Senate committee on banking, housing and urban affairs will come to order. Today is a hybrid format. Our witnesses are in this person but members have the option to appear in person or virtually to consider the nominations of dr. Lael brainard to be vice chair of the board of governors of the Federal Reserve system. And acting director Sandra Thompson to be director of the federal Housing Finance agency. Its amazing what a difference a year makes. We have today safe and effective vaccines that are saving lives, that are getting people back to work. 207 million americans have fully vaccinated. In 2021 we added 6. 4 million new jobs, more in any year since 1939. Workers are demanding raises. Theyre finally getting them. Theyre changing jobs at record rates because people finally have some options. The past year has illustrated our economy works best when it works for everyone, not just wall street, not just the top 1 . Everyone. Whether you punch a clock or raise children or care for an
Senate committee on banking, housing and urban affairs will come to order. Today is a hybrid format. Our witnesses are in this person but members have the option to appear in person or virtually to consider the nominations of dr. Lael brainard to be vice chair of the board of governors of the Federal Reserve system. And acting director Sandra Thompson to be director of the federal Housing Finance agency. Its amazing what a difference a year makes. We have today safe and effective vaccines that are saving lives, that are getting people back to work. 207 million americans have fully vaccinated. In 2021 we added 6. 4 million new jobs, more in any year since 1939. Workers are demanding raises. Theyre finally getting them. Theyre changing jobs at record rates because people finally have some options. The past year has illustrated our economy works best when it works for everyone, not just wall street, not just the top 1 . Everyone. Whether you punch a clock or raise children or care for an
Senate committee on banking, housing and urban affairs will come to order. Today is a hybrid format. Our witnesses are in this person but members have the option to appear in person or virtually to consider the nominations of dr. Lael brainard to be vice chair of the board of governors of the Federal Reserve system. And acting director Sandra Thompson to be director of the federal Housing Finance agency. Its amazing what a difference a year makes. We have today safe and effective vaccines that are saving lives, that are getting people back to work. 207 million americans have fully vaccinated. In 2021 we added 6. 4 million new jobs, more in any year since 1939. Workers are demanding raises. Theyre finally getting them. Theyre changing jobs at record rates because people finally have some options. The past year has illustrated our economy works best when it works for everyone, not just wall street, not just the top 1 . Everyone. Whether you punch a clock or raise children or care for an
Alongside tom keene and lisa abramowicz, i am Jonathan Ferro. The s p 500 positive by 0. 22 . Tomorrow morning, retail sales, thursday from walmart. How many times have we done this from august . Talking about china. China the headline once again. Tom it starts and ends in china with a set of news. What is interesting to me is it is not one story. You have to get briefed on this to get up to speed on three, 4, 5 stories. Chinese equities in the tank, iron or somewhat in the tank. A lot of moving parts going on in china and that comes back to jackson hole. Jonathan one chinese developer, Country Garden holdings seeking to extend for the first time ever. Away from that we have a wealth manager missing payments. This is starting to mount in a bigger way. Lisa which begs the question of when this becomes financial contagion in china. Why are we not seeing more trickle out affects . Is that what we are seeing in germany or parts of europe . A lot of u. S. Companies are rationing back expect
Sonali coming up, Economic Data starting to weaken. U. S. Consumer sentiment falls for the first time in months. Another big investor warns of no rate cuts this year. We begin with the big issue. The feds handle on inflation. January is a bad month. A lot of january effects in the data. The overall story is still the same. We are moving in the right direction on inflation. It is coming down, aching progress. We are on track to get cuts. We know the fed will get cut. It is how many we get. We are in this process of capitulation. The market thinks the average will be more like three cuts. The fed is continuing to tell us data dependency and we are watching that data. We wont be surprised to see march and april core inflation come in weaker. How q2, we will see all of those beginning of the year effects. Talk to me in the spring. Lets start by looking at the twoyear yield. Massive movements. More than 20 basis point move from peak to trough over the course of this week. Beginning the week