janet yellen says this is arbitrary, is it? i yellen says this is arbitrary, is it?' yellen says this is arbitrary, is it? ~ ., yellen says this is arbitrary, is it? 4' ., , yellen says this is arbitrary, is it? ~ ., , , yellen says this is arbitrary, is it? 4' ., , , ., , it? i think what she is “oining us is showing * it? i think what she is “oining us is showing a h it? i think what she is joining us is showing a deterioration - it? i think what she is joining us is showing a deterioration in - it? i think what she is joining us l is showing a deterioration in fiscal governance and asked two decades, so this isn't about what has happened on her watch, its work were also about repeated stand—offs on the debt ceiling and short—termism in fiscal spending plans going back a long time. find fiscal spending plans going back a loni time. �* , fiscal spending plans going back a loni time. . , , fiscal spending plans going back a loni time. �* , , ., long time. and 'ust remind us what this change — long time. and 'ust remind us what this change is. — long time. and just rem

please join me in welcoming secretary janet yellen. [applause] >> thank you so much for the lovely introduction and it's great to be here with all of you . before i begin, i would like to speak about the recent decision to downgrade the u.s. credit rating. over the past few years the american economy has seen an historic recovering from the depths of pandemic downturn. over 13 million new jobs have been created since january of 2021. our unemployment rate stands at 3.6 percent near historic lows. overall annual inflation has declined every month for the past year and our economy continues to grow. in the longer-term the united states remains the world's largest most dynamic, most innovative economy, with the strongest financial system in the world. this decision is puzzling in light of the economic strength that we see in the united states . i strongly disagree with the fitch decision and believe it is entirely unwarranted. the flawed assessment is based on outdated data and fails to reflect improvements across a range of indicators, i

janet yellen. [applause] sec. yellen: thank you. it's really great to be here in las vegas with all of you and i want to especially thank lamar for your introduction and your hospitality. i am grateful to everyone from the ibew building trade unions for your warm welcome. many of you may not know that i began my career as a labor economist. i studied the labor market and how workers and companies interact. when it works and when it doesn't. since then much of my life has been dedicated to creating an economy that works and lifts workers and families up rather than weighing them down. if i have learned one lesson from my time in economics it's that american workers are central to economic progress. what you are doing here in vegas and across the country demonstrates every day how skilled workers are literally building our new economic future. i couldn't be more enthused to join you. shy of a year ago i delivered an economic speech in michigan to lay out the case for our administration's economic plan. at the time, we had just witness

treasury secretary, janet yellen launched this attack there get >> fitch and the decision has launchedn economic attack on the united states, i disagree with fitch's decision. it is unwarranted. >> while a aa plus credit score is considered very good, son -- of some investors believe the downgrade leaves the financial debt ahead of the u.s. presidential election next year. ♪ >> let's bring in our guests, william lee, the chief economist at the american non-profit think take, milk institute. he's my from nevada. a senior fellow at the business think tank. he is a former investment baker. in rochester, england, francis, an economist and banking commenter. welcome. good to have you on this edition of inside story. the impact for the current situation is far-reaching, but internationally, short-term and long-term, how do you briefly assess the situation the u.s. is facing? >> the u.s. treasury market is at the core and foundation of the global financial system because every set is priced off of u.s. treasuries. when fitch lowers the rating it implies that they have lost confidence or are l

treasury secretary janet yellen is not taking it lying down.he said the decision was arbitrary and outdated. economist larry summers and mohamed el-erian have criticized the move. l area and called it strange while summers said there are reasons for concern about the long trajectory of the u.s. deficit in the country's ability to service its debt not in doubt. it was a decade ago with s&p but why now? jill: when you look at the statements from janet yellen and summers, there is this belief or surprise over what happened today. the other thing with s&p decision a decade ago, it was made in the wake of really stressful debt talks over the debt ceiling limit. that is sort of, you are seeing history repeat itself a bit here. you saw in the fitch statement that they pointed to the idea of erosion of governance been a factor in making this decision. we heard from biden administration officials on a call that they suspect that maybe there are elements of the donald trump january 6 pieces of this as well when you're talking about the erosion of governa

