bush, but maybe janet yellen is i mean, think of it this way, w tucker .ay you're joe biden and janet yellen. you come into office in january 2020 one with an 80 mile now a fastball down the middle ofd the plate and that's called the u.s. economy.. here's why the economy was improving greatly. you know, people forgot this . w they were allas you know, i know the election was crazy. i hope januaryry 6 six is nuts,t the trump economy was pretty strong, particularly as he left office. on top off that , he delivered a vaccine which was effective against those first two very deadly variants, less effectiveb on on the ground. but itut didn't matter. it was basically we were coming out off the pandemic. the economy was going to improve and this is what they did. they turn around and they spent trillions s dollars on nothing and they expected no inflation . they encouraged jerome powell to keep printing money when you need to. it was the very it was the urtext recipe for inflation that you have to be listen, e i the equivalent of a minorco in econ and i could see covid. yes. i mean,, she's ob

what does janet yellen do wrong? they suggested what she did wrong was she failed to harness the power of the federal reserve to help african-americans specifically. now at first janet yellen seemed confused by this point, the point of the fed is to keep the american economy stable. it's not to pay off loyal blocks of democratic voters and tried to explain this. our power, she said, can't be targeted at the experience of particular groups. that was her response. the congressional black caucus did not buy it. their message to janet yellen was the same to you and every other person in the country, do what we say or we will denounce you as a racist. and finally, janet yellen got that message. boy, did she. within a year she had all but abandoned the traditional constraint of monetary policy, and steady there she was yammering on a public about things like racial equity and environmental justice. those are issues that unlike economics cannot be quantified or specifically defined, they are therefore perfect vehicles for p

>> janet seemed surprised. she told police that david did, in fact, come home and the reason she offered raised more questions for investigators. he said he ripped another pair of pants. yet to come home and just, you know, grab a new pair of pants. >> janet's statements were not helping her husband's cause. david dooley never said anything about ripped pants to police. adding to the confusion, detectives spoke with thermo fisher employee joe seagert, who told them he talked with dooley that morning. >> according joe he made it a point to come over to him and say, hey, man, i had to go home because i ripped my pants. >> dooley was adamant he never said that to seagert and did not rip his pants today. but differing stories about why he came home placed the bull's eye squarely on david dooley's back. >> we started working on a search warrant for the residence and the truck. >> you execute those search warrants and you find bloody clothing. >> no bloody clothing. >> stuff taken from the crime scene that shouldn't

well, secretary janet yellen, _ recession. well, secretary janet yellen, she - recession. well, secretary janet yellen, she is - recession. well, secretary i janet yellen, she is secretary of the treasury, that is part of the treasury, that is part of the treasury, that is part of the administration so they are on one message and the fed is working very hard behind—the—scenes in trying to stay way clear in the politics here, but yes, treasury secretary has basically come out first and said that she misunderstood the signals and she didn't call it correctly, and we will see what other people do, butjanet and we will see what other people do, but janet yellen was really the first want to fall on her sword in this which was maybe for political reasons that happen. maybe for political reasons that happen-— maybe for political reasons that ha en. ., that happen. 0k, we will have to leave it _ that happen. 0k, we will have to leave it there _ that happen. 0k, we will have to leave it there but _ that happen. 0k, we will have to leave it there but thanks i to leave it there

janet: good morning, thanks for having me. a lot of the inflation problems we have is driven by energy, especially in europe. more than half of the inflation driver is energy. on that front, the central banks probably have little tools to deal with that. but i think they have the ability to control inflation by lowering demand, and that is part of the playbook for how they bring down inflation, so they can bring down the expectation, and by slowing the amount they can slow the demand for goods and services, and thereby slow inflation. so i think they have control over some part of the inflation story. even with only partial control, elevation could remain elevated for some time. yousef: car sales in the united states, we had data overnight. it showed that new car sales slumped last month, that is in may on continued high prices, you had low inventories and that usually is a predicting factor for a possible recession. give me your analysis on this, as to what that could mean for which sectors do well in the next six to 12 month

