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charles: jerome powell testifying today before congress. my guest is here to read between the lines because let me tell you, there was a lot going on between the lines. look at that face. we'll be right back. ♪. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic. rich is being able to keep your loved ones close. and also send them away. rich is living life your way. and having someone who can help you get there. the key to being rich is knowing what counts. ♪ me and my friends ♪ ♪ life is better with the credit gods are on your side. rewards once available to the few are now accessible to the many. credit one bank. get cash back rewards, and live large. when i was your age, we never had anything like this. what? wifi? wifi that works all over the house, even the basement. the basement. so i can finally throw that party... and invite shannon barnes. dream do come true. xfinity gives you reliable wifi with wall-to-wall coverage on all your devices, even when everyone
charles: jerome powell testifying today before congress. my guest is here to read between the lines because let me tell you, there was a lot going on between the lines. look at that face. we'll be right back. ♪. (vo) what does it mean to be rich? maybe rich is less about reaching a magic number... and more about discovering magic. rich is being able to keep your loved ones close. and also send them away. rich is living life your way. and having someone who can help you get there. the key to...
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Mar 14, 2024
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just two years ago, jerome powell was getting attacked over the transitory inflation schtick. we learned how little we understand about inflation. they do not know what they're doing. that has been the case for 100 years. it will be the case again. charles: what do you make then of this data in the last 24 hours? certainly prices are going higher and feels to me pretty easy, higher prices dissuading consumers. the money they are spending, 70% is on gasoline? >> that's exactly right. consumers are going into debt to try to maintain the lifestyle that they had during covid and beyond that, they are not buying the economy, whatever it looks like on paper in reality, people are in distress. you're seeing this across the board. 401(k) hardship withdrawals, credit card defaults across the board we're seeing consumers are in trouble. meanwhile exactly the data we're seeing is confirming this stagflationary narrative. so we had ppi come out today. they said wholesale prices are going up annualized 7 1/2%. that was 0.6 on the month. that is epic by the way that brings ppi numbers exact
just two years ago, jerome powell was getting attacked over the transitory inflation schtick. we learned how little we understand about inflation. they do not know what they're doing. that has been the case for 100 years. it will be the case again. charles: what do you make then of this data in the last 24 hours? certainly prices are going higher and feels to me pretty easy, higher prices dissuading consumers. the money they are spending, 70% is on gasoline? >> that's exactly right....
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Mar 29, 2024
03/24
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the fed chair, jerome powell, says close but no cigar. >> february is lower, but it's not as low as most of the good readings we got in the second half of last year. but it's definitely more along the lines of what we want to see. the economy is strong. we don't need to be in a hurry to cut. it means we can wait and become more confident that, in fact, inflation is coming down to 2%. lauren: it feels like it's taking forever. joining me now, chief economist daniel he chi yea. you recently wrote a piece called easing in the middle of persistent inflation may worsen stagflation risk. daniel, you just heard from jay powell. do you think he might agree? >> well, thank you very much, lauren. i think that's the big mistake that we are seeing, is that the inflation reduction act has become the inflation perpetuating mistake. the decision of the government to massively increase spending and massively increase deficit which is, ultimately, printing money has made inflation worse. i am particularly concerned about the fact of the genuine reading has been revised up. the january reading. and the fe
the fed chair, jerome powell, says close but no cigar. >> february is lower, but it's not as low as most of the good readings we got in the second half of last year. but it's definitely more along the lines of what we want to see. the economy is strong. we don't need to be in a hurry to cut. it means we can wait and become more confident that, in fact, inflation is coming down to 2%. lauren: it feels like it's taking forever. joining me now, chief economist daniel he chi yea. you recently...
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Mar 13, 2024
03/24
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the fed and jerome powell said it, the treasury said it, the imf said it, the cbo said it. individuals like jamie dimon and you and i everybody knows this but there is absolutely nobody doing anything about it. the fiscal foundation of this country is broken. as you said, you annualize those deficits we're talking about something that would exceed 10% of the gdp. last year in the seven to 8% of gdp range we were already at deficits of gdp more than two times the historic average which never happens when there is growth. so we are sitting in a situation and the "ben hur" reference is perfect where we're rushing toward this is cliff. we just don't know where that end point is. charles: right. >> if we don't get somebody with the fortitude to do something, this is going to impact us in terms of runaway inflation, which we have, we know we've been dealing with or something even worse. charles: you know, the sad thing about it, once you go off the cliff there is no redo button, right? >> right. charles: we can't stop it. i fear we're going to get there. part of this boondoggle,
the fed and jerome powell said it, the treasury said it, the imf said it, the cbo said it. individuals like jamie dimon and you and i everybody knows this but there is absolutely nobody doing anything about it. the fiscal foundation of this country is broken. as you said, you annualize those deficits we're talking about something that would exceed 10% of the gdp. last year in the seven to 8% of gdp range we were already at deficits of gdp more than two times the historic average which never...
