Business
‘This is the Definition of a Soft Landing:’ Harris on Economy, Fed Rate Path
Ben Harris, Former Assistant Secretary of Economic Policy at the US Treasury Department, discusses the Treasury Department releasing new analysis on how President Biden’s economic agenda has raised the purchasing power of American households. He also talks about what the economy may look like in 2024, and whether or not he sees the Federal Reserve cuttings rates in 2024. Ben Harris speaks with Annmarie Hordern and Joe Mathieu on Bloomberg’s “Balance of Power.”
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Former US Ambassador to NATO Ivo Daalder says the Trump administration lacks a concerted strategy to pressure Russia into negotiations, arguing Washington needs to combine continued military support for Ukraine with stronger economic pressure and diplomacy. He also sees little prospect that Chinese President Xi Jinping’s upcoming visit to Washington will produce progress toward ending the war. Daalder speaks with Joe Mathieu and Tyler Kendall on the late edition of Bloomberg’s “Balance of Power.”
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Tom Keene and Lisa Abramowicz host a special edition of “Bloomberg Surveillance” live from Jackson Hole. In his debut as Fed Chair at the annual gathering, Kevin Warsh warned inflation isn’t meaningfully slowing and said policymakers still have “work to do” unless they can be confident it is. Guests include Cleveland Fed President Beth Hammack, former Kansas City Fed President Esther George, the Bank of England’s Catherine Mann, Cornell University’s Eswar Prasad, Citi Wealth CIO Kate Moore, NewEdge Wealth CIO Cameron Dawson and PIMCO Global Economic Advisor Richard Clarida.
Chapters:
00:00:00 – Surveillance Jackson Hole Special
00:02:38 – Warsh’s Policy Shift, Fed Credibility, Inflation Risks & Market Uncertainty
00:03:34 – Beth Hammack | Inflation Too High, Why the Fed May Need Higher Rates & Restoring Credibility
00:16:16 – Esther George | New Fed Leadership, Inflation Risks, Rate Cuts Debate & Policy Credibility
00:23:44 – Cameron Dawson | Markets vs. the Fed, Financial Conditions, Rate Hikes & Investor Expectations
00:28:48 – Catherine Mann | Global Inflation, Supply Shocks, Monetary Policy & Why Central Banks Remain Hawkish
00:39:38 – Eswar Prasad | The Dollar’s Future, Stablecoins, Reserve Currency Risks & Global Financial Fragmentation
00:46:43 – Richard Clarida | What Markets Need from Warsh, Fed Framework Changes & Inflation Strategy
00:51:39 – Kevin Warsh Fed President | 2% Inflation Target Remains Firm, Inflation Not Moving Fast Enough & “We Have Work To Do”
01:11:13 – AI Investment Boom, Capex Growth, Corporate Profits & Productivity Potential
01:14:41 – Inflation Still Too High, Price Stability Mandate & Conditions for Future Rate Hikes
01:20:55 – Immediate Reaction to Warsh’s Jackson Hole Speech
01:24:42 – Did Warsh Signal a Rate Hike? Inflation, Policy Framework & Fed Credibility
01:27:38 – Kate Moore Citi | Market Reaction, 2% Inflation Commitment, Equities & Higher Rates
01:42:11 – Breaking Down Warsh’s Message, AI Productivity & Rate Hike Expectations
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Six months into the US conflict with Iran, oil flows from the Persian Gulf have recovered to about 40% of prewar levels, but risks remain as the Strait of Hormuz stays constrained and the Navy faces mounting pressure on personnel, equipment and finances. Bloomberg News Economic Statecraft Lead Chris Kennedy and Bloomberg News Defense Reporter Jen Judson join hosts Christina Ruffini and Bailey Lipschultz on Bloomberg This Weekend and discuss the strain on US military readiness and why a new US deal involving Venezuelan oil fields is unlikely to deliver a significant near-term boost to global supply.
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A deadly flash flood tore through a valley in Nepal near the Chinese border, leaving hundreds dead and more than a thousand missing. Foreign tourists are among those affected as authorities brace for flooding downstream.
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Indian Prime Minister Narendra Modi called on President Vladimir Putin to end Russia’s war in Ukraine during a meeting on the sidelines of the Shanghai Cooperation Organization summit in Kyrgyzstan. Bloomberg’s Sudhi Ranjan Sen explains what leverage India has with Russia, why Modi made the appeal now and what it could mean for the two countries’ ties.
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@dinosaurdude5668
December 20, 2023 at 7:24 pm
This guy is a mouth piece for current administration, and doesn’t really hide it well.
He likes “let’s go Brandon” slogan!? Interesting
@keatrustrecording
December 20, 2023 at 7:24 pm
Reality vs polls. Dems will easily win in 2024.
@darwinmonzingo9738
December 20, 2023 at 7:24 pm
🚫don't trust a word this lie ING sh t whore says and get ready for the PLANE CRASH!
the world is my family and I won't lie to my brothers and sisters like this privileged demon
@Notarys
December 20, 2023 at 7:24 pm
Housing / rent is too high
@donarrivas1675
December 20, 2023 at 7:24 pm
People are so psyched out when jerome says it so… People have seen all kinds of inflations in today economy, from the labor cost inflation to the inflated prices of the consumer's products to anything that has the dollar signs on it. The inflation comes to stay to make its new economy cycle, not to reduce the costs of the daily staples in the grocery centers.
@chrischoir3594
December 20, 2023 at 7:24 pm
Fed wants to pump S&P to 6000+ so a crash retracement to 4000 won't be that bad. If the market went from say 5k to 3k that would be worse
@tabtn6844
December 20, 2023 at 7:24 pm
Yeah… the author was smoking pots when the report was written
@ChiakiShirakawa
December 20, 2023 at 7:24 pm
Too Bloody soft must have been making too much pain
@youtubeaccount-ivan
December 20, 2023 at 7:24 pm
Hey, all old facts are all old facts, let's see a handoff statistic. I would like to see a post service rate for our presidents as we would see a higher stickiness factor of post presidents.
Yes, great, all these numbers may look good, but are they around post, and at what rate? Thats how you create buy-in and a more efficient machine.
Let's regain our focus in life, my generation and younger. The entertainment society cannot be our choice.
@normanzimmerman5029
December 20, 2023 at 7:24 pm
Twilight zone
@SoYappy
December 20, 2023 at 7:24 pm
I am surprised that Bloomberg didn’t say it’s recession that they have been repeating for last 2 years. Now they acted like they are in disbelief.
@blackcamel1872
December 20, 2023 at 7:24 pm
Wages are not risimg faster than prices. FACT
liar pumpers.
@FaithShortridge
December 20, 2023 at 7:24 pm
DO NOT BELIEVE
KNOWN LIARS
@rabbitbobo4131
December 20, 2023 at 7:24 pm
There can’t be a soft landing, when the market is over capitalized. Soft landing would mean a stagflation for decades, as money has to be paid backwards(repaying debt). Unless the US wipe the debt which would also means wiping the credit market, unrealistic to even consider a fast recovery.
@capitocapital
December 20, 2023 at 7:24 pm
For borrowed money… 🎉