Transcripts For CSPAN Federal 20240704

The decision and what conditions would warrant a future rate cut later this year. The federal open revisit the ise when it meets again at the end of may. Good afternoon. My colleagues and i remained squarely focused on our dual mandate to promote maximum employment and stable prices for the american people. The economy has made considerable progress toward our dual mandate objectivesinflatiod substantially while the labor market has remained strong. And that is very good news. But inflation is high. Ongoing progress in bringing it down is not assured and the path forward is uncertain. We are fully committed to returning inflation to our 2 goal, restoring price stability is essential to achieve a sustainably strong labor market that benefits all. ■iltoday, the fomc decided to le our policy Interest Rate unchanged and to continue to reduce our Securities Holdings. Our restrictive stance of Monetary Policy has been putting downward pressure on Economic Activity and inflation. As labor market tightness has eased and progress on inflation has continued, the risks to achieving our employment and inflation goals are moving into better balance. I will have more to say about Monetary Policy after briefly renewing economic developments. Suggest that Economic Activity has been expanding at a solid pace. Gdp growth in the Fourth Quarter offor 2023 as a whole, gdp expanded 3. 1 , bolstered by strong consumer demand as well nditions. Activity in the housing sector was subdued over the past year rates. High Interest Rates also appear to have weight on business fixed investment. In our summary of economic predictions, Committee Participants generally expect gdp growth to slow from last years pace with a median projection of 2. 1 thiye and 2 over the next two years. Artists up ands generally revised up their growth projections the strength of incoming data, including data on labor supply. The labor market remains relatively tight, but supply and demand conditions continue to come into better balance. Over the past three months, payroll job gains averaged 265,000 jobs perment rate has ed up but remains low at 3. 9 . Strong job creation has been accompanied by increase in the supply of workers, reflecting increases in participation among individuals aged 2550 four years, and he continued strong pace of immigration. Nominal wage growth has been easing and Job Vacancies have declined. Although the jobs workers gap has narrowed, labor demands still exceed the supply of available workers. Fomc participants expect in thet to continue, easing upward pressure on inflation. Meeting Unemployment Rate projection in the sep is 4 at the end of this year and 4. 1 at the end of next year. Inflatios eased notably over the past year but remains above our longer run goal of 2 . Estimates based on the Consumer Price index and other data indicate that total pcerices rose 2. 5 over the 12 months ending in february. And that excluding the volatile categories, core pce prices rose 2. 8 . Over time Inflation Expectations broad range ofn well anchore surveys of households, businesses, and forecasters, as well as for measures from financial markets. The median projection in the sep for total pce inflation falls to 2. 4 this year, 2. 2 next 2 in. The feds Monetary Policy tions are guided by our mandate to promote maximum employment and stable prices for the american people. My colleagues and i are acutely aware th hsignificant hardship s the roads purchasing power, especially for those least able to meet the higher costs of ike food, housing, and transportation. We are strongly committed to returning inflation to our 2 objective. Committee decided at todays meeting to maintain the target range for the federal funds rate at 5. 25 to 5 . As labor market tightness has risk to achieving our employment inflation goals are coming into better balance. We believe our policy rate is likely at its peak for this tightening cycle and that if the economy evolves broadly as expected, it will likely be appropriate to begin dialing back policy some point this year. The Economic Outlook is uncertain, however, and we ma■d0c■ive to inflation risk. We are prepared to maintain the current target range for the federal funds rate for longer if appropriate. We know that reducing policy restraint too soon or too much could result in a reversal of the progress we have seen on inflation ultimately require even tighter policy to get inflation back to 2 . At the same time, reducing policy restraint too late or too could unduly weaken Economic Activity and employment. In considering any adjustments to the target range for the federal funds rate, the committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably down toward 2 . Of course we are committed to boides of our du mandate and an unexpected weakening in the labor market could also warrant a policy response. Weby meeting. In our sc p fomc participants 33heir individual assessments on appropriate path for the federal funds rate based on what each participant judges to be the most likely scenario going forward. If the economy evolves as protected, the median participant projects the appropriate level of federal funds rate will before. 6 at the end of thisthe end of 2020 at the end of 2026. Still above the Media Projections are not a Committee Decision or plan if the economy does not evolve as projected, the path for policy will adjustpropriate to foster our maximum employment and price stability goals. Ties holdings have declined by nearly 1. 