to havee secretary of the treasury making the argument is chilling because she's really talking about people rather than r r as women and mothers and families. she's kind ofies, revealing that she's thinking about it in terms of cogs in a machine for the economy. and it's also she also talked h about how it was disproportionately affect potentially women of color who are lower and lower economic state, which is really a sister intellectually to this to margaret sanger, off course, the founde

janet yellen says troubles underscore risks and yield regulation is needed. beijing denies a lockdown is coming as residents rush grocery stores and concerns covid curves will intensify. >> it looks calmer even though we are seeing asian equities pointed weaker into this final friday session of what has been a while -- wild week. we are looking at future is looking pretty flat on the week. we are seeing bond yields taking lower. the three year yield falling to the west since the start of may. we are seeing a pullback in inflation expectations. we had data yesterday saying place and expectations fell. some of the calm being restored to the crypto space. it could be a quieter start to trading. we are seeing futures in japan and hong kong slipping lower. dollar yen is in focus. the greenback on its longest winning streak when it comes to weekly gains since 2018. we are seeing more resilience when it comes to trading in dollar yen. manufacturing pmi out of new zealand showed a slow down. we are seeing that recession off by half a percent. the aussie dollar after

so you ask why would yellen go there?her to come on the program and tell her why she went there, to target one group of people, you guys will hurt the economy if you black women don't get abortions. it is a fair question after what she exactly said. let's move. president biden is finally hanging up his unifier hat and will no longer try to work with republicans. "politico" with this headline. biden starts conceding that the bygone era of d.c. may be gone. it goes on to say to the frustration of many democrats and some of his closest advisors, president joe biden has steadfastly spent more than a year in office insisting on trying to work across the aisle with republicans. now biden no longer believes that most republicans will show a willingness to engage. he himself admitted he was wrong. we certainly have seen a shift in his rhetoric with recent attacks on the ultra-maga crowd as he calls it. a far cry from his promises on the campaign trail to bring americans together. >> president biden: my whole soul is bringing amer

and the other bread, janet yellen talking about regulation.in the middle, all of sudden janet yellen is calling for regulation. from all appearances it looks 100% deliberate. i will say regardless whether it is distribute or not the fact too many times in crypto we focus on the outcomes. we focus on 18% returns, how exciting that is. people forget the process is more important. the process and fundamentals laid out in exploitable opportunity for this to happen that was built into you know, to the tokennomics of terra luna. charles: who patch this is up? federal government wants to exploit this, who knows, my been part of the implosion? who patches this up, particularly this doesn't happen to a stablecoin? >> i got to sell you when it comes to algorithmic stable coins i have not had a lot of success with them. when you look at something like tether or uusdc, one-to-one hard peg to asset, in those cases one-to-one u.s. dollar assets in cash versus the supply i think that is much more safer place to be when you're a trader. when you get into algo

this is a warning express this week by the treasury speaker terry, janet yellen, the former chair ofoman to hold either of those positions. >> i believe that eliminating the right of women to make decisions about when weathers have children would have very damaging facts on the economy and would set women back decades there many research settings that had been done over the years looking at the economic impacts of access or lack thereof and it makes clear the denying woman to abortion increases their odds of living and poverty 24 public assistance >> that is not can gesture. you know that she is really engaging texture and 12 documented that it is transformed women's roles in society. the data and that is clear, president by the supreme court in a brief followed by 154 economists who wrote, ample evidence presents that row is causally connected to women's advancements and social and economic life. abortion legalization had large effects on education, labor force participation, occupations, and earnings. moreover, abortion legalization has shaped families, and the circumstances into w

she's being asked about russell, a senator is asking questions and janet yellen -- russia.editors asking questions and she says russia is struggling. the question is how quickly is it coming down. tomorrow will change analysis. the color print tomorrow will be a different story. a lot is going on around the inflation story and we will continue to focus on that. there is the treasury secretary answering questions. she is speaking in front of the senate banking committee. if you want to follow wrong -- along, you can do that. this is bloomberg. we offer you the options, you can do there as it says on the screen live.go. this is bloomberg. >> thank you. >> senator scott from south carolina. ♪ guy: a breaking story, the ukrainian grid, which manages the transit of russian gas across ukraine is saying one of the key entry points for gas into the network is being shut down. what they are saying is that russian actions are disrupting the gas transit to europe. a few days ago, we spoke to the ceo of -- gas in ukraine. he set at the moment the russians are being careful to make sure

