yellen: yes. sen. tillis: chair powell, i want to make sure i understand your perspective on inflation and how it is calculated by the fed. the federal government provide subsidies to every american renter so their out-of-pocket rent was the same as it was 12 months ago even though the sticker price on the rental unit has gone up. would that mean the fed would say no to inflation of rents? chrm. powell: i'm not sure exactly how to collect the data but the question would be what is the landlord receiving would be my guess. sen. tillis: the landlord is receiving more in spite of the fact the rent payment would've been subsidized. chrm. powell: i will come back to you, i don't know the answer on that. sen. tillis: secretary yellen, what would be your position? sec. yellen: i would agree with chair powell's comments. sen. tillis: it would be interesting to get that. we were going to use another example. if we subsidize the cost of the turkey, is the turkey cheaper or is it 14% more expensive. i have anothe

yellen: yes. over decades what we've seen is countries have been engaged in a race to try to attract more multinational firms to do business in their countries by cutting corporate tax rates. if you look at the pattern across the globe you see the corporate tax rates have simply been trending down. the consequence is that corporations have paid less and less tax in the united states and elsewhere. they have won from this competition. countries like the united states and other countries are raising less and less money through taxation on corporations. in the united states, to corporate taxes have fallen to around one percent of gdp as a consequence of this. this international tax agreement that has been endorsed by 137 countries, countries have agreed to hold hands and say enough is enough. we need to raise taxes to support infrastructure spending, to support investment in people in people, to make economies productive, to grow over time. corporations that are profitable and successful need to pay

yellen: yes. let me clarify what i said. what i indicated in my recent letter to congress is that i have a high degree of confidence the treasury will be able to finance the u.s. government through december 15, but there would be scenarios in which treasury would not have sufficient funds to continue to finance the operations of the u.s. government beyond that date . i would note on december 15 treasury will invest funds from the infrastructure bill, and that will use up $118 billion worth of capacity when those funds from the highway trust fund are invested in government securities. i did not say that there was no way that we can make it past december 15. there is a range. there is uncertainty about whether cash to -- what cash balance will be or our resources. now there is uncertainty about where we will be december 15, and there are scenarios in which we can see it would not be possible to finance the government. that doesn't mean that there are not also scenarios in which we can. we think that it's important for congress

powell and yellen head to the hill today. we will take a look at how much of a risk it will be and then don't forget to tune to fox business prime, cheryl casone, 8:00 p.m. eastern tonight followed by manchin global followed by casey mcdonald, mornings with maria live on fox business. ♪ ♪ ♪ maria: welcome back. federal reserve chairman jay powell and treasury secretary janet yellen on capitol hill this morning. they are set to testify in front of the senate banking committee on the state of the economy especially now with uncertainty over the omicron variant. in powell's ree paired remarks he said recent rise in covid cases and emergence of the variant poses downside risk to employment and uncertainty for inflation says chairman of the fed. yellen took optimistic approach in her opening remark she will say she's confident that our recovery will remain strong. gerard cassidy and gerard, great to see you this morning. thank you very much for being here. i want to talk about the banks and the impacts on the economy slowing

. >>> both powell and yellen will speak in front of senate banking today. we did get powell's remarks and yellen's yesterday afternoon talked about omicron being a downside risk, jim, potentially inhibiting labor supply and intensifying supply chain difficulties. >> we're going to hear from doug mcmillon, he's talked with the white house. all of my sources, whether they be railroads, trucks, retailers say things have gotten much better so i don't want to talk too much about supply i do think that -- he might have gotten the early bancel and not the later one. because you notice he's, what -- you notice he's saying, listen, it could be a factor how about all the cancellations that you're already hearing? how quickly do people -- do turtles go ruight back into ther shell? how quickly? >> it's a fine line. >> between trying to mitigate risks and getting too far ahead of things and making a decision that's not based on anything and it's -- i don't know where the line is. you're right i'm waiting and -- for when employers who have mandated coming back to the off

janet yellen call the whole process a self-inflicted wound. this is bloomberg. ♪ alix: yields on treasury bills maturing at the end of the year rose after janet yellen said they do not have a lot of time left for borrowing after december 3. she said she will be updating congress on how much time is left. our washington correspondent annmarie hordern joins us. walk us through what else we learn. she is purely trying to put pressure on congress. annmarie: does not look like it will be a merry christmas for congress. we are exactly where we were a month ago when we are able to lift the debt ceiling and avoid coming up to the edge of that cliff. now treasury secretary yellen will have to let congress know again what is that date. maybe into january. she will give us a range time of that date. there is a lot of pressure on congress trying to get through a massive spending intact land on top of the debt ceiling. a stopgap funding measure will be need to be done as well. time is ticking and then we have two weeks of working days left. guy: she cann