so janet yellen, treasury secretary, i would love to invite you to iowa. come spend a day in the life of everyday iowans and see what they are experiencing at the grocery store and at the gas pump. and i guarantee you she will not be so flippant with the american people. this elitist attitude that is coming from the left, when americans and iowans who are some of the hardest hit by inflation are facing really tough times. so come on folks, let's start putting in place to policies. that means this president and his administration a need to unleash american energy to bring those costs at the pump down. they should should get the graybeards off the back of small businesses. and, of course, then they should be shifting their focus, i've heard again that the build back better plant of what we call reckless tax and spend has popped up again with some of the democrats. we need to stop that. let's get back to good commonsense policy and let's not be so flippant about the hardships americans are facing. >> so as we know last week we saw the cpia 10.8% and pdi 10.8%

janet yellen, yes americans may have received a pay increase recently. but you know what happens when you have inflation? that means the increase in your pay is going towards things like the higher cost of gasoline and other goods that are costing more this year than they were at last year. so janet yellen, treasury secretary, ma'am i would love to invite you to iowa. come spend a day in the life of every day iowans. see what they are experiencing at the grocery store. and i guarantee you shall not be so flippant with the american people. elitist attitude that is coming from the left went americans and iowans who are some the hardest hit by inflation, are facing really tough times. so come on folks, let's put in place and good policies. that means if the president and his administration then to unleash american energy to bring this cost at the pump down. they should get bigger regulators off the backs of small businesses. and of course then they should be shifting their focus i've heard against the the belt back better plan are what we call reckless tax-

i want the move to this and come to you joe and janet. the "wall street journal" poll shows 86% of americans say they are deeply divided when it comes to our most important values. only 13% say they are united and in agreement. if our families were like that, they would be busting up. janet, your thoughts. >> my thoughts are simply the quality of life that we have in america under this administration is of deep concern to me. what i see is a ball of confusion when it comes to the morality wars. we look at rowe, transgenderism and whenever we're under a democratic administration. you add in the economy and inflation, massive amounts of money we're sending to ukraine we could use that to build up our own infrastructure these are concerns i believe have a daily impact on the american citizen. sometimes we don't know whether we're coming or going and that is -- results in a lot of what you have now is challenges that people are experiencing because our quality of life is so unstable right now. i think when we need to focus on individuals in a

i agree with what janet yellen has said. elation is the number one problem for markets at the moment and we -- inflation is the number one problem for markets at the moment and we do not see peak yields are here yet. the fact that we have to move to at least around 2.5 4% for us to see any meaningful downtrend in inflation. dani: what do you agree has already been priced into market? to what degree does the fed need to get aggressive and to what degree is that already priced are not priced into the markets? lale: the market is actually pricing in the possible fed tightening cycles at the moment but at the same time, the market is betting on the fact that inflation rates will come down sometime this year. the risk is that this will stay elevated for some time. also i believe the fact that the fed might have to tighten in an aggressive session and that might lead to recession, which is something the market is not pricing at the moment. this tells us that the market is getting worried of higher recessionary risks and stagflatio

here is the line from the treasury secretary janet yellen. she said inflation is the key concern despite improvements in the job market >> inflation is clearly a major problem. it is president biden's top priority it's what i most focused on and it is what american households are concerned about because when you look at opinion polls and you see what households have to say, it is amazing how pessimistic we are given we have the strongest labor market we had in the entire post-war period people can easily find jobs. confident about the job market >> pretty upbeat comments with the labor market from janet yellen here in europe, the bundesbank doubling the expectation for inflation. cpi would rise by 7.1% this yea versus 6% six months ago here is a look at the dax. down 1.5%. the ecb is raising 25 basis points next month. the central bank cut forecast for the next three years, and predicted inflation will end at 6.8% ecb president said the central bank is focused on bringing inflation down to the 2% target. >> we observed inflation expectations

