chair powell: yes. sen. warren: ok. so there are two ways to get more money into people's pockets. the first is providing payments like stimulus checks and un-lemon insurance, which i strongly support -- and unemployment insurance, which i strongly support. the other is by canceling the debt that people owe so they can spend elsewhere. the largest category is student loans, and most of that debt is to the federal government. those payments are paused, but the clock is running out. on new year's day, the medium borrower will have to start repaying more than $200 a month to the federal government. that is the time when our economy needs people to be able to spend more money, not less. mr. chairman, you have said in testimony before congress that you think that rising student concern" whenain looking at the overall household debt picture. you have also said that it is rising fast and is now large. there's increasing evidence that shows students who can't pay that debt have difficulty having normal canonic

i'm sure chair powell can respond. >> chairman powell? can i get a commitment from you to review this loan? chair powell: it is inappropriate for me to comment on specific loans. people make representations. we set out clear rules and they have to be obeyed. we will always look. if they are not obeyed or incorrect representations are made, the consequences will follow. what.y good, to secretary -- very good, thank you. a lot of discussion has been taking place about whether these programs have to expire or whether you are allowing them to. interpretation is that you have no discussion and that. -- in that. i can't help but to think that the results of the election would be different, your interpretation will be different. have you had a chance to speak to incoming treasury secretary at yellen? have you discussed your intention to end these facilities? secretary mnuchin: we are cooperating with the transition. i had a very good working relationship with her when she was the fed chair and i have advised her that my reading of this and inter

chairman powell. what theike to second chairman just said. i want to thank doug jones and martha mcsally for their service on this committee, they both contributed a great deal. chairsou since is the last chairing i believe, a thank you for your leadership, decency and patience. i also certain -- you can run but you can't hide since i also serve on the finance committee. i want to thank the rest of your it's working together, been really meaningful and productive. we've worked together to deliver work and strengthen our review of foreign investment, to hold russia and north korea accountable, to give manufacturers the tools they need and to continue to protect our communities from terrorism attacks. i look forward to next year to working with our colleague senator toomey on these and other issues. i also appreciate the chair and his staff's work to hold so many of our hearings virtually during this pandemic, protecting the people who work in the capital where the virus should not be a partisan issue,

chairman powell. thank you for the opportunity to update you on our ongoing measures to address the hardship brought by the pandemic. our public health professionals continue to develop -- develop our most important response and we are grateful for their service. the federal reserve, along with others across government is using its policies to help alleviate the economic burden. since the pandemic's onset, we have taken forceful actions to provide relief and stability to ensure the recovery will be as strong as possible, and to limit lasting damage to the economy. has continuedity to recover from its depressed second-quarter level. the reopening of the economy led to a rapid rebound inactivity and real gdp grows an annual 33% in the third quarter. in recent months, the pace of improvement has moderated. household spending on goods, especially durable goods, has moved above its pre-pandemic level. in contrast, spending on services remains low largely because of ongoing weakness in sectors that require

chair powell: yes. we are not going to be identifying specific associating that test with specific numbers at this point. really the question is what do e mean by that language. really the overarching message, rich, is our guidance for both interest rates and asset purchases will keep monetary policy acome dayive until our maximum employment and price stability goals are achieved. that's a powerful message. so substantial further progress means what it says t means we'll be looking for employment to be substantially closer to assessments of its maximum level and inflation to be substantially closer to our 2% longer run goal before we start making adjustments to our purchases. i would also point out that by increasing our asset holdings, we see ourselves as adding policy accommodations. there will come a time when the economy does not require increasing amounts of policy accommodation. when that time comes, and that will be uncertain in any case is give ys off, so i can't you an exact set of numbers. we

jay powell talking at the moment. after that we are going to move through into the q&a phase, and at that point, we will dip in and hear what they have to say. one thing that is certainly big in the market today is what is happening with tesla. it is going to go into the s&p on december 21. there was some suggestion it may chunks, but money managers seem pretty happy we are going to see this going in one go. it is going to go in as the seventh largest company on the s&p, so it is going to have massive portfolio effects. it is going to be fascinating to see how this one works. i've read a number of reports suggesting the market is looking to be long in and short out. ultimately when it happens, you get a fade. alix: part of the rally we have seen, some are attribute into the fact that they have been front running this, but there are still about $11 trillion in funds tied to the s&p, so there is still a lot of money to be turned out here. what i find really interesting is that you are dealing with a company that sells 9

