janet yellen in japan. let's speak _ were promised. janet yellen in japan.mised. janet yellen in japan. let's speak to michelle | japan. let's speak to michelle fleury in our new york hero. those quotes are pretty astonishing, aren't they? we have been talking all week about this possible 11th hour deal but donald trump says look, it's fine, could be a bad week, a bad day, who knows? i know, then ou week, a bad day, who knows? i know, then you have — week, a bad day, who knows? i know, then you have that _ week, a bad day, who knows? i know, then you have that sharp _ week, a bad day, who knows? i know, then you have that sharp contrast - then you have that sharp contrast with janet yellen they're saying it could spark a global downturn that would set us back much further. you know, itjust illustrates how far apart the two sides are. you have donald trump kind of echoing in some ways the view of many republicans. because remember over the weekend there were more than a0 republicans who said that they would not support any passing of, or raising of the debt l

treasury secretary janet yellen says a u.s. government default would undermine washington's ability to provide international leadership. she called this scenario unthinkable. sec. yellen: a default would produce economic and financial catastrophe. millions of americans could lose their jobs. household incomes would be reduced. american businesses would see caret it -- credit markets deteriorate. millions of families that receive government payments would likely be left without the resources they were promised. tom: and do not miss our exclusive conversation with janet yellen tomorrow morning at 8:30 a.m. u.k. time. u.s. inflation showing signs of cooling in april, opening the door for the fed to pause soon. cpi rose by 4.9% from a year earlier, marking the first sub-5% reading in two years. for the analysis on central banks and how to position, let's bring in vivek paul, senior portfolio strategist at black rock international. let's start with the cpi print out of the u.s. we know the fed is focused, services softer than expect

it is all years on yellen -- ears on yellen. the world is in trouble if we default.i: it's a difficult time for yellen to come into a g7 meeting, when it is so overshadowed by the debt ceiling. you have to wonder if there is some sense that america isn't coming into these conversations with strength, if this type of political thing is what is on the agenda? manus: the least worst option. glasses on, glasses off. i need to buy contact lenses. the least bad choice could be secti manus: this is "bloomberg daybreak: europe". i'm manus cranny in dubai, with dani burger in london, on the stories that set your agenda. dani: u.s. futures higher, chinese stocks fluctuate as slowing cpi spurs hopes of looser policy. but that is not the case everywhere, the bank of england is seen hiking rates for the 12th straight meeting. as ecb officials have said tightening may need to continue past july. we will speak with the chairman and ceo of jpmorgan chase at the bank's annual global markets conference in paris. a conversation you don't want to miss. we are waiting on some bayer earni

what else did secretary yellen say? stephen: well, yellen was front and center with the first press conference afternoon yesterday, it kicked off. the gathering here. all the topics that jamie dimon spoke with francine lacqua were on the table throughout meetings here at the g7. behind closed doors, yes, but mostly about financial system security and stability following the svb may collapse. central banks are in focus. we talked about other -- with other top economic officials among the g7. sources are telling us they are gearing up for the end of next week, the leaders summit in china, while -- and that china is not represented in the g7, it is the top center of focus at least for the u.s., trying to show some unity and get the europeans as well as the japanese, the other members, on board with maybe some tougher messaging on china. any particular communique coming out of the leaders summit in hiroshima. the concern is about china's alleged growing economic coercion. that's the language the u.s. would like to see, othe

new comments from janet yellen in japan she said the notion the u.s. at a faster pace since april. >>> the epa has a plan to slash a plan for greenhouse gasses it can have solutions to shift natural gas or clean hydrogen. >>> bankers buying up stock at u.s. bancorp and key and stellar with insider buys over the last week. >>> and honda with the quarterly profit falling by half it see sees properties rprofits rising this year and softbank posts a $76 billion annual loss cutting stake in alibaba. >>> gearing up for the trading day ahead at 8:30 a.m., weekly jobless claims and inflation with the ppi then results from krispy kreme and u.s. foods at 7:90 a.m7:00 a.m., the rate n from the bank of england with all that, let's dive in the trading day ahead and bring in katerina simonetti of morgan stanley. >> thank you. >> we ask the one word they believe describes the trading day ahead. what is your "wex" word of the day? >> my word is opportunity. this is a challenging time for investors that are told that every day market is challenging and they should expe

don't be a deadbeat nation, treasury secretary janet yellen says the u.s.as to raise the debt ceiling as talks and easy gain traction. fed governor michelle bowman says more hikes could be needed and higher rates needed for longer if inflation stays hot. how do you feel about that? we get the latest read on consumer sentiment. welcome to bloomberg markets. guy: there is good news and bad news. it may just be bad news. the headline number dips to 57 point 7%. current condition, 65.5% is a significant drop. expectations, future expectations 53.4%. then we get to the inflation numbers which come in at 4.5%. that's the highest number since 2011. i'm curious as what to the five and 10 year inflation number look like. alix: 3.2%? five-10 year inflation expectations 3.2%. we've been around that three level for a bit but clearly, we are looking at weaker expectations and consistently higher inflation. alix: it's not good you could argue. guy: the long-term expectation is the highest since 2011. these are not our numbers so let's talk to the person whose numbers the

