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Speaker 1: Bloomberg Sound On, The insiders, the influencers, the insiders. We

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Speaker 1: continue to open this economy slowly, but it's coming back.

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Speaker 1: I want to know what the theme is going to

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Speaker 1: be for Republicans. I can't imagine a more important person

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Speaker 1: in Washington right now than Senator Joe Manchinck. Bloomberg sned

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Speaker 1: on with Joe Matthew on Bloomberg Radio, Biden and Plutin Neates,

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Speaker 1: and the Fed decides. It's been a split screen day

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Speaker 1: here in Washington. We have a lot to talk about Wednesday.

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Speaker 1: Thank you for joining us on Bloomberg Sound On. We

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Speaker 1: begin this hour with Bloomberg's Washington Bureau chief Craig Gordon,

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Speaker 1: who has the important takeaways from the president's summit today

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Speaker 1: with Vladimir Putin. Will talk later about that meeting with

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Speaker 1: Congressman Greg Stuby of Florida, Republican who serves on the

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Speaker 1: House Foreign Affairs Committee. Later, we'll have insights from Bloomberg

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Speaker 1: Politics contributor Jennie she and say No. Welcome to Bloomberg

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Speaker 1: sound On for Wednesday, June sixteenth, the day that we

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Speaker 1: will likely be talking about for a while, and that's

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Speaker 1: why we want to bring in Bloomberg Washington Bureau chief

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Speaker 1: Craig Gordon for a top level view on things today. Craig,

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Speaker 1: it's great to see you. Good to have you on

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Speaker 1: the program. Sure thing the meeting happened in Geneva. Many

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Speaker 1: took note. It was shorter than expected. Both leaders held

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Speaker 1: separate news conferences as planned, and something that we talked

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Speaker 1: about yesterday. Putin was first before our meeting. President Biden

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Speaker 1: said that it wasn't a sporting event, and I fully

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Speaker 1: agree with that. What's your point of kipping score? The

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Speaker 1: meeting had results, It was substantive, it was concrete, and

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Speaker 1: it took place in an atmosphere that was geared towards

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Speaker 1: achieving results. It's Putin speaking through a translator. President Biden

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Speaker 1: followed with his own news conference. I said, your generation

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Speaker 1: of mine about ten years apart. This is not a

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Speaker 1: Kumbaya moment, as he used to say back in the sixties,

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Speaker 1: and United States like less hug and love each other.

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Speaker 1: But it's clearly not in any buddy's interest your countries

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Speaker 1: are I for us to be in a situation where

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Speaker 1: we're in a new co war, So no Kumbaya. But

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Speaker 1: Craig Gordon, what happened that mattered today. The only real

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Speaker 1: announcements was the agreement for both countries to return their

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Speaker 1: ambassadors to their respective capitals. Otherwise, we've a lot of

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Speaker 1: commitments to follow up on a lot of things, including cybersecurity,

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Speaker 1: a prisoner swap. Was this meeting productive or not? Putin

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Speaker 1: and Biden actually both sides set expectations very low for

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Speaker 1: this meeting, and they absolutely met those low expectations. Very

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Speaker 1: very little of substance actually happened. I actually think probably

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Speaker 1: the most important parts of the meeting were less about

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Speaker 1: getting ready to negotiate a new Start agreement when that

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Speaker 1: expires in or sending their ambassadors back to the country,

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Speaker 1: but a chance for these two men who do know

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Speaker 1: each other Joe Biden is obviously the vice president for

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Speaker 1: a long time, to kind of take the measure of

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Speaker 1: each other in person. Biden himself said there's no substitute

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Speaker 1: for doing this in person. I also think it was

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Speaker 1: important for Biden in in sort of almost in Biden's

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Speaker 1: own mind, to show up and say, look a little

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Speaker 1: fun you had with Donald Trump. That's over, Like you'd

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Speaker 1: have some more of our serious Stuffy gave a list

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Speaker 1: of sixteen you know, key uh infrastructure, you know, sort

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Speaker 1: of cyber infrastructure, and said you hack those, we're gonna

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Speaker 1: come at you hard. Um, you know we're not. He

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Speaker 1: raised the issue of navalney the dissident there, So I

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Speaker 1: think some of this was Biden just saying, yeah, it's

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Speaker 1: we're kind of resetting back to the kind of the

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Speaker 1: more standard relationship between our two countries and no more

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Speaker 1: of that coziness with Trump. I'm always fascinated by the

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Speaker 1: optics on a day like this Vladimir Putin, you know,

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Speaker 1: white conference room with a blue backdrop at the podium,

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Speaker 1: Joe Biden had an outdoor stage and forront of beautiful

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Speaker 1: Lake Geneva was made for TV. This is a carefully

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Speaker 1: choreographed event, but it also began with some chaos for

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Speaker 1: American reporters. I wonder if you can bring us behind

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Speaker 1: the scenes. Craig kind of pushed around by Russian security

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Speaker 1: when this thing began. Was that all part of Putin's plan?

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Speaker 1: You know, you always you always wonder how much of

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Speaker 1: this stuff is is kind of stage managed or whatever,

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Speaker 1: trying to get inside each other's heads, even sort of

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Speaker 1: worldly years. They're just sort of almost like two guys

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Speaker 1: on a basketball court, you know, trying to trying to

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Speaker 1: work each other over, work the refs, work, the crowd work,

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Speaker 1: the whole thing. Yes, but that's what happened in the

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Speaker 1: early days. So what would normally happen is the Russian

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Speaker 1: reports would come in, the American reports come in. We

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Speaker 1: it's called the pool spray, the protective pool of both

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Speaker 1: leaders would get to witness them, you know, the first

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Speaker 1: moments together, a few small comments, pleasantries, a handshake, whatever.

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Speaker 1: What happened instead was that the Russian reporters sort of

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Speaker 1: crowded in and then there are they're they're a burly

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Speaker 1: bunch um, you know, pretty lively crew. And uh and

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Speaker 1: our reporters, including Jennifer Jacobs are a terrific White House reporter.

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Speaker 1: We're kind of on the outside looking in. So I

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Speaker 1: think the two leaders even sort of took note of

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Speaker 1: it and and had a couple of comments between each other.

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Speaker 1: But obviously not exactly the way you would want a

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Speaker 1: world shaking summit to start. It's the way it goes,

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Speaker 1: and there's precedent for that, right we as you said,

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Speaker 1: we've seen this stuff happen before. You remember Robert Gibbs

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Speaker 1: and threatening to have to walk out of a meeting

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Speaker 1: in Copenhagen when the American reporters couldn't get a question in.

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Speaker 1: But let's talk issues, Craig while you're here. Cybersecurity was

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Speaker 1: a huge one, and we heard from both leaders on this.