yellen is continuing her defense of the biden administration.have recently come out showing that the economy is strong. that includes low unemployment, inflation being down, and recent bipartisan efforts to reduce the deficit. yellen's initial speech was focused on the irs modernization project, which could reduce the deficit by ensuring the irs has more tools for enforcement yellen's remarks have been reiterated and echoed by lots of democrats, saying that the rating that fitch put forward really does not apply to them, but should be blamed on the trump administration and it's become a bit political in dc, even while it remains a question how much impact this will have on the markets. >> thank you very much >>> meanwhile, goldman sachs shares down another 2% today the bank just reported its worst earnings in years, including a 60% drop in profit last month. that's just one thing they've got to worry about the other is a talent exodus 90 partners have currently left under the bank's current ceo we've spoken with former partners about what's driv

yellen suggests this is not the case or objective.— janet yellen suggests this is not the case or objectiveive. if you take it on its face. — the case or objective. if you take it on its face, us _ the case or objective. if you take it on its face, us officials - the case or objective. if you take it on its face, us officials have i it on its face, us officials have been very careful to say that is not what we are trying to do and essentially what this executive order, if it is, as we expect, will do is tell american companies what they can and cannot invest on based on national security concerns. i think there is scepticism from the chinese and there could be more retaliatory action, we saw at the start of this month certain key minerals that are used for making semiconductor chips, they did a ban on exports in retaliation. we could see more of that. it is a delicate dance that both of these countries are trying to do, china is such a huge economy, the implications are insignificant and one of america's biggest strengths has always been the export of capital, now we are talking about restr

the us treasury secretary janet yellen called the downgrade �*arbitrary�* and said economic conditions improved under the biden administration. michelle fleury is in new york for us. the treasury secretary calls it our victory, but as we said there, this spans a period of 20 years or so. fix, spans a period of 20 years or so. significant is this? i think if you remember thatjust like most americans who have credit records when they want to borrow money and find out how much debt they can take on, the us government also gets a credit rating. when it gets downgraded like this, the potential long—term effect as it could push up the cost for the us government of borrowing money, and in turn that might long run push up taxes, it could mean less spending by the government and could mean fewer government and could mean fewer government programmes in the future. we are not there yet, but that is the underlying fear. if you look at what they are trying to address here in this downgrade, or one of the concerns they cite, it is a problem that exists both in the past but also in the future, and tha

treasury secretary yellen disagree with this downgrade.ur mind him curious, was the downgrade warranted by fitch? >> it was not. i agree with secretary yellen. as do the vast majority of economists and market analysts. as does the market itself, which has brushed off the decision. both the content and the timing of the announcement were pick your words. strange, surprising, perplexing. whatever word you want to use. it just doesn't seem right, to tell you the truth. >> what's behind it, then? what makes you think they decided to make this downgrade now? >> no one knows. one argument is that it is an accumulation of factors. maybe they should have moved earlier and didn't but then felt compelled to move but they moved at the wrong time. moved at a time when economic growth has been improving and when governance has been improving. so, it's not clear as to whether that's the argument. there is another argument i'm not qualified to speak on, which is that it was a political decision. that is what some people feel. the vast majority of pple ar

janet yellen went to china and got almost nothing.ken went to china, got basically nothing too. maybe fourth time's the charm. i'm hearing already that both sides have agreed to some sort of biannual twice a year commerce meeting, which is, i would say, a bare minimum for something successful. broadly speaking, though, it's not good optics for the chinese side. i don't think the us side realises this, but we've sent four different people now to china and they've sent no one back to the us we've invited wang yi. he hasn't come yet. so we're looking, i think the next couple of weeks are going to show china's true response for this. but so far, i would say it's at least mildly positive if they've agreed to some meetings. real estate is a big part of the economy, 25 sometimes 30% of the gdp depending on the year. and that's really suffering. and probably the actual data is worse than the reported data. so i think that's the big difference that gina raimondo may have more success than her three cabinet minister predecessors is simply that