treasury secretary janet yellen.t will be live from the g7 in japan and about 20 minutes from now. 8:40 5 a.m. london time and this is bloomberg. ♪ francine: welcome back to the open. 30 minutes into the european trading day. there are your top stories. debt ceiling optimism. president joe biden house speaker kevin mccarthy postponed today's meeting as the staff level talks are said to make progress. u.s. futures are in the green. it's a hopeful sign that central bankers and finance ministers gather in japan for the g7. we speak with treasury secretary janet yellen this hour. jamie dimon warns that u.s. default would be potentially catastrophic. we will have more from yesterday's interview. when you look at the markets, time, they seem to be more upbeat than they have been of late. tom: there is friday optimism creeping into this. there will be talks from the debt ceiling but also talks starting between china and the u.s.. will it lead to the two presidents finally having a conversation after the risks in tension bet

i thinkjanet yellen's _ possible. i thinkjanet yellen's warning - possible.janet| yellen's warning does crystallise the importance that congress and the us government really does need to put their best foot forward and get this debt ceiling issues sorted as soon as possible. at the end of the day, the global economy and the day, the global economy and the us economy has gone through a loss of the past three years and this is just another potential really bad situation and if it isn't sorted out soon then the us economy will be unable to avoid a recession and the global economy will go down a dark path as well. it is the global economy will go down a dark path as well.— a dark path as well. it is fair to say that _ a dark path as well. it is fair to say that so _ a dark path as well. it is fair to say that so much - a dark path as well. it is fair to say that so much of - a dark path as well. it is fair to say that so much of this i a dark path as well. it is fair| to say that so much of this is political. you see this sort of back and forth from the two sides

we start with janet yellen warning of economic chaos should the u.s.t obligations come june 1st. this as congressional leaders meet with president biden tomorrow. >>> amc reached a deal to pay down the debt. the settlement must be approved by the judge with the hearing scheduled in june. >>> and biden administration is looking for airlines to come up with rules to compensate passengers over delays or cancellations. >>> and binance temporarily resumed bitcoin transactions >>> baidu will reveal the first smartphone next week and put a.i. in all products >>> the ceo of five groups are pushing back on the regulations from brussels over the use of personal data. siemens and s.a.p. and others say the data act would force them to give up trade secrets and give an advantage to china we spoke with a company ceo, brainlab, earlier. >> it would achieve a better access to data which is a good idea by having regulation than it would make it difficult to achieve that the idea is right, but overregulation achieves the opposite >> a story to waectch here on "worldwide

trashy secretary janet yellen's very very blunt warning about the u.s. debt limit.nn is covering the story from every angle. our correspondents are standing by over at the white house on capitol hill, and in the nation's financial center in new york city. we're also about to get reaction from former treasury secretary larry summers. he's standing by live. but first, let's go to our chief white house correspondent, phil mattingly. phil, one month is not a lot of time to fix this huge, huge potential disaster. what is yellen warning of tonight specifically, and what is the president doing behind the scenes? >> you know, wolf, for months, republican leaders and the white house have essentially been in a stare down, two very noncompatible positions making very clear there's no clear pathway forward in terms of how to raise the debt ceiling unless something dramatic changed. one that changed today with the letter from secretary janet yellen to capitol hill leaders, the urgency of the moment, the time line in terms of when default would actually occur has always been a li

they all left -- that does not help their case. >> yellen, this was a huge moment.ellen is saying this is the end of the world in 10 days. >> on the other end, as seone who is talked to republicans not just freedom caucus who do not take any date yellen give seriously, i do not know if this helps in that. they were saying, oh, june 1? now that it is june 5, i don't think that will help. >> i've wondered if that is a talking point or if that is just rhetoric. >> i saw her letter. >> no, republicans. >> i think some of them was seriously, it was the same one that i would never voted for this and it is not big problem for mccarthy but still concerning. >> but this has grown over the last decades as a tea party, i remember talking to one member back at that time and he thought default was not a big deal. now you get to, mccarthy has said we can default, we can still pay our debt. >> tell biden i won't let it default. >> yeah. they see that as a viable option and there is, very little, yellen is not -- she is not unpopular but they do not believe here. >> in four year wh