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Speaker 1: Maybe not a lot. Boutin says far more cyber attacks

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Speaker 1: come from the U. S. And Canada. He really tried

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Speaker 1: to downplay this, but he says that we will work

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Speaker 1: together on this. Here's what he said. I think just

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Speaker 1: throwing out these insinuations at the extra level, that's that's inappropriate.

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Speaker 1: We should sit and start working. That's in the interest

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Speaker 1: of the United States and the Russian Federation in principle.

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Speaker 1: We've reached agreement about that, and Russia has prepared to

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Speaker 1: do it. President Biden of course, was asked about this

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Speaker 1: as well in his news conference and how he would

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Speaker 1: prevent such attacks, whether I stopped it from happening it again,

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Speaker 1: he knows I will take action like we did when

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Speaker 1: this last time out. So Craig Gordon, the President says,

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Speaker 1: we have considerable resources to deal with this. He did

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Speaker 1: not detail them. So this remains a problem. Yeah, I

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Speaker 1: think one of the things that it's sort hard for

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Speaker 1: us to cover and hard for the public to comprehend,

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Speaker 1: is that all of this stuff is is very spy

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Speaker 1: versus by it all happens, you know, under cloak of darkness,

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Speaker 1: you don't ever see it. People may remember when North

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Speaker 1: Korea was blamed for hacking Sony pictures. I think we

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Speaker 1: made the lights flicker in Pyongyang a couple of times. Uh.

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Speaker 1: And no one whatever you know, admit to it. Um.

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Speaker 1: But but we all kind of know what happened there.

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Speaker 1: And I think that is what Biden was saying to putin. Look,

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Speaker 1: we know you did it. You're gonna deny it, but

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Speaker 1: we know you did it. We know your fingerprints are

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Speaker 1: all over this thing, or certainly people inside your country.

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Speaker 1: You have knowledge of it, you have an ability to

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Speaker 1: stop it. So the next time it happens, we can

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Speaker 1: make the lights flicker in Moscow or worse. Um. And

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Speaker 1: I think you can assume almost anything you could think

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Speaker 1: of that the United States could do, and a cyber

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Speaker 1: hacking together, whether it's power grids or whether it's the lights,

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Speaker 1: or whether it's energy, much like the colonial pipeline, all

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Speaker 1: of that is at our disposal. They'll never admit to

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Speaker 1: doing it. We may find out twenty years later when

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Speaker 1: they write a book about it. But I think I

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Speaker 1: think Biden did want to deliver that message. Having just

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Speaker 1: gone through the colonial pipeline hack and the meat packing

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Speaker 1: you know attack, this is not something Joe Biden can

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Speaker 1: have happening on his watch. He said, we might benefit

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Speaker 1: from creating a list of of things that cannot be targeted,

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Speaker 1: you know, public and for structure and so forth. But

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Speaker 1: that's not the way wars are waged, is it. Yeah.

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Speaker 1: It's a funny thing because there are there are sort

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Speaker 1: of rules of engagement, and in fact, Joe Biden used

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Speaker 1: the phrase rules of the road. Um again you you know,

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Speaker 1: for a lot of us. Again, I guess I'm all

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Speaker 1: enough to remember growing up in kind of Cold War

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Speaker 1: the Cold War era. But there are sort of ways

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Speaker 1: these two countries engage with each other. Obviously we are

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Speaker 1: strategic rivals, military rivals, all those things, but there are

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Speaker 1: certain lines that you just simply do not cross. And

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Speaker 1: I think what Biden was saying to putin is, hey,

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Speaker 1: you're crossing some lines. The hacking got to stop that,

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Speaker 1: you know, if Navalni dies in prison. That's obviously the

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Speaker 1: famous dissident and went back to Russia poisoned, you know,

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Speaker 1: reportedly poisoned. If that guy dies, it's a really bad

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Speaker 1: day for you, and a few other sort of key things.

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Speaker 1: So Biden, look at you know, Joe Biden, and I's

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Speaker 1: a little bit older than me, but he's a cold warrior.

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Speaker 1: He he wants to kind of reset this to kind

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Speaker 1: of staying in the guardrails, like the cyber hackings outside

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Speaker 1: the guardrails, killing dissidents, murdering distance outside the guardrails. Bring

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Speaker 1: it back in line and we can do some business

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Speaker 1: together if you don't get for some more sanctions and

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Speaker 1: and worse. You mentioned navalny. How about this prisoner swap

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Speaker 1: that a lot of people thought might be announced today.

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Speaker 1: There was some hope that the two former Marines, Trevor

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Speaker 1: Reed and Paul Wheeland would be able to come home

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Speaker 1: maybe with the President, maybe shortly after at least to

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Speaker 1: have a deal, and that deal would involve two Russians

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Speaker 1: jailed here in the US, one accused of arms dealing,

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Speaker 1: the other for drug smuggling. Uh, there's no deal here.

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Speaker 1: Are you surprised that nothing came out of this today?

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Speaker 1: Was it a missed opportunity? I'm not I think Joe

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Speaker 1: Biden actually took a little bit of heat for this meeting.

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Speaker 1: There's there's actually a serious question of why you give

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Speaker 1: Vladimir Putin a meeting like this, Um vladimp Putin got

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Speaker 1: to stand next to the most powerful man in the world,

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Speaker 1: shake his hand, and look like he is essentially his equal.

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Speaker 1: By any objective measure, Russia is no longer the equal

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Speaker 1: of the United States. It's not an economic power. It's

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Speaker 1: a military power only because it's got some rusty, leaking

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Speaker 1: nuclear weapons and silos in certain places, and it's a

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Speaker 1: very big country. But by standing next to Putin, even

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Speaker 1: just that brief amount of time, I mean you kind

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Speaker 1: of saw him on the cameras, you're kind of elevating Putin,

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Speaker 1: and that's what some somebody like Violin r Putin needs

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Speaker 1: very badly. It reminds me of when Trump met with

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Speaker 1: Kim jungling over there in North Korea, that that validation,

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Speaker 1: that credibility is really the is the takeaway for Putin.

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Speaker 1: Putin doesn't need to do a prisoner exchange. Putin doesn't

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Speaker 1: need to sign a big piece of paper. Puton got

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Speaker 1: to stand next to the President United States, who, by

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Speaker 1: the way right now. It's pretty popular. Brand new president

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Speaker 1: obviously a different a tone than than the last guy

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Speaker 1: that was in that office. And that's a very very

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Speaker 1: good day for Vladimir Putin. And some people, even Biden allies, questioned,

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Speaker 1: are we sure we want to give Putin this gift

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Speaker 1: so soon? Right after the hackings, right after Navalny, right

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Speaker 1: after he's kind of making some noises about crimea there.