5 trillion since the committee began reducing our portfolio. This meeting we discussed issues related to slowing the pace of decline in our Securities Holdings, while we did not make any decisions today on this general the general sense of th appropriate to slow the pace of runoff fairly soon. Consistent with the plans we previously issued, the decision noes not mean that our Balance Sheet will ultimately shrink by less than it would otherwise. But rather allows us to approach the ultimate level more gradually. In particular, slowing the pace of runoff will help ensure a smooth transition, reducing the possibility that money markets y facilitating the ongoing decline in our Securities Holdings consistent with reaching the appropriate level of ample reserves. We remain committed to bringing inflation back down to our 2 goal and to keeping our longerterm Inflation Expectations well anchored. Storing price stability is essential to set the stage for achieving maximum employment and price stability over the longterm. ■eto conclude, we understand tht our actions affect communities, families, and businesses across the country. Everything we do in rvwe at thg we can to achieve our maximum ploy meant and price stability goals. Thank you. ■ mr. Chairman, the projectios show somewhat higher core inflation. They also show somewhat stronger growth. Should we infer from this notion, on same this year but inflation is higher and growth is hard. Does it mean more tolerance for higher inflation and lessingnesy to achieve that target . Chairman powell no, doesnt mean that. Ointed out in my opening remarks, we did mark up our growth forecast and so have many other forecasters so the economy is perin the inflation data cama little bit higher, its a separate matter and i think that cause people to write up there inflation. Nonetheless, we continue to make Good Progress on bringing inflation down, so. P, when you say you are willing to either maintain the rate for longer, what is the tolerance of the Federal Reserve for inflation coming in aboveget . Chairman powell we are strongly committed to bringing inflation down to 2 over time. At is our goal, and we will achieve that goal. Markets leave we will achieve that goal and they should believe that because that is what will happen over time. We are making projections that do show that happening and we are committed to that outcome and we will bring it about. ■÷thanks for taking ourave beeng that relief on housing and is coming, but it still hasnt shown up meaningfully the cpi or that challenge your assumption about when the shift will finally break through since it hasnt at that point . Chairman powell i think tree te market lower market rent increases that we are seeing will show up in measures of Housing Services inflation over time. Theres a little bit of uncertainty about when that will happen, but there is a real confidence that they will show up eventually over time, but again, uncertainty about the exact timing of that. Will you be able to get if housing doesnt break through quickly, and does that affect the timing for eventual cuts this year . Chairman powell t a grant ever good inflation down to 2 over time. I would assume that we will continue to sl see goods prices coming into a new equilibrium where theyre going down, perhaps not as quickly as they had been earlier this year. We will bring■wnflation back down to 2 sustainably. During a congressional testimony this month you said your test for making the first change to enter sites does not erribly comfortable that inflation is at 2 because Interest Rates are well above neutral. At the same time, you said here after the last meeting tt the first cut is highly consequential. Can you reconcile these views for me, if rates are well above neutral, why would the first cut be highly consequential . Is that because you anticipate one cut be followed by one or two more along the lines of the recalibration you made in 2019 which itself was the midcycle adjustment of 1995 . Chairman powell wouldut in thei said in my opening remarks. The risk of really twosided here. We are in a situation here where if we ease too much or too soon, we could see inflation combat, and if we ease too late, we could do unnecessary harm to employmentng lives. So we do see the risks as twosided, so it is consequential, we want to be the economy growing, with the labor market strong and inflation coming down, we can approach that question carefully and let the data speak on that. That is really what i was thinking. How much of the inflation we en so fath to you chalk up to one off calendar adjustment effects following a. Of inflation versus some change in the train we saw in the second half of last year . I was trying to be careful about dismissing data that we dont like, so you need to check yourself on that. And ill do that, but i would say the january number which was very high, the january cpi a tht there could be seasonal effects, but nonetheless i dont want to be completely dismissive of numr than expectations but its not like that january number. I think the two of them together , ty havent really changed the overall story which is that of inflation moving down gradually on the sometimes bumpy road toward 2 . I dont think that story has changed. I also dont think those readings added to anyones confidence that we are moving closer tobut we didnt the lg i will say is we didnt excessivelyelebrate the gt in te last seven months of last year. We didnt take too much signal out of that. What you heard a saying was that we needed to see more, that we wanted to be careful about that decision, and we are not going to overreact as well to these two months of are we going to ignore them. Could you speak a little bit more about the top the timing. Is there enough data between now s] mand may to be able