. >>> ahead of the meeting, janet yellen is sounding the alarm to the private sector over the debt crisis as she warns of a coming economic catastrophe >>> spikie speaking of crisis, the banking turmoil and how that to fuel a credit crunch. >>> and lucid on life support. sending shares down ahead of the open >>> and sam bankman-fried has a new legal strategy to help him avoid jail time. it is tuesday, may 9th, 2023 you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." i'm frank holland. a mixed session yesterday and this morning, the declines in the nasdaq in pre-market nasdaq down .50% we are seeing the dow jones industrial average opening up 100 points lower if it opened at this time. that is still early. the s&p is fractionally lower. the bond market is something we are watching as we await the inflation data look at the 10-year treasury at 3.49 we are looking at the 2-year treasury a bit below 4% yield there we have seen bond yields tick up the last week. we are looking at the energy markets. oil back above $70 a barrel wti crude is down

alix: janet yellen also saying that biden team offer to cut deficits.hat areas could we see risks for cuts? katrina: i don't think we can cut out infrastructure spending and i think that is where you're talking about, the green investments that will impact energy stocks. i do not think there is appetite to do that and we have had such an underinvestment in infrastructure for a long time. i think we will need to -- it will be death by a thousand cuts. it will be a little here and a little beer and we will get to those numbers but we don't know when we are going to run out of money. these discussions could continue to elongate. janet yellen is in that position where she needs to create urgency and that is why she has the narrative to looking around -- about running out soon but she doesn't want to create fear about -- by saying we are running out tomorrow. she is doing a great job to create urgency because what we like to see in the market is resolutions. that is what the debt ceiling is representing, that increased uncertainty. alix: katrina dudley come

seems like that letter from yellen hardened everyone's positions.u have a home loan, what will that do? >> higher rates across the board. we have already had higher rates. but the cost to borrow would get more expensive because of this treasury crisis. treasuries are the cornerstone. our borrowing is the cornerstone of the financial system, right? you would see dollar tumble, emerging markets that could go into crisis. and -- one way you can look at that is typical home loan in the united states, $130,000 to the cost of financing a typical home loan. that's one real world example. all are very bad examples. we lived through this in 2011 and they raised the debt ceiling in 2011 after going right to the wire and still we lost our credit rating and still stock markets fell and still we added billions of dollars to the cost of financing our debt. >> just being on the brink itself. it says something that mckag thi is in israel, this is the main thing he is being asked about. real impacts. we'll track all of them here this morning. of course they're very

haidi: janet yellen says the u.s.already paying the price for its failure to raise the debt limit as talks between the white house and lawmakers continue. let's get more from jodi schneider who joins us out of washington. even though janet yellen sticking with june 1 as the earliest date on the debt ceiling, what kind of a fresh warning to be here today? >> in that letter that janet yellen wrote to kevin mccarthy kevin she said is this still june 1. we could run out of cash, the ability to maneuver with extraordinary measures we have been using since january. but also, she said a few other things she set a default could come weeks or days after that june 1 deadline, which was a bit of a tweak. something we had not heard earlier. she also said we are already feeling the effects. this was a stern warning, saying if -- do not play around with this. it is getting close and it could be catastrophic. she was doubling down on all of this information. there had been some thinking that if we got another letter there may be a n

please welcome treasury secretary janet yellen!invitation. >> stephen: have you ever been on a late-night show before? >> i've never been. >> stephen: you're going to love it. it's great. you've been called a genius at explaining arguments simply and clearly. others have said this. you haven't said this yourself. can you explain how inflation got so high because two years ago, everything seemed fine, even in 2021, you and other members of the administration believed that inflation was a small risk. what happened, simply and clearly? >> that's a challenge. >> stephen: that is, yeah. >> so, we had rapid recovery from the pandemic. when president biden was elected, unemployment was quite high. it was close to 7%. and we put policies in place that generated a very rapid recovery. unemployment quickly fell back into the 3s. >> stephen: what is it now? where is it now? >> 3.7. so normally you wouldn't expect, just because you had a rapid recovery, for inflation to rise very much, if at all. but it turned out the pandemic had very special

that's why this letter from janet yellen is so crucial.te. she's also doing something that she's done a couple times in public and private. that is warn that borrowing costs are devastating. if there's a default, borrowing costs will sky rocket and will likely induce a recession. so yes, that will put the president on the road talking about bridges and semi conductor factories. the crucial issue in the short term, which has long-term implications is how do you raise the debt ceiling and avoid a self-inflicted wound to the economy. >> sandra: to biggie back on that, you have this rising interest rate environment where people are borrowing more and credit card debts are going up. home values are coming down. the housing market has taken a hit and people are still dealing with decades high inflation in this country. that situation could get worse or get better. what do you think? >> yeah, absolutely. right now it's not a good spot for joe biden and down ballot democrats running for re-election. we're seeing republicans gearing up to hit them

janet yellen says the only good option for solving the debt limit stalemate is for congress to lift the cap. without this, biting cannot avoid a financial catastrophe. the u.s. jobs report comes in hot once again with an acceleration in hiring and pay gains. will this week's inflation data prove tricky for the fed? with the next boe policy decision on thursday, banks such as hsbc and citibank are pitching trades against rate hikes. even though the market is expecting hikes to come from the bank of england. we will dive deeper into that story. let's look at the futures picture. 13 seconds until the start of european trading. the teachers picture looks slightly positive. we are without london which means will be without some of the volume because of the public holiday in london today with the coronation of king charles the third over the weekend. tax futures pointing higher. let's see what we get at the start of monday's trading session. so far, little movement across european equities. the euro is stronger this morning. despite the weakness that we saw in german data. we had industrial p