not long since we saw janet yellen head to - saw janet yellen head to beijing in a gesture of rapprochement washington, that seems to be up in the air now what you make of the risk of chinese retaliation for these measures? extremely real and if you look back beyond this administration to the prior one we saw there has been escalation in the past, this time it was a us — china trade war, there was a tit—for—tat pattern, it will not be surprising if we saw that again, this is a very real attempt by the us and by the way this is bipartisan, not just republicans or democrats, both of them together saying there needs to be a centralised approach to locking and technology that can impact security issues, this one is going to be an issue to stay. thank you very much forjoining us today. staying in the us and turning to the world �*s biggest entertainment company, walt disney, its boss has told investors it is facing a challenging environment he said his plans are paying off. disney lost 10 million streaming subscribers in the three months to the end of june, most in india were lost the rights to

maria: there is absolutely no response, to it, in fact janet yellen, sitting treasury secretary, you know told us that inflation was transitory, we know that the ccp trying to replace u.s. dollar, as number one, currency and they take her to dinner order her a drugged up mushroom dish goes on cnn, lausd about it really delicious she told the anchor there. >> shocking, that this administration continues to allow the ccp, to take advantage of us, every respect, the spy balloon, hacking our consumers secretary email frankly state department i am sure has been compromised as well everything that they are doing with respect to the the united states, is showing disrespect, it is violations our sovereignty i am shocked we didn't have a strong response. >> can you imagine if her counter part came to america we served drugs could you millage if u.s. sent a spy balloon to china how fast that would have been shot down the differences in terms of responses what does beijing have on joe biden with soft response to china. >> maria, the president trump has been making this point very recently, ther

to be fair, yellen has a lot of good things to talk about.on is finally coming down, and the employment rate is surprisingly at near an historical low of 3.5%. but as you say, there is a disconnect. poll after poll shows that the american people, first of all do not give the biden administration credit on the economic front, and second of all, are not convinced that the economy is doing that much better than it was a year ago. that is very much a communications problem for the biden administration. shery: usually when you are lagging in the polls, a common enemy helps. china has played some of that role in past elections. we heard from secretary yellen talking about chinese economic risk. what exactly did she say? christopher: she made a subtle reference to monitoring international developments, then she was asked about this. we had a short meeting with her, with the reporters after the speech, and she said a couple of things about china. she thinks first of all that the biggest impact of the slowdown in the chinese economy is going to be on

we have heard from secretary yellen calling the downgrade arbitrary and outdated. haidi: so much to watch today as we get into the start of trading in asia, this is the set up and we do have a softer day when it comes to barter confidence in markets across asia, yesterday after of chinese markets took a pause in the recent run-up that we have seen on the back of stimulus hopes. we have the manufacturing really falling into contraction and really just underlying some of the challenges for the chinese economic recovery that we see. this is across the set up for sydney, futures are down by half a percent. we australian socks gain the aussie dollar, falling as expected in the wake of the rba and the moves on the bond market which is noteworthy as well and there is some resistance to further gain for the aussie. we saw the dollar trading at the highest in three weeks. still ahead, market analysis with angel over at -- cheryl over at angel oak capital advisors. they see investment opportunities, next, this is bloomberg. ♪ i need it cool at night. you trying to ice me out

secretary yellen said it is not legal. a lot of money is in europe.raine. she has to make sure the dollar has a weapon isn't overdone letting china currency sneak in there for some of the settlement deals. >> mentioned china a moment ago. foxconn's founder said the stock market in the united states would crash, talking a major crash in 10 seconds if we ever go to war with china over taiwan but it feels inevitable? >> you know, no, okay? mr. foxconn here is also very deeply involved in taiwan politics. he tried to run for president. his party is the china appeasers. they want everything to be business as usual, very soft. not a sound tactical or economic judgment. charles: i got you. he has ulterior motives. hey, i got a minute to go, speaking of china, moments ago, ago,doj announcing charges against two active navy duty members passing along information to china this is so gut wrenching when it happens. they take an oath to protect the country and they violate it this way, just your thoughts? >> this is bad. sounds like china was after some very speci