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Speaker 1: And Putin decided to go ahead with it because I

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Speaker 1: do think it was he felt it was important to

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Speaker 1: him to kind of reset this relationship. Again, there's rules

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Speaker 1: of the road, but he was in no way going

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Speaker 1: to give him a true takeaway or a true gift

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Speaker 1: like that, or give him something in exchange, as much

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Speaker 1: as the people you know behind those those prisoners would

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Speaker 1: want that to happen. A lot was said about the

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Speaker 1: length of the meeting. It was order than some people

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Speaker 1: thought it might be, as they allowed four to five hours. Craig,

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Speaker 1: you've you've covered a lot of bilaterals. These two men

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Speaker 1: sat down for two hours and had a face to

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Speaker 1: face conversation, and President Biden tried to make the point

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Speaker 1: that that may not have ever happened before. Yeah, it's

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Speaker 1: interesting though, the whole, the whole, theatrics around this, and again,

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Speaker 1: the theatrics is the word, you know, the staging, as

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Speaker 1: you say, the pictures, the staging, the different things. We

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Speaker 1: were told this could go four or five hours, we

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Speaker 1: could do, told it could be a joint press conference,

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Speaker 1: then it was gonna be a one or one press

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Speaker 1: conference and whatever. I'm not sure the Americans actually knew

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Speaker 1: exactly what to expect from Vladimir Putin, and so they

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Speaker 1: sort of again, they did sort of leave themselves a

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Speaker 1: lot of wiggle room on a on a longer summit.

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Speaker 1: I kind of think, you know, to be honest, I

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Speaker 1: think both those leaders looked at each other and said, yeah,

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Speaker 1: we've kind of covered it. You know, we're kind of

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Speaker 1: good here. I think we could probably go out and

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Speaker 1: uh and smile for the cameras again, to our press

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Speaker 1: conferences and get out of Geneva. Um. So I think

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Speaker 1: for Joe Biden, he came out of it well, he

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Speaker 1: came out of it sort of unscathed, a lot of

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Speaker 1: worries about whether he looked hired or stumble, none of

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Speaker 1: that happened. He can come home them Europe feeling like

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Speaker 1: he had a pretty good trip. This is Bloomberg Son

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Speaker 1: On with Joe Maphew on Bloomberg Radio live from Washington.

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Speaker 1: Thanks for coming along. This White House staff prepares for

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Speaker 1: the return of the President and the First Lady flying

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Speaker 1: home from Geneva, where the Biden Putin's summit took place

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Speaker 1: earlier today. We're joined now on Bloomberg sound On by

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Speaker 1: Congressman Greg Stuby, a Republican from Florida who serves on

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Speaker 1: the House Foreign Affairs Committee and was surely paying close attention. Congressman, welcome,

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Speaker 1: it's good to have you today. Yeah, thanks for having me.

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Speaker 1: Do you consider Russia America's enemy? Well, there's certain yeah,

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Speaker 1: I do. There's certainly not an ally in any way

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Speaker 1: shape reform. They just hacked the colonial pipeline. Um. If

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Speaker 1: you listened to the mainstream media over the last several

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Speaker 1: years during the Trump administration, everything was Russia collusion. You

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Speaker 1: also had the testimony I also serve on the Judiciary

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Speaker 1: Committee of the testimony that they attempted to um, you know,

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Speaker 1: change the outcome and to influence the outcome of the election.

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Speaker 1: That was the one thing that came from the Model Report,

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Speaker 1: the Mother Report. So I certainly don't think they're a

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Speaker 1: friend of the United States. So knowing that, do you

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Speaker 1: believe that this meeting should have taken place? It was

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Speaker 1: it productive enough to be worthwhile? Well, it certainly wasn't

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Speaker 1: productive when the only thing that Biden said at his

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Speaker 1: press conference today was he that he gave Putin a

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Speaker 1: list of sixteen areas of critical infrastructure that quote should

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Speaker 1: be off limits. Um, And that statement alone demonstrates that

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Speaker 1: that the president's very weak on his position with Russia.

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Speaker 1: I mean, wouldn't you think that everything should be off

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Speaker 1: limits in the United States for cyber attacks? Um? There's

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Speaker 1: nothing that happened from the Colonial pipeline cyber attack. We

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Speaker 1: know for a fact it was the Russians that did that.

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Speaker 1: Whether Putin knew or didn't know, or had influence on

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Speaker 1: the Russian agents that we're doing that, we don't know.

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Speaker 1: But we do know that it came from Russian that

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Speaker 1: the Russians attacked the colonial pipeline. Indeed, and we heard

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Speaker 1: from both leaders on this, as Joe Biden made it

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Speaker 1: clear that he told Vladimir Putin that there would be

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Speaker 1: consequences and that we have a greater ability to respond

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Speaker 1: in terms of cyber But I wonder if you're encouraged

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Speaker 1: by the initial headline, Congressman, that our ambassadors are returning

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Speaker 1: to their respective capitals. Is that not progress? That our

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Speaker 1: ambassadors are returning back to their capitals. It wouldn't be

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Speaker 1: progress if we're actually getting action on some of the

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Speaker 1: words from the Biden administration. UM. He could have sanctioned

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Speaker 1: Nordstream to yet he gave putin a win by allowing

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Speaker 1: that pipeline UH in Europe to be completed instead of

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Speaker 1: sanctioning it. That's certainly a step he could have taken

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Speaker 1: to combat some of the things that Russia is doing.

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Speaker 1: Do you think this meeting should have taken place to

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Speaker 1: begin with? Look, I think I think anytime you can

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Speaker 1: have a conversation with an adversary, a world leader, somebody

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Speaker 1: at UM, you may be able to have some negotiating power,

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Speaker 1: with some leveraging power with There's an incredible amount of

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Speaker 1: power that comes from the United States UM and our

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Speaker 1: policy positions. And President Biden could have walked in there

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Speaker 1: and said, look, if if you hack our pipelines, if

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Speaker 1: you hack our things, if you do these types of activities,

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Speaker 1: we're going to sanction you. And I would have a

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Speaker 1: huge impact on their economy and to have an impact

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Speaker 1: on their ability to complete nord Stream too. And that's

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Speaker 1: not what we saw from the Biden administration today. It

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Speaker 1: doesn't seem sanctions have had a remarkable impact on the

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Speaker 1: on the Putin regime in the past. But I'm joined

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Speaker 1: a Congressman by Bloomberg Politics contributor Jeanie she and Zano

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Speaker 1: on the program today. She has a question for you, Congressman.