yellen's warning coming when another bank was taken over. proving the silicon valley bank situation was not alone. first republic, branches in many states including new york and california, that bank was auctioned off to jpmorgan. i want to begin with phil mattingly. phil, is the white house concerned with the deadline janet yellen is putting out? this is just weeks away. they're only in session eight days between now and the end of the month. does the white house think this could get done? >> reporter: their concern is that folks have been too s sanguine about this happening. this happens in one way, shape or form dodging catastrophe right before the deadline. the white house is insisting they're not moving off that there be no conditions. this stare down has the potential to approach the edge or go right over it. that was the driving force, especially given the fact that janet yellen's letter went out today. this meeting proposed for may 9th with the top four leaders and the president is designed to shake-up the dynamic and start conversat

i thinkjanet yellen's warning crystallises l yellen's warning crystallises that congress and the us governmenteed to put their best foot forward and get this debt ceiling issue sorted as soon as possible. at the end of the day, the global economy and the us economy has gone through a lot over the past three years and this is just another potential really bad situation and if it isn't sorted out soon than the us economy will be unable to avoid a recession and the global economy will go down a dark path as well. it economy will go down a dark path as well.— path as well. it is fair to sa , path as well. it is fair to say. isn't _ path as well. it is fair to say, isn't it, _ path as well. it is fair to say, isn't it, that - path as well. it is fair to say, isn't it, that so - path as well. it is fair to l say, isn't it, that so much path as well. it is fair to - say, isn't it, that so much of this is political. you see this sort of back and forth from the two sides in the united states repeatedly, several times in fact in the last four years. in terms of real economic impact, do you think they wi

janet yellen, treasury secretary yellen has to sell treasury bills into the market.ho will buy them? people with money. that is money coming out of system which is exactly what the federal reserve is doing by shrinking its balance sheet. we haven't felt it as much because janet yellen has been spending down the nation's checking account. charles: what does that mean for policy? >> it makes policy much trickier, charles, much, much trickier. wells fargo says if the debt ceiling is resolved by august -- charles: august? by august we'll be, i will have a hot dog stand. you will have a hot dog stand. >> i know it. my son is going to have a hot dog stand in culver this summer. he better. wells fargo estimates she will have to sell $1.5 trillions in treasury between august and the end of the first quarter in 2024. that's a lot of liquidity coming out of a system that has been suffering from one bank run after another as individual households pull their money how the of banks look for those money market funds, one-year cds paying five plus percent. charles: go to landings.

treasury secretary janet yellen coming on cnbc this afternoon.ng on the debt ceiling. 4:00 p.m. eastern time stay with us on "squawk on the street." dow down 90 points s&p back in negative territory you ok, man? the internet is telling me a million different ways i should be trading. look! what's up my trade dogs? you should be listening to me. you want to be rich like me? you want to trust me on this one. [inaudible] wow! yeah! it's time to take control of your investing education. cut through the noise with best-in-class education resources that match your preferred style of learning. learn your way. not theirs. td ameritrade. where smart investors get smarter℠. >>> as interest rates rise and lending tightens, some are turning to the private market. like blue owl that went public via spac in 2021 saw their asset management balloon to $144 billion. joining us is blue owl capital co-founder >> thanks for having me. >> what's driving the capital into blue owl. seems like a lot of shifts. >> i think there's a couple of things driving that rotation

england and the studio i'm with arabile gumede and joumanna bercetche no reason for the crisis as janet yellen calls for concessions in the debt ceiling deadlock. >> a default is, frankly, unthinkable. america should never default it would be tremendously economically and financially damaging i think it would rank as a catastrophe. >>> inflation cools in the united states and china with wall street stainging a relief rally fueling european trade and stocks in asia close lower. >>> the bank of england is set to hike interest rates for the 12th straight meeting as headline inflation remains stubbornly high. we will speak with andrew bailey at 1700 cet. >>> and drama for disney shares opened lower in frankfurt after 4 million people ditch disney plus. >> the cost cutting initiatives i announced last quarter are under way and we are on track to meet or exceed our target of 5.5 billion dollars. >>> warm welcome to "street signs. with lawmakers at the impasse and lawmakers barrelling to default deadline, treasury secretary janet yellen warns of the ramifications and undermines the u.s. on the world