visit the last thing that yellen really needs for a market -- this is the last thing yellen really needsbut from a market perspective, i do not think it matters. haidi: do you think we have seen a change in direction over all for the greenback? >> is still pretty choppy in the u.s. dollar and you look at on every dollar is created equally at the moment. we are seeing big moments, the aussie dollar looks pretty weak at the moment. i depends on what happens in dollar cnh, we can continue going higher. we have a target of eight, if that continues to be the case, the aussie dollar prefers the downside. the dollar looks ok. i think the dollar yen, i think we are thinking it will be close to 145 here, we are noticing the inflows from japanese pension funds some people have been speculating, it would happen if we were to see yields moving up to 1%. we are not seeing those slows at the moment. the dollar is benefiting from this exceptionalism story, the u.s. is the best place in g10 at the moment from a growth perspective, and i think the 120 basis points that are priced in for next year are loo

in washington, treasury secretary janet yellen reacted with anger., and i believe it is entirely unwarranted. its flawed assessment is based on outdated data and fails to reflect improvements across a range of indicators, including those related to governance that we've seen over the past two—and—a—half years. 0ther democrats use the downgrade as an opportunity in the recent debt limit fight — while republicans blame joe biden and democrats for trillions of dollars in new spending. many economists dismissed the downgrade, including jpmorgan chase ceo jamie dimon, who called it "ridiculous" and said the decision ultimately didn't really matter. and he may not be wrong. us treasuries, that is, government ious remain the bedrock of the global financial system, despite this latest knock to its reputation. michelle flory there. among the big names saying they are "puzzled" by the downgrade by fitch is mohamed el—erian, chief economic adviser to the insurance giant allianz. he told the bbc the move won't affect the us economy, but it will fuel the politica

in washington, treasury secretary janet yellen reacted with anger. i treasury secretary janet yellen reacted with anger.— reacted with anger. i strongly disauree reacted with anger. i strongly disagree with _ reacted with anger. i strongly disagree with fitch's - reacted with anger. i strongly disagree with fitch's decision | disagree with fitch's decision and i— disagree with fitch's decision and i believe it is entirely unwarranted. it's flawed assessment is based on outdated data and — assessment is based on outdated data and fails to reflect improvements across a range of indicators, — improvements across a range of indicators, including those related _ indicators, including those related to governance, that we have _ related to governance, that we have seen _ related to governance, that we have seen over the past two and a half— have seen over the past two and a half years. gf —— of the democrats used the opportunity to point finger and republicans for their role in the recent debt limit fight of all republicans blame it democrats and joe biden

janet yellen went there and they serve to psychedelic mushrooms what does that say about the level and ordering in the chinese restaurant in the order mushrooms that are hallucinogenic and cheats them. >> apparently the mushrooms lose their hallucinogenic properties when they're cooked and others have cooperated but must admit her trip more interesting, long strange trip to beijing for janet yellen. this is an embarrassing to some extent to send officials to continue to engage without a real strategy to have contradictory statements constantly not least of which janet yellen wanting businesses to engage not turn to slow down china economically not looking for economic advantages. this is going to be won or lost as an economic competition is geopolitical competition at the risk of military conflict but the major advantage that the u.s. has to play is to win an economic competition while we still can instill the world's largest economy in the reserve currency and we can sanctions all kinds of entities around the world and while were the vast majority more than any other nation of global

can you pick up on what secretary yellen has got to say about this decision?g it outdated, arbitrary. when she spoke to me recently, she was talking about how optimistic she is regarding the u.s. economy as it is coming out of the pandemic. she pointed to very strong labor market and the fact that she does not see a recession on the horizon, something that fitch potentially disagrees with her. i think it was interesting talking to libby cantrell yesterday of pimco, what she says she has heard from clients around the road when looking at the u.s. economy and how they are viewing the economic resurgence following the pandemic, what she said is that the u.s. is the cleanest of the dirtiest shirts. meaning everyone is dealing with economic problems, but still, individuals, global investors still want to put their money in america. lisa: yesterday, we got the fitch downgrade of the u.s. rating and then we got the announcement of the indictment of the former president trump. are these two stories linkedin anyway? annmarie -- linked in any way? anne-marie: i do think