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Speaker 1: It's good to talk to you. I noticed today that

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Speaker 1: you released a statement via Twitter on your on your

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Speaker 1: sort of assessment of the Genius Summit, and one of

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Speaker 1: the things you said was that the only thing Biden

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Speaker 1: made clear to Putin is that the US will roll

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Speaker 1: over for Russia under his leadership. And you were just

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Speaker 1: mentioning to Joe some of the ideas you had as

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Speaker 1: to what you hoped the president could do when he

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Speaker 1: went there. So I wanted to ask you, if you

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Speaker 1: were advising President Biden, what would you tell him to

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Speaker 1: do to confront put In more than what he did

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Speaker 1: today on something specific like cyber attacks that we've seen

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Speaker 1: on the colonial pipeline. What specifically would you advise him

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Speaker 1: to do well, You would need to let Putin know

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Speaker 1: that is going to be repercussions when you hack or

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Speaker 1: Russians hack any infrastructure in the United States. Instead of

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Speaker 1: releasing sanctions on nord Stream two, which gives Putin a win,

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Speaker 1: you would continue to sanction nord Stream too, so that

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Speaker 1: they can't complete that project, which will then give them

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Speaker 1: more economic power, economic prowess, and be able to influence

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Speaker 1: uh Europe by their pipeline. You could maintain Trump air

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Speaker 1: defense budgets, ensuring that our defense spending is at a

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Speaker 1: level to ensure that we can defend the national security

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Speaker 1: interests of the United States. Um, you can sanction the

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Speaker 1: Novomni Novomny lift. Um, there's a there's a number of

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Speaker 1: different things that you can do against the Russian regime

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Speaker 1: which would show that we're being serious against their aggression.

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Speaker 1: And so you mentioned nord Stream. You see that as

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Speaker 1: a Biden being a week in terms of Russia, as

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Speaker 1: opposed to him being realistic with one of our most

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Speaker 1: important allies, Germany, in terms of what their needs are.

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Speaker 1: I don't think the Germany should determine the policy of

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Speaker 1: the United States. U s should determine the policy of

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Speaker 1: the United States and what's best for the United States,

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Speaker 1: not not what's best for Germany. So the decisions that

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Speaker 1: should be made by the leader of the free world

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Speaker 1: in the United States should be what's best for the

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Speaker 1: interests of the United States, not for the interests of Germany. Congressman,

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Speaker 1: I know that you are an Army veteran who served

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Speaker 1: in Iraq, and I wonder how you feel about this

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Speaker 1: possible prisoner swap that some were hoping force, specifically involving

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Speaker 1: former US Marines Trevor Reid and Paul Wheeland. Should that

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Speaker 1: have happened, Should we exchange prisoners? Yeah? I think if

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Speaker 1: if if we have Americans that we can't have, we

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Speaker 1: don't have the ability through our special operations or our

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Speaker 1: missions to be able to go and get them. Uh,

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Speaker 1: if they can negotiate their return, I certainly would support

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Speaker 1: bringing our Americans back to American soil, even if it

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Speaker 1: involves releasing potentially some bad guys from Russia. Well that's

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Speaker 1: a that's a determination that you're going to have to balance.

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Speaker 1: But anytime that we can return an American citizens American soil,

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Speaker 1: I think it's a positive thing. Thomas and Greg Stube

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Speaker 1: from Florida, we thank you so much for being with

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Speaker 1: us today on Bloomberg Sound on the Federal Reserve clearly

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Speaker 1: looming large today from Washington to Wall Street. After policymakers

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Speaker 1: wrapped their two day meeting, Chair J. Powell says consumers

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Speaker 1: are spending their way out of COVID Widespread vaccinations, along

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Speaker 1: with on precedent fiscal policy actions are also providing strong

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Speaker 1: support to the recovery. Indicators of economic activity and employment

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Speaker 1: have continued to strengthen. It's power from today's news conference

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Speaker 1: that followed the decision, the announcement and the statement on

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Speaker 1: the economy, and we're joined by an expert. As mentioned,

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Speaker 1: Bloomberg Fed reporter Craig Torres was on that call with

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Speaker 1: Chair Powell. Welcome Craig. It's good to have you with

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Speaker 1: us on Sound on. Creig and you hear us, Yes,

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Speaker 1: I can hear you. Thank you for being here. I'm

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Speaker 1: gonna get to your question that you had for Powell

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Speaker 1: in just a moment, But can you start by telling

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Speaker 1: us what got the market so worked up? Didn't everybody

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Speaker 1: already know that rates would start rising in I think, uh,

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Speaker 1: there was the possibility, um that rates would rise one hike,

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Speaker 1: but they rose too and um in the other data

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Speaker 1: the Fed gave us. We see high uncertainty about inflation

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Speaker 1: and UM and arising sense of risk about inflation. So

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Speaker 1: the tilt is kind of hawkers. We heard from Janet

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Speaker 1: Yellen's today, of course, former Fed Sheer herself testifying before

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Speaker 1: Congress that the recent jump in inflation is something they're

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Speaker 1: watching very carefully the Biden administration, but but reiterated that

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Speaker 1: any increase would be temporary. We're back to this transitory

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Speaker 1: inflation idea, which, of course Chairman Powell has based policy around.

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Speaker 1: But Craig companies are hiking prices, real inflation prices are rising.

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Speaker 1: Does does Powell think they'll pull those prices back when

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Speaker 1: things start to cool off? So it's interesting. He pointed

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Speaker 1: to the lumber market today, which has cooled off right.

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Speaker 1: It's it's retraced much of its gains and UM, he

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Speaker 1: said he hoped I had the same hopes for use

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Speaker 1: cars UM. But really I think the truth is if

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Speaker 1: you listen to them, they don't have a lot of visibility,

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Speaker 1: and probably, like you, they're wondering what's going on here

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Speaker 1: because nobody I don't think companies are saying this is temporary.

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Speaker 1: If you read earnings calls. Companies don't have a lot

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Speaker 1: of visibility about when their supply for whatever is going

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Speaker 1: to normalize and prices are going to fall. So I

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Speaker 1: would say we saw a little bit of lost faith

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Speaker 1: in in FED forecasting today that that was the real

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Speaker 1: concern on Wall Street was the uncertainty, not the forecast. Well,

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Speaker 1: so if the Fed is is more uncertain about inflation,

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Speaker 1: takes inflation very seriously. I want to stress that they

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Speaker 1: view this as the one thing they can control. Um

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Speaker 1: if they're more uncertain about when these pressures resolved, they

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Speaker 1: have to respond, and that's what they did. They wrote

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Speaker 1: down a two hike forecast. For we're speaking on Bloomberg

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Speaker 1: Sound On with Bloomberg FED reporter Craig Touris, who was

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Speaker 1: in the news conference and spoke with Chair Powell following

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Speaker 1: the announced been today. I want to hear a sample

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Speaker 1: of that. A portion of that, Craig, It's edited for air.

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Speaker 1: This is Craig Tourists speaking with Chair Powell. If I

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Speaker 1: were a businessman looking at the forecast today, I would

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Speaker 1: ask how and when the FED seeks to achieve an

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Speaker 1: average of two percent inflation? In other words, does the

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Speaker 1: f o MC have a look back period, or does

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Speaker 1: it plan to suppress inflation in outer years because over

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Speaker 1: the next three years you're going to be above inflation.