default. >> reporter: but janet yellen warns that it could all happen.. >> reporter: but janet yellen warns that it could all happen.. >> reporter: but janet yellen warns that it could all happen.. >> reporter: but janet yellen warns that it could all happen.. >> reporter: but janet yellen warns that it could all happen. as early as june 1 and it would cause severe hardship to american families. financial analysts broadly agree the stock market would plummet tanking 401(k)s and other savings for millions. unemployment would leap up, state programs which rely on federal backing could also be sent reeling and the banking system already rattled by recent problems -- >> it is not a position of strength that you could throw on another issue like the debt ceiling and say that this is water off a duck's back. no, it won't. it could metastasize into a bigger problem when you already start with markets that are in a position that they are in right now. >> reporter: all a guessing game since the federal government has never defaulted before. but in 2011, the obama administration and congression

the invitation came hours after janet yellen warned the u.s.ks running out of cash as soon as early june. since hitting the current limit of 31 point $4 trillion in january, the u.s. has been using special accounting measures to stave off a possible default. anger over president macron's pension reforms built into the streets of paris yesterday. the government says 700 80,000 people took part in the protest, while a labor reunion -- union put the turnout at 2.3 million. macron pushed through plans to raise the french retirement age to 64 last month despite widespread protests. writers for some of the most popular u.s. tv shows are going on strike, demanding higher pay amid rapid changes in the ways people watch films and programs. the writers guild of america which has more than 11,500 members, says almost 98% of those voting last month backed the walkouts. a strike in 2007 resulted in a $2.1 billion loss in economic output. that's global news powered by more than 2700 journalists and analysts in more than 120 countries. i'm samuel etienne and

leaders must take action janet yellen warned the u.s.ould reach the debt ceiling by june 1st if congress does not act. she says congressional leaders know the right course of action. >> the only option that really leaves our economy in good shape and our financial system is raising the debt ceiling and making clear that congress stands behind the basic principle that america pays its bills. we're not a deadbeat country >> brinksmanship until the last minute what is interesting here is there is a big group of republicans, 43 in the senate, will oppose any bill that raises the debt ceiling so long as it doesn't include provisions about attacking government spending. i have spoken to equity analysts and i feel this is an issue that comes up over and over again the debt ceiling gets resolved in the last second it doesn't mean to say the markets don't react into it and many equity analysts are saying there may be opportunities in and around that june 1st soft deadline you will see stocks that have exposure to government direct financing and w

janet yellen was at the fed at the time. they don't have that much wiggle room. >> neil: if she's like my plumber, it cost dearly. i don't want to go there. hans, thanks very much. hans nichols on those developments. following campaign money for a candidate who has yet to announce formally that he's running for president but all signs are right now that tim scott is and man, you should see the money backing just that after this. weeds... they have you surrounded. take your lawn back with scotts turf builder triple action! gets three jobs done at once - kills weeds. prevents crabgrass. and keeps it growing strong. get a bag of scotts triple action today, it's guaranteed. feed your lawn. feed it. this isn't just freight. these aren't just shipments. they're promises. promises of all shapes and sizes. each, with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you. findings show that repeatedly gripping small and thin can fatigue hands. thicker can feel bett

secretary alan is -- yellen is trying to move this along. her concern is that by june 15 they will not have enough money to pay their bills. she is considering june 1 as this hard deadline. her coming out and talking about this and the fact that president biden has canceled the remainder of his foreign trip, he is back in washington and will be sitting down with speaker mccarthy and punch bowl news says that will take place at 4:30 p.m. eastern. there is a fresh impetus. that is what we heard from a mccarthy aid talking about the fact that last night's call between joe biden and mccarthy would he was on his way back from japan, that was productive and got negotiators back in the room. negotiators are back in the room again today on capitol hill before mccarthy and joe biden sit down. it looks like this is moving in the right direction but difficult in terms of where they are going to cut spending. president biden is willing their specific is willing to cut yesterday but he wants revenue increases. that is something the gop is not going to ge

it is not just janet yellen. yesterday, the congressional budget office which is nonpartisan also said that it is likely that the u.s. would hit the debt ceiling and no longer be able to satisfy it through the special accounting maneuvers that treasury has been using for the past few months. the congressional budget office reiterated what janet yellen said that it could be as early as next month. the problem that they are going to have now is that while it's in biden has invited kevin mccarthy, the other congressional leaders to a meeting in the white house next week, there's not a lot of time left, especially when you consider that between now and the beginning of june, congress is going to be going on recess or a week and the president will be traveling. he will be in australia, japan for the g7 meeting. when you look at all that, you think there may not be enough time for them really to work all this out. there is now talk about the possibility of maybe being a temporary extension of the debt ceiling into the