treasury secretary janet yellen responding to fitch's downgrade of the u.s.'ngly disagree with the decision the change is arbitrary and based on outdated data fitch's ratings model declined marketly between 2018 and 2020 and yet fitch is announcing its change now, despite the progress that we see in many of the indicators that fitch relies on for its decision many of these measures including those related to governance have shown improvement over the course of this administration. with the passage of bipartisan legislation to address the debt limit and make other investments in america's competitiveness again, this is a statement from janet yellen, treasury secretary, on the heels of that downgrade. karen, you brought up an interesting point in terms of how this could help jerome powell -- >> yes, yes. you know, when -- every time he goes on the street, they are yelling at him over this and that he says, well, okay, it's not just monetary policy look at fiscal policy. and i think janet yellen doesn't seem to directly address what they said, which is entitlemen

yellen is expected to tout the success of the legislation after touring a clean energy facility in laselse can we expect from the treasury secretary today? >> jose, i mean, the optics and messaging are very interesting when it comes to what the treasury secretary will be doing later on today in las vegas. secretary yellen will be on site at a union trading facility for the international brotherhood of electrical workers local number 357. this particular facility is where union members are actively trained to work on things like clean energy projects, so the secretary will deliver prepared remarks that focus on the economic benefits that are focu benefits under biden's policies, which have been called bidenomics. it's in regards to the inflation reduction act of 2022, which comes up on his one-year anniversary this week. she will tout the over half trillion dollars worth of commitments by various companies towards things like manufacturing and clean energy products. also, the renewed focus on building factories here in america. in addition to that, the secretary will express concerns ov

and then they can ask janet yellen what happened.k -- we cannot let janet yellen off the hook here. treasury secretary, former chairman of the federal reserve. she actually said that fitch is wrong because the biden administration has been spending on infrastructure and other investments and are competitive. every federal reserve chairman going back to paul volcker, every single one including janet yellen have gone before congress and said you have to spend less because the interest payments on the debt are just going to become unsustainable. if for her to sit there and claim that spending is solving america's economic problems is really too much to listen to. paul: all right. kate, you looked at the ron desantis plan this week. what did you like about it? >> well, paul, i mean, desantis set out a 3% growth target for the economy which i think is worth dwelling on, because that will being essential to digging out of this problem. he also backed it up with some good ideas to get to 3% growth. energy production would be one of them, ge

>> absolutely, like the others before her, we mentioned lincoln -- blinken, yellen, and kerry. she is going with a clear message that the u.s. will protect its national security. which is good for the these restrictions we put in place on chipmaking machinery and the more recent curbs on outbound investment, basically that these are not up for discussion, and there was also a lot of pressure from congress and even now from the 2024 republican presidential candidates, who would state tough on china, so that is where you have to sort of limit your expectations, and at the same time, of course, there are other broader issues. military, geostrategic issues, such as the dispute over taiwan. i once had over the weekend again that there was -- taiwan said over the weekend that there was military movement. you would not expect gina raimondo to somehow ease or even resolve without casting any doubt on her abilities, but those are very broad issues, and i think they are also trying to sort of lightly sort of keep not out of the next but it may be slightly in the background on this visit.

