information on elizabeth powell. so i know you want to talk about a really lovely portrait of samuel that that we have or that you have. so go ahead and let you explain good old sam. so this is daniel pal. so this is this is the man who's house. we interpret here in philadelphia samuel was he was born actually in 1738 into a wealthy. philadelphia family is a grandfather was a carpenter and a mass quite a bit of wealth, which he inherited in his early 20s. he also well his biggest claim today. i suppose was the fact that he was the last mayor of philadelphia under the british crown and the first mayor of philadelphia in the new republic. he also had his hand in a number of different organizations in philadelphia. he was a member of the library company in philadelphia the american philosophical society the hand in hand fire company and the society for promoting agriculture, which if you're well familiar with washington, you can imagine that was a horse an interesting topic between the two of them. sam will talk about l

reporter: hi chair powell. i want to ask about the vice chair for supervision, and i want to ask about how you view that role and to the extent which you defer to that person on policy. as you know, the vice chairmanship and the next month. will he retain a supervisory portfolio until his replacement? chairman powell:. frank created this supervisory position, it is actually a specific assignment in. frank. it -- that chair is charged with setting the regulatory agenda. it is a specific grant of authority. 10 years almost that i have been at the fed, that person has really done that. dan certainly did it. vice chair quarles did as well. i respect that authority, that is a person that will set the regulatory agenda going forward. furthermore, it is appropriate to look at a new person to come in and look at the current state of regulation and supervision, and suggest appropriate changes. in in terms of vice chair quarles' term, i don't have any update on that for you today. reporter: chair powell, i wanted to ask

powell: yes. sen. warren: the elephant in the room is whether you are going to be renominated for a second term as fed chair. ray nominating you means gambling that for the next five years, a republican majority of the federal reserve with the republican chair who has voted to deregulate wall street want drive this economy over a financial cliff again. with so many qualified candidates, i don't think that is a risk worth taking. i know that some argue that your deregulatory actions are mostly harmless. i disagree. i think they have put taxpayers at risk for hundreds of billions of dollars. so far you have been lucky. the 2008 crash shows what happens when the luck runs out. the seeds of the 2008 crash were planted years in advance by major regulators like the federal reserve that refused to rein in big banks. i came to washington after the 2008 crash to make sure nothing like that would ever happen again. your record gives me great concern over and over. you have acted to make our banking system l

chair powell does not. there is a discussion around the baby boomers who retired early during the pandemic and whether they will ever come back. the thinking is perhaps not. but then the agreement is on prime agent workers, ages 25 to 54. the registration of those workers, there is no reason to think it cannot go back to pre-covid levels. it has not come close, but we have made up some lost ground. one of the unexpected developments this fall from the delta variant is that schools and the daycare economy is still highly disruptive. we are not out of the pandemic. we still have that inhibition, that a complication for many workers grappling with childcare to return to the labor force. we need more time. chair powell mentioned in jackson hole that he expects that participation recovery to lag the jobs recovery. that is what research shows. that argues the case for a steady, gradual withdrawal of monetary support, rather than a panic over near high inflation. focuses on getting to a maximum employment. one oth

jay powell potentially complicating the nomination. exclusive interview with the chief executive on the global energy crisis. >> do we expect strategies in europe? at the end, it is a matter of price. as we go through winter, the first time since we have seen such high prices. francine: if you look at the future, they are holding on after the huge selloff we saw in the u.s. yesterday. this is because we are seeing pricing when it comes to treasuries on the back of concern about inflation. if you look at some of the industries that lost the most yesterday, technology as we look at valuations and some of them don't make sense of the other couple things i wanted to show you is basically what we saw treasuries and the repricing means that the market is expecting tapering and there is repricing on interest rate hike expectations for the fed. we are seeing gains. we saw the same thing yesterday and then a reversal 1.5 hours into the trading day. tom: we have bank of america warning that there is some complacency in the market when it comes t