to get te kind of confidence that you say you still need, or2 june, is there enough data for you . Just give us a sense of your thinking there. Thank you. Chairman powell decisions meeti, and we didnt make any decisions about future meetings today. Those will depend on our ongoing assessment of the mi data, the evolving outlook and the balance of risk. Sare really dont have anything on you for you on any specific meeting looking rward. Things can happen duringi b intermeeting period, if you look back, unexpected things, so i dont want to dismiss anything. So i just would say that the committee wants to see more data that gives us a higher confidence that inflation is i also mentioned, and we dont see this in the data right now, but if there were a significant weakening of the data, particularly in that could alsoa reason for us to begin the process of reducing rates. Again, theres nothing in the data pointing at that, but those are meetings without trying to refer to any specific meeting. In the projections there is an increase in the neutral rate, as you know, and higher rates, a quarterpoint higher rates projected in 2025 and 2026. Can you speak about what might b sense that the economy has perhaps changed in some way, that higher rates will be needed in the future . Chairman powell they are pretty modest changes, but you are right, there is an uptick in the longer basis point rate in 25 and 26. In terms of our rates going to be higher in the longer run, if dont think we know that. We think that rates were generally low during the ic postglobal financial crisis era, for reasons that are mostly important, slowmoving large things like demographics and productivity and that sort of thing. Things that dont move quickly. Instinct would be that rates will not go back down to the very low levels that we saw where all around the world there were long run rates that were at or below zero in some cases. I dont see rates going back down to that level, but i think theres tremdous uer a quick followup on the projections you also have two point 6 core inflation for the end of this year. Ioned it being 2. 8 in february. That doesnt sound like must like much disinflation at all. Are you still confident the last press conference you sounded pretty optimistic we would get more confidence to the end it right to say this suggess youre not seeing a lot of disinflation this year, compared to what weve seen in 2023 and so forth . Chairmow i think the higher year end number reflects the data weve seen so far this year. Say the last part of your question again . I think if you look at the sep, what it says is that it is still likely in most peoples view that we will achieve that confidence and that there will be rate depend on the incoming data. The other thing is, in the second half of the year you have some pretty low reading so it might be harder to make progress as you move that 12 month window forward. Nonetheless were looking for datalow readings we had last yer and give us a higher degree of confidence of what we saw was really inflation moving sustainably down to 2 . Per your comment that a weakening in the labor market would be a reason to potentially cut rates are atg a rate cut, would continued strength in the labor market be a reason to hold off on rate cuts . And just inpply continue to reb2 new for the way it did in 2023, what would stronger hiring and stronger growth mean for the pa f policy . Chairman powell if what we are getting is a lot of supply and a lot of demand and the supply is feeding demand because workers argettin paid are spending, what you would have is potentially kind of what you had last year, which is a bigger , where inflationary pressures are not increasing, in fact they were decreasing. So you can have that if you have the continued supplyside activity that we had last year with both supply chains and also with growth in the size of the labor force. X so strong hiring in and of itself would not be a reason to hold off on rate cuts . Chairman powell not by itself, you saw last year very strong hiring inflation coming down quickly. We now havec[ that was supplyse healing, particularly with growth in the labor force. So in and of itself, strong foro be concerned about inflation. How do you assess the state of financial conditions right now, in particular do you view the kind of easing and finalcoe trying to achieve on the inflation mandate . Chairman powell there are many dier financial conditions or indicators and you can see different answers to that question. Financial conditions are weighing on Economic Activity and we think you see that, great place to see it is in the labor market where you have seen demandooy high levels. I would point to job openings, quits, surveys, the hiringate, things like that are really demand. They are also supplyside things happening, but those are demandside things happening. Thats been a question for a while. We did see progress on inflation last year. Significant progress, conditions being tighter, sometimes looser. Can you give us more color on how the committee is thinking about inflation dynamics now . What weve seen at the beginning of the year, are they more oneoff increases that will fade or is there more of a secular turn with goods prices rising again andand also housing price, down and they dont. Imgo how does the committee see this playing out forward since youve raised your inflation forecast . Chairman powell i see the co and asking the same question youre asking, and saying we will just have to see with the data show. As i mentioned, you can look at which is a very high reading. Many people did see the possibility of seasonal adjustment probls there. But