yeah, interesting also that yellen was commenting on the ruble given russia's emergency rate meeting and the broader ugliness we were just talking about for currencies today. wow. yeah, it's just again, a bit shocking to me. and i think to many market participants that risk isn't being rattled by this. we've had be really shaken up. the argentine peso falling by 20%. the ruble continuing to weaken and then dollar hitting a fresh high, breaking 730. you also had the us real yield story, a ten year real yield surging to a ten year high. and then the japan gdp overnight. not only showing a massive beat when it comes to that headline gdp, but the deflator coming in very strong. these are not normal situations where you see equity markets in the green, where you see risk outperform and look, we got the nasdaq up another 3/10 of a percent this morning after having a very strong session yesterday, up over 1%, maybe a lot of people raising an eyebrow to win this risk rally will be dented in the us. but look, it is summer markets. it is low volumes. maybe this is just how august trades. all r

they are trying to be cool. >> lets we allow janet yellen and talk about shrooms. >> obama is so coolbout him. >> all right. i don't believe any of this. >> i'm never letting you cook me dinner. chaos. it is at the homeless relieving themselves on the sidewalks prudent self-driving robo taxis that are making a mess out there for the malfunctioning bots stopping in the middle of the street causing traffic jams. it comes days after the city approved an expansion that allows them to rome at all hours of the day. judge, one traffic jam. they act like it's a big problem. how many traffic jams have been caused by human beings? there robo taxis are going to save the world. it's the one this is the way i look at it. robo taxis -- instead of getting a hotel room. what you do is get a robo taxi. drops are often drops you off off and that's the end of it. >> exactly. it's true. >> always thinking ahead. >> you get a new view with every block. exactly. it's kind of interesting that, like, it's happening in san francisco. there still people there. >> a few. not enough drivers, apparently. this is

we have heard janet yellen talk about that, that it is going to be more targeted.vate equity firms and venture capitalists, who would be allowed to invest in larger tech companies that don't get half of their revenues from ai. i am talking alibaba, and the like. good news, there has been lobbying on the administration to not go too hard. >> good news potentially, or at least less bad news for u.s. china relations. i also mentioned janet yellen, i am sure she was there telling them that -- some of the details that are likely to stick in the final version of this investment ban. again, the biden administration has wanted to improve relations, they sent antony blinken to beijing, and their climate envoy john kerry, also janet yellen. and there is dialogue going on and that is quicker. will this investment ban the rail that progress? yet to be seen. but a scaled-back version of the investment ban would be more welcome news than a really hard band that was initially -- ban that was initially speculative. >> sticking with china and property markets, country garden stocks

in washington, treasury secretary janet yellen reacted with anger.isauree reacted with anger. i strongly disagree with _ reacted with anger. i strongly disagree with fitch's - reacted with anger. i strongly disagree with fitch's decision | disagree with fitch's decision and i— disagree with fitch's decision and i believe it is

that was treasury secretary janet yellen admitting she ate the mushroom in china.joyed the mush many rooms, -- mushrooms, the restaurant, and none of us felt ill effects from having eaten them. this is so outrageous to me. this is the united states treasury secretary. she goes to dinner and her chinese hosts order the mushroom. she comes back and jokes about it. they are mocking us in a huge way. what is your reaction. >> then she runs to cnn and has a good laugh about it. maria: and the host is laughing as if it's no big deal. do you have any idea what you're doing? >> what if she had an adverse reaction to it. if you having in your body you don't know you took, she could have got in front of reporters and started speaking jibberish, like what is wrong with our treasury secretary. at least the biden economic policy makes more sense. joking aside. she's could have got on cnn and condemned the chinese, saying don't ever try that with me again. maria: how is it possible that the united states allows the treasury secretary to go out and have somebody else do the order

the latest biden official to visit china following secretary yellen.ning us now andy rothman investment strategist. andy, welcome. how important is this visit? what are the expectations? who is she going to see? >> i think the visit is important as a continuation of the recalibration of the biden administration's approach toward china which really began in april when janet yellen gave a speech about u.s./china relations and continued with secretary of state blinken's visit and yellen's visit and now raman doe. overall there's been improvement in communication and an effort on the part of the biden administration to try and reassure china that while the u.s. still has significant security concerns it's not try to contain or slow down china's growth. >> are the chinese hearing that message? >> well, my impression from my trip to china in may is they're hearing it, but they're not necessarily believing it because they're getting a lot of mixed messages. >> that's the interesting thought to me. that's why i asked. are they hearing it? are they believing it