chair powell: i do. i think it's essential to raise the debt ceiling in time to avoid payment default of any kind and potential effects could be severe. senator van hollen: to be very clear, isn't it the case, secretary yellen, that about 68r total debt right now was incurred during the four years of the trump administration? secretary yellen: i believe that's right. i think about $8 trillion. senator van hollen: i suspect almost every republican member of this committee voted for the measures during those four years, including that big tax giveaway. i would just point out i heard senator kennedy earlier this morning talk about how let democrats do it alone. we would like our republican colleagues to do the right thing, but we are willing to do it alone. in fact, senator schumer just announced later today he'll go to the floor of the senate and say just let the democrats with 50 votes and the vice president lift the debt ceiling. he's going to ask unanimous consent to do that. we could do that today. i k

you have the old jay powell looking by the old playbook and new jay powell is more woke jay powell wants to see things differently than >> you know, it's very difficult to do, and we have to remember that if the fed insists upon keeping policy too low for too long and, of course, gary kaltbaum will come on and tell us all about it -- [laughter] the bubble is going to press up financial instability and, indeed, we have seen with how fragile markets can be, you get a rumbling, a major rumbling in china other the week -- over the week and all of a sudden the market has a very upsetting monday. you can see that in the fact that we've had the junk bond market is now past 3 trillion in size. you can sell a junk bond, and that is a problem with the other jay powell, with the dr. jekyll and mr. hyde that you're describing, and that is if he insists on having an inclusive up unemployment rate -- unemployment rate get all the way down to 3%, as you're saying below a 50-year low, he's going to be bringing up and raising much bigger problems for the fed to have to address going forward. charles: yea

chair powell: i do. i can absolutely guarantee you that we will work hard in both of those processes to find and give a fair shot to diverse candidates for this to jobs as we do. it will be a big focus for both of those processes. >> thank you. secretary yellen, you will recall i can 2016, another secretary made his historic announcement that harriet tubman would be the face on the $20 bill. i sent you a letter in early july along with my colleague requesting the committee to move forward with the obama administration's plan to put her on the face of the $20 bill. i understand your staff has been in discussion with this issue and i am hoping to get a high-level overview and to see if there's any, you can make on that? sec. yellen: thank you for that question. we believe it is very important that our notes reflect the history and diversity of our country. i cannot possibly think of a better way to honor harriet tubman's legacy and her courage and fighting for the freedom of enslaved people and women's rig

jon: from new york, we begin with the big issue, all eyes on chairman powell. >> jerome powell -- >> chair powell -- >> the meeting today -- >> fed versus covid -- >> the fed has redefined the term temporary. whether the fed will indicate will be -- >> they like to see at least another months worth of employment figures. >> reaching that maximum employment nirvana -- >> the focusing markets will simply be on the language and dot plots. >> chair powell has gotten pretty adept a

chair powell, you are recognized. thank you for joining us. chair powell: thank you. members of the committee, thank you for the opportunity to discuss the measures we have taken to address the hardship wrought by the pandemic. since we last met, the economy has continued to strengthen. real gdp rose at a robust pace in the first half of the year, and growth is widely expected to continue at a strong pace in the second half. the sectors most adversely affected by the pandemic have improved in recent months, but the rise in covid-19 cases has slowed the recovery. household spending rose at an especially rapid pace over the first half of the year, but flattened out in july and august as spending softened in covid sensitive sectors. additionally, and some industries, near-term supply constraints are restraining activity. as with overall economic activity, conditions and the labor markets have continued to improve. demand for labor is very strong, and job gains averaged 750,000 per month over the past three months. in august, gains slowed markedly, with the slowdown conce

hawkish powell sends the market a green light. kenny, a trader put on $50 million options play, essentially betting on a year-end rally. will that person get paid? >> i think the person will get paid. i think it's a couple things. charles: will you? >> i do think he is going to get paid, i think we'll have the santa claus rally because what i don't think is going to happen is think we'll get through october. the next fed meeting is in november. if they announce tapering beginning, if they announce it in november, it will begin in december potentially. i'm not so sure they want to start it on the very last month of the year. because if they do, i think they do run the risk of the mood that we have today changing, suddenly becoming more of a sour mood. like i said, i think today's reaction is overreaction. while i think it is expected we'll do tapering at some point, i don't think jay powell wants to announce it going into the last month of the year, potentially disrupt what i think could be a santa claus rally. charles: that is a f

