Welcome. It is surveillance. Im manus cranny. Lets check on the markets. One view we have had dominating through the program is that inflation will recast itself during 2018. The market has the biggest long bets on bonds since 2004. We have got the three month yield here. That is driving the debt ceiling anxiety, shortterm investors demanding more. The bit to cover ratio, the highest stopover rate since 2008, and the lowest bid to cover ratio since january, 2009. But the asian equity markets and European Equity markets, rallying. Taking the cue from the commodity market. Copper is bid. Oil is bid. An overalleing move higher. Oil, we did make it above 60, i assure you. So, we traded post the close up at the highest levels since 201 5. We have the libya outage. Dont forget, we had the u. K. Outage a couple weeks ago and that spoke to market. This time it is libya, 100,000 barrels a day is a good be taken out of the supply chain as libya has an outage. More on that pipeline explosion a li
We have followed that policy. And we never said that it was a target, which we would i understand that. I appreciate the kauvcaveats. Youre very good at caveats, i appreciate that. That brings me to my second point. A full six and a half years after the recovery, as you acknowledged there is slack in the labor market and there are significant weaknesses in the labor market, in the overall economy. In fact, a recent investors business daily article said the over all group has been 13. 3 . Thats less than half the average growth rate in the previous ten recoveries since waurld world war 2. If it had been average, gdp would by had 1. 9 trillion larger today. You recognized this in your report saying the measure of labor under utilization remains relative. That would explain why youve invoked that caveat and havent raised the rates even though you came below that 6. 5 . I understand the analysis. Lets talk about the cause of that underlying weakness. Its clearly not Monetary Policy from th
Be militarily defeated without being treated in the homebase and so this fight eventually has to go over the iraqi border not odd. [inaudible] you dont really expect to defeat them . But there are ground forces. [inaudible] we have are the spoken about playing the role and im not suggesting that we have an optimally configured ground force in the region but im equally clear that injecting western boots on the ground would not be the solution. That would not deliver the solution. Try as they may leave lead us on to this. Thank you, mr. Chairman on this point. This analysis is being done with whatever you hope to achieve with airstrikes. And of course we are talking about this in recent years and so what are your plans for this situation . It also remains to be seen as far as a political transition in the regime to a government which has legitimately. [inaudible] at the outcome that we see is not going to be it easy to deliver and we recognize that. In the meantime it is easy to challeng
Specifically blamed mcconnell for his push not being successful. The truth is if the majority leader hadnt opposed us we could have insisted that iran recognizes israels right to exist and released its hostages before any sanctions are lifted. He told reporters. More now on whats in store for the senate from a capitol hill reporter. Good morning to you. Good morning. Explain this criticism and where it came from . Has this been long simmering between senator ted cruz and the Majority Leader Mitch Mcconnell . Yes, to answer you briefly. Cruz is running a campaign that is essentially running against republicans in washington and trying to showcase himself as the conservative leading the charge against what he considers the washington cartel. They have been fighting over strategy ranging over the budget conference in 2013. The Government Shutdown in 2014. There was a fight over immigration at the end of last year. We have numerous tactical battles. This is the latest example of that. They
Silenced or turned off. For those watching online, youre welcome to send questions or comments anytime, emailing speaker at heritage. Org. Leading our conversation this afternoon is david burton, our senior fellow for Economic Policy and heritages institute for economic freedom. Mr. Burton before joining heritage served as general counsel at the National Small business association, also been chief Financial Officer and general counsel of the alliance for retirement prosperity, and was a partner at the argus group, a Public Policy and Government Relations firm. Please join me in welcoming david burton. David. [ applause ] well, thank you for coming. It is my pleasure to introduce to you commissioner michael piwowar. He was appointed to the securities and Exchange Commission by president obama and was sworn in in august of 2013. He was designated by trump to be acting chairman of the commission and served in that capacity from january 23rd of this year to may 4th. His term expires in jun