here janet yellen is pushing forward this fearmongering tactic and really i don't trust janet yellen either. we've seen her history and because of her we're in a lot of this. yes, it is also political. she's acting political, no longer federal reserve chair, you could see the federal reserve chair could be political. this is fearmongering. >> ashley: mccarthy and republicans put forward a common-sense bill. you can raise the debt ceiling, but have to push back in certain areas. do you think he's going to budge on this at all? every year we hear we're going to run out of money. do you think biden is going to budge on this? >> he doesn't really have a choice unlessey ex$10 millions to the point of a fiscal cliff. i hope he wants this deal to be negotiated, it would be difficult for the economy, investors will be concerned about what happens to the budget and debt. right now, he will have to negotiate because republicans passed the bill in the house. kevin mccarthy did a great job and got a lot of covid spending and cuts called back. >> todd: what republicans and kevin mccarthy want to

coming up janet yellen warning of economic chaos if the u.s.ails to raise the debt ceiling but what's the solution? could it come down to one coin? i will ask mitch roschelle. adam kobeissi is with us, he likes gold. he is a young guy to like gold. he is with us next. ♪. at adp, we understand business today looks nothing like it did yesterday. while it's more unpredictable, its possibilities are endless. from paying your people from anywhere to supporting your talent everywhere, we use data driven insights to design hr solutions and services to help businesses of all size work smarter today. so, they can have more success tomorrow. ♪ one thing leads to another ♪ psoriasis really messes with you. try. hope. fail. no one should suffer like that. i started cosentyx®. five years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting get checked for tuberculosis. an increased risk of infection, some serious and a lowered ability to fight them may occur. tell your doctor about a

gop strategist reacted to janet yellen's warning when we spoke with her last hour. >> here janet yellen is trying to push forward this fearmongering tactic to get a deal and negotiation across, but really i don't trust janet yellen either because we've seen her history, because of her we're in a lot of this. and yes, it is also political. biden amcampaigned on unity and i hope he wants this deal to be negotiated. investors are going to be concerned about what happens to our budget and our debt. right now, i mean, he is going to have to negotiate because republicans have passed the bill in the house. >> todd: and now to this. a warm welcome for fox news's benjamin hall in the briefing room. he was injured while covering the war in ukraine last year. [applause] >> i felt the support in this room throughout and gave me strength, grateful for everyone who reached out and i will say that the briefing room is probably the thing i missed most while i was away. i'm glad to be. >> todd: hall was ambushed by the russian military while reporting in ushg ukraine. he lost a leg after the attack. gre

i know treasury secretary janet yellen spoke yesterday to major bank ceos who are in washington. she said a positive path was emerging, according to two sources who were present at that meeting. certainly it seems like things have taken a different direction today. carl and sara? >> we can see the market reaction, obviously, in equities there's a look at gold here. we were talking schedule wise, kayla, about sunday because of the president's trip getting cut short from the g7. i guess, is there a feeling that if it bleeds into next week, that that is a mark of failure or -- we had already begun to see fraying from groups like the freedom caucus and some progressive groups. >> it depends on where you sit, carl some who viewed the noise from the freedom caucus as well as senate democrats that perhaps that means the two sides are moving closer to a deal. when they're compromising, introducing things to the agreement that, you know, that both sides don't like, then perhaps that means they're actually making progress president biden at the g7 left a dinner early overnight to be briefe

. >> the treasury secretary janet yellen discusses the upcoming deadline to increase the federal debt limit. then kevin mccarthy and other congressional leaders will give an update on debt negotiations. and the later, executives from silicon valley bank and signature bank testify on the recent failures in the banking system overall. treasury secretary janet yellen express that time is running out for congress to act on a looming deadline to increase the federal debt limit. secretary gallons comments come -- secretary yellen's comments come following a meeting with president biden, house speaker mccarthy and other congressional leaders. eat to be back at i cba andt' it's great to see so many familiar faces. i'd like to first thank derrick and rebecca for their work in this important organization. as some you may know, this is not my first time speaking at icba. one of my first major speeches as chair of the federal reserve was at your 2014 washington policy summit. policy summit -- was at your 2014 washington policy summit. now, we've seen technological change since then, but my convic

janet yellen at 8:45 a.m. london time with annmarie hordern. dani: definitely looking forward to that one. let's head over to turkiye where voters there are going to the polls sunday for the country's general elections. the race is expected to be tight amid growing economic concerns. let's get over to bloomberg's yousef gamal el-din was in istanbul. what should we look out for this weekend? yousef: the tension is very real. i can feel it and here it when i speak to many people here on the ground. over 60 million algebra voters going to hit the stations on sunday. they open at 8:00 a.m. local time and they will shut off at 5:00 in the afternoon. if we don't get a clear majority, we have a runoff on may 28. the two main contenders. there are three that remain but the two main are erdogan the incumbent who has been in power for over 20 years and known to most people and then the credible threat this time around is kamal kilicdaroglu drawing a dramatic fashion. we saw turkish stocks pop off the back of that by much as a percent. i would not read to

every hour there's not a deal puts us ever closer to what treasury secretary janet yellen says will be an economic catastrophe. case in point, fitch is signaling that it could downgrade u.s. debt putting us on rating watch negative. what does that mean? what does it do? where are we now? joining me now is white house communications director ben labolt. congratulations on the gig. welcome to the show. >> thanks. thanks for having me. >> where does the negotiation stand? >> we're getting closer to a deal. the president's negotiating team has been negotiating with house republicans multiple times a day since last sunday when the speaker and the president talked. they went late into last night. there was another meeting today. so, we're getting a bit closer. i think the good news is all congressional leaders have agreed that default is not an option. now there's a negotiation over the terms of the budget path forward. the president, his negotiators, are negotiating to make sure we don't give up key priorities, that we don't place on the backs of hard working americans that they have to fun