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Speaker 1: There's an element of discretion, and uh, you know, it

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Speaker 1: says that we will seek to see inflation that runs

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Speaker 1: moderately above two percent for some time, and it's it's

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Speaker 1: meant to create a broad sense that we want inflation

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Speaker 1: to average two percent over time. But in that under

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Speaker 1: the old under the old formula, under the old framework,

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Speaker 1: what was happening was two percent was the ceiling because

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Speaker 1: all of the errors were below. You were always getting

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Speaker 1: back to two percent, So you were bouncing back and

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Speaker 1: forth between one and a half and two, and we

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Speaker 1: wanted them to be centered around to So so that's

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Speaker 1: that's the approach that we're taking. So Craig Torres, this

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Speaker 1: kind of speaks to my last question what we were

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Speaker 1: already talking about, how the Fed will stay flexible on

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Speaker 1: this in the coming years. Good word flexible, but flexible

430
00:22:12,200 --> 00:22:16,080
Speaker 1: and discretion are not always transparent. And our job as

431
00:22:16,160 --> 00:22:19,680
Speaker 1: journalists are to say, okay, you said an average, so

432
00:22:19,760 --> 00:22:22,880
Speaker 1: over what time period and they don't want to disclose that,

433
00:22:23,119 --> 00:22:27,920
Speaker 1: and really, uh, well, I mean if you say you're

434
00:22:27,920 --> 00:22:31,400
Speaker 1: gonna average, you should tell us when and how, right,

435
00:22:31,520 --> 00:22:34,280
Speaker 1: So is that forthcoming or you're We're just not going

436
00:22:34,320 --> 00:22:38,000
Speaker 1: to know until we're there. It's not forthcoming because they

437
00:22:38,040 --> 00:22:41,880
Speaker 1: want to maintain maximum discretion and it's not up to me.

438
00:22:42,000 --> 00:22:45,640
Speaker 1: I'm just a journalist. It's up to Congress to say, guys,

439
00:22:46,440 --> 00:22:49,280
Speaker 1: you got to put some some rails around this. We

440
00:22:49,320 --> 00:22:51,639
Speaker 1: need to know what you really mean by average. I

441
00:22:51,680 --> 00:22:53,440
Speaker 1: want to ask you about an important story on the

442
00:22:53,560 --> 00:22:56,840
Speaker 1: terminal today, Craig, before you're gone, and that's about China,

443
00:22:56,920 --> 00:23:00,199
Speaker 1: and it ties directly into inflation. As China steps up

444
00:23:00,200 --> 00:23:03,879
Speaker 1: a campaign to rein in commodity prices, UH state owned

445
00:23:03,960 --> 00:23:08,160
Speaker 1: enterprises were ordered to control risks, limit their exposure. Also

446
00:23:08,240 --> 00:23:11,439
Speaker 1: going to be releasing stockpiles of metals like copper, aluminum,

447
00:23:11,440 --> 00:23:15,120
Speaker 1: and zinc. Well, this impact world prices. Well, these are

448
00:23:15,720 --> 00:23:21,240
Speaker 1: global commodities, and UM commodities do reflect global prices, not

449
00:23:21,359 --> 00:23:24,800
Speaker 1: just US prices. So I think it will help UM

450
00:23:24,840 --> 00:23:29,840
Speaker 1: with primary inputs UM. But you know, Joe, you gotta

451
00:23:29,920 --> 00:23:33,240
Speaker 1: ship that stuff over here, and that seems to be

452
00:23:33,359 --> 00:23:38,119
Speaker 1: a problem as well. Another bottleneck, right, like they're shortages

453
00:23:38,160 --> 00:23:41,960
Speaker 1: of containers. So it's good news, But really you gotta

454
00:23:42,000 --> 00:23:45,280
Speaker 1: get it from A to B. Shortages of containers and

455
00:23:45,280 --> 00:23:48,560
Speaker 1: oil prices that keep rising right right, right, Then the

456
00:23:48,640 --> 00:23:50,960
Speaker 1: question becomes seventy or eighty dollars of barrel? You want

457
00:23:50,960 --> 00:23:54,720
Speaker 1: to take a stab at it? Uh, no, you're a

458
00:23:54,760 --> 00:23:58,919
Speaker 1: smart guy. Uh, this is fascinating stuff. Will be watching

459
00:23:58,920 --> 00:24:02,040
Speaker 1: interest rates. Of course, where's the ten year at the moment,

460
00:24:02,080 --> 00:24:04,760
Speaker 1: we're looking at about one five one or something during

461
00:24:04,800 --> 00:24:08,000
Speaker 1: this meeting. Uh, that's still not even the high that

462
00:24:08,080 --> 00:24:10,800
Speaker 1: we saw over the last couple of months. I know,

463
00:24:11,200 --> 00:24:16,239
Speaker 1: it's remarkable that we're at one seven now. Yeah, so

464
00:24:16,280 --> 00:24:21,960
Speaker 1: that's a pretty big move. It's remarkable how um bonn

465
00:24:22,040 --> 00:24:26,040
Speaker 1: yields have hung in. But let's remember our central bank

466
00:24:26,400 --> 00:24:30,040
Speaker 1: is buying eighty billion of treasuries a month. Good point,

467
00:24:30,119 --> 00:24:32,760
Speaker 1: and we keep hearing the word transitory. So we've moved

468
00:24:32,840 --> 00:24:36,159
Speaker 1: forward here. Yeah, Bloomberg Fed reporter, cract tourist, many thanks

469
00:24:36,520 --> 00:24:39,359
Speaker 1: for being on the call and being on our program today.

470
00:24:39,840 --> 00:24:43,640
Speaker 1: You're listening to Bloomberg you sound on with Joe Matthew

471
00:24:44,000 --> 00:24:48,800
Speaker 1: on Bloomberg Radio. What a day, And we are here

472
00:24:48,800 --> 00:24:51,160
Speaker 1: to distill all of it for you on Bloomberg Sound

473
00:24:51,200 --> 00:24:54,000
Speaker 1: On thanks for joining us. I'm joined again by Bloomberg

474
00:24:54,040 --> 00:24:58,320
Speaker 1: Politics contributor Genie she and Zano for insights on the

475
00:24:58,359 --> 00:25:00,800
Speaker 1: Biden Putin meeting and the FED meaning as well. For

476
00:25:00,840 --> 00:25:05,880
Speaker 1: that matter, Genie, let's start in Geneva, was anything real accomplished? Today?

477
00:25:06,520 --> 00:25:09,520
Speaker 1: We heard the President say that he did what he

478
00:25:09,600 --> 00:25:13,680
Speaker 1: wanted to do. Um. I think overall, his first overseas

479
00:25:13,680 --> 00:25:16,600
Speaker 1: trip was remarkably successful, and I think the White House

480
00:25:16,640 --> 00:25:20,159
Speaker 1: has to feel very good about that. In terms of Geneva,

481
00:25:20,840 --> 00:25:24,800
Speaker 1: you know, this to me wasn't really about the summit itself.