chairman let me thank secretary mnuchin and chairman powell for being here today chairman powell, in your november 5th press conference, you said the fiscal policy actions taken thus far made a critical difference to families, businesses and communities across the country even though the current economic downturn is the most is he rear in our life time it will take a while to get back to the levels of economic activity and to prevail at the beginning of this year maintains monetary and fiscal policy to achieve that. chairman powell, how long will it take us to get back to pre-covid levels of economic activity and employment without any further fiscal relief this year congress? >> it would be difficult to say how that would play out in terms of the time. i will say, though, that first of all, the economy has performed better than expected, more to spikes in cases and nonetheless we had a recovery faster than most forecasters have expected so far nonetheless, we have a long way to go. we have on the order of 10 million people who lost their jobs because of the pandemic and for referenc

interesting to note here that both powell -- well, not both powell -- powell is wearing a mask while powell and mnuchin are behind puts a glass. the secretary was not wearing a mask. i guess it is not done in the trumpet adminstration. -- in the trump administration. guy: let's talk a bit about what is happening with the focus of the fed putting on various aspects of the economy right now. the adp data today, pretty grim. .e will get the claims data they are also going to come with a health warning, i understand. then we get payrolls on friday. in terms of how the fed is calibrating its response, i'm weighting the are various inputs. we got unemployment looking pretty tough right now, and the ism also confirmed that. we've got to think about what is happening with the stimulus story. can you bring it all together for me? they: the fed -- michael: fed are going to stay at zero, so there's not much to do except to push down interest rates if we rise too much. it will look at yields and spreads in what ever action we get. they won't pay as much attention to the data specifically because

george, colin powell listening, i won't be able to stop the train. the only thing i can do of a man who they called the reluctant warrior who therefore understands how to fight wars, i need to be there to help the president along and so he geed to give the speech and he geed stick around when the president said i want you with me, colin, thead thing, david, that george w. bush didn't ask theeluctant warrior how to do this war, he asked him how to sell t war. >> powell acknowledged off the cord to reporters, in fact, that i know the first line of my obituary with the phrase, case for war. do you think powell ever saw the invasion of iraq as justified and for that matter when it comes t countering -- >> yes. powellt no point felt the war was justified and it was not longnto thenvasion of iraq that powell came to b convinced because he would be on the receiving end ofhe cls from george and others and in t community sayg, sorry, secretary powell, the other thing at you said in the un speech that iraq has this or that, you kw, weapons, technology based on

sidney powell and rudy giuliani. my understanding is what it seemed like this meeting was, them coming into the white house and saying we don't have the support of the state, the american government, which is run by the president, isn't helping us in this. basically, how do we use the government to help us pursue this agenda? and a bunch of people, meadow owes, essentially barr now today basically he wasn't at the meeting, but really not wanting that line to be crossed, as i understand. is that a fair characterization of the dynamic? >> sidney powell calling people in that room that refused to use the resources of the federal government for the efforts of the campaign to overturn the results of the election, she was calling them quitters, quote, unquote, quitters at that point. yes, you hit on it. you do have people that are within the federal government, including the attorney general, who just today at a press conference, an unrelated press conference, said that he had no intention in appointing a special counsel t

that includes naming sidney powell of some kind of special counsel. again, remember we are talking about the same sidney powell that the president and his legal team wanted nothing to do with a few weeks ago because she was seen as too extreme. now, in the president's eyes she's special councsel material. c cnn's evan perez asked william barr about this today. >> the idea of finding -- >> if i thought special counsel at this stage was the right tool was appropriate, i would name one but i have not and i am not going to. >> the country is safe until a special counsel powell, that's until he leaves office two days from now. as for marshal law, the army chief of staff put out a joint statement, there is no role determining the outcome of the american election. welcome words until you consider this. jeremy diamond is joining us tu tonight. what are you hearing tonight? >> reporter: the president is no longer going through the motion processing and defeat. he's committed at this point trying to over turn the results of the election. there are little to no