symposium were jerome powell made symposium werejerome powell made a speech and he was a little bit more cautious than we expected. that so the us dollar falling quite aggressively. there is still a feeling that we could see this tapering happening before the end of the year, but a lot will rely on this week's what we call the non—farm payroll number, which comes with the us jobs report, released on friday, and if we get a particularly strong number there, that shows that unemployment is moving in the right direction, and we are in a good position from an employment point of view, then it could be the final part that says, 0k, it could be the final part that says, ok, the us economy is ready to start slowly removing that stimulus and starting to stand on its own two feet. thanks, james, always nice to see you, james hughes with his take on the financial markets. as sweet as honey — hilltop is one of the uk's fastest growing small firms and its honey is sold in shops and restaurants across the uk. company founder scott davies says his biggest initial problem was one of cash flow

i think powell will have to respond to that. they will have to do a thorough look to answer the question officially, were there any other trades that are issued here and should the fed dramatically change the trading policies that govern federal reserve officials? >> steve, it's karen thank you for being on do you think that chairman powell can put this behind him quickly enough so it doesn't become an issue and whether or not biden named him to continue his chair? >> that's a great question i don't know the extent to which congress is going to make this into a major issue we know there are elements of the progressive part of the democratic party that seem to want a different fed chair for a whole host reasons they want him to focus more on climate change, to perhaps pursue a more wide open monetary policy than he's already pursued, even though i would say that policy has been relatively wide open. this could be a wedge. i would point out that it is well to say that it is unclear that the extent to which congress has a moral sta

powell is -- powell's term expires in february and it is not clear warren's disapproval would derail, and is likely to be -- again. >> your record gives me grave concern. over and over, you have acted to make our banking system less safe, that makes you a dangerous man to head up the fed and i will oppose your renomination. >> officials are said to have questioned wall street lenders about their exposure to evergrande. banking supervisors routinely ask about ties to struggling companies. jerome powell said last week he saw a note u.s. direct exposure. hong kong has asked -- chide to the property developer look -- tied to the chinese developer. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. >> up next, the race to succeed japan's prime minister enters its final lap as the ruling party heads for an election. we assess the contenders. this is bloomberg. >> japan's ruling party picks a new leader wednesday to replace outgoing prime minister yoshihide suga. four candidates are contesting one of

chair powell. as this pandemic continues, the biden administration and congressional democrats continue to work around the clock to get essential relief to individuals, families, and small businesses across the country. following the catastrophic failure of the trump administration to tackle the pandemic crisis, the biden administration and democrats in congress swiftly moved to enact the american rescue plan, which provided $1.9 trillion to address the impacts of covid-19. the legislation included billions in funding to support individuals and families, including renters, homeowners, and people experiencing homelessness, as well as small businesses during this crisis. we are also working together to put president biden's build back better agenda into action by making long overdue investment into the nation's housing programs, childcare, education, workforce, and other critical aspects of our economy. all while being completely paid for. democrats are also working to address the past failures of th

chair powell: yes it does. we make assumptions about fiscal policy, and once it is in acted, we would put that into our models. rep. mchenry: but your public models are a statement of current law rather than proposed policy. is that largely correct? chair powell: we don't really publish a forecast as a federal reserve. individual numbers publish their forecasts, but that would include their personal assessment of likely fiscal actions. rep. mchenry: so about these fiscal actions, secretary yellen, i said this in my opening statement, and i will say this to both of you again. i am grateful as an american that you both are in the seats you are in right now because we are in a special circumstance here in the fall of this year. it was a perceivable slow-moving disaster, but here we are. but your credibility of your relative agencies and the credibility of you individuals is of substance right now, and very important to us as an american government. secretary yellen, you said in july, right before the debt limit wa

senator elizabeth warren stating outright that she will oppose powell's renomination saying that powell had weakened banking regulations and calling him a, quote, dangerous man to head the federal reserve. >> re-nominating you means gambling that for the next five years a republican majority at the federal reserve with a republican chair who has regularly voted to deregulate wall street won't drive this economy over a financial cliff again, and with so many qualified candidates for this job, i just don't think that's a risk worth taking. your record gives me grave concern. over and over you have acted to make our banking system less safe and that makes you a dangerous man to head up the fed, and it's why i will oppose your renomination. >> powell categorically rejected warren's claim that the volcker rule which warren mentioned was changed because it was found to be unworkable. only on one point did powell concede it was worth re-visiting. no senator followed up warren's comment, but only a single republican senator defended powell and no democrat did so. markets have to consider how im