482
00:25:24,920 --> 00:25:27,760
Speaker 1: The optics were interesting, and there's an awful lot to

483
00:25:27,800 --> 00:25:30,320
Speaker 1: say about that, and you talked to Craig about some

484
00:25:30,400 --> 00:25:32,760
Speaker 1: of that, you know, just the fact that Putin came

485
00:25:32,800 --> 00:25:35,240
Speaker 1: early and didn't keep Biden waiting like he did he

486
00:25:35,240 --> 00:25:38,359
Speaker 1: has done many other presidents. Um that. You know, the

487
00:25:38,359 --> 00:25:42,800
Speaker 1: the press conferences afterwards were absolutely fascinating. We should note

488
00:25:42,800 --> 00:25:45,840
Speaker 1: that the way that you know, Putin's remarks versus Biden's

489
00:25:45,840 --> 00:25:49,239
Speaker 1: remarks are being reported on Russian state State TV are

490
00:25:49,280 --> 00:25:53,080
Speaker 1: a really really interesting because they're claiming that Biden didn't

491
00:25:53,119 --> 00:25:57,160
Speaker 1: take questions from the Russian press, whereas Putin did so

492
00:25:57,400 --> 00:26:00,359
Speaker 1: you know, remarkable optical things like that. But I do

493
00:26:00,520 --> 00:26:04,600
Speaker 1: think that Biden did a it was a good first summit.

494
00:26:04,680 --> 00:26:07,359
Speaker 1: But I think the real question, as Biden himself said,

495
00:26:07,720 --> 00:26:11,320
Speaker 1: is what's going to happen next. He wants to contain

496
00:26:11,600 --> 00:26:14,720
Speaker 1: Russia very very hard to do because it's not in

497
00:26:14,800 --> 00:26:18,840
Speaker 1: Vladimir Putin's interest and it's not his what he wants

498
00:26:18,880 --> 00:26:21,080
Speaker 1: to do or has done over the last twenty thirty

499
00:26:21,119 --> 00:26:23,840
Speaker 1: years he's been in power. A lot was said about

500
00:26:23,840 --> 00:26:27,040
Speaker 1: how this was good for Putin just to be seen there,

501
00:26:27,119 --> 00:26:29,840
Speaker 1: right We here we heard the same thing, frankly when

502
00:26:29,960 --> 00:26:32,879
Speaker 1: former President Trump not so much met with Putin, but

503
00:26:32,960 --> 00:26:38,439
Speaker 1: when he met with Uh Kim jongon in South Korea,

504
00:26:38,840 --> 00:26:41,320
Speaker 1: in North Korea. Rather just to be seen on the

505
00:26:41,359 --> 00:26:45,040
Speaker 1: same stage as the president of the United States is

506
00:26:45,200 --> 00:26:47,920
Speaker 1: a gift for the other leader. What was the gift

507
00:26:47,960 --> 00:26:50,920
Speaker 1: for Joe Biden? What did he take away that would

508
00:26:50,960 --> 00:26:53,760
Speaker 1: make this a win for him? I think for Joe Biden,

509
00:26:53,840 --> 00:26:55,080
Speaker 1: and you know, I just want to go back. I

510
00:26:55,200 --> 00:26:57,280
Speaker 1: have a bit of a problem with that criticism. And

511
00:26:57,320 --> 00:27:00,320
Speaker 1: you're right, we absolutely always hear it from both sides.

512
00:27:00,800 --> 00:27:04,520
Speaker 1: You know, I think when you're talking about a nuclear Russia. Granted,

513
00:27:04,560 --> 00:27:07,600
Speaker 1: their economy is much much smaller than ours. They may

514
00:27:07,600 --> 00:27:10,320
Speaker 1: not be the superpower they were once described as now,

515
00:27:10,520 --> 00:27:13,159
Speaker 1: but they are a nuclear country. They're a country that

516
00:27:13,200 --> 00:27:16,160
Speaker 1: has attacked US in the last several years. I don't

517
00:27:16,200 --> 00:27:20,400
Speaker 1: see any problem with meeting with the counterpart there um,

518
00:27:20,480 --> 00:27:22,879
Speaker 1: so I always balk a little bit at that criticism.

519
00:27:23,080 --> 00:27:25,760
Speaker 1: But I do think what Joe Biden was able to

520
00:27:25,800 --> 00:27:29,119
Speaker 1: do today, you know, the smaller things, re establishing the

521
00:27:29,359 --> 00:27:32,800
Speaker 1: you know, sort of soft relationship, if you will, soft

522
00:27:32,800 --> 00:27:36,320
Speaker 1: diplomacy as they call it, so there's more communication. I

523
00:27:36,359 --> 00:27:39,680
Speaker 1: think that's always important. We have the ambassadors, the very

524
00:27:39,680 --> 00:27:43,480
Speaker 1: important start treaty talks, maybe some movement, some committee on

525
00:27:43,520 --> 00:27:47,480
Speaker 1: cyber but I think more importantly, he's made the case

526
00:27:47,600 --> 00:27:51,280
Speaker 1: publicly that he is willing to work with Russia, but

527
00:27:51,480 --> 00:27:54,479
Speaker 1: if they indeed attack us, he's gonna have no choice

528
00:27:54,520 --> 00:27:57,439
Speaker 1: but to retaliate. Now, how he does that and whether

529
00:27:57,480 --> 00:28:00,119
Speaker 1: that will be effective as a whole another question. I

530
00:28:00,160 --> 00:28:03,480
Speaker 1: also think it's very much in Biden's personality, right, you know,

531
00:28:03,520 --> 00:28:05,560
Speaker 1: we heard I was I was stunned to hear Putin

532
00:28:05,600 --> 00:28:07,520
Speaker 1: talk about the fact that he was listening to Biden

533
00:28:07,600 --> 00:28:11,000
Speaker 1: talk about his mother. You know, Biden talking about the

534
00:28:11,040 --> 00:28:13,240
Speaker 1: same stuff we hear him talk about. So, you know,

535
00:28:13,320 --> 00:28:17,080
Speaker 1: I think for Biden it's always about those interpersonal relationships.

536
00:28:17,359 --> 00:28:19,800
Speaker 1: I am not probably as convinced as Joe Biden that

537
00:28:19,800 --> 00:28:23,600
Speaker 1: that will yield fruit necessarily, but I do think for Biden,

538
00:28:23,880 --> 00:28:26,000
Speaker 1: he wanted to go over there and make that case.