you have to be careful about dismissing the parts of the data you dont like. So the question is, what are we going to see . We tend to see a little bit stronger inflati year and a lite less stronger in the second half. We dont know if this is a bump on the road or something more. We will have to find out. In the meantime, the economy is strong, the labor market is strong, inflation has come way. That gives us the ability to approach this question carefully and feel more confident that inflation is moving down sustainably at 2 we take that step to begin dialing back a restrictive policy. You talked about the desire to have confidence, that inflation is continually moving down. Have the recent numbers dented that confidence atll it certainly hasnprit hasnt raised anyones confidence but i would say the story is really essentially the same, that of inflation coming down gradually toward 2 on a sometimes bumpy path. Thats what you still see. Weve got nine months at 2. 5 inflationow of kind of bumpy inflation. We were saying its going to be a bumpy ride, now here are me there more bumps . We cant know that. Thats why we are approaching this question carefully. It is very important for everyone that we serve that we do get inflation sustainably down. I think the historical ror ■, its every situation is different, but the historical record is that you need to approach that question carefully try to get it right the first time and not have to come againf you cut inappropriately. If you cut inappropriately prematurely. You received a letter from Senators Elizabeth Warren and Sheldon Whitehouse that saidp 3t rates because the potential that it may remain too high for too long has halted advances in■ pltechnologies and delayed significant climate and economic benefits from these projects. So has higher Interest Rates caused that . Chairman powell first of all, in our system of government it responsibility over the fed. We place tremendous supported importance on our engagements with congress and always treat them with great respect. In this case ild say our mandate is for maximum employment and price stability and the other things that we do, and thats what we are trng to complish. We are trying to do that in a way that sustains the strong growth we are seeing, the strong labor market, but allows us to with inflation. Thats how we can best serve the public and leave the other issues in which in many cases are incredibly important, such as those you mention, leave those to the people who have responsibility for those. There was another letter saying those rates are squeezing the working people. Chairman powell we write careful responses and address those concerns. System of government have oversight over our activity. But at the end of the day we take that on board but we have to make our judgments an■pd we have to stick to our needing, which is maximum employment, price stability, supervise and regulate the banks, and work on the pay systems, the things that we do. Thanks for the opportunity tu want to see unanimity on the committee or something close to , meaning no more than one dissent before you begin cutting rates . Chairman powell we are very consensus oriented and we do try to achieve consensus, anideally. People do dissent, its something that happens. Life goes on, and its not a problem. We■,ve always had dissent, and you respect thoughtful distance very much. You may not agree with some arguments but you really want to understand them. You may read a book that takes a position that you have long opposed, just understand that book. So i treat dissent with real respect as well. Obviously inflation is some ways away from target. Unemployment, if you look at the projection for the full year, in february we were already at 3. 9 , so quite close to the median projection. Are you concerned aall at growte may be some crocks appearing in the employment market . You talked about severe deterioration in the labor market being in a condition for easing rates. What will constitute that in your books . Chairman powell we monitor the labor market bear carefully and i dont see those cracks today. We follow all the possible stories that are out there being cracks, but the overall picture is strong labor market, the extreme ialans the early parts of the pandemic, recovery have mostly been resolved. You are seeing high job growth, supply, strong wage growth, but wage growth is gradually moderating down to more sustainable levels. In many things are returning more to their state in 2019 we can think of is normal for this purpose. Thats job openings and quits and surveys of workers and businesses are always interesting on this, easy it is to find a job and how easy it is to find a worker. The labor market is in good you do see things like the low hiring rate and people have made the argument that if layoffs were to increase, that that would mean that the net would be fairly quick increases in unemployment. That something we are watching, but we are not seeing it. Of course initial claims are very low and if anything have tracked down a little bit. So watching it carefully, dont see it. I used the term unexpected weakening in the labor market, so we do expect the Unemployment Rate, the forecast is that it would move up closer toonger une level. Thats just peoples individual forecasts, but we are talking about somethunexpected. Thats where i believe it though. You mentioned at the beginning of the press conference that the committee felt it might be appropriate to slow them wondering when you sy fairly soon, does that mean that the committee would meet about this again may and a decision could be reached that soon . I was wondering