charles: federal reserve chairman jerome powell taking questions now. i want to bring back gary kaltbaum and danielle dimartino booth. danielle, first start with you on three things, three words stand out to me, and i think jay powell will keep saying it over and over again. the first one was however, when it came to the vaccine. yes it is developed. yes it is going out there but it is all about timing and distribution. in other words, however we will continue to print money. exceed, we will exceed the 2% inflation mark for a very long period of time, before it was always about wall street. when we got closer to 2% the market would sell off. he is letting us know they're going well above it for a long time. finally, substantial. in terms of further progress must be substantial before they change course. in fact the first question, went back and tried to nail powell down to a specific unemployment number when they start to take away accommodation. he shook off that question. reiterated it would have to be substantial. sounds like to me. i think the marke

to administer the program or have that ability but i'm sure chair powell. >> chairman powell? can i get a commitment from you to call back the many? >> it is inappropriate for me to try to comment on individual like the secretary are not involved in the process. people make representations. we set out clear rules. they have to be paid and we will lose look. they are not obeyed or incorrect representaons are made then consequences will foow. >> what has taken place so that interpretation so i will inquire to talk to incoming treasury secretary ellen? >> i have have you discussed your intention to them these facilities. >> we are cooperating with the transition i had a very good working relationship wither when she was the fed chair and i ha advised her in my interpretation was nonpolitical and i did advise hethat. >> did she seem disappointed or dagree with your interpretation? >> she do not reflect one way or the oth gentleman from texas - - recognized for five minutes. >> i appreciate the this hearing in your hard work and one that we did not see coming. those forces provide

sydney powell was at the white house again last night. the "new york times" reporting powell is pushing the trump administration to seize and inspect voting machines, coming days after a heated oval office meeting involving the president, sidney powell, michael flynn, former national security adviser and we learned the idea of marshal law, using the military to redo the election was discussed, that happening a day after michael flynn floated that idea. it's unclear whether the president endorsed it, but we have learned others in the room pushed back forcefully and shot it down. >> joining is admiral brett

chair powell you a lawyer? >> i am a criminal lawyer a recovering lawyer. >> you have a legal degree? >> i do. >> okay. secretary mnuchin you are trying to tell chairman powell to send over any remaining funds right now the claiming falsely in my opinion that is what the law states. and then someone new disagree with someone who i actually a lawyer. >> a lawyer? >> the congress actually with the law. >> i will the law with congress for what it's worth. it's not hundred 50 billion i think it's approximately 175 billion. >> secretary mnuchin. section 4027 it says you have to stop making new investments. doesn'tay to stop you are making a decision from congressional intent. >> the gentle it is time is expired. >> the gentle man from wisconsin is recognized for five minutes. >> thank you for being here secretary of would you like to clarify your comments and the rationale? i got caught off. >> thank you very much. think that will do is follow up with bad chair and ranking member so we clarify 4027 and 4029. i have

chair powell, two-part question. what, if anything, would prompt the fed to shift treasury purchases toward the longer end of the curve as you did with your prior qe programs and does your guidance today on asset purchases foreclose the possibility that you could at some point lengthen maturities while simultaneously tapering the monthly purchase amounts >> well, nick, on the first part of the question, i wouldn't want to sort of talk about hypothetical situations. we look at our overall stance of policy, overall financial conditions, we look at what's going on in the economy, different parts of the economy we ask ourselves, should we change our policy stance we do that at every meeting. we look at where financial conditions are now and we feel they are appropriate for now any time we feel like the economy could use stronger accommodation, we would be prepared to provide it right now we're providing a great deal and we happen to think it's the right amount. you mentioned -- i think you're referring to the idea of mai

smith: thank you chair powell. i also want to extend my thanks to secretary mnuchin for his service. >> senator kramer? thank you mr. chairman and thank you to witnesses. let me also say congratulations to the chairman. a wonderful two years as chairman. you've been great to meet in the committee and i appreciate your approach. also thank you to senator max sally, senator tillis. we will miss you both and we are grateful for your service. ie issue on my mind and one wake up thinking about every day about how we will tackle ppp forgiveness. i want to address a couple of things directly to you, secretary mnuchin. you know senator menendez and i along with senator tillis, nema, france allies have introduced a bill that makes loans less and supposed to be forgiven. loans$150,000 unless makes up 85% of total loans, but only 26% of the dollar amount. both chariman powell and secretary mnuchin have said during this hearing that what businesses need is grants. forgiveness was a major component of our bill. once again, in m