chairman powell, i'll direct my first question to you. the phillips curve represents an inverse relationship between inflation and involvement. historically it's been yutdallized to understand the relationship between unemployment and inflation, particularly in relation to the federal reserve's dual mandate of price stability and maximum employment you're aware of this some economists question the current validity of the concept, as the connection between inflation and unemployment is seen to grow weaker. chairman powell, is the phillips still a valid economic model and have you noticed a strengthening between inflation and unemployment >> you go back 32 high inflation we recall a one for one kind of relationship or close to it between unemployment and inflation. that is no longer the case we say the philip. s curve is flat but not completely flat. there's a relatively modt relationship the slope of the line is 7 degrees or something so, very flat. is there any change we observe in the near term not at this point, no. >> do you watch the

what are you looking for from chairman powell? >> i am not looking for much really coming out of this september meeting. last time we spoke, you asked if i thought we would get an announcement in september. i said november possibly december. i have a contrarian view because powell is sitting in a good spot right now to where he has an option available, evidence either way with the decision he makes. if he tapers, he can start doing that because there has been a precedent set by the bank of canada, ecb reducing their amount. we have data that comes out that is weaker than expected, not just jobs report and other data as well that allows him to postpone doing that. he has evidence on either side for decision they make but i don't expect anything. it is the dot plot that will be more important because that will give us a better idea of what we will see rate hikes, whether at the end of 23, beginning of 24. jonathan: is chairman powell in a good spot? krishna: victoria is absolutely right. he has all of the optionality's he needs. tha

senate and powell's opening comments are out. he says i nation is lasting longer and is higher than expected. the comments are driving the actions this morning, the bond market for sure. ten-year treasury above 1.52%. take a look. we are looking at a rally of 4 and a half basis points on the ten-year ahead of powell statement. this follows mixed day on wall street. dow industrials finished higher by the nasdaq and s&p 500 were pressured by lawsuits in big tech. european markets this morning are also lower ahead of powell comments and the worry of i nation. take a look. also a gas crisis in europe. the ftse 100 is down 12. the cac is down 92 and the dax index lower by 168. in asia overnight. a mixed story hong kong was the best performer. it was up better than 1% on the hang seng index. mornings with maria live right now. now top stories that we are watching this morning. senate republicans blocking a measure to fund the government and raise the debt ceiling as it stands government funding expires at midnight on thursday night. tr

jay powell doesn't want to leave anyone behind. he knows the delta variant is weighing on the economy, particularly on the class of people that we just mentioned, and he is not too worried about the cost of keeping interest rates low. he's worried about people not sharing the prosperity i like that. he's going to remain accommodative until the labor market is in better shape. and that's been consistent he's been saying it all along. you are going to hear from plenty of experts tomorrow and even today who think jay is wrong because the inflation that's raging could do real damage to the economy long term. they'll whine the inflationary pressures he's saying that can be abated one day like semiconductor shortage aren't solved by raising interest rates and crushing demand for semiconductors can't have a shortage if nobody is buying. you can say the same about a lot of skyrocketing. plastic, natural gas people stopped using it. they didn't have any money if they were hurt they'd use less of the product and the supplies would, therefore

did powell make the right move today? and, again, this is the committee, but there's still no precise point about when this federal reserve will start scaling back the $120 billion in asset purchases that were put in place at worst point of the pandemic. >> yeah, i think there's -- there was no, he met my expectations. there's not a lot of news made here. i think what's important to me and i think what's actually, you know, having certainly -- [inaudible] reading between the lines is i believe we're going to start seeing tapering this year. of course he's not going to calendar that, but like i think we're going to start seeing tapering. it may be just depending on where we're at on inflation and as things go the next year and a half, two years maybe leads to rate increases in 2023. liz: joseph, do we really need this much stimulus right now, and what kind of bubbles do we risk inflating? the home builders have done incredibly well, and yet we're the still buying about $40 billion every single month in mortgage-backed secu