. >>> janet yellen told cnbc it will be a central pillar to the invasion of ukraine even if it means economic pain in the short-term speaking at the g7 meeting, yellen said they are united against russia. >> clearly higher energy prices and food prices are and other commodity prices really due to putin's choice to launch a war in ukraine against ukraine are really responsible for much of that we understood there would be consequences we would not be able to shield ourselves entirely from economic consequences we want to have the maxim pact we can on russia and the maximum negative impact to degrade ability to wage war now and project power in the years ahead. and minimize the negative spillovers to ourselves. >> german finance minister says he is confident g76 can agree a debt package we have annette with us. tell us what is on the agenda for the meeting today? >> reporter: actually, i think on top of the agenda is exactly that aid package for ukraine as he was saying when he he did the door step an hour ago here, they are planning on having something ready by the end of the meeting

plus, crypto market panic subsides, although janet yellen says it underscores the risks, and new regulation is needed. rishaad: just looking at what's going on, federal reserve comments. we'll go to that in the minute. first, and up arrow story. of late stage rally on wall street pushing equities into positive terrain, just overall. nikkei 225, up. the dollar was stronger. we will come to that also in a second. hang seng 1.8% to the upside. positive news. singapore higher. as is australia. it is green on the screens for equities. commodities. copper. on the way back. weakness of late coming through right now insolvent bonds as you can see, the 10-year and the flattening also adding to this fairly benign and calm start to the trading day haslinda:. -- day. haslinda: it is friday the 13th, so beware. inflation, signs just about everywhere. india coming up with the cpi data, coming in at the highest in about eight years. 7.8%, begging the question what will be rbi will do. there are expectations it will raise rates again following the surprise move last week. the governor himself says he will

janet yellen gave the u.s.ernment's most forceful response for this meltdown, saying the woes underscore the risk associated with this asset class. bringing in garfield reynolds. he joins me from sydney. here we are. a cellular tory warning -- acellular tory warning. what is happening with the not so stable coin terror blockchain. >> the thing that happened was people lost confidence. for all of the various algorithms, rules, and other guidelines backing terror, the basic point was needing to have the people using it that it would always indeed be worth a buck. it was intended as a blockchain version of the old money market funds that was supposed to be worth at least a buck. i remember that was one of the most shocking things that occurred during the lehman crash, a money market fund like the buck. that brought the entire global financial architecture crashing down. when something like this happened within the crypto space, there was a concern that this could be the same destruction to the basic architecture o

and later, treasury secretary janet yellen testifies on the state of the u.s.ystem. >> next, white house press secretary jen psaki talked about his experience working for the biden administration ahead of her announced departure. after friday she'll be replaced by deputy press secretary. this christian science monitor discussion is just under an hour.

you can continue following what is happening with janet yellen's testimony on your bloomberg terminals bloomberg. ♪ >> european equities are off their lows. around 35 minutes to the close this thursday. we are still down. we are still down quite aggressively but certainly not like what we saw earlier in the session. the stoxx 600 for 24, spot six, down .7%, plenty of action elsewhere to focus on. the euro-dollar with a 1.03 handle, a critical level in terms of the fx community, now down .9% euro-dollar, a lot of talk about parity, not only for that currency but for the pound as well. volatility continues in the energy space as well. looking at what is happening with natural gas, the u.k. quote is up 25%, a quarter on the price. the volatility absolutely massive. the russians may be starting to restrict flows to the germans. this is problematic not only now but further down the road potentially as we get out of summer into autumn and winter. we will talk about where european equities go next with graham secker, morgan stanley's chief european equities strategist, a little cautious, let

janet yellen said inflation is likely to come down, but what will the fed be happy with?it be 2 -- will it be 2%? she also talked about cryptocurrency. this week bitcoin has been cut by about 20%. our crypto strategist is here. bitcoin was supposed to be a safe haven against inflation, what have we learned now about what it actually is? mike: what we are learning right now it is is holding $30,000, the stock market isn't. to me that is what we should expect from bitcoin, more of that. it has been outperforming most assets on the planet since it started in 2009. and that should continue because it set an enduring trend, it is decreasing supply and increasing demand. but when the fed is trying to push back, it has the most to lose, but it has outperformed a lot assets on a risk-adjusted basis. guy: why do i care about 30,000, why is that so important? isn't bitcoin just showing up to be a highly correlated trade on the nasdaq? mike: the most powerful force is when the stock market goes down at high velocity. that is what is happening. it is helping the fed reduce inflation