sydney powell was at the white house. so, clearly, many of the president's meetings today were focused on this issue of voter fraud. sources have told me that's been the president's single-minded focus. the only other issue is braperh considering the pardons he is going to issue in the final week fs his presidency. one thing, john, is the change we have really heard from our sources over the last week, in terms of the level of concern and alarm, from people who are very close to the president, about the lengths to which he appears to be taking this. and the concern about what the president is going to be doing with 30 days left in office. that is a lot of time. we have seen how much the president can do, with just a tweet, in a matter of moments. now, we have 30 days remaining in his term in office. >> all right, jeremy diamond, we will let you get back to reporting because, who knows, what else could happen tonight. thanks so much for being with us. joini joining us now. adam schiff. he led impeachment proceedings agains

joining us now is sidney powell. she's former federal prosecutor, general michael flynn's defense attorney and great american. and i know for a fact is as busy as she can possibly be working all hours of the day. sidney, thanks for taking the time to be with us. let me start by saying this time is yours right now. this audience, most of america, wants to know where are we in this fight for the white house? >> well, we are making great progress, lou. we have one case in the court in georgia that's getting ready to go to the 11th circuit. we're going to ask for emergency review of that where we sought to impound all the voting machines in georgia, and we need, frankly, to stop the election that's supposed to happen in january a because all the machines are infected with the software code that allows dominion to shave votes for one candidate and give them to another and other features that do the same thing. and we filed suit also in michigan, and we're preparing suits for several other states. and as i'm sure your view

in attendance, lawyer sidney powell, the conspiracy theorist trump recently fired from his legal team. sources telling abc news, trump contemplated trying to get powell high-level security clearances, and naming her as special counsel to investigate the 2020 election. a move the president has no power to make. retired military general michael flynn, who trump recently pardoned, suggesting the president take the unprecedented steps of declaring martial law and ordering the military to re-run elections in critical states he lost. flynn first floated the idea

president trump's campaign issued a statement last night distancing itself from lawyer sidney powell after she'd repeatedly made unsupported claims of widespread voter fraud. man, you've got to be pretty crazy if rudy guiliani thinks you're a liability "sorry, ms. powell, but you're a loose cannon now if you'll excuse me, i'm late for a press conference where i say 'joe biden is the hamburglar.' the pharmaceutical company astrazeneca announced that one of its coronavirus regimens is up to 90% effective. and it says something about how upside-down 2020 is that we're now all rooting for pharmaceutical companies "come on, astrazeneca! you can do this. pfizer ain't got nothing on you. but don't you give up, pfizer. we're counting on you, too." today was senate minority leader chuck schumer's 70th birthday. or as they call it in the senate, "barely legal. [ light laughter ] infectious disease expert doctor dr. anthony fauci said in a recent interview that santa claus is immune to the coronavirus. "oh, good for him," said an elf being forced to come into the workshop during an outbreak. th

distinguished witness, the honorable jerome powell, chair man of the board of governors of the federal reserve system. he's served on the board of directors of governors since 2012 and as the chair since 2018. chair powell has previously testified before the committee and i believe he does not need any further introduction. without objection your written statements will be made a part of the record. each of you will have five minutes to summarize your testimony. when you have one minute remaining, the yellow light will appear and at that time i would ask you to wrap up your testimony so we can be respectful of the committee members time. you are now recognized for five mites to present your oral testimony. >> ranking mbers of the committee, i am pleased to join you today to discuss the

former trump lawyer and conspiracy theorist sidney powell spotted at the white house again last night. "the new york times" reporting powell is pushing the trump administration, pushing the president to seize and inspect voting machines. all of this coming just days after a heated oval office meeting with powell and trump's former national security adviser, michael flynn, where cnn has learned that the idea of using martial law to redo the election was actually discussed, but it's not clear whether the president endorsed that idea. others in the room did push back forcefully and shot it down. we will have more on that in a moment, but our top story is this coronavirus variant. nick, good morning. >> it's causing big concern in the uk because of that global reaction that is effectively isolating the uk. more than 20 countries now have banned travel to and from the united kingdom. the country of major concern for the uk is france, because 20% of britain's goods come and go from france on a daily basis. some of that is fresh and frozen food produce. so one of the things the government ar

powell is there, he tells trump what he wants to hear. that he won the election and it's not too late to keep power. even if it requires a touch of martial law. also in the camp is another qanon backer, was at the white house meeting with fellow republican dead enders yesterday, theses are members of congress to plot a strategy to force congress to, again, overturn the election. the key date they are focusing on here is january 6th, that's when congress will meet to affirm the electoral college vote, that is when many republicans will be an unpleasant election. they will either overturn the will of the people or say it's over. maybe nobody is dreading it more than mike pence. trump says that pence is not fighting hard enough and trump would view pence performing his constitutional duty, valid dating the election result as e betr betrayal. what is going to happen on january 6th? we have paul here with us. great to have you on. so, i was saying something earlier today that i'm not worried about this. this is not going to work. and then some