how much heat is this takeoff jay powell? put more heat on him today. >> of chair powell. that is another decision joe biden needs to make. we are talking about the good faith, whether the treasury can pay its debt. the last thing joe biden needs to be worried about. when you consider the schedule this president is looking at, he is going to chicago to talk about covid mandates after getting shot on tv, while reporters were asking him about reconciliation. he didn't blink when he -- they stuck the needle in his arm. tom: we are -- were talking about beer. the moderate drinking youngling beer. joe: are you calling for a beer summit? tom: plain as day, had they simply overreached, putting at risk their majority in washington? joe: a lot of people would say they have. if nancy pelosi pulls a rabbit out of her hats, maybe that maintains the democratic majority. >> a lot of people can go home and take credit. one doesn't happen without the other and the stare down we talked about a week ago is only intensifying as chair powell prepares to testify. jonathan: thank you very much.

it's interesting how powell put the structural idea out there. the supply chain issues might create this higher level of inflation for a while to come. fed monetary policy doesn't really come to bear on that at all. it's almost a way of saying, look, we don't want it, it wasn't in our forecast, but if it's higher inflation, what are we supposed to do about it kill the economy by ramping rates before the economy is ready? they're not going to do that it's almost a bit of an out in terms of the fed going to its taper plan, but in terms of long-term yields, i just think it's been a reluctant rise all the way. if you look at what's happening in germany -- >> it's true, though i wonder about global growth. 1% of the growth with what's happened, incremental growth it's not growing that fast there are continued questions, obviously the manufacturing weakens, power cuts are threatening. by the way, in europe the cost of natural gas has gone up enormously overall we know about the uk -- there's some things going on here that could be worrisome. >> jpmorga

i think jay powell addressed that yesterday. i think people have to have a balance and a transparency. we have strict rules about that in the house of representatives. jonathan: congressman, thank you very much. republican congressman french hill of arkansas. on some important topics there, and at the end, touched on part of the problem for a lot of people. these are the decision-makers down in washington, d.c. for the federal reserve to make the decisions they have been making, some of the trading they have been doing, there's a lot of questions that remain unanswered. tom: the prepared statement yesterday, great. i'm sure that is fine, and i get the idea that they were just forming policy. i have to go further. i have a verbal agreement from almost 20 years ago i can never own financial stocks. that was a requirement for me when i joined bloomberg. jonathan: all in cash. these are the sacrifices tom makes to be a great journalist. lisa: he's justifying his call. jonathan: from new york, this is bloomberg. ♪ >> typically the

and a countdown to fed chair powell's news conference is under way here we have got about 12 minutes to go keep it right here we will talk more fed and the we will talk more fed and the markets after this i mean, put it this way. if i told you i'd been jarring raspberry preserves for 85 years, what would you think? (humming) well, at first d be like, "that has gotta be some scrumptious jam!" (humming) and then you'd think, "he looks fantastic! i must know his skin care routine." geico. saving people money for 85 years. beg your pardon. >>> the dow is up about 500 points after the release of the feds's decision or non-decision. the fed says if economic progress continues that tapering of bond purchases may soon be warranted. let's bring in bob heller, former federal reserve governor. bob welcome. what does "soon" mean to you in there was some discussion of how soon is soon >> well, i would expect it is probably in november, maybe december it's a nebulous concept. they should have said in a few weeks or in a month or two >> yeah. let's talk about inflation, which is clearly running hot

. >> this powell thing when you call powell dangerous >> i almost fell over watching that people on the right, he is dangerous he's keeping the rates too low. people on the left, he is dangerous, he's keeping rates too -- >> didn't you want to be dangerous. >> i pretended i was dangerous in bars. i was the least dangerous in bars >> jay powell was like, i'm dangerous. >> she knows how to capture the theater and use that for the time you announce she announces, i'm going to make sure i don't support you. >> she really works it does she not? >> i'd say one other thing i think there were positions people thought were wild on one side they have become normalized. even though they are often positions they will take at a moment people will say that is a far out position years later, it changes the conversation >> that's a good point it is important in that, will this be the beginning of the end and what will markets think if you are not looking at jay powell as a replacement. >> who else has made that point? bernie used to say the things that used to call me crazy bernie, crazy socialist bern