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treasury secretary janet yellen says they only have four days before the u.s. defaults.ot everyone is confident a deal can be reached, with at least one top republican negotiator warning a deal could come together as soon as today or fall apart entirely. what is the mood on capitol hill right now? >> reporter: good afternoon. the mood is more optimistic than we've heard in days. negotiators here this morning are saying they think they're closing in on a deal and really it's all about having an agreement on the agreement and hashing out the remaining sticking points, which we're told are on work requirements and spending caps. we heard speaker mccarthy came to the capitol shortly before 10:30 a.m. this morning. he says he feels more confident than he has and they've made progress, but some sticking points remain. i asked him if he thinks he would be able to get his full conference behind whatever deal they're able to strike, and he said he does think that will happen. he also said he thinks a deal could potentially come together as early as today and have a vote as early

tomorrow, my colleague will speak exclusively with janet yellen.ll be speaking exclusively to the bundesbank president right here at the finance ministers and central anchor governors meeting here in japan. it has not even started yet. it starts at 2:30 p.m. japan time and we are already on the ground running. rishaad: thanks. echo at what is going on with some of these markets. looking at chinese banks, first of all, we have lenders up, but they lost some of their gains. smic out with numbers, terrible time of it. people expecting a profit come -- jd.com expected flat when it reports numbers later today. haslinda: still to come, the downey group rishaad: welcome back. you are with "bloomberg markets" as we focus in on india and have a look at some of the key stories investors are watching out for today. we have go air winning protection as a local court allowed its insolvency proceedings to begin. looking also at what is going on with prime minister narendra modi, who is operating infrastructure projects in the state of i just on. also adani group

the newest warning from treasury secretary janet yellen making it clear that the u.s. could default as soon as june 1st and even coming close to that date, with this political battle, could damage the u.s. economy. where does it stand with the president is now saying. what house speaker kevin mccarthy told rachel scott. the southern border. the biden administration reporting migrant crossings are down more than 40% since title 42 expired. what's driving it? will carr on the border. the war in ukraine and the dramatic images coming in from the battle for bulk moved. ukrainian fighters making the most significant advance in six months. images of russian forces being captured and what they say this video shows. here in the u.s. the husband accused of killing his wife after she disappeared on mother's day in 2020. sitting down with our aerial rationale, his daughter sitting down beside him. what he is saying and what prosecutors are signaling about the husband. tonight retracting -- severe storms damaging winds and large hail always to virginia over the next wave hours in

>> yellen is talking early june.een a real question about whether biden will get on a plane so i took it as reasonably good news that the white house came out yesterday and talked about the meetings biden is planning to have when he gets on the plane. so far, the signals are that he will get on the plane and go to the g7 in hiroshima and continue on to australia for a meeting. it is an important trip. criticism suggest biden shouldn't go but it is worth noting mccarthy himself went to israel earlier this month so there is maybe some gamesmanship here. but it looks like biden gets on the plane and if he does that is probably positive sign. shery: it just adds more uncertainty to the economic outlook in the u.s. so not surprising a top federal reserve official remains constant -- cautious while deciding on the need to hike rates again or pause. kathleen hays is here. plenty to digest's today. kathleen: plenty to digest and maybe get an idea of how the different camps of thought are shaping up. bostic spoke with bloombe

you mentioned janet yellen's letter here. the date has not changed. june 1 released as early as the xa here in washington. the party is at the table here. joe biden and kevin mccarthy know they are playing with very little time and that the markets are watching and listening. it will be very important to hear what he says he emerges from the west wing. assuming kevin mccarthy talks to reporters there. the way he frames this meeting depending on his mood when he emerges will go a long way to the way the markets look right now. >> has this level we have been seeing so far been in anyway surprising given that so much is being said about how vulnerable the economy is to recessionary risk at the moment? is this something that will come into play as we get to the final hours, days of talks? >> it is hard to say. they are talking about the regular stuff right now. and comes to a potential looming recession, i don't know if that has been a motivator or not. the first of june is the real motivator. they have been given a pretty easy time from the equity market

colleagues will speak to janet yellen later today at 2200 cet. been here before it has been raised or extended or resvised 78 times since 1960. it is important and something that markets are focusing on we have seen a huge amount of volatility at the short end of the treasury curve that is certainly part of the market to keep an eye on the u.s. has never defaulted the expectation is they will come to agreement twith the nex milestone on tuesday >>> a slew of economic data due on wednesday we get the u.s. inflation print. then cpi and ppi on thursday for china. and thursday is the bank of england rate decision. that is ahead of the uk fla flash estimate on friday last week was a blockbuster report sterling is trading above 126 in the lead-up to the bank of england decision fascinating to see the rate decision or if the bank of england strikes a hawkish or dovish tone. we will see if it is the same story for the bank of england. >>> we are nearly two hours into the trading session. for the markets open in europe, gains across the board uk market is