now the challenge for president biden is selling it here at home what treasury secretary janet yellen has to say about that >>> later we're digging into tesla, call options and the ro role in the run up past $1 trillion. >>> we're back after this. of r. but it's all about the baby steps. maybe it's a jump or eating something green. or taking mom to get that vaccine. ♪ healthier means bringing stuff to the folks ♪ ♪ that really need it. ♪ ♪ like help at 2 am or care that's right at home. ♪ ♪ believe it. ♪ ♪ and caring for them all means ♪ ♪ we're doing healthier right. ♪ ♪ so, let's do it all together people, ♪ ♪ 'cause this is what healthier looks like. ♪ it's another day. ♪ so, let's do it all together people, ♪ and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's net

janet yellen and attract record of leading us out of the pandemic. she worked closely with powell when she was fed chair and the commerce supports powell's renomination. they are saying this. respected at home and abroad chairman powell help the u.s. in her economic partners successfully navigate the challenges from the pandemic. powell must be reappointed or reconfirm by february 28 when his term ends so the continuity from the federal reserve level. one interesting note, the harassment she was the senator she voted no on powell in 2018. david: thank you very much, market watchers luke lloyd and michelle. investors like lower rates but today the market is up despite the fact that they will not get rates as low as low as fed chair brainard would have them. >> the market loves that jay powell got reelected. the biggest thing the market hates is uncertainty. if he didn't get reelected, it becomes very uncertain out there. the fact of the matter is jay powell is accommodative and probably over accommodative in the market loves that. they should love in

janet yellen crypto currency today, she seems hell-bent on derailing. when i think of crypto, i think of the crypto, their path to economic independence so hardly -- how does yellen and company continue to be the stable coins and crypto and piquant all the time? >> i don't trust folks like her and the federal reserve have totally underestimated inflation, they told us it would be much lower, targets were to present, we are now 6.2%. the is ahead against inflation, returns we are seeing not just crypto but gold and commodities are good hedges against the inflation we are seeing. i do want to say in response to your previous just paying down debt, there's historical evidence we have in the united states, we were responsible after world war ii, we have enormous debt. right now under the biden administration, we are at nearly 126% but in 1960, prior to lbj and the great society, were at 52% in 1980, 35%. 56% in 2000 so it's not that we can't be responsible, we can and we must. charles: by the way, one of the roaring 1920s, government lower taxes, cut spendi

. >> reporter: in an interview on face the nation janet yellen said covid caused a seismic shift in the way americans spend money leading to shortages. >> there is economic cost and americans feel it. >> reporter: consumer price index which tracks cost of every day items from eggs to pickup trucks jumped 6.2% in the past year. speaking of eggs, they're up about 12%. so are cars and trucks. a new one will run nearly 10% more and a used one, 26%. the democrats nearly $2 trillion build back better plan will help save the economy. >> this bill is going to address core cost american families are facing. >> reporter: republicans disagree. >> every republican opposes. >> reporter: most americans support the social spending measure as well as $1.2 trillion transportation bill but 70% say the economy is in bad shape and only 39% approve of the way president biden is handling it. >> president biden is expected to hold a signing ceremony for the $1.2 trillion transportation bill and finally get it moving along the way. >>> 4:45. time for your money watch report. a push to bring relief to drivers a

janet yellen is speaking in the function of treasury secretary. she has news for you, stop worrying about the implosion of the yield curve, because the worry is not necessary. she sees a strong and solid the recovery, stop worrying about the biggest one-day move of flattening in the treasury market. that from the treasury secretary, that is a red-hot headline from janet yellen. what we're hearing from his guidance and terms of quality of the recovery and a new slope with regard to how jay powell had handled the ongoing news flow around his trading. let me bring you to ryanair, praising powell's response and the fed to the controversy around a number of members and their trading. profit up to hundred $25 million -- $225 million, lighter than the estimate that i had. second quarter, letter perhaps than -- like her perhaps than -- lighter than the market had anticipated. ryanair is thinking of delisting. this would have to do with brexit, which is where do you want the listing of your stock given the differential? rising stocks, jet fuel edging, appr

janet yellen speaking to "face the nation." and economic advisor brian deese. they are clearly worried about inflation. today, the president will sign the infrastructure agreement in law. he wanted to make sure he had the full show and dance with leaders on the right and left joining him on this signing. potentially when he does, this can be a way to build up those terrible poll numbers we saw over the weekend. tom: the vectors moving in the wrong direction pat will be compared to the former president, mr. trump, shortly. how does he turn that around, particularly by the symbolism of powell v. brainard? annmarie: one thing i will say was this poll was done after the bipartisan infrastructure agreement was voted on. the administration likely thought that would give them a boost. it has not yet. potentially today's assignment, potentially the president going to the road this week, going to agm plan and a number of other places to talk infrastructure that could help him. when it comes to powell versus governor bryan already -- powell versus government brainard, we