she was expecting some push back from sydney powell, but she was very surprised at the fact sydney powell was totally unprepared those were this reporter's words to try and support the baseless claims. in fact her producer seems to think powell agreed to the interview so she could practice for her upcoming depositions given the lawsuits she's facing. if you know anything about sydney powell, anderson, you know this is the same woman who's claim there was video -- video evidence of votes being carried across the border from mexico to the united states for joe biden. we never saw that video, did we? she also claimed dominion voting which is now suing here started in venezuela. we know dominion voting started in toronto. >> randy kaye, thanks so much. fascinating interview they did. >>> ten of millions of people in the new york metropolitan area experienced the remnants of hurricane ida. ♪ ♪ ♪ ♪ for those who see everyone's safety as equally important... experience our advanced standard safety technology on a full line of vehicles, at the lexus golden opportunity sales event. experie

john: chairman powell on capitol hill. good morning. this wednesday morning, the price action has bounce back on the s&p. we are up 31. it is the biggest one-day drop since may on the s&p 500. much worst on the nasdaq. .9%. yields have come in at 150 on the u.s. 10 year yields. we are progressing aggressively higher. it is 16. 59. we are hearing from chairman powell little bit later this morning. tom: there are idiosyncrasies that we want to watch. the turkish lira is nine to the dollar. i want you to explain substantial further progress and what litter for -- liverpool is doing in football. john: they are the top of the league. tom: they are well-positioned. the french giant insurer, with their support of the gentleman, the lads from liverpool. there is an executive officer who is joining us now. it is client risk. i have to say congratulations on the acuity of your study. you go out and speak to thousands of people. explain why this is different from last year or the others of the thousands you talk to? thomas: we are doing a study fo

as chair powell started speaking, we saw losses fading. more strength for the dollar, same story for gold. we have seen some losses that reversed as chair powell was speaking, on wti at the moment under pressure, $71 a barrel, after a jump in the new york session. we had a broad market lift off but crude in the u.s. falling to the lowest since october 2018, commodity still at the 97 level. it is all about monetary policy this week, it was not just the fed, we also have a brazil centrum bank rating a decision that 20 minutes ago they raised the rate for percentage points for the second -- four percentage points for the second month, 6.25%. they are also signaling a rate hike in october, not surprising given the fed is moving and inflation. that is your bar in orange, nearing that 10%. higher than the central bank target, but that might have been inflation concerns. what is happening in the u.s. has led the fed to be more hawkish than people expected. the statement was vague that chair powell came out. there were comments as being more hawki

powell's term expires in february. it's not clear warren warren's approval would derail powell who has bipartisan senate support. and is likely to be confirmed again if president biden picks him up -- picks him. >> it gives me grave concern over and over, you have acted to make our banking system less safe and that makes you a dangerous man to head up the fed. and that's why i will oppose your renomination. vonnie: u.s. democratic progress rivas lining up to defy speaker pelosi and oppose a bipartisan infrastructure bill. it's a blow to the $550 billion measure's chance and potentially endangers president biden's economic agenda. the infrastructure bill has already passed the senate but liberals in the house insist that democrats pass a larger tax and social spending package before voting on the roads and bridges measures. fed officials are set to have questioned several wall street lenders about their exposure to evergrande. u.s. banking supervisors routinely question such lenders about their ties to struggling compan

powell's tapering timeline. the fed chair says they could start scaling back asset purchases in november. the treasury curve flattens and global stocks rally. the bank of england's policy puzzle will get decisions from the boe as well as central banks in norway, turkey, south africa, and more. it is what investors continue to digest. the announcement from the fed and jay powell that november is very much in play for tapering. also, the dot plots. i want to show you the changes that we've seen from the last meeting in june. the importance is the fact that there is no consensus around whether or not you see a rate hike in 2022. that appears to be with the bulls in the market are hanging their hats on. the fed funds pricing into hikes in 2023. less than one in 2022. jay powell is insisted that the end of tapering which he flagged as being in the mid-2022 doesn't necessarily mean an immediate start to the rate hike cycle. that's what investors have been looking at. let's check in on the markets. pboc in play as well