i want to get your sense of what you thought about janet yellen's comments. you told our producers people feel sour around the country. weigh in on her statements and how people are feeling being part of this. >> it was a rare moment from the treasure terri -- treasury secretary. he also heard her saying what we have the inflation we have. she said there were circumstances that could not have been foreseen that caused supply shocks to the economy driving the inflation we are seeing right now. what i heard her saying is a pushback to the criticism republicans have constantly launched at this administration, that it was their policy is fueling the inflation we see. what you heard is a lot of reasons we have inflation, inflation is a global problem, supply chain issues. they are pushing back on the criticism from republicans. whether the messaging resonates with voters and breaks through, that remains to be seen. the administration has been messaging on inflation for months. we see the data, people are not buying it. they feel bad about the outlook of the econom

maybe i could keep janet of us and i do not know how to help. i should have been able to talk, but he had to no, i think i said this out as he machine. no, we don't like to we're a husband view and i wouldn't have to do a screw up. what time it amount, i mean, easier them up. you know, the model you're for, what am i on the cause? i your bottle tumble to going to get to tim's on coconut community. you don't come in until you call them. it could, it will do that deliberately. a tech issue problem to kill me. of course you also said, you know, i can tell you that how about wanting to manage it without that men died. look on, said wendy cowboy, lakaya and somebody should, i shouldn't be got to look on. the car is the guy of what you can either call c. c . i said, i think i was told that will cover the levels in with thought can become a whoop when it got took our bundle. you go, what come we'll come. we'll have the mean when i got which i want to go a little and we will will see they've been better. which with that she will unless you launch lunch

he called that argument bizarre, but here's his own treasury secretary janet last week as you noted. >> the spending reduced excellent rewards for americans. at most, it contributed modestly to inflation. >> laura: kevin, it seems now like they're coming after janet yellen, her days are numbered. >> you know, there is a very chilling bloomberg story where there were like double digit white house sources that were saying things like janet yellen has been allowed in the meetings and she hasn't been in the meeting since the beginning. then they are putting out defensive statements as well. it really looks like bloomberg actually said it looks like they're getting ready to scapegoat janet yellen. now even biden's own people, saying crazy things like higher government spending doesn't mean higher inflation. that that's the first thing you learn when you study economics of high school. i'm really concerned, you might remember that president trump, fauci gave him the shutdown, he really didn't want to do it. if we had the worst quarter since the great depression, but we are out there when w

janet yellen lied about the inflation that she created. she destroyed our economy more than any other single american. but that's not a problem for andrew russ sorkin. it's not like she wasn't playing for her employees abortions. we're quoting. if you're janet yellen, they wanted to run the economy hot. by running it hot, she meant destroy it and make the u.s. dollars worth less. it's not a big deal. it's not immoral. making you poor was a mistake. don't worry, janet yellen has never considered apologizing for it. no. what she's telling you is now that you're poor, shut up and abort your child. times are tough. you have to get back to work. there's a war on. do your duty. >> i believe that eliminating the right of women to make decisions when to have children could have damaging effects on the economy and would set women back decades. >> tucker: yeah, damaging to the economy to have children, new life. this is the american that janet yellen has created with the help of her friends in the media. you can't afford to get married or buy a hous

not just janet yellen right? we're talking central bankers around the world, they're in a serious fight for credibility. i think they may have lost it. joining me lyn alden investment strategy founder lyn alden. janet yellen's biographer made a lot of news over the weekend but i think it is title of her book holds the key. empathy economics. first of all is such a thing possible? sounds like a progressive dream. i think it might really point to why they have made so many mistakes? >> yeah. i think there are economic strategies that can favor the working classes more so than we have before but comes down to make sure they're aligned with incentives and appropriately structured. you can structure tax policy it favors the broad segment of the population more so than say you know we've done in the past but i think there are certainly ways of crafting that are more constructive than some things you've seen in recent years. charles: this is happying more toward modern monetary theory writing checks to people for not wo