we'll ask treasury secretary janet yellen. then we'll ask the head of the minneapolis reserve bank neel kashkari for his perspective. plus we're starting to see the seasonal impact on covid cases, lead something states to encourage booster shots for all adults. we'll check in with former f.d.a. commissioner dr. scott gottlieb. and we'll talk with colorado governor jared polis, whose state isiest of wrestling with a new surge of infections. >> one in 48 of every coloradans are infected and contagious with covid-19. >> brennan: finally we'll ask world bank prendad malpass about fighting inflation. will wealthy countries fulfill their broken promise to help inpolice officerrished nations to cope with a hotter planet. it's all just ahead on "face the nation." >> brennan: good morning, and welcome to "face the nation." progress in our slow march back to normal seems to be a continuing series of starts and stops, and there's a lot of confusion about where we are headed. most sundays, we start the broadcast with a look at what's goin

we'll ask treasury secretary janet yellen. then we'll ask the head of the minneapolis reserve bank neel kashkari for his perspective. plus we're starting to see the seasonal impact on covid cases, lead something states to encourage booster shots for all adults. we'll check in with former f.d.a. commissioner dr. scott gottlieb. and we'll talk with colorado governor jared polis, whose state isiest of wrestling with a new surge of infections. >> one in 48 of every coloradans are infected and contagious with covid-19. >> brennan: finally we'll ask world bank president david malpass about fighting inflation. will wealthy countries fulfill their broken promise to help inpolice officerrished nations to cope with a hotter planet. it's all just ahead on "face the nation." >> brennan: good morning, and welcome to "face the nation." progress in our slow march back to normal seems to be a continuing series of starts and stops, and there's a lot of confusion about where we are headed. most sundays, we start the broadcast with a look at wha

he and janet yellen will be testifying in front of the senate banking committee. we know what they will say in their opening statements. the chairman will talk about inflationary outlook. he also talks about the downside risk. that will be important for his language especially ahead of the jobs report on friday. also coming up in terms of economic data a conference form dashboard consumer confidence. we saw a slight uptake in october that we expect to see come down in november. inflation risks, virus concerns, how much are they weighing? we will see if that trend holds. finally at 1:00 p.m. eastern time the vice chairman of the federal reserve will be speaking. does clear that echo when he said days ago or has that thesis changed with about two weeks to go? jonathan: the vice chairman unleashed in the final moments of his term. unleashed, a little bit later on. for our audience on radio tuning in, everyone talking about the interview with the modernity ceo. i will bring in the quote. there is no world where you think this is the same level he is talking about vacc

and don't miss jerome powell and janet yellen's testimony. in the preprepared testimony -- a lot of people said this was dovish, but i thought it was balanced the chairman talked about the omicron variant posting downside risk to employment, but he also talked about inflation with this -- we will use our tools to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched. tom: my emphasis is on the labor report that we start picking up on tomorrow and into thursday and into friday's job report. i think the jobs report, this factor is more important. three month moving average. what if the on employment drops even more than surveyed. jonathan: take a three month average and for darts, because that seems to be what is happening. we talk about it every month, that range once again wide. kailey: by hundreds of thousands wide. pretty much every jobs report we have had over the last six months or so, because it is impossible to forecast in this economy. without people would come back in the labor market w

i just at this is way up the food chain, including to sarah terry yellen. lisa: we don't know what they were actually -- including secretary yellen. lisa: we don't know what they were -- what they were actually talking about. they could have been king about the vice chair i don't know how anyone gets to that february time. , and if you don't have the home of the central bank at this moment, that is a problem. jonathan: here we are in the middle of november, seemingly not moving forward at all. we could find out later this afternoon, maybe later this week. tom: i agree, it is that imminent. jonathan: your equity market futures positive nine, up 0.2 percent on the s&p. last week, just a mild, small week of losses on the s&p 500 as we finish strong in friday's session. yields come in almost a basis point. a big conversation about the what next of the spr in america. we are down there by 1.2%. on radio, on tv, for our audience worldwide, this is "bloomberg surveillance." it's another day. and anything could happen. it could be the day you welcome 1,200 guests a

yellen saying to raise the debt ceiling. and the ev race. and the battle against covid fda looking to authorize a pfizer booster for all adults as soon as tomorrow another sign this is becoming a crypto world and we are all living in it wait until you see how the staple's center in l.a. is being rebranded in one of the largest deals ever you are watching here on cnbc. >> good morning. happy wednesday. i'm frank holland for brian sullivan this morning. here is how your money and global markets are setting up. we are seeing here a bit of a mixed picture. nasdaq moving higher the consumer again is in focus target and lowes we are watching for today. now a look at the treasury yield. wti and brent crude. we'll watch october building permits. that housing out at 8:30 eastern. pointing to a bigger draw down than expected. last week, the pressure that could force the biden administration to release administration reserves. much more clearly from our london news room with juliana. >> i will do my best the big data point today in the uk is the consum