yellen pushing back on those claims, saying she's going after the big fish. the focus of our enforcement efforts is on peeling back the structures of large corporations, complex partnerships and other high income and high wealth taxpayers to make sure they are paying their full bill. the irs says it's working on a plan to allow taxpayers to file directly with the agency without going through a tax professional in mclean, virginia, edward lawrence, fox business. pizza delivery app is looking for a pizza influencer slice wants to increase its social media presence through tiktok and instagram. in this job entails making reels that focus on pizza, pizza shop owners and pizza fans. if chosen, you would earn up to $110,000 a year along with the weekly stipend to apply just go to the website slice careers. the player of the match was that post. you're lucky to not be going home right now. one day after taking aim at team usa's performance in the women's world cup, a former player is explaining her criticism and troubling details about the northwestern football prog

this o adds to the head scratchr of the downgrading and janet yellen came out swinging in virginia. edward lawrence was in the audience. edward. reporter: yeah, liz, she's not extra points and about this obviously and -- happy about this obviously and fitch downgraded to double a plus because of continued deterioration in the economy over the next three years. also they mentioned this back and forth over and over again, this game of economic chicken between the white house and congress over the debt ceiling. a treasury secretary janet yellen calls the assessment flawed and using flawed data saying it's unwarranted and says "fitch's decision is puzzling despite f economic strength in the u.s. and strongly disagree with fitch's diggs and believe -- decision and believe it's entirely unwarrant". they blame foreman president trump for the downgrade and look at federal debt here and it's manageable now even though it costs more to service that debt with interest rates around 20-year highs but that may not always be the case as interest rates do rise. other market experts say this is a de

because with speaking in the schools or something else to anybody, had us treasury secretary, janet yellen, price the safe space and point the finger up fits after the international reading agency downgrades washington's credit score the just afternoon here in moscow. this is our to international with the latest and we're on these updates umbrella, isabel, happy to join us. news here does not want to become another libya and fall under the pressure of outside interference. that's the message from the 2 governments delegation after a visit to neighboring burkina faso on wednesday. during our exchanges, we spoke precisely about this situation because we would not like niger to become a new libya in coordination with our brothers in burkina faso, we have decided to undertake a number of activities to secure our populations and secure our 2 countries earlier on wednesday, the delegation was in molly to meet officials from the country. the delegation attended a meeting with military officials who seized control of the land locked west african country nearly 3 years ago. meanwhile, in these year

us treasury secretary janet yellen called the downgrade �*arbitrary�* and said economic conditions hadroved under the biden administration. the news of the downgrade came after the close of trade on wall street but in asia investors have been pulling out of equities in reaction. let's look at markets now in asia. japan is currently down by over 2%. hong kong not that far behind. this was off the back of yesterday, and most of this week we have seen the sharemarket, certainly wall street and asia having a strong session but this is certainly spooked sentiment. let's discuss this with tom stevenson, who's an investment director at fidelity. good morning. janet woody allen saying this is arbitrary. i have her statement —— janet yellen and she said she strongly disagrees and says it is based on outdated data. that is based on outdated data. that is riuht. is based on outdated data. that is right- it _ is based on outdated data. that is right. it seems _ is based on outdated data. that is right. it seems the _ is based on outdated data. twat is right. it seems the data that fitch have used

they sent it to yellen, if the united states is avoiding sanctioning certain russian oligarchs because they may try to influence american policy by exploiting hunter biden's connection with his father, the president of the united states, the american people deserve to know it this. is serious stuff, congressman. >> it is very serious and typical of janet yellen and people in the biden administration when you have these questions, they have no response or they slow walk a response and it is outrageous. if the president of the united states is compromised, the american people need to know about it. >> sandra: all right. i want to ask you also about this new biden interview where he's talking about stopping drilling. remind everybody where gas prices are today, the national average 3.82, up like $0.30 just in the past month alone. from a year ago, they are down a bit but still up substantially since this president took office. yet he's saying this in a new interview, listen. >> i want to stop all drilling on the east coast and the west coast and in the gulf. >> sandra: doesn't this just i