chair powell mentioned the transition just a bit. how happy do you think he is that janet yellen was nominated for treasury secretary what does that relationship ultimately mean for investors? >> i think it's terrific jay is very happy about that you'll have to, you know, of course remember that he served as a governor when janet yellen was vice chair and then subsequently when janet was the chair of the fed so, their relationship goes back in time. they understand how each other operates and what their methodologies are, and what their going-in assumptions are very comfortable relationship. i think that will serve our economy well, because we're going to have, i hope, a fiscal piece that is being driven by treasury, with a monetary policy side being driven by the fed that will start to coordinate, will start to move together in a way that will bring about an inclusive economic growth. as we know, neither of those tools, the fiscal side or the monetary policy side, treasury or the fed, they can't be done in isolation they have to be

and dominion voting system in anticipation that the company could potentially sue sidney powell. we reached out to the company to ask if they do plan to sue her. not sure if that's imminent legal action but this company has come under fire by sidney powell since lost the election because they have alleged that these voting systems, these voting machines that people use made by dominions used in probably 30 states or so, that they altered votes from donald trump to joe biden. and of course, those are baseless accusations. the company sent sidney powell a letter earlier this week asking that she publicly retract her statement because they said she didn't make in a court of law yet so asking them to publicly apologize for the things that she said about the company, these accusations she was pushing without any evidence and now, this is a clear sign that the campaign thinks that legal action could be happening with dominion voting systems and sidney powell. we should note, matt morgan, a trump campaign council, does say in the memo, the campaign doesn't reasonably anticipate litigati

half-full.lass fed chair jay powell says the u.s. economy will rebound strongly in the second half of next year. of england the bank prepares for his final rate announcement of the year. policymakers are set to leave stimulus unchanged with a brexit deal yet to materialize. and bitcoin deal. worthsays it could be 400,000. good morning, everyone. welcome to "bloomberg surveillance." i am francine lacqua here in london. let's get straight to the markets. a lot going on with bitcoin. it is interesting to hear that conversation with scarlet fu and tom keene on bitcoin, scott saying he sees a going to as much as 400,000, and we could go to that level because of policy, the fed could start printing money. hope of aaining on vaccine, the dollar strengthening, labeled currency manipulator's, and then overall, the pound actually climbs, with officials cautiously predicting a brexit deal within days. now let's get to the bloomberg first word news in london with leigh-ann gerrans. hi, leigh-ann. leigh-ann: good morning, francine. the u.k. and e

federal reserve chair jay powell sees light at the end of the tunnel. after the last policymaking meeting of the year, powell is the most optimistic he has been since the pandemic began. at the same time he pledge the central bank will keep providing the economy with plenty of future.well into the france's president, emmanuel macron has tested positive for covid-19. he says he took a test as soon as symptoms appeared. he did not say what the symptoms were. he will self-isolate for seven days and continue to work. the u.k. and european union are heading for a final battle over rights. that is the one major issue in the way of the brexit trade deal. they are cautiously projecting an agreement within days. largelysides have settled their differences over majorther -- over another point. for thetouched 23,000 first time. analyst say the digital currency -- bitcoin and the larger bloomberg crypto index have more than tripled this year. global news 24 hours a day on air and on bloombergquint take powered by 2700 journalists in 120 countries. this is bloomberg

trump could try to carry this out with sidney powell at his side. again though, what barr did was in strucktive, pamela. it shows that even barr, someone that followed president trump through so many battles is not willing to follow him through this one where he is siding with powell who has repeated baseless claims about voter fraud and wild conspiracy theories, and barr flat out saying he is not going to give those credence and that those claims he can't back up that there's no evidence of. it led to outlets who are favored by trump to say they don't have any evidence for any of those claims that sidney powell has been repeating. now they're worrying about legitimate lawsuits. >> let's break it down a little more. i am told from sources that basically sidney powell and michael flynn and others really have the president's ear and that the president is shutting out other advisers trying to keep the guardrails up saying look, none of this would work, it is not lawful, such as enacting marshal law to overturn the election and executive order to seize