a report from "the washington post" -- "janet yellen said democrats should be able to approve a fixed to the debt ceiling without gop support if necessary." emily wilkins, your take? emily: secretary janet yellen seems willing to say what a lot of democrats are thinking but don't want to go public with, if republicans don't come along, they will have to do this via reconciliation. they will need to raise the debt ceiling. it will be much worse for them if they do not. senate minority leader mitch mcconnell from kentucky said repeatedly republicans will not join with democrats on raising the debt limit long-term and it is something democrats need to do on their own. secretary yellen seems to put two and toast go together and say, we are going -- two and two together and say, we are going to have to do reconciliation. this is a process that takes multiple weeks. they are potentially looking at december 3 deadline, although they could use extraordinary measures to extend that into 2022, but if democrats want to address it before the new year, they might need to start the process in a few

-- janet yellen did that during her time at the fed, and then the fed reversed course and lowered them back, all the four covid, with no substantial damage to the economy -- all before covid with no substantial damage to the economy. not getting behind the curve. another way to say it is, when you are steering a very big ship that turns only sluggishly, when you see an obstacle, you have to start turning long before you get to that obstacle. that is what monetary policy is, it's a very long killer, because of the lags on the economy. you have to start making adjustments promptly. i think the fed needs to recognize that. i am guardedly optimistic looking at the trends in their rhetoric that they may get on the program and be responsive. the data point do keep coming in in ways that are concerning. i think now, with all of this overhang of political certainty passed us, -- past us, if congress moves quickly, i hope they will, to confirm the powell-brainard team, i think it will put us in a position to carry on as best as possible monetary policies. david: to what extent with the fed be a

. >>> coming up, treasury secretary and former federal reserve chair janet yellen joins us with the reaction to the president biden decision to theic with powell. >> that's going to be big. let's get to mike santoli for a look at the action and the reversal today. >> yeah. little bit of a backsliding of the recent trends. from the broadst angle s&p 500 looks gentle new intraday record high where we're trading about 7 points above where we peaked out on november 5. november 5 until today kind of went sideways but a nice -- we are still kind of riding that six-month trend line but it's doing it the hard way today without the help of the very largest tech stocks looking at the growth stocks and semicon d semiconductors and there's a lunge higher and then the equal weighted russell 1,000 with the by bifurcation. ed's more than 10% nvidia alone. that's why it really does have rocket fuel in there in terms of the macro set-up with another term with chair powell, take a look at the city economic surprise index and then the inflation surprise indexes been jumping all over the place. this is a long t

powell and janet yellen it's made more by the emergence of the new strain of the coronavirus. after a break, we will then speak with pennsylvania senator pat toomey we will head to that break an important note, don't miss the next edition of cnbc.com pro talks tomorrow at 10:00 a.m. eastern time, sarah eisen will speak with chkaty katy wood you don't want to miss it. "squawk" returns after this. >> feel stuck with student loan debt? move to sofi and feel what it's like to get your money right. (phone chimes) ♪ ♪ ♪ i jump up on the stage ♪ ♪ and do my money dance ♪ ♪ i throw some money up ♪ ♪ and watch the money land ♪ ♪ i do my, i do my i do my money dance ♪ move your student loan debt to sofi - you could save with low rates and no fees. earn a $500 bonus when you refi... and get your money right. ♪ i do my money dance ♪ where's mom? she said she would be home in time for the show. don't worry sweetie, she promised she'd be here for it. oh! nice shot! thanks! glad we have xfinity. with wifi speeds faster than a gig. me too. [claps] woah! look! [chuc

some of the other financial and trade issues with yellen joining the call. but there is momentum right now. there was a joint statement coming out of cop on climate change that they can build upon. there is also the putting to rest to huawei episode, with her being released from her extradition process to the united states and canada. that obviously pleased to the chinese. but again, i am sure they will be talking about the south china sea, uighurs, maybe hong kong, but taiwan will be the focal point because there has been a lot of rhetoric from both sides about the tensions circulating about taiwan. haslinda: taiwan, a deep red line. still unclear, where does congress stand on this china bill? it aimed to vanquish in the house. stephen: $250 billion earmarked for domestic semiconductor manufacturing to counter the shortage of semiconductors, but the rise in china's spending on strategic high-tech. $52 billion for the domestic semiconductor industry, $190 billion or so for r&d to various institutions. it passed the senate in june but has languished since in

secretary yellen, i would like to pose my first question to you. every move the president biden has taken so far has seemingly improved russia and vladimir putin's strategic position from capitulating on the new start treaties and extension to not fully enforcing mandatory sanctions to halt in order stream 2 and russia and putin with strength -- >> we have been listening in on that senate hearing dealing with a number of topics, including how the fed would deal with banks and before that, how the fed might address this variant and whether it would use the play book from earlier in this pandemic scenario last year. ed yardeni still with us ed, the indication from fed chair powell seemed to be that the 2020 play book would not be useful for a variant necessarily in 2021. >> right. >> but at the same time, there is the question of a faster taper and potential interest rate hike. so how much does this action that we're seeing cause you to want to revisit your play book overall? >> well, you know, we're in a real roller coaster ride right now. on friday