i think secretary powell, chairman powell is trying do get reappointed and he knows that higher rates are not good for that but at this point it is a point of inflationary pressures are undeniable and the idea of it being transitory is starting to fade fast. the majority of participants think we'll have inflation be transitory but the factors pushing inflation up with a strong money supply, commodity prices higher, labor prices higher, strong gdp demand we don't think they're going away we'll have inflation really frankly we think for four years. >> brings up a key point and maybe not 5% inflation but the reality at which we do settle down at does that remain elevated that is worth a debate aurora cannabis is set to report after the bell frank? >> shares up about 7% ahead of earn wings a revenue forecast set to fall and a loss of 27 cents a share. big thing to watch will be the medical cannabis revenue last quarter 75% of sales with 17 prs of groewth overall. the call will be key canadian cannabis stocks higher today. canopy and tilray heading higher. >> thank you i want to get your t

how could powell own munis and approve a muni bond asset facility for the first time? i understand if the fed is going through an unprecedented crisis and needs to respond to it and not be ham strung in doing so, but there was still a year and a half between the time the programs began and we had these revelations. it feeds into the timing leading up to his renomination or lack thereof. senator warren came out against it today i just wonder if there's going to be more of a drum beat actually for him not to be renominated in the wake of all of this, more so than we might have thought even a week or two ago? >> reporter: yeah. let me clarify, kelly, that warren's objections are different, right as you know, warren feels like powell has done too much to deregulate the banks or amend dodd/frank just to be clear, powell roundly rejected those criticisms from warren saying that the banks, indeed, had a lot more capital than they've almost ever had she had said he is a dangerous man and that she would oppose his renomination so you have the progressive democrats on the other

what's confidence the phd's wrapped around chairman powell have that they can have an orderly unwinding of this record liquidity? randall: that is the trillion dollar question. and, i think that what they have done so far is unable to communicate moving from we are going to do whatever it takes to continue to asset purchases as far as the eye can see and saying we are starting to see recovery, we are -- we want to start potentially pulling back and they have done that without really disrupting the markets much. i think that is an incredible achievement that the chairman and the others have had to be able to slowly move in that direction and i think it is the important and right action as recovery moves on. and not cause a tightening of financial conditions that would lead to a slowdown. most of it will be about communication and not about the phd technology. tom: the professor and i have the black glasses going. doesn't look good? jonathan: it looks good. tom: i am trying to dress like an august profession -- professor. jonathan: school of business professor and economics and fed govern

powell and yellen testify later today. kaplan and rosengrant quit, two fed hawks step aside after embarrassing revelations of their stock trading during the pandemic. the dots could shift, but i put it to you that the bond vigilantes have had a lovely healthy -- helping of steak. there will be a greater enduring risk inflation on the upside in the two year yield went bam, bam , bam. the question is what could cap the spike? dani: good morning. i'm doing well. i may be a little bit worried because there are plenty of things out there that could cap the spike. we were talking about it before the show. you have the political issue of the u.s. heading to a debt ceiling deadline. you have a potential government shutdown. does the fed need to potentially step in? there is a great wall street journal piece saying that the fed has lifted this playbook before. there is a potential thing that could put a ceiling of the deal -- debt spike. manus: powell has used words like loathsome and repugnant, other things they could step into do

start with jay powell, don. i think there would be a serious tantrum initially after a decision like that, worse than the taper tantrum but ultimately maybe the market comes back i would assume, lael brainard, a dove would be more accommodative, your thoughts? >> it would be a short-term sugar rush to have a dove like lael brainard, you mark my words. i've been tracking lael brainard across the obama administration, trump administration, now the biden administration. she is always dovish when there is democratic president and turns hawkish when there is a republican president. the market should be careful about what she does. i would not worry about what elizabeth warren is. she is great poker, player. they will pay her off something she wants and grudgingly give powell her vote. this is just poker. do not worry about this. >> ed, if it did come to fruition i would think that the financial sector, i would personally stay away from banks because that is where the progressives really, really want to see the fed ta

when j, powell says, hey listen, we want to get this right. we don't care, we're not gonna be influenced by other countries. that's also a completely false statement. in fact, the reserve is being completely driven right now by other other countries, other central banks and the crypto market. they're being driven by everyone. remember, just a year ago, japan was going around saying that the u. s. would never have a digital currency. he said that it was not even going to be something that the federal reserve ever looked at because he said, of course, the crypto currencies were a fad and they wouldn't be around less than a year later. he's now talking completely differently, say, well, we're exploring it and we're headed in that direction. and when he says by the way that, you know, he's not sure that they're going to do this. they are absolutely 100 percent. going to do this. there's no question about it. he's pretending to say face so that the us doesn't look like they have bungled really the entrance into the digital market . but they have bu