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Mar 28, 2024
03/24
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charles: so if there was a movie version of this, paul newman would play jerome powell, essentially, "cool hand luke" in all of this. you pointed out some positive themes that are working. i want you to talk to the audience about them. i want to remind folks, newell, you've been spot on. calling well the economy for last couple years. central bank easing, global inflation easing, these are positive tailwinds, right? >> well absolutely, charles, thank you. i mean i think for investors the important thing is, we're talking about at the end of the day, right we're talking about how much is the fed going to cut and how much is the economy going to grow. fundamentally that's a fairly good backdrop for risk appetite, right? you mentioned global activity. if you look at manufacturing, purchasing manager surveys from around the world they're generally moving up and to the right. business confidence is on the mend. you mentioned recession risks, one of the things that will happen as a result of that, is that companies are going to spend more money on plant and equipment. remember that last ye
charles: so if there was a movie version of this, paul newman would play jerome powell, essentially, "cool hand luke" in all of this. you pointed out some positive themes that are working. i want you to talk to the audience about them. i want to remind folks, newell, you've been spot on. calling well the economy for last couple years. central bank easing, global inflation easing, these are positive tailwinds, right? >> well absolutely, charles, thank you. i mean i think for...
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Mar 27, 2024
03/24
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i'm breaking down jerome powell and company may be losing control of parts of their dual mandate. we'll go to the man who was alone on no landing platform. jim bianco is on deck and economist extraordinaire michelle gerard. it is turning into a circus. see the new way you can gamble on tech and mag-7. it will blow your mind. we're talking about the spike in pawn shop business. "pawn stars" star rick harrison is here to tell us what he is seeing first-hand. all that and more on "making money." ♪. charles: the dual mandate could be in double trouble, folks. the federal reserve now, remember, they're responsible for full employment and a stable economy. by the way the only central bank in the world with that mandate. powell and company of course embarked on a very aggressive rate hiking mission. they wanted to arrest runaway inflation, inflation we hadn't seen in 40 years even if it meant triggering significant job losses. well large job losses of course would have been necessary to help quell spending. since then the rate of inflation has slowed, the fed shifting back to supportin
i'm breaking down jerome powell and company may be losing control of parts of their dual mandate. we'll go to the man who was alone on no landing platform. jim bianco is on deck and economist extraordinaire michelle gerard. it is turning into a circus. see the new way you can gamble on tech and mag-7. it will blow your mind. we're talking about the spike in pawn shop business. "pawn stars" star rick harrison is here to tell us what he is seeing first-hand. all that and more on...
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the biggest and perhaps most positive came from jerome powell pushing back on basel iii capital requirements. i want to bring in erika najarian, powell saying the sort of broad overhaul, you know, it was obviously music to the ears of bankers, right? i mean, it's so weird because banking 01 is the cd that you lend out money -- the idea that you lend out money, you don't sit on it. where it's going to go from here? >> exactly that, charles. what he said about basel iii softening, let's interpret that to main street. essentially, the regulators are saying we're going to have less available capital for small businesses, less available capital for consumers and card. so i think chair powell's actually doing the right thing in terms of making sure the flow of capital is going to not be blocked especially given the cycle in the economy. charles: now, the other big news, new york community bank, you know, had that one session, it was down 40, came back when mnuchin came to the rescue at least temporarily, but it puts the community banks back in focus because the big banks are doing extraordinarily
the biggest and perhaps most positive came from jerome powell pushing back on basel iii capital requirements. i want to bring in erika najarian, powell saying the sort of broad overhaul, you know, it was obviously music to the ears of bankers, right? i mean, it's so weird because banking 01 is the cd that you lend out money -- the idea that you lend out money, you don't sit on it. where it's going to go from here? >> exactly that, charles. what he said about basel iii softening, let's...
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jerome powell is right about 4.4%. the a least the right side of the screen to be on. there is how the fed is judged by its economist peers. there might be more sympathy, even though ben bernanke said economists are bad at predicting the future. ironically, ben bernanke and his colleagues, offered this assessment on the economy. our forecast is for positive, moderate growth going through the next four quarters. economists are extremely bad predicting turning points and we don't pretend to be even better. he says this right here. then comes the great recession, right? employment skyrockets from 4% all the way up to 10%. that puts into perspective all of this talk of a soft landing. perhaps the track record leaving something to be desired there. now one of the hurdles for the fed, this rate tightening cycle has been the jobs market. it has continued to be really tight. yesterday's jobs opening report was flat, largely in line with consensus. job openings, kind of flat here, fell marginally, roughly 26,000. hiring edged lower. notable declines in warehousing, utilities. q
jerome powell is right about 4.4%. the a least the right side of the screen to be on. there is how the fed is judged by its economist peers. there might be more sympathy, even though ben bernanke said economists are bad at predicting the future. ironically, ben bernanke and his colleagues, offered this assessment on the economy. our forecast is for positive, moderate growth going through the next four quarters. economists are extremely bad predicting turning points and we don't pretend to be...