i also want to thank secretary yellen, with whom i have also been privileged to work. i am grateful to the many who supported my efforts. as a working mom i'm especially grateful for the levinson of my three dynamic donner's who took the afternoon off from school. my deeply devoted husband, and vivian, my sisters, and my amazing mother, who is here with me today. i'm confident that by working together we will see a strong recovery for all americans. thank you. >> well, folks, that's it. hope you have a happy thanksgiving. thank you to the families of the two nominees who will be willing to support their work. what they have to do will involve long hours, [indiscernible] ♪ . >> focusing on what matters. >> welcome to an axios virtual event. i am mike allen coming to you from axios hq. welcome to our audiences on facebook, youtube, twitter and axios.com. i will be joined by my colleag

treasure secretary janet yellen with important news. the government is bumping up against the debt ceiling ylan muay has more. >> reporter: december 15th is the deadline that yellen gave to congress and testified that she can't guarantee what will happen after that there's $118 billion due to the highway trust fund on that date and the cbo forecast if treasury makes that payment it may run out of money before the end of the month. our own debt limit tracker shows that treasury is already in the yellow zone. it has $269 billion in cash and extraordinary measures left, in you have to last two weeks or less but remember this is a dial. it can move back ward as revenue come in and forward as treasury spends more money and a couple big bills are due tomorrow in veterans benefits and $6 billion in military and civil service retirement payments. at thes said that republicans would be foolish not to listen. >> nothing would deserve more to disdain from the american public than if we as the economy is recovering were to explode both of those. >>

on sunday, treasury secretary janet yellen worn american muscle in as price are expected to keep creeping upward. we'll talk shop about when the economy might normalize, and later britain and the you remain in a tug of war over the trade following the contented breakfast deal, we'll discuss. we got a lot to get to the top right and we leave the program with a virtual summit between us president joe biden. and chinese president, seizing ping, being held monday evening. this is a highly anticipated call between the 2 world leaders, and there is much to talk about despite lingering concerns about supply chain disruption and tariff. taiwan will take precedence when the 2 leaders this talk. now we've watched the island region become a tipping point for us china relations, especially after us, special forces are found training the taiwanese 1000000 mil military. that is to say this while china has dispatched more than a 100 aircraft over surrounding waters in the south china sea activating tie was missile defense systems. joining us now to break down what is expected, are boom by the co host, s

listen to janet yellen spinning a different future for us. >> i think he's wrong. i don't think we're about to lose control of inflation. i agree, of course, we are going through a period of inflation that's higher than americans have seen in a long time. it's something that's obviously a concern and worrying them. but we haven't lost control. and as we make further progress on the pandemic, i expect these bottlenecks to subside. americans will return to the labor force as conditions improve. and remember, the spending that we did that partially has caused this high demand for goods, it's been very important in making sure that the pandemic hasn't had a scarring effect on american workers. it's given them enough income and support to get through this while still being able to put food on their table and keep roofs over their heads. >> what is >> what is yellen weighing in a way that you are not? >> look, i have great respect for secretary yellen, but the administration's budget and the administration's forecast with this stimulus was that this year we'd have 2% inf

janet yellen says controlling covid-19 is the key to easing inflation. speaking on face the nation, janet yellen said it is important to understand that the current because of inflation in her view is the pandemic. she also said she expects inflation to decline by the second half of 2022 with prices returning to normal and labor supply and demand handers -- patterns normalized. china's covid czar has defended the strict containment policy. according to the local news, the official called it the most efficient way to protect chinese people saying the measures have not hindered the chinese economy. the latest outbreak is in a city where tens of thousands of university students are in lockdown on their campuses. and china gets a new bourse. it is intended as a platform for small and medium-sized companies who have trouble raising capital. about summit -- 70 companies will migrate and an additional 10 will be viewed for the first time. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more th

i also want to thank secretary yellen, with whom i have also been privileged to work. i am grateful to the many who supported my efforts. as a working mom i'm especially grateful for the levinson of my three dynamic donner's who took the afternoon off from school. my deeply devoted husband, and vivian, my sisters, and my amazing mother, who is here with me today. i'm confident that by working together we will see a strong recovery for all americans. thank you. >> well, folks, that's it. hope you have a happy thanksgiving. thank you to the families of the two nominees who will be willing to support their work. what they have to do will involve long hours, [indiscernible] ♪ >> friday, the sale go have been waiting for starts at c-span shop.org. shop friday through sunday and save up to 30% on our latest collection of c-span sweatshirts, hoodies, blankets, and more. there is everything for every c-span sad -- fan for the holiday. shop black deals at c-span shop -- c-spanshop.com. >> welcome to a virtual event, expanding the financial field.