539
00:28:26,240 --> 00:28:29,199
Speaker 1: And I also think really important that he had the

540
00:28:29,280 --> 00:28:32,880
Speaker 1: Europeans and the NATO allies, this trans atlantic community. He's

541
00:28:32,920 --> 00:28:35,320
Speaker 1: trying to re establish that sort of wind at his

542
00:28:35,359 --> 00:28:37,440
Speaker 1: back as he went in there and met with Putin

543
00:28:37,520 --> 00:28:40,240
Speaker 1: and said to the autocracies, as he calls him around

544
00:28:40,240 --> 00:28:43,760
Speaker 1: the world, that democracies are uniting again and we are

545
00:28:43,800 --> 00:28:45,560
Speaker 1: going to be a force to be reckoned with. Because

546
00:28:45,600 --> 00:28:47,920
Speaker 1: of course, that is what Putin has been trying to

547
00:28:48,000 --> 00:28:51,200
Speaker 1: do in all of these cases, attacking elections and other things,

548
00:28:51,520 --> 00:28:54,560
Speaker 1: is to stabilize his own his own power, and to

549
00:28:54,640 --> 00:28:58,080
Speaker 1: tell Russians that democracy is not a form of government

550
00:28:58,120 --> 00:29:00,840
Speaker 1: you want to be embroiled in, engaged in. Look at

551
00:29:00,880 --> 00:29:03,640
Speaker 1: what happens over there. Yeah, no real movement on human

552
00:29:03,720 --> 00:29:07,520
Speaker 1: rights in general, Genie. This came up, Both leaders spoke

553
00:29:07,600 --> 00:29:11,840
Speaker 1: about it, talked around it. Joe Biden, obviously continuing to

554
00:29:11,920 --> 00:29:15,200
Speaker 1: accuse Russia of abusing human rights. Vladimir Prutin turned around

555
00:29:15,200 --> 00:29:18,440
Speaker 1: and tried to make this about January six. He said,

556
00:29:18,680 --> 00:29:20,960
Speaker 1: you've you've had this happened. You had people with political

557
00:29:21,000 --> 00:29:23,640
Speaker 1: demands go to the capital. Of course, they were breaking

558
00:29:23,640 --> 00:29:26,040
Speaker 1: windows and uh and ended up killing a couple of

559
00:29:26,080 --> 00:29:30,440
Speaker 1: law enforcement officers and it turned into an insurrection. Uh,

560
00:29:30,760 --> 00:29:34,440
Speaker 1: but no real movement there. Did they cancel each other

561
00:29:34,520 --> 00:29:36,240
Speaker 1: out on this issue? Or is this the start of

562
00:29:36,240 --> 00:29:39,800
Speaker 1: a conversation. You know, I didn't expect that Putin was

563
00:29:39,840 --> 00:29:41,479
Speaker 1: going to turn around and say, you know, you're right,

564
00:29:41,520 --> 00:29:44,000
Speaker 1: let's let Navalni whose name he won't even say publicly

565
00:29:44,000 --> 00:29:46,200
Speaker 1: out of prison, or you know, I don't think, but

566
00:29:46,240 --> 00:29:49,240
Speaker 1: I do think is important as part of Biden's larger

567
00:29:49,320 --> 00:29:53,480
Speaker 1: strategy of countering autocracies around the world, he has got

568
00:29:53,520 --> 00:29:56,560
Speaker 1: to stick up for human rights and civil rights around

569
00:29:56,600 --> 00:29:59,200
Speaker 1: the world. You know what you're pointing to in terms

570
00:29:59,240 --> 00:30:00,880
Speaker 1: of Putin's what a boudi is um is what we

571
00:30:00,920 --> 00:30:03,720
Speaker 1: always hear from Putin. And you know, it's important that

572
00:30:03,760 --> 00:30:06,840
Speaker 1: Biden doesn't say we are perfect, because we are certainly

573
00:30:06,880 --> 00:30:09,240
Speaker 1: not perfect as we look at Juneteenth and other things

574
00:30:09,280 --> 00:30:11,959
Speaker 1: coming down the pike. But it is important that the

575
00:30:12,000 --> 00:30:15,600
Speaker 1: President of the United States stands up for civil liberties,

576
00:30:15,640 --> 00:30:19,000
Speaker 1: civil rights, human rights around the world as something that

577
00:30:19,040 --> 00:30:22,360
Speaker 1: we should all aspire to. And so, you know, I

578
00:30:22,440 --> 00:30:25,160
Speaker 1: don't think that, you know, we're going to see much

579
00:30:25,280 --> 00:30:29,040
Speaker 1: movement there particularly, but that doesn't mean he shouldn't make

580
00:30:29,120 --> 00:30:32,200
Speaker 1: the case, because every time he makes that case, it's

581
00:30:32,240 --> 00:30:35,320
Speaker 1: important for people around the world to hear that this

582
00:30:35,400 --> 00:30:38,000
Speaker 1: is something we should all aspire to as we should.

583
00:30:39,000 --> 00:30:43,200
Speaker 1: You've heard me ask the congressman, Congressman Stubie in the

584
00:30:43,240 --> 00:30:46,160
Speaker 1: beginning of the program, Republican from Florida and an Iraq

585
00:30:46,240 --> 00:30:49,160
Speaker 1: war veteran, about this prisoner swap that was potentially on

586
00:30:49,200 --> 00:30:51,480
Speaker 1: the table. There was a lot of talk about this

587
00:30:51,880 --> 00:30:53,840
Speaker 1: at least, and he was even in favor of this.

588
00:30:53,920 --> 00:30:58,120
Speaker 1: There are two former US Marines, two Marine Corps veterans

589
00:30:58,160 --> 00:31:01,680
Speaker 1: who are being held in Rush. Right now, we'll listen

590
00:31:01,680 --> 00:31:05,120
Speaker 1: to what both leaders said about this in the order

591
00:31:05,160 --> 00:31:08,960
Speaker 1: they spoke. Vladimir Putin there could be some compromise meeting

592
00:31:09,040 --> 00:31:12,920
Speaker 1: or into between the Russian Foreign Ministry and the U

593
00:31:13,000 --> 00:31:15,240
Speaker 1: s State Department. They will be working on it now.

594
00:31:15,280 --> 00:31:17,920
Speaker 1: This also came up at the very end of Joe

595
00:31:17,960 --> 00:31:20,080
Speaker 1: Biden's news conference. He was actually walking away from the

596
00:31:20,120 --> 00:31:30,080
Speaker 1: microphone when he turned around to answers, I'm not going

597
00:31:30,160 --> 00:31:34,160
Speaker 1: to where is that the next most tangible thing in

598
00:31:34,400 --> 00:31:38,000
Speaker 1: that they can do securing the release of US marines

599
00:31:38,000 --> 00:31:40,880
Speaker 1: Trevor Reid and Paul Wheeling. I think it's one of

600
00:31:40,920 --> 00:31:43,160
Speaker 1: the things that they can do together. I think, you know,

601
00:31:43,200 --> 00:31:46,800
Speaker 1: the cyber security aspect and this committee, I think the

602
00:31:46,880 --> 00:31:49,600
Speaker 1: start treating negotiations. I think there's other things, but I

603
00:31:49,640 --> 00:31:52,240
Speaker 1: do think this is a tangible and this is something

604
00:31:52,280 --> 00:31:55,120
Speaker 1: that you know, we always you know, welcome when they

605
00:31:55,120 --> 00:31:57,200
Speaker 1: have these prisoners swaps. I do think it gives them

606
00:31:57,240 --> 00:31:59,959
Speaker 1: something to talk about. I am, quite frankly not surpris

607
00:32:00,040 --> 00:32:02,680
Speaker 1: eyes that it didn't come out of this meeting, But

608
00:32:02,800 --> 00:32:04,920
Speaker 1: I do think that it is something that they can

609
00:32:04,960 --> 00:32:08,320
Speaker 1: circle back on and that keeping them talking is always

610
00:32:08,440 --> 00:32:11,480
Speaker 1: a good thing, and of course for the families of

611
00:32:11,720 --> 00:32:14,600
Speaker 1: the people involved in this, it's critically important as well.