let's watch janet yellen explain this away. >> i was with a large group of people and the person whoushroom dish. i was not aware that these mushrooms had hallucinogenic properties. i learned that later. maria: congressman, can you imagine if a delegation from china came to the u.s. and u.s. officials fed them hallucinogenic mushrooms? i mean, what does this say about the way communist china views america, to do this to the u.s. sitting treasury secretary? >> well, look, they don't respect us. there's no need for them to respect us. our president, look, it makes sense to me, our president with everything that's come out with our investigations into the money, how much money had been flowing into the family, into the biden family enterprise from these adversary countries, especially china, none of this is a surprise. and when this all started and people started saying why would he do this, why would he do that, and i said a long time ago, the only reason he would do this or that, things that are against the american interest are because he's probably compromised and i'm pretty -- i've

that includes treasury secretary janet yellen, antony blinken and us climate envoyjohn kerry.

in washington, treasury secretary janet yellen reacted with anger.ranted. its flawed assessment is based on outdated data and fails to reflect improvements across a range of indicators, including those related to governance that we've seen over the past two—and—a—half years. 0ther democrats use the downgrade as an opportunity in the recent debt limit fight — while republicans blame joe biden and democrats for trillions of dollars in new spending. many economists dismissed the downgrade, including jpmorgan chase ceo jamie dimon, who called it "ridiculous" and said the decision ultimately didn't really matter. and he may not be wrong. us treasuries, that is, government ious remain the bedrock of the global financial system, despite this latest knock to its reputation. earlier, my colleague, carl nasman, spoke to mohamed el—erian, chief economist at the financial services company allianz. in your mind? i'm curious, was this downgrade by fitch warranted? it was not warranted. i agree with secretary yellen, as do the vast majority of economists and market

janet yellen took out how to chinese leaders and antony blinken did the same thing.ut to help or hurt the situation? >> yes they do but they are behaving strangely. if you go to the white house website, a couple days ago and posted the new executive order where he declares a national emergency to deal with china but gives janet yellen one year, could increase or decrease what is covered but it reveals american companies don't have to report to the government they invest even in the most sensitive areas of the chinese economy. this executive order is designed to get companies to report and think twice about helping china and the military or ai or home computing sectors, you would think there is better coverage of it. what national emergency says take year to figure out what to do next. david: what xi xinping is doing. when we come back, a couple is suing the state of massachusetts after their application to become foster parents was denied because of their catholic beliefs. y boostn with 20 grams of protein for muscle health versus 16 grams in ensure® high protein. bo

the latest in a series of top american diplomats to have visited china recently, including janet yellenantony blinken and the us climate envoyjohn kerry. all in the last three months. despite all these meetings, relations between the world's two largest economies are at their most tense in years. last august the us passed the chips act, specifically aimed at growing domestic chip making business and blocking china's industry. beijing responded in turn including restricting export of chip—making materials to the usand it all comes in the same week as export controls kick in in the netherlands, preventing one of the world's biggest makers of chips, asml, from exporting without a license, something china has complained about and analysts say would only make us—china relations worse. this comes as president biden prepares to visit vietnam. along with the united states trying to increase production at home, vietnam is seen as an alternative destination for the united states to outsource manufacturing, rather than putting all of its eggs on the one basket that is china. the country is having

janet yellen responding in blasting the decision as based on outdated information. plus, as china counts the cost of deadly flooding, we will be taking a closer look at the risks of extreme weather sydney university. welcome to the show. i hope you are all well and i hope you are all dry. we're looking at markets moving into the mid morning. parts of the morning session and we are not getting a lot of momentum coming through, not surprisingly so, given the momentum we have had across various parts of the equity markets. they just one -- the latest one to join in as the equity shares. we are back to session lows. the hang seng is zero point 3%. other things we are tracking of course is the move up in treasuries and ironically speaking, of course, given that it may be in the outlook on treasuries, optics wise given the ratings downgrade, unexpectedly we are seeing that ironically going back into the treasury. rishaad: absolutely. this is a haven which is the one which is effectively being downgraded. there are other things at work here. we have refunding projects for