. >>> debt limit meeting delayed janet yellen looks to take her warnings straight to the wall street. >>> the regional bank reckoning appearing far from over after a brutal trading day for pacwest the friday fallout coming up. >>> later on, elon musk teases the pick for the ceo of twitter. it is friday, may 12th you are watching "worldwide exchange" here on cnbc >>> good morning welcome to "worldwide exchange." hope your friday morning is getting off to a great start i'm frank holland. let's check on the u.s. stock futures in the green dow is looking like it would open up 150 points higher. s&p as nasdaq higher in the pre-market the nasdaq set to end the week positive this as investors digest comments from michelle bowman bowman's tone making her the third fed speaker this week offering a different view of the central bank policy path forward. one interest rate trader saying it is looking at a pause at the june meeting we look at the benchmark right now at 3.41. a lot of movement with the 2-year treasury. that is down 8 points for the week this is below 4% we have seen a lot of people

janet yellen, it was a call to action over the weekend. we're not paying attention to the fact that we'll see loan growth decline probably substantially over the summer. below the surface of the market, there's still opportunities for investors to get invested because not all companies are trading equally right now. i think that would be my parting words to investors pay attention and look for opportunities where ai can impact future growth potential >> all right >> i don't like the breadth thing. i don't like that. when i look at your screen, tons of stocks up 20 and 10%. people look at the breadth because when you go up 10% -- there's plenty of 10 billion stocks up 50%. i have to myth buster that. >> we'll look for that nicole webb, adam parker, thanks. >>> which of these sectors have the most upside? it's our twitter question of the day. go vote. we have the results coming up later on we're just getting starting on "closing bell. >>> signs of life in the ipo market rashawn williams is breaking down if he sees a thankw in tha space. we a

. >>> treasury secretary janet yellen doubling down on that the government will run out and default on of its debt for the first time since 1789. >> i indicated in my last letter to congress that we expect to be unable to pay all of our bills in early june. sand possibly, as soon as june 1st. and i will continue to update congress. but i certainly haven't changed my assessment. so, i think that that's a hard deadline. >> yellen says, quote, there will be hard choices to make about which bills go unpaid if the debt ceiling is not raised. meantime, some republicans like pennsylvania congressman brian fitzpatrick are suggesting the deadline isn't as hard as yellen has been making out. >> the june 1st date was probably -- according to secretary yellen, the earliest possible date. a technical default would mean we don't have enough cash flow to pay the interest on our debt. we do have enough cash flow to do that. we'll see the tax revenues coming in the second week of june. i think we're okay with that. >> fitzpatrick did say both sides could treat june 1st as the deadline even if there som

a new warning from janet yellen on the looming deadline and potential for economic can catas catastrophe. >>> and the biden administration looking to crackdown on the airline delays and cancellations. >>> becky is in omaha with the highlights on the warren buffett investments and take on the economy and a.i. and anlot more it is monday, may 8th and "squawk box" begins right now. >>> good morning welcome to "squawk box" here we are live from nasdaq here at times area i'm andrew ross sorkin along with joe kernen and becky quick in homaha. we will get you to in a moment u.s. futures with the dow up 37 points nasdaq is offthe 8 points. the treasury yields is showing the 10-year treasury at 3.64 >>> we have a news alert biden administration is requiring carriers to compensat for delays or cancellations. specifically back in december when delays and cancellations caused chaos southwest is the one with the biggest problems and that is down 1% this morning >> welcome back. we should say that people were with us on friday. welcome back >> welcome back to the program. >> from the 550-point move in

janet yellen is hoping -- heading to japan this week. she has warned she's going to have to cut the talks short. not a great look when you have the u.s. treasury secretary having to leave the global stage to come back to fix up the debt ceiling negotiations. shery: this is ahead of cpi day. >> this is the other side of the coin. people are talking about cars ticking up again, there's a lot of pressure in the services side on inflation story and if we get a fairly robust reading tomorrow, even if it doesn't stoke bets the fed will have to raise interest rates again, it lends itself out to the idea that rates are going to stay high for longer. to push back against the idea that the fed has regular room to bring down borrowing costs. when you consider that you have the debt ceiling on one side, inflation story eroding living standards and what policymakers are having to do there, that lends itself to the idea the u.s. will have a bumpy half of the year. those are combined significant headwinds. haidi: typically in times like this, you might