now janet yellen isn't blameless. she lied to americans for years about the inflation that she created. she single handedly destroyed our economy more than any other single american. bl but that's not a problem for andrew ross sorkin. it's not likeew she wasn't paying for employees abortion. and we're quoting, you know, if you're janet yellen, she's in a political job and they wanted to run the economy a little hot . that'so what sorkin said recently. nt by running a little hot, he meant destroy it i and make the u.s. dollar worthless. little mistake. it's not a big deal . it's not a moral. it's making you poor was a mistake and don't read . janet yellen has never evenn considered apologize h for it. know what she's telling you is now that you're poor, shut up an important child because times are tough and you've got to get back to workk. there's a war on do your duty. >> i believe that eliminating the right of women to make decisions about women, whether to have children would have very damaging effects on the econom

well, those are the points i want to get into with janet yellen. number one is why aren't we producing more american energy? and number two is how can you believe raising taxes is going to help? that the cornerstone of their economic policy. that is, makes no sense to the american people when they can't afford food or groceries, to be the faced with increasing taxes. that's not the solution. but you're right, the president has his cabinet members out traveling the country saying, hey, it's not all that bad. the american people are paying $4.75 for gas, they understand, they're going to believe their own two eyes which is their wallets which are empty and their savings are shrinking. maria: but, senator, is it intentional? we're going to take a short break. i want to ask you if the administration is purposefully driving up energy costs to ram through a climate agenda -- >> they are. maria: and why is president biden planning a trip to saudi arabia when he hasn't even been to the southern another crazy day? of course—you're a cio in 2022. but you'r

it's like janet yellen, is this a thing janet yellen that was treasury secretary, you know i mean, where she tries to tell us that spending money from the government doesn't raise in population and printing for money? she used to have a different tone when she was the fed chairman. i don't know. i don't know if it's the same janet yellen. i have to go back and think about that. liz: well yeah, i do find that interesting, because tom hayes, when you superimpose target over these high energy prices and that's why we put these two together at the very top of the show. target is unfortunately on the shortened of how consumers are being forced to change their behavior, abdomen that first-line of defense is going to be that they're going to pullback on extra spending because they do need to drive to work. they do need, of course to fill their gas tank, right? but tell me, ex the energy sector what opportunities do you see knowing what we know about inflation now? >> yeah, well, liz, i think that one of the most important things that secretary yellen said is that one-third of inflation is attri

janet yellen part three. and whether the president's loan forgiveness program is fair, too little, too much what do you think. and kevin warsh. "squawk box," never a told this is xfinity rewards. our way of saying thanks, with rewards for the whole family! from epic trips... to jurassic-themed at-home activities. join over 3 million members and start enjoying rewards like these, and so much more in the xfinity app! and don't miss jurassic world:dominion in theaters june 10th. decisions have been made on. discussions taking place and the economy are part of the discussions. >> that's janet yellen on reports that the biden administration is leaning toward $10,000 on college debt forgiveness. let's bring in kecvin o'leary an john bryant. kevin, what do you think about the plan >> i'm trying to find merit in this proposed policy and i can't. this is policy born in hell, and i tell you why nobody wins. what do you tell generations now that education is not a right. it's a privilege you make a decision as a young a

janet yellen admits she was wrong on inflation. and i owned by. oil prices amid a report that opec-plus could exclude russian targets. plus, missing the estimates. stocks struggle. very good morning danny. -- dani. what about sally's ability to produce for nations? dani: who comes to china, julie flick it is set for another ball tell mother. -- another volatile month. edging more or less from where they began. the bear market is still knocking on the door of this equity market. he continues today up. nasdaq futures are also higher up. if you are worried about seasonality, june is a scary month for european stocks. the worst month on average over the past 20 years. asia stocks were lower. manus: the bears have in the bond market. it is very prevalent. oftentimes people say -- i'm not so sure. don't forget, they jumped in may and doubled that in terms of yields. we just got back to flat. russia and turkey are talking about exports of wheat. a lot of skepticism around that. the dollar is up. respect the fed. does that mean there are w