vonnie: fed chair jay powell says there is little direct u.s. exposure to debt ridden chinese developer evergrande but thanks the crisis could impact global financial conditions. he says corporate defaults in the u.s. are very low but an evergrande could damage confidence. >> the evergrande situation seems particular to china, which has very high debt for any emerging market economy. really the highest any emerging market economy has had and the government has been working to get that under control. there is not a lot of direct united states exposure. the big chinese banks are not medically exposed. vonnie: the japanese prime minister has warned about china's rapidly growing military influence ahead of the first in-person meeting of the so-called quad group. he told lynn by the changing power balance could threaten japanese prosperity. she will join leaders from the u.s., australia and india on friday at the white house. beijing says the group is pursuing confrontation using a cold war mentality. u.s. treasury secretary janet yellen reportedly w

powell there? what will they have to be given? or will they have to learn the extreme part of the caucus and you will not have your way >> look, i was saying, we remind clients all the time is that president biden is navigating the narrowest congressional majorities since grover cleveland. so he has visited as a first term democratic president. so this is incredibly challenging. so the idea that, you know, progressives can come and accept that they would get all of what they wanted is probably not realistic just looking at those narrow congressional majorities and i think that at the end of the day, becky, look, a half a pound is much better than nothing. right. so they at least will get something. we are still talking about in addition to the $1.2 trillion bipartisan deal $2 trillion or more or less, so they are still for sure getting something and within that, importantly, a lot of the priorities that a lot of progressives and moderate democrats have wanted for years, the child tax credit, child care tax credit, what have you. i

jay powell potentially complicating

fed chair jay powell in the fed, that is what they talked about. the central bank could scale back as seen as november and complete the process mid next year. we are going to focus on that in the various risk of their facing the taper timeline from the u.s. political deadlock, to china, to covid, all of the things that may disrupt the timeline. we are also going to talk about the relationship between the fed, rates, and inequality. is inequality pushing the fed to do what it does, or is the fed fomenting that inequality? let's hear what fed chair has to say himself. >> i continue to expect that it will be appropriate to remain the percent target range for the federal funds rate until labor market conditions have reached levels consistent with the maximum employment and inflation has risen to 2% is -- and is on track to exceed 2%. if progress continues as expected, the committee judges a moderation may soon be warranted. while no decisions were made, participants to generally view that so long as the recovery remains on track, a gradual tapering pro

ann, i want to ask you about another big topic so we can ask jay powell, the so-called powell put. let's face it made the federal reserve chairman a hero to investors but there are grumblings he may not be renominated this week. elizabeth warren ripped into him and said he was a dangerous man. does brainard roll off the tongue and how concerned should the market be if powell is not renominated? >> i think the -- fed nomination, i think it is extremely up helpful at this moment in time, covid and have attacks on u.s. financial system. i hope that cools down. brainard comments this week, sounds like a lot like jay powell. looking at unemployment data, jobs are not back where they should be and seeing slightly lower unemployment numbers pers. whether it flows off the tongue and i change in leadership right now i don't think is the right time. >> ryan, this morning or yesterday he posted, mentioned four charts very intriguing suggesting that the reopening trade is back. can you go into further details for us? >> that's right. charles. look what we're talk about, drama in washington, co

many wonder why powell and his muni bond portfolio why he isn't out. what does it do for the fed to take quick action? >> fed understood the credibility problem they have. they are the steward of the financial markets. anybody that looks like they're taking advantage of the stewardship for personal grain will really hurt the whole organization. on top of that, remember there is a lot going on at the fed when it comes to personnel. not only 2:00 fed president positions open, jay powell is trying to get reappointed. looks like the richard clarida vice chairman of the fed will be out in january. we'll have a new one there and an open fed seat. we could have in 4:00 months, five or six new faces in the federal reserve open market committee that could completely change the whole dynamic of that committee. charles: on that note, a couple weeks ago, there was a lot of scuttlebutt out of d.c. coming in on a monday, i remember, powell will be renominated today. that didn't happen. it hasn't happened. consequently we see the betting odds him being the next chair