yeah, just like that yellen was well-known for that i think she's careful, deliberate, but i don't see her being from thatsort of progressive wing of the party. i would put her more in line with the kind of maybe summers or austin goolsbee, jason furman wing of the economic part of the democratic party carl >> all right steve liesman, thank you >>> as we head to a quick break, here is a look at our road map for the rest of the hour including elon musk and senator bernie sanders get into a twitter spat over the weekend. those details. >> plus it is going to be a big week of retail earnings ahead. one name in the group leading the s&p 500 today, we'll tell you what that name is and why. >> and we'll take you live to beijing ahead of that big virtual meeting between the president and chinese president xi tonight about 7:45 eastern time more "squawk on the street" is straight ahead don't go away. the pursuit is on. the pursuit of outperformance at pgim. with deep expertise to outthink across multiple asset classes, actively managing investments in the world's public and private markets. ou

i also want to thank secretary yellen, with whom i have also been privileged to work. i am grateful to the many who supported my efforts. as a working mom i'm especially grateful for the levinson of my three dynamic donner's who took the afternoon off from school. my deeply devoted husband, and vivian, my sisters, and my amazing mother, who is here with me today. i'm confident that by working together we will see a strong recovery for all americans. thank you. >> well, folks, that's it. hope you have a happy thanksgiving. thank you to the families of the two nominees who will be willing to support their work. what they have to do will involve long hours, [indiscernible] ♪ >> c-span is your unfiltered view of government, we are funded by these television companies and more including comcast. >> you think this is just a community center? it's way more than that. >>>> comcast is partnering with 1000 community centers to create wi-fi enabled community center so folks can get ready for the future. comcast c-span is a public service along with these other television provid

today inadvertently, treasury secretary janet yellen supported it. senator mentioned on —- senator manchin has said stop spending, go on a positive way until next year for the 4 trillion-dollar bill until we see how inflation turns out and janet yellen said today that she now thinks the inflation might come down in the second half of next year. okay. they should get together and we should applaud all the spending and taxing until the second half of next year. that is what i heard today on the tv show and i think it's a great solution. do nothing. no more spending and by the way the federal reserve that janet yellen used to run has gone crazy with money printed so they are financing all of this government spending that keeps it accelerating so listen to senator manchin a blue dog democrat no more until you are well into the second half of next year what your own treasury secretary is saying about the inflation rate which may not come down but let's wait and give her a chance. steve: [laughter] i went to listen to you as well because they could be de

my predecessor, secretary-general yellen, let the fed in a strong position. i am thankful for her leadership, example, and friendship. when covid hit our shores, american families and businesses were 10 years into an historic economic expansion. with a robust jobs market reaching those who had traditionally been left out. the pandemic, however, brought an immediate and painful recession. fortunately, american resilience with strong policy actions and vaccines that enabled the economy's three ocean -- reopening set the stage for a strong recovery. the economy is expanding today at its fastest pace in many years, carrying the promise of a return to maximum employment. the challenges and opportunities remain as always. the unprecedented preopening with the economy along with the effects of the pandemic led to supply and demand balances and a burst of inflation. we know that high inflation takes a toll on families, especially those less able to meet the higher costs of essentials like food, housing, and transportation. if we use our tools to support the economy a

edward jones >>> welcome back ylan mui caught up with yellen over the weekend as they endorsed a tax plan. good morning, elan. >> good morning. treasure secretary janet yellen in ireland after world leaders signed off on the global tax deal ireland had been one of the holdouts in the agreement but after decades of defending its ultralow tax rate, ireland is all-in in a show of solidarity, yellen hosting a roundtable with u.s. businesses located there and had breakfast with bono and met one-on-one with irish finance minister this morning she told me it's time for the race to the bottom in corporate taxation to end >> i think this is rebalancing to make sure that we can support investments in our economies and the corporations pay their fair share. >> now the biden administration is hoping to replicate this win abroad with a win back here at home and a vote in the house on the president's economic agenda by the end of the week >> i think there is appreciation in the united states of the importance of this international agreement and we've been staying in very close touch throughout the

in an interview with cbs, yellen said the rising prices of goods such as used cars and petrol should start to ease next year if covid is brought under control this as the white house looks at ways to mitigate bottlenecks and port delays. but biden's spending bill has been criticized as a potential fuel to inflation. bryce deese echoed yellen's sentiments >> there's no doubt inflation is high right now, affecting american's pocketbooks, outlooks, it's a problem we have to deal with but it's important we put this in context when the president took office we were facing an all-out economic crisis. 18 million people were collecting unemployment benefits 3,000 people a day were dying from ovid. we have to finish the job on covid return to normalcy by getting more work places covid free, more kids vaccinated so parents feel comfortable going back to work. >> president biden will hold a virtual meeting with his chinese counter president xi today officials have quashed it is a summit and have sought to dial back expectations. >>> president biden will also today sign into law what he is calli