yellen he didn't quite say janet yellen is still running the show, but we're all working together. he also confirmed what i had earlier, when i reported earlier on cavuto's show, that brian dee se played a major role in writing the op-ed that joe biden's name appeared on in the wall street journal and he said they all played a role in that meaning him and presumably others, but from what my sources are telling me, he played probably the major role and you could see his language throughout that op-ed and this is where it kind of gets scary on inflation. brian desantis december deese pushed esg policies at blackrock he took those , some of that same i guess advocacies and policies and brought it to the white house and essentially implemented it in fiscal policy. liz: what does that have to do with inflation? charlie: well think about that. if you are telling oil companies they can't drill, if you're making it more difficult for them to drill which is what esg is about, reducing your carbon footprint, if you're chevron, guess what happens? they don't drill and i think that's the sort

among them janet yellen and larry fink. moscow says it is retaliating for what he calls constantly-expanding sanctions. hong kong will not tighten coronavirus restrictions before the cities handover anniversary. that is according to carrie lam. there has been speculation that xi jinping might attend the celebration. hong kong's covid cases have been rising since the city began rolling back social distancing rules. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta. this is bloomberg. guy: guy? guy:thank you very much. alaska airlines is on a new journey. i-5-part path to net zero emissions by 2040. joining us now from the upside is ed ludlow. who was there today with the ceo of alaska air. ed come over to you. ed: we are in crystal bridges museum, downtown bentonville, arkansas. we are surrounded by flying things. these are battery electric future flying autonomous ride-hailing technology. you are laughing at me, but yo

treasury secretary janet yellen. giving this direct admission that she made the wrong call last year when she predicted elevated inflation would not pose a continuing problem, telling cnn she misjudged the path inflation would take, saying she did not fully understand the circumstances and that unanticipated shocks later worsen the situation. at the same time, you had president biden meeting fed chair jay powell and the treasury secretary of the white house tuesday, part of efforts to reassure americans on the economies surging prices. biting use the meeting to declare that he expects that she respects the fed's independence and wants to team inflation ahead of midterm elections. inflation running at its fastest pace in four decades. members of k pop group bts have met president biden at the white house as well. they helped to bring attention to efforts to curb hate crimes in the u.s. and elsewhere. the fbi says 2021, 77% increase in crimes and violence against people of asian descent in the united states. bts member

janet, thank you very much for _ the uk. janet, thank you very much for your _ the uk. janet, thank you very much for your time. - after a two—year break, marketers from around the world travel to the south of france for the lions international festival of creativity, which starts today in cannes. the dealmaking and awards are back, but how much has the advertising industry been changed by the pandemic? joining me now is wendy clark, global ceo of the ad and creative agency dentsu international. this is interesting, isn't it? the pandemic showcased how creativity can help rands be more resilient and whether any storm so where does the industry go from there, do you think? ., ~ think? -- weather. i think the industry. _ think? -- weather. i think the industry. we _ think? -- weather. i think the industry, we are _ think? -- weather. i think the industry, we are back - think? -- weather. i think the industry, we are back here - think? -- weather. i think the industry, we are back here for the first time in actually three years and we've seen a lot of changes during that

>> look, if ja janet yellen. >> she's not alone. if you look back at what the peds kwus forecasting and what wall street economists were predicting. >> omost of them with loud exceptions may expect we have a shortstop top of -- it would be transitory and it will come back down. >> that did not happen and as the year we are on last year. it became more and more evident that many of the assumption were much too optimistic. >> as the treasury secoretary, the me things like the war in ukraine, disrupting energy and food markets and avian flew. that's affecting prices right now. >>> china continues to have these lockdowns more than two years after this pandemic first hit the world. >> so, some of it was about overly optimistic assumptions made a year ago. not only by the treasure but by most economists. some are getting really unkentucky in the couple of years that have followed the pandemic. >> well, i have appreciate cancer when it comes to any officials. >> i do appreciate it, we biened with what you are going to do about it. >> let's

