the kay jewelers credit card. this morning, video circulating. a prank video chat involving the federal reserve chair jerome powell who thought he was talking to the ukrainian president zelenskyy. how do you assess the policy of the central bank of russia, for example? so they manage to save the ru ruble. why? i should say in our system in, our governmental system, it is really the administration which is to we re not part of the administration. we re an independent central bank. a federal reserve spokesperson acknowledged powell participated in a conversation in january with someone who misrepresented himself as ukrainian president zelenskyy. but the spokesperson notes the
in the first quarter. so while inflation is cooling overall, wages are still rising. so i think it s all important data as we talk about the fed and its campaign to cool inflation. this headline number would suggest the feds medicine is working. this is more normal. what is not normal is what is happening with first republic bank. what is going on? the possibility we re going to see another bank failure? first republic is quite literally fighting for its survival right now. i mean, we learned earlier this week that $100 billion walked out the door after that banking crisis in march. $100 billion of deposits went some place else and that has left this bank in real trouble here. the stock cut in half this week, down 95% from its peak. it s up in trading and one of the reasons why is i think there s a lot of speculation about what are the strategic possibilities for this bank, bought by someone else, will the fdic have to take it over. your deposits are safe and
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guaranteed. watching this bank to see what happens today, also we re going to be getting really critical post mortem from the fed about what went wrong last month with the two banks that failed. i have a feeling it s going to be big. i ll let you read it and then we ll bring you back on to get the details. it s a deal. new details this morning about the unprecedented testimony from former vice president mike pence. he appeared for five hours before a federal grand jury investigating donald trump s actions actions surrounding january 6th. trump had tried to block pence from testifying four times. pence has publicly denounced trump s efforts to overturn the 2020 election. but this is the first time he spoke under oath about his direct conversations with the president he served beside. cnn s kaitlan poelance is with us now. what did mike pence say? it s a big question. it s five hours of testimony that we know mike pence sat for.
economic growth. they also tried to draw him on how russia was coping amid sanctions. take a listen, i think, to what jerome powell had to say about that. so how do you assess the policy of the central bank of russia, for example, so they managed to save the rubble, why? yeah, so i should say that in our system, in our governmental system it s really the administration, which is to say we re not part of the administration. we re an independent central bank. there, he was being asked to praise the russian central bank. that indicates, you know, that this is the objective of this couple of comedians, they want praise for the russians. never do things against russia, always for russia. but jerome powell and the bank here basically releasing a statement saying that no sensitive or confidential information was discussed. that s kind of borne out with what we heard from jerome powell