there were shouting matches at points during this meeting and sydney powell, apparently, accused some white house officials of not acting forceful enough to turn over the 2020 election. this is remarkable stuff. we sometimes get numb to some of these things that we hear out of the white house. these outlandish things the president is considering. but this certainly hits the top of the list as we consider the fact that this the a president of the united states looking for ways to overturn the results of a democratic election. one more note, wolf, i had a source tell me the president has even floated the idea of not leaving the white house come inauguration day. that source told me that this was as the president is within his morocco dark and depressed moods about this election. they didn't think the president would ultimately do it. it seems the president is looking for one thing or another to try to remain in power. >> it's hard to believe, 32 days until he is the out, the former president of the united states, joe biden will be the president of the united states, despite what he's pl

jeremy, the average person out there doesn't know who sidney powell is. you just did a deep dive into her career. help us understand, unless you're somebody who regularly consumes right-wing media, you don't know her. >> that's right. well, she burst onto the scene and to the attention of the trump administration by representing michael flynn. and this is a case that has become a cause celeb on the right by people, you know, allies the president believes the rogue fbi and various other deep state actors, as they would describe them, railroaded flynn. when sidney powell took up his cause, then she started floating conspiracy claims about the election right after november 3rd. and while she didn't get enough attention, probably that she deserves for making these wild and outlandish sup so isish sup about what happened with voting machines and dominion, she is the one who inserted the most far-fetched, craziest scenarios into the dialogue. and she was a guest on the rush limbaugh program, a guest on mark levin's program, started appearing on newsmax, fox bus

sidney powell joins us in just moments. but first, we want to touch on a number of new developments today. the federal investigation or joe biden's son hunter biden, new information. the u.s. attorney's office in delaware is looking into biden's foreign business dealings, especially with china. that investigation has been ongoing, we have learned, since 2018. joe biden's campaign says in a statement that biden is, quote: deeply proud of his son who has fought through difficult challenges including the vicious personal attacks of recent months only to emerge stronger. the u.s. attorney in delaware is trump-appointed david weiss. he has refused to comment on what is, obviously, an ongoing investigation. but sources tell fox news that that investigation was predicated in part but transactions in china and other foreign nations. the investigation is also examining a trove of messages and documents found on hunter biden's laptop that he he left at that famous computer repair shop. that story first reported in a bombshell new pos

as fed jaygold rise powell says the case for new physical action in the u.s. is strong. he also says he will not raise rates until inflation is back on track. anchor: the pfizer vaccine will allow -- allergic reaction reported in alaska. as follows a similar incident in the u.k.. deliveries are also facing problems. it highlights enormous impact of covid-19 with economies and industries struggling to survive. the national labor organization says, more than 80 million jobs have gone in asia alone. haidi: let's get straight to the market action. the start of trade in sydney, adding 1/10 of 1% on the midyear budget update from the government. 3.6 say they are injecting percent growth for australia year. they expect a steeper curve on improving data. the tenure yield rising for the first session. the kiwi yield, 10 year yields up about six basis points. treasuries, in the fed leaving its bond buying plan intact. the markets digest the latest gdp reports from new zealand. -- 14% forarterly the third quarter. we do have a busy day with other central banks in the philippines, i

what did you make of powell? some of the rhetoric was that it could be a goldilocks situation but the fed will keep their foot off the gas pedal for a while. nathan: roughly saying i would say that the fed mark -- matched market expectations yesterday. didn't clarify the forward purchases, asset primarily driven towards getting inflation back to 2% on average over the medium term. but that clarity will also drive some support to markets and tweak the economy in the near term. beyond that, powell was very dovish in the press conference and made it clear that the fed would stay stimulative, use its tools to provide necessary support to the economy. implicitly he said look, if we see a further deterioration in the economy over the next six weeks as a result of the coronavirus, we will have another meeting soon and we will do more early next year. mike: i thought it was interesting, too, nathan, that the fed chair address the fact that the forecast had been wrong. when you look at what they were thinking about what h