if you could also just what the committee is discussing here. Youre at 95 billion of caps right now. Would that be cut about an half or something in that nature . Thank you. Chairman powell so that is what 5 . Discussing, essentially, and we are not discussing all the many other Balance Sheet issues. We will discuss those in due course, but what we are really is slowing the pace of runoff. There isnt much runoff among nbs right now but there is in treasuries. I dont want to give you specific number because we havent made an agreement or decision, but that is the idea. s what we are looking at, and in terms of the timing, i said fairly soon. Wouldnt want to try to be more specific than that, but you get this is in our longrun plans that we may actually be able to get to a lower level because we would avoid the kind of frictions that can happen. Liquidity is not evenly distributed in the system, and there can be times when in the aggregate, reserves are ample or even abundant. Not in every part, and those parts where they are not ample, there can be stressed. You to prematurely stop the process to avoid the stress and then it would be very hard to restart. So Something Like that happened in 19 perhaps. So thats what we are looking at, what would be a good time and what would be a good structure. Will there be a discussion about returning to an all treasuries allen shechairman pon goal is to return to a Balance Sheet thaisi do expect that once through this, we will come back to the other issues about the composition and the maturity and revisit those issues. But it is not urgent right now. We want to get this decision made first and the can, when the time is right, come back to the other issues. Sheet, can you talk a little bit about how the outlook for the Banking Sector might impact your Balance Sheet pls . Do you worry that as deposits start to shrink that we could see more turbulence . Chairman powell carefully, butf the reasons we are slowing down, we wl fairly soo that we want ty kind of turbulence. I wasntcularly about Banking Sector turbulence, but we had some indicators the last time this is our second time in g will be paying a lot of attention to the things that started to happen and that foreshadowed what eventually happened at the end of that tightening we woundt reserve situation. We dont want to do that again, and i think now we have a better sense of what are the indicators. It wasnt so much in the Banking System as it was around, for example, where federal fundse administered rates and where secured rates are relative to the administered rates. Those sort of things. We will always Banking System for similar signs though. Is it also because youre not exactly sure how the reserve supply will react once the overnight reverse repo facility drops at near ■cze . Chairman powell as the Balance Sheet shrinks, we should expect that reserves will decneh that. Thats what we think. I wanted to ask about the Balance Sheet. You said that starting the taper sooner could get you to a smaller Balance Sheet size. That mean you dont have to make a decision on when to end qt at this be setting up the process for deciding that sooner or will you wait until close to the end . Chairman powell y it sort of ironic that by going slower come you can get farther, but thats the idea. The idea is that with a smoother transition, you will run much less risk of liquidity problems whic into shocks and which can cause you to stop the process prematurely. In terms of how it into, we are going to be monitoring carefully money Market Conditions and asking ourselves whether what theyre telling us about reserves right now we would characterize them as abundant, and what we are aiming for is ample. Which is a little less than abundant. There is not a dollar amount or a percent of gdp or anything like tha think we have a pretty clear understanding of that. We will be looking at what is particular, a bunch of different indicators including the ones i mentioned, to to tell us when we are getting close. Then you reach pultimately wherp allowing the Balance Sheet to run off, but then from tha powhich nonreserves, nonresere liabilities grow organically, like currency. That also shrinks reserves at a slow pace. You have a slower pace of runoff, which we will have variously then you have another time where you effectively hold the Balance Sheet constant a and that ultimately brings you ideally brings it into a nice easy landing at a level that is we think the lowest possible ample number would be. We are not trying for that. We want to have a c the demand for reserves can be very volatile and we dont want to find ourselves in a situation where there arentesbuy assets and put reserves back in the Banking System the way we did in 20192020. ■l you said youting to become more confident that inflation is getting to your 2 go before you cut rates. Can you sum up more looking at that would give you that confidence . Chairman powell most importantly we are looking at the incoming inflation data and the contents of it and what■he e and also the various components. We want more confidence that inflation is coming down sustainabl■y toward 2 . Of course we will also be looking at all the other things that are happening in the economy. We will look at the totality of the data, including everything essentially as we make that assessment. But the most important thin au would give more weight to, like ges . Chairman powell our target is not wages, it is really inflation. We would look to the fact that wages strong, but wage increasee been quite strong levels that are more sustainable over time. And thatwant. The inflation was not originally caused, i dont