612
00:32:14,640 --> 00:32:17,720
Speaker 1: So I think we heard positive steps that this may

613
00:32:17,760 --> 00:32:21,600
Speaker 1: be something going forward. We heard from the Republican National

614
00:32:21,640 --> 00:32:25,040
Speaker 1: Committee about the meeting today, kind of giving us a

615
00:32:25,040 --> 00:32:27,440
Speaker 1: sense of what we might hear from Congressman Stuby. They

616
00:32:27,520 --> 00:32:31,160
Speaker 1: they essentially said, uh, that this was a mistake for

617
00:32:31,280 --> 00:32:34,760
Speaker 1: Joe Biden to meet with Vladimir Putin. Looking at the

618
00:32:34,840 --> 00:32:37,640
Speaker 1: statement here, it's ays giving Putin a meeting is just

619
00:32:37,680 --> 00:32:40,840
Speaker 1: the latest win that Joe Biden has handed Russia, including

620
00:32:40,880 --> 00:32:43,800
Speaker 1: waving sanctions on the Nord Stream to pipeline while he

621
00:32:43,840 --> 00:32:48,520
Speaker 1: crushes US energy jobs at home. It does sound a

622
00:32:48,560 --> 00:32:52,200
Speaker 1: lot like what we heard from Congressman Stuby. But how

623
00:32:52,240 --> 00:32:55,000
Speaker 1: does that jive with the relationship that the Trump White

624
00:32:55,000 --> 00:32:58,120
Speaker 1: House had with Russia? You know, it's hard to take

625
00:32:58,240 --> 00:33:02,320
Speaker 1: that seriously, you know, again, and this is something I

626
00:33:02,400 --> 00:33:05,680
Speaker 1: believe strongly talking and I thought the same thing when

627
00:33:05,720 --> 00:33:09,160
Speaker 1: Trump held his talks with various leaders around the world.

628
00:33:09,160 --> 00:33:11,680
Speaker 1: And I would say it again for Biden. You do

629
00:33:11,760 --> 00:33:16,480
Speaker 1: not lose credibility by having a conversation. And I think

630
00:33:16,520 --> 00:33:19,040
Speaker 1: it is interesting as you look back at the Helsinki

631
00:33:19,480 --> 00:33:23,400
Speaker 1: summit between Putin and Trump that even people in his

632
00:33:23,480 --> 00:33:27,840
Speaker 1: own administration have described the disastrous parts of that and

633
00:33:27,880 --> 00:33:31,440
Speaker 1: the fact that President Trump stood up there and said

634
00:33:31,520 --> 00:33:36,560
Speaker 1: he believed Putin over his own US national security figures.

635
00:33:36,560 --> 00:33:38,840
Speaker 1: So I think if you talk about sort of giving

636
00:33:38,880 --> 00:33:42,440
Speaker 1: away things to to Putin and Russia. I think it's

637
00:33:42,440 --> 00:33:45,040
Speaker 1: hard to take that criticism seriously. Am I surprised they

638
00:33:45,040 --> 00:33:47,960
Speaker 1: made it. Know it's the Republican National Committee. They've got

639
00:33:47,960 --> 00:33:51,040
Speaker 1: to make those cases. Um. But I do think that

640
00:33:51,160 --> 00:33:54,680
Speaker 1: Joe Biden handled this fairly well. But we haven't again,

641
00:33:55,240 --> 00:33:57,600
Speaker 1: you know, a sort of have to sort of see

642
00:33:57,640 --> 00:34:00,680
Speaker 1: what comes out of this, and I think put rather

643
00:34:00,760 --> 00:34:03,000
Speaker 1: Biden said that when he said the proof is going

644
00:34:03,040 --> 00:34:05,760
Speaker 1: to be in the pudding, and we haven't seen that yet,

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Speaker 1: and we won't for some time. Any other day, Jeannie,

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Speaker 1: we'd be talking about the Fed meeting. We had to

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Speaker 1: lead stories in one day today, and this is a

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Speaker 1: big deal. We're still going to be reading the sea leaves,

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Speaker 1: and I suspect markets will continue reacting to this tomorrow.

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Speaker 1: We heard from Janet Yellen testifying on Capitol Hill today

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Speaker 1: said the Biden administration is very carefully monitoring inflation, monitoring prices.

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Speaker 1: They don't want to relive the nineteen seventies. Is this

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Speaker 1: the biggest domestic challenge right now getting this economy back

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Speaker 1: on track without creating inflation. I think it is absolutely

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Speaker 1: the biggest task that the administration has in Congress as well,

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Speaker 1: and I was struck in Yellen's testimony as she talked

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Speaker 1: about the unhealthy aspects of the economy, and she focused

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Speaker 1: on things like wage inequality, race inequality, climate, and the

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Speaker 1: labor force participation. You combine that, and I think she

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Speaker 1: is try, at least my reading of it, she is

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Speaker 1: trying to make the case for Congress to go bigger

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Speaker 1: and bolder on this infrastructure bill. At the same time,

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Speaker 1: she claims that we can handle any inflation coming down

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Speaker 1: the track. And I think one big question that remains

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Speaker 1: in my mind is does the Fed have the tools

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Speaker 1: to do that. I am not convinced that they do,

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Speaker 1: or that huge spending of that of that, you know,

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Speaker 1: what the Democrats would like in particular, is what we

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Speaker 1: need at this point. But I do think she was

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Speaker 1: up there as Treasury Secretary making the case, and I

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Speaker 1: think you're going to see Democrats reiterating that the market

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00:35:36,040 --> 00:35:38,319
Speaker 1: seem to agree with you, Genie, if it's it could

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Speaker 1: look at Wall Street and interest rates today. We'll find

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Speaker 1: out how we do going forward on this tomorrow on

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Speaker 1: Bloomberg sound On, Gennie, She and Zano thank you for

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Speaker 1: being with us. As ever. I'm Joe Matthew in Washington,

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Speaker 1: meets you back here tomorrow on Bloomberg Sound On. I'm

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Speaker 1: Joe Matthew. This is Bloomberg