Magnificent seven are in correction territory but nvidias getting a boost ahead of its earnings. And were going to keep focused on those economic challenges in china. The countrys central bank cutting a key Interest Rate by less, though, than many had been anticipating. Oh, yeah, who is many anymore . Slew of press over the weekend as well. The journal writing kind of a devastating headline. Is it over after 40 years . Yes, definitely over. Who can say this stuff . We were here. We were lucky enough to witness the fundamental change in the chinese economy. It happened over the weekend. Happened over the weekend. Theyre trying to be a service economy. That was it. Done. Maybe president xi has just said, you know what . Every bankrupt artist, every ridiculous guy who built too much and every ridiculous person who tried to get extra yield, sorry. Why not . Why not clean up the excess . Well, but the question, of course, is, contagion. Oh, contagion. Yeah, some of the huge promote companie
Right now, there is nothing that is earthmoving. That is a great way to lead off the show. I have unbelievable stuff. Okay. Lets get to our road map this morning. It does start with apples ev aboutface, reportedly abandoning its decadeslong efforts to develop an automobile, turning its focus to generative a. I. Shares have underperformed so far this year. Continued signs of a robust economy, healthy Consumer Spending certainly one reason why and goldmans ceo thinks a soft landing is uncertain. And the doj turning its focus to Health Insurance. It is launching an antitrust investigation of the giant. Unh. Unh is really under siege. Its a Great American company. Its under siege like almost no other between the hack and the Justice Department. Well talk about that. That said, its doing pretty well for a company under siege. Lets talk about another company thats done pretty darn well for a very long period of time. That is apple. Of course, youve seen these published reports. Any number of
you has some significant criticism of both regarding inflation. what would you like to see coming out of the meeting, specifically what fed chairman powell will do? i think the president column today articulated the right principles inflation is now our preeminent short run economic problem, that it has to take priority over other problems that are part of any strategy that has to be monetary policy that the president has to respect the independence of the federal reserve as the federal reserve does what necessary to contain inflation. it has been my view that they were way slow to recognize the gravity of the gathering inflation sure, even though there was substantial evidence of it. but recent weeks and the last several spy german powells chairman powells inflation, the question will come in terms of policy going forward. the right presumption is you have to increase interest rates by more than inflation has gone up to have any prospect of containing inflation. inflat
, president of harvard university, and, also a contributing columnists for the washington post. welcome to washington post live. good to be with you, david. let s start with today s news, president biden is meeting today with fed chairman jay powell. you had some significant criticisms of both regarding inflation. i just want to ask, what you would like to see come out of this? specifically, what do you hope fed chairman powell say to the president about what he s doing? i think the president calling today in the wall street journal articulated the right principles that inflation is now our preeminent short run economic problem, that you have to take priorities over other problems. that s the first part for any strategy and it has to be monetary policy that the president has to respect the independence of the federal reserve as the federal reserve does what s necessary to contain inflation. frankly, it has been my view that the fed was way slow to recognize the gravity
i would like to ask what you see coming out of this meeting and what do you think the chairman will say to the president about what he is doing? larry: i think the president s column today in the wall street journal articulated the broad principles, that inflation is our preeminent short run economic bubble, that it has to take priority over other problems, that the first part of any strategy or the first part of any strategy has to be monetary policy, that the president has to respect the independence of the federal reserve as the federals as the federal reserve does what is necessary to contain inflation. the fed was slow to recognize the gap the gravity of the gathering inflation score even though there was substantial evidence of it. in recent weeks in the last several months, chairman powell s statements about the importance and centrality of inflation, i think the question is going to come in terms of policy going forward. i think the right presumption is that y