we heard the comments from janet yellen. let's take a listen. >> we have had high inflation in the first half of this year. that locks in high inflation for the entire year. i do expect in the months ahead pace of inflation is likely to come down although remember there are some the uncertainties relating to global development. rishaad: chief asia correspondent -- economics correspondent enda curran is with us. somewhere suggesting 12% plus if he took the basket we had in the 1970's when jimmy carter was president. >> several experts came out and said do not expect inflation to come down soon. jerome powell making the point they will do effectively whatever it takes to bring it down. janet saying it will take a while to come back to where it should be. she is blaming a a lot of it on global forces. and then loretta mester's from the cleveland fed making a similar point. she went a step further and saying it is going to be heightening a risk of a recession in the u.s. it seems like the whole narrative in the u.s. has gone fro

watch this. >> not only does janet yellen, the treasure secretary fail to see any of this coming, janet yellen more than any other single person in america caused it in the first place, whose reckless loose money policy introduced her years at the fed policies that were bound to cause inflation and did. so if you're mad about the current state of the economy, janet yellen is probably the first person you should blame. why does she still have her job? she should be gone. this is a crazy. and in a functioning country janet yellen would be a retirement home somewhere writing her memoirs that no one would ever read but that's not what happened she's still the treasure secretary and not what happened today. instead democrats took turns bragging about their expensive electric cars. worried about gas prices, just get a tesla baby. >> carley: and there is no relief in sight as americans wake up to new record high gas prices. commerce secretary gina ramon dough says the white house is powerless and once again put the blame on russian president vladimir putin. >> it is in large part caused by put

janet yellen? >> well, she opened up -- maria, it's great to be with you. she open up her statement saying that this administration is cutting deficits. then when i asked her the amount that the deficit was, she, she didn't know those number ifs offhand. and being the treasury secretary and if you're testifying before a committee that is, has jurisdiction over you, you should know that the deficit was 2.78 trillion, the second highest in the history of our country. the problem is, people aren't holding them to task whenever they make statements that are completely inaccurate. maria: well, i want to get your take on where this is going because american families are feeling the pinch here of the sting of inflation. we have a graphic here of the cost of basic goods in america, and it is an ugly sight. do you think inflation gets worse and why? you made a really important point to me when we spoke about why you think inflation stays elevated. explain why you believe this is going to continue. >> maria,

>> those of the points i want to get into a janet yellen. why aren't we producing more american energy? that seems to be a clear-cut solution. and number two, how can you believe raising taxes is going to help? that is the cornerstone of theih economic policy. that makes no sense to the american people and they cannot afford food or groceries to be faced with increasing taxes. that is not the solution but you are right the president has his cabinet members out traveling the country saying it is not all that bad. the american people are paying $4.75 for gas. they understand they're going to believe their own two eyes which is their wallets which are empty and their savings are shrinking. >> but senator is itng intentional? were going to take a short break i went to ask you if the administration is purposely driving up energy cost to ram through a climate agenda? why is buying plane trip to saudi arabia has been to ukraine he has been to the southern border.au you just got back from kyiv yuma president zelenskyy. we are going to talk about tha

thank you. us treasury secretary, janet yellen has admitted that inflation is at unacceptable levels, but insisted it's a global problem. while speaking at a senate finance committee hearing, she puts she pushed back at senators, who blamed president biden stimulus package for a high inflation, saying that it was needed to address economic risk risks last year. that included preventing high unemployment and poverty. but many americans feel that the pain of high inflation in fuel prices is outweighing the strong job market in the u. s. and the roadways or from warren this i want to bring in my call against corta in new york city. yann's us inflation is at 840 year high right now. we just, i, as i just said, republicans are blaming president, binds nearly 2 trillion dollar american rescue plan that he introduced last year. what did he yellen have to say about that? nicholas, they're not just the warm well coming up for the head of the treasury at this some senate tearing. well. the answer from a jenna yellen was pretty clear. she said that almost all develop nations are facing this high