that is what treasury secretary janet yellen is missing here. she is causing the inflation, david. it is not being caused by supply shortages or greedy businessmen. that is the result. that is not the cause. the cause is the artificial expansion of the money supply that is exactly what biden and treasury secretary janet yellen are doing. that is -- david: i would argue against you a little bit. usually we're right in sync but i would say the fathers and mothers of inflation are many right now and one of the biggest causing of it are the deficit spenders inside of the beltway, not necessarily yellen in particular but also the fed. the fed has been monetizing the debt that has been spent by both republicans and democrats and of course they're thinking of spending trillions more with these new bills but how is more deficit spending as we can see this is what is happening. look at that last line there. that is the amount of federal reserve actions that have been monetizing the deficit, causing inflation. how is more deficit spending going to help that? >> well, david it sounds kind of

yellen wrote this statement at the time. it would be appropriate for the university of chicago, which is the publisher of the journal of political economy, to review his performance and suitability to continue as editor. because he opposed getting rid of the police. to this day, notably, janet yellen has never retracted that statement or apologized for joining the mob to hurt an innocent man for telling the truth. that's fine with her. it's fine with her now. the other activists who targeted him, have they admitted they were wrong? >> no. "anyone still wants to defund the police, stay away from hyde park." no one has apologized or learned anything. the politicians ruining the state of illinois and the city of chicago demand above all that you worship them like gods. as people die around them. as that happens all of this killing is happening very close to where our former president barack obama is billing a massive large shrine to himself, known as a presidential library. total cost to this project, at least $830 million. nea

yellen told me that the other day. everybody i think just needs to hang on for a second and see what happens. >> we're not going to go back to gas lines are we and odd and even number license plates? >> i hope not. here's the deal. it was a different kind of shock in the '70s. >> got it. thank you. >> all right. >> always a pleasure. >>> so he wrote books so children of color could see themselves in the books they read. so kids could see diversity on their shelves. then his books were banned. the author of "new kid" here next. you just sent. ...with a typo. aaaand most of the info is totally outdated. orrrr... you could use slack. and edit your message after it's sent. [sigh of relief.] slack. where the future works. >> tech: when you get a chip in your windshield... trust safelite. this couple was headed to the farmers market... when they got a chip. they drove to safelite for a same-day repair. and with their insurance, it was no cost to them. >> woman: really? >> tech: that's service the way you need it. >> singers:

treasury janet yellen expressing how important jay powell's second go around will be in combatting rising inflation. her comments ahead. >>> the u.s. set to potentially release oil from our critical spr reserve but is opec set to fight back if we do? they're firing fresh shots in the growing global fight for fuel. >>> covid concerns ahead of thanksgiving the fears and some positive news. >>> speaking of the holidays, your morning rbi on what may be an absolutely bonkers week taking shape for travel. airlines navigating a massive jump in flyers it's always happening on this tuesday, november 23rd, and this is "worldwide exchange." >>> good morning, good afternoon, or good evening and welcome from wherever in the world you may be watching i'm brian sullivan and it is good to be back with you after what has been a crazy past few weeks, globe hopping and show hopping let's jump in and check your markets and money. stock futures are down a touch about .2, .3%. dow futures now slightly higher as well. that's the way it's going to go. thursday is thanksgiving, we have a half day on friday. so ve

yellen wrote this statement at the time. it would be appropriate for the university of chicago, which is the publisher of the journal of political economy, to review his performance and suitability to continue as editor. because he opposed getting rid of the police. to this day, notably, janet yellen has never retracted that statement or apologized for joining the mob to hurt an innocent man for telling the truth.o that's fine with her. it's fine with her now. the other activists who targeted him, have they admitted they were wrong? >> no. after the recent shootings near campus, they made this request near the community: "anyone still wants to defund the police, stay away from hyde park." but of course, that's not what's happening. no one has apologized or learned anything. the politicians ruining thee state of illinois and the city of chicago demand above all that you worship them like gods. as people die around them. as that happens all of this killing is happening very close to where our former president barack obamama is

treasury secretary yellen pushed back the timeline to hit the debt ceiling. good morning. >> killed the parade, the nice buzz will built in florida. stuart: why is it important? >> reporter: set up the fight we will have ten days before christmas. the new date is december 15th, two weeks later than yellen's additional forecast. it gives congress more time to strike a deal on how to lift or suspend the debt ceiling and whose responsibility it is, will they got on board to do this together? what are the consequences? push the government to default on the debt for the first time ever, likely push the economy into a recession and the almost guaranteed partisan fight just before christmas could cancel the santa claus rally we are used to seeing. stuart: that is the timetable is laid out. white house officials say the cbo isn't qualified the cost to big spending bill. the cbo is not qualified. >> they position themselves for bad cbo score. they are attacking the credibility of the agency. >> there was wide agreement, moderates, liberals, etc. cbo does not have expe