developments on stimulus, or what we heard out of chairman powell? >> those two and economic data, a huge decline in retail sales actually. a stimulus say that package is a bare minimum for the economy to rebound next year to a decent degree. i think if we do not see a fiscal package, that would make things much worse going into the beginning of next year. i think retail sales today really highlighted how rapidly the data is deteriorating. you saw a very widespread deterioration in retail sales across different categories. met really was worrying for was the very modest increase relative to online sales. we obviously are expecting something much stronger because online sales are replacing brick-and-mortar store purchases. so i would say that the fed will remain vigilant. they decided not to alter the composition of qe purchases, but they will if we really need to see that before the economy deteriorates significantly. powell was managing to walk that fine line and sounding dovish enough. let's listen to what he said about the forward guidance. >> our

powell was spotted back at the wouse yesterday. although she reportedly did not meet with trump and she was there again today. as maggie haberman of the "new york times" notes, you can't just walk into the white house. you have to be cleared to come in. an interesting point as more reporting this weekend revealed a growing sense of alarm among those in the administration. jonathan swan of axios said he could not recall hearing more intense concern over the president considering what senior officials described as, quote, blatant abuse of power. swan adds what is different is these are not the never trumper types. these are people who have thrown thur lot in with trump but worry the about his receptivity to flynn's and powell's idea and conspiracy theories. one month seems like an eternity. and the military having to publicly announce it won't take part in a coup is where we are and it is where we start this hour with our favorite reporters and friends. yamiche alcindor and olivia troy who works in the trump administration until augu

attorney and conspiracy theorist sidney powell returns to the white house. the new executive order being floated as president trump tries to overturn the election. >>> snake and eggs? the new proposal to put python on the menu in restaurants. >>> like father and exactly like son. what tiger woods is saying about his special weekend teeing off with his boy. >>> and it's not too late. the last-minute gift ideas for christmas and why shopping online and on time deliveries are still a possibility. >>> good monday morning, everyone. i'm mona kosar abdi. >> i'm will reeve. kenneth is off. we begin with the mutation of the coronavirus, a new variant causing chaos in europe. >> london has been thrown into lockdown, and more than a dozen countries have suspended travel to the uk because of this new variant of the virus. >> here at home the second vaccine will begin arriving in hospitals today, but infections and hospitalizations continue to explode. >> overnight we learned california's governor is now in quarantine after a staff member tested positive, but we begin o

you announced you're seeking these sanctions against sidney powell. can you explain what you mean, and what are the actions you're taking? >> we made one of the requests in court filings today. firstly, in terms of the cases themselves, which have proven to be meritless and frivolous, and just embarrassing for our profession, undermining in every way the judicial system. we'll be asking for court costs and attorney's fees, but moreover, she and many of the other lawyers involved in some of these lawsuits on behalf of the trump campaign have violated rules of professional conduct for every state in the union and according to the american bar association. we're asking there is disciplinary action taken against her law license, including potentially disbarment. >> what rules did she violate? >> how much time do you got, john? she's violated so many different rules. firstly, every lawyer in order to become a licensed professional takes an oath of office in which they swear to uphold the constitution, instead, she's done nothing but undermine it. there are

the powell presser is showing its power. he is not giving up his push for stimulus to support the economy during the coronavirus pandemic. he underscored the importance right here. >> first quarter will certainly show significant effects from this. at the same time, people are gotting vaccinated now -- getting vaccinated now. and by the end of the first quarter into the second quarter, you're going to be seeing significant numbers of people vaccinated. so then what will be -- how will that plan economic activity? again, we don't have any experience with this. liz: no experience with it and so much has emerged this year as the pandemic gets even worse here in the united states. we bring in bankrate senior economic analyst mark hamrick who joins us along with the chief public policy economy u.s. at the conference board. -- economist at the conference board. chief economist under president clinton, helped create a surplus which we haven't seen for a long time. so welcome to you both. let us first begin, i want to start with you

mnuchin told powell he will not extend the program. the federal reserve said they would prefer the lending program to stay open since the pandemic has not receded. we'll hear all of that today. president trump's legal team alleging more election fraud during a hearing with arizona state ledg legislators yesterda. watch. >> we also had numerous issues of your workers, your citizens observing the poll officials, helping -- to the point of telling poll workers being observed changing votes, taking ambiguous votes or making sure they're cast for biden. maria: all of this as arizona and wisconsin certify joe biden's win in those states yesterday. the president slamming arizona governor, du doug doocy for doig so. >> the phony impeachment and all of the different things and on top of it you have a governor, doug doocy -- [boos] >> he rushed aside -- [ indiscernible ]. what's that all about? maria: maria: doocy responded in a number of tweets, saying we review every signature, every single one, he said, on early ballots by hand, unlike other