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. >>> and the latest jobs report as janet yellen tells cnbc the white house is looking to ease economic pressure. >> inflation is way too high it is a big burden on american hous households maintaining full employment while bringing inflation down is the president's priority >>> good morning a very warm welcome to the program. today is a little quiet here in europe uk markets are closed as we kickoff the queen's jubilee holiday. the dax is up 2.5% the cac 40 is up 0.6%. and little less for the spanish and italian market a bounce back after yesterday. stoxx 600 pulled back 1% the second negative session in a row. we had a down day on wall street yesterday. the three majors closed lower. nothing major in terms of th moves. it was a down beat session also down beat session in asia overnight. the dax in more detail the majority of names are trading higher in germany this morning. broad based push higher. the chemicals names higher deutsche bank is up and auto performing well this morning positive start to trade for german stocks. cac 40, out performance in the french market. up .70%. we are

talking inflation and janet yellen was pressed by senator steve dane. listen to this. >> do you agree with the san francisco fed that the 2 trillion march spending package was significant causal factor in high increasingly broad base inflation we've served this last year? >> we're seeing high inflation in almost all developed countries around the world and they have different fiscal policies, so it can't be the case the bulk of the inflation we're experiencing reflects impact of arp. >> carley: inflation is up in other countries, what is your counter to that? >> brian: what is not true, they have different fiscal properties. europe has been high spending, easy money, guess what you get from inflation? this administration wanted to make it look more like europe, you succeeded. high inflation, can't afford what we're spending in government. that is the biden-yellen policy. >> todd: tucker touched on this, how disheartening the treasury secretary hopes things get better, but has no plan or solution to the problem that she in large part caused. >> brian: we

treasury secretary janet yellen the biggest since 2022 as the economy slows down. bloomberg sources say the biden administration is rejecting claims about the taiwan straits is not an international waterway. a long weekend here in the u.s. with the juneteenth holiday on monday, but we are seeing that rebound in u.s. futures after the s&p 500 saw the worst week since march of 2020. we are talking about those recession fears being felt across the markets. the s&p 500 in fact very close to oversold territory on the 14-day, resting around the 32 level, and this, of course, as we have the market losing about $2 trillion of market value just last week. a drag in china index, a gain from five consecutive weeks, the regulatory backdrop is improving. we are seeing crude prices rebounding, the worst gate -- day in about three months. take a look at this chart on the bluebird, which actually shows you that we had the worst week since march of 2020. the s&p 500 energy index actually losing about 17% last week, the worst week in years, so we continue to see the downside pressur

does janet yellen have any credibility at all? she's the one who told us that inflation was transitory, then came out and made it clear that she had made a mistake, so we should, i should, i spend more time listening to my golden retriever talk about the economy than i would janet yellen. ashley: ouch. >> as far as larry summers i've never been a huge larry summers fan but let's give credit where credit is due. he has been very very accurate during the pandemic in determining and being concerned that we would reach inflation, and he talks about the lagging effects of what the fed is doing with raising interest rates, and i think that is the most important thing he could say, because what larry summers is saying is even as they raise interest rates we are not going to see the effects of that for a while, so the economy does, in fact, will, in fact, slowdown and there will be a recession. i'm of the belief we're in a recession already. ashley: yeah, there are others that think the same thing. i was going to get to you on crypto, jef

the president's big economic plan and you have janet yellen saying i was i don't think on inflation. what do you think is going to get more play on republican attack ads, janet yellen or the president's op-ed? we all know the answer to that. >> let's play that moment from janet yellen earlier this week with our own wolf blitzer. >> i think i was wrong then about the path that inflation would take. as i mentioned, there have been unanticipated and large shocks to the economy. >> you can tell there, she's not a politician, because she said "i was wrong." >> this is janet yellen, honest to the data. >> there was an interesting bloomberg article about an upcoming book that said that she wanted to reduce the size of the stimulus package because of concerns about inflation. she came out yesterday actually to deny that she wanted to reduce the price of the stimulus package, but not that she was confirmed about inflation. the book said privately, yellen agreed that too much government money was flowing into the economy too quickly. i don't know, maybe call it a little bit of buyer's remorse,