think, mostly by wages. That wasnt really the story. But to get inflation back down to 2 sustainably, we like to see continuing gradual movement of wage at still high levels, but back down to levels that are more sustainable over time. Iq could you say this meeting whether there reofficials who we careful and go slower about was of that sense of maybe its smart to wait . Chairman powell i guess iif yog inflation data that weve had for january and suggests that we were right to■ot until we are more confident. I didnt hear anyone dismissing information that we should look at right now. Generally speaking it does going the direction of sayinyes, its appropriate for us to be careful as we approach this question. I wanted to ask about centralbank Digital Currency stuff. Weve been hearing a lot from reblicans in■h congress about what the fed is or isnt doing in a digital dollar. No you have said to congress that you are going to wait fora. But folks like House Majority whip tom emmer have said that the fed eresearching or hiringl to study the implications of a cbc. Can you give us any clarity on what the fed is doing right now on a digital dollar . Chairman powell i think weve been pretty transparent on this, but i will try har we are not we havent proposed or come to a conclusion that we should anything like that that congress consider legislation to authorize a digital dollar. Ake legislation by congress signed by the president to give us the ability to do what we think of as a cbdc with the public. We are just a long way from that. Think what every major centralbank is were trying to stay in the frontiers of what is going on in digital finance. It has many different areas and f3finance, and these issues hae become■6 last five or six years. We need to be knowledgeable about all that. We actually do have people trying tgs, but it is wrong to say we are working on cbdc and were just going to spring it on cono■ grs dont. I havent in my own mind at all made a decision. I think this is something the u. S. Should be doing. I just think it is something we need to understand, we do have people who are keeping up with the broader payments landscape. Thats how i would characterize it. Apple 27th will mark the 13th anniversary chairman began holding regular news conferences. How important has that higher transparency been in youryour mission . Is there more that Union Colleagues can do on the transparency front, and what might that look like . Rman powell this movement actually started 30 years ago when some academics posited that a more transparent centralbank, if the public understands your function the markets will do that work for you and react to the data. Transparency, a march towar■o and chairman bernanke and chairman greenspan and chair yell advanced that. From four press conferences a year to eight. So now every meeting really is i think that is a good innovation and i would not want to turn it back. We have also done a bunch of other things. We havan supervision report, Financial Stability report. There is a long list of things we have done. Nothincomes to mind is desperately in need of doing, at this moment we are very transparent. We hav no shortage of fomc participants speaking to the public through the media, so that channel is full, i would say. Think git has probably helped and make things better, but not every day and in every way. When you wanted to put that genie back in the bottle somewhat . Of course not. [laughter] not to harped too muche on confidence and inflation, but you did say earlier in the press conference at the reason inflation data hasnt raised as much confidence, the Senate Lawmakers that you were not far from receiving the confidence you needed on inflationxcutting rates, so are you still of that belief or not . What are we to take those words, not far . Chairman powell my main message in those two days of hearings was really that the committee needs to see more evidence to build our confidence that inflation is toward our 2 goal. We dont expect it will be appropriate to begin to reduce rates until we are more confident andmber of times. That was a main part of the message. We repeated that today in our statement. To the language you meioed out d made significant progress over the past year and what we are looking for now is confirmation that pwe had a series of relatin readings over the second half of last year that werelower and w, as i mentioned, but thats what i had in mind. Given that we have been seeing cork pc coming down every at about 2. 4 this summer, june and july to where you could cut then . Chairman powell we llust have to see how the data come in. We would of course love get great inflation. Got really good inflation data the second part of last year. Again, we didnt overreact to it. We said we needed to see more, and we said it would be bumpy. u,z and february which of talked about a couple of times. We are looking for more good data and we would certainly welcome it. Thank you. Houseemrats have elected served on the communications committee. Healthy democracy doesnt just look like thi it looks like this. Where americans can see democracy at work, when citizens are truly informed. Get informed straight from the source on cspan, unfiltered, unbiased, word for word, from the Nations Capital to wherever you are because the opinion that matters the most is your own. This is wspan, powered by cable. Senate majority leader Chuck Schumer was joined by Democratic Leaders to discuss this weeks funding deadline for the remaining fiscal year. He talks about president bidens announce ooduction with intel ad continued to defend his recent floor speech calling for new elections in israel