listen to janet yellen spinning a different future for us. >> i think he's wrong. i don't think we're about to lose control of inflation. i agree, of course, we are going through a period of inflation that's higher than americans have seen in a long time. it's something that's obviously a concern and worrying them. but we haven't lost control. and as we make further progress on the pandemic, i expect these bottlenecks to subside. mary ann noah americans will return to the labor force as conditions improve. and remember the spending that we did that partially has caused this high demand for goods, it's been very important in making sure that the pandemic hasn't had a scarring effect on american workers. it's given them enough income and support to get through this with that while still being able to put food on their tables and keep roofs over their heads. >> what is yellin weighing in a way that you are not? >> look, i have great respect for secretary yellen, but the administration's budget and the administration's forecast with this stimulus was that this year we'

david: jerome powell testified along janet yellen in front of the senate banking committee. where he had back at the biden administration that inflation is transitory. hillary vaughn has a story. david: the line that inflation today is temporary and is transitory is getting trashed today. inflation right now is supposed to check off all the boxes that the fed needs to see in order to hike interest rates in response. powell calls it temporary is it really the best way to describe the crazy high prices americans are seeing every day and could still see until summer. >> is a good time to retire that and explain more clearly. we indicated that inflation pressures will linger into next year. you do stand by that? >> that's our expectation but what is happened the date has been pushed out repeatedly as supply-side problems have not really improved. >> chairman powell painted a picture of the recovery with the omicron covid variant spreading, he thanked people won't want to show up to work because of it. >> the emergent of the variant post downside risk to the employment and econom

that was more by the way qe than bernanke and yellen did combined and also dramatically expanded the extent to which the fed gets involved in markets. corporate immunity bonds are now on the purchase list or at least were during the pandemic and he also, i think, engineered two other things worth talking about. on the one hand he engineered going to the taper without a tantrum and brought in this idea of average inflation targeting which leveled the playing field between inflation and unemployment it would have been full of irony for powell who i judge to be one of the most progressive and aggressive fed chairs ever for him not to be appointed because biden wanted somebody more progressive. hard to believe there's someone more progressive than powell is. >> i want to get the committee into the conversation. it is interesting, liz young, the market reaction because if the market is overly concerned about rate hike projections being pulled forward, it certainly isn't showing it albeit a pullback in the nasdaq simply because rates have moved higher in the last hour or so. by the way, po

. >> reporter: so in that meeting right now, janet yellen, treasury secretary, she worked very closely with fed chairman jay powell and supported his work. he is seen as front-runner to keep his own job. moderate democrats backing him as well as republicans. plus, powell has a track record of guiding the economy out of a crisis, but he has been hit with two district presidents resigning after being scrutinized for market trades during the pandemic. powell and lael brainard both met with the prime minister recently. brainard is being backed by progressives with senator elizabeth warren leading the charge, also the lone registered democrat sitting on the board of governors for the federal reserve. the white house is saying that officially no decision has been made yet, but the federal reserve chairman's job, or term's up february 28th of this year. there does need to be time for a hearing, a nomination -- confirmation hearing in the senate. so that announcement, liz, could come at any time. back to you. liz: edward, there is some palace intrigue floating around wall street. citi put out

treasury secretary janet yellen calls the country's economic recovery remarkable. >> we're averaging half a million new jobs for months since january gdp. now exceeds its pre pandemic levels. but fed chair jerome powell says the pandemic could still reverse that progress after the detection of a new covid-19 variant greater concerns about the virus could reduce people's willingness to work in person. >> which would slow progress in the labor market and intensify supply-chain disruptions. powell says that could fuel more price increases supply chain problems have made it difficult for producers to meet strong demand, particularly for goods. increases in energy prices and rents are also pushing inflation upward, but powell says most experts still believe inflation will decrease significantly over the next year. >> and in an effort to help the fed may stop its aid to the bond market sooner than expected. officials are also concerned about the harm that will come if congress fails to increase the nation's debt limit in the next 2 weeks. we will eviscerate our current recovery. >> in a ma

janet yellen spoke about unlocking the potential. we've got to get all parts of the economy back working. that's what rebuilding looks like. those are the ripple effects we need. we need the six jobs. we need the sole proprietors to work. and we need the smaller businesses that are bigger employers to also work. but i think the key thing is that this is what unlocking future potential looks like in a very sophisticated economy like the u.s. a lot works. but when we leave behind communities and neighborhoods and tribal areas or rural areas, we're leaving, you know, opportunity on the side lines. and here is where our small businesses need investment. and this is again why the lender matters. and why it is important that we restore the lenders who have been out there fighting for these communities, until frankly this pandemic we didn't have a lot of people who knew what the acronym cdfi meant, community development financial institution. and now we see intentionality from the federal government, both suds of the aisle in supporting cdf