treasury secretary janet yellen considering a federal tax gas holiday. the national average for a gallon of gas falling below $5 a gallon to $4.98 this morning. adam, i want to get your thoughts on the federal gas tax holiday. it seems the strategy is misplaced. it will bring prices down a little bit, not enough to give a meaningful difference for consumers and you'll have the federal government saying we need to make up the shortfall in revenue so we have to get it somewhere else. >> i have two responses. >>> i os agree with you, jackie. first of all, sect yellen, we will take the gas tax holiday and we need it and number two, president biden, why don't you please allow drilling on federal land where there is so much oil, it's cheap. you keep saying you can't do anything to help the american consumers with high prices at the pump. well, you're wrong. and you can. it's called opening up drilling on federal land. let the oil producers get in there, bring that oil to the surface, bring it to the market and lower prices. you want to lower prices, increase s

janet yell yellen's not in the fed, she was. she also keeps chiming in. listen to the briefing yesterday. >> i don't think we're going to have a recession. i know people are very upset, and rightly so, about inflation. but there's nothing to suggest that a recession's in the works. charles: all right, so here's what bothers me, okay? i don't think we're going to have a recession, but on june 1st the federal reserve put out the beige book. it shattered the number for -- do you think they gave her a copy of that to say that there's no signs or hint of it? i think that's disingenuous. >> wait, i'm shocked, shocked! [laughter] disingenuous behavior from a treasury secretary? that's never happened before. seriously. of course she's going to say that. charles: oh, boy. i don't know, maybe i'm tripping. i just think if they would all come out occasionally and just be honest about where we are and lay it down the way you just laid it down, it's so believable, i felt so much better as you were talking. [laughter] you don't have to b.s. us all the time. i think the

janet yellen is obviously saying she couldn't have foreseen the war in ukraine. there are certain obviously china shutting down, that have complicated the picture for inflation and it's going to be stickier than we anticipated. but the economy is strong. we are still growing. rising interest rates will hurt certain sectors of the economy. but there is still a possibility that in a year or two inflation will be tamped down. i don't think that anyone is as concerned about a stagflation situation. i think we have a stronger economy than we had in the 1970s. also, inflation is much lower than it was when it was peaking back then. the problem is not as great. we've always known this was going to happen. since the federal reserve took interest rates to zero after the 2008 crisis, we always knew interest rates would go up at some time. it happened fast, it happened furious. with a little weird complications on the global stage at the same time. >> the economy is strong. lots of jobs. the problem is that the inflation is out stripping and outpacing wage growth. >> sure.

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but the san francisco fed where janet yellen useded toay be president has putin outf a study saying that almost all of the inflation is attributabletion to biden's plas and so they're in denial. they're destroying the economy . and you know,ts basicallyd democrats in congress need to step up and send an adult out of the white house and explain it to them because while. they're in denial, marketsil arr panicking. and in ane interview to get to your point in associated press, biden got really defensive about the inflation issue. he said a recession is notvi inevitable and then bristled at claims by republican lawmakers that last year covid-19 aid was fully to blame forre the inflation reaching this 40ac or high. he called that argument kevin bizarre. , but here was his own treasury secretary janet yellen last uryeekweek as she noted that spg produced excellent rewards for americans and at most it contributed modestly to inflation. >> now, kevin , it seems now like they're allll coming after janet yellen. >> her days are numbered. >> right. right. you know, there's a very chilling bloomberg

i spoke to janet yellen. we talked about her outlook for a recession. >> nothing to suggest inflation if recession is in the works as the fed tightens monetary policy to contain demand and bring inflation down, i believe there is a path through this that entails a soft landing with the economy essentially stabilizing. near full employment to maintain a strong labor market and not see a recession. >> i spoke with the starbucks founder ceo howard schultz and the first interview since taking the role he says he is concerned about the mental health and safety in stores an issue he had not been concerned with over the years. not as much as he is today. >> there is an issue of safety in our stores in terms of people coming in who use our stores as a public bathroom. we have to provide a safe environment for our people and our customers. and the mental health crisis in the country is severe and acute and getting worse. we have to harden our stores and provide safety for our people. >> harden your stores. >> i don't