Prices and wages section in the division of research statistics. Some context e thats the section thats preparing the forecast of inflation and wages fomc. Rices for the weve been long time colleagues and i want to assure any lawyers none of our that conversations should be nterpreted to constitute my making a request of the federal fomc. Ve system or the i think were clear. Our second panelist is jared senior fellow at the center on budget and policy priorities and hes been very years thinking about the labor market, nequality and macropolicy from his position both in the Obama Administration and in various think tanks here in d. C. And you read more about his thoughts on the economy. Let me turn the presentation over to them. Thank you very much. Steph. Here. A pleasure to be. Thank you chlt of making e spirit disclaimers i should say the they dontssed here, necessarily reflect the views of colleagues of the board or he Research Staff at the Federal Reserve system as a whole. Ill sta
Good morning. Good morning. The committee will come to order. Today were considering the nomination of Eugene Scalia. Let me say before i begin my Opening Statement that we welcome the secretary, good to see you. And we welcome mr. Scalias family. Well give him a chance to introduce all of them a little later. Theres so many of them and i wont the scalias are a productive family, apparently, so we wont come off any of your allotted time for your statement and i would say to the family members that the confirmation hearings arent necessarily a family exercise. I was before this committee myself to be nominated for education secretary and was grilled pretty heavily, i thought, with my family sitting right behind me. I was accustomed to it, but they werent. But they got over it before very long. We welcome you here and were glad youre here. Yesterday i received a letter from senator murray asking me to delays todays hearings. I think the Committee Members know, i do my best to do what sen
Good morning. Good morning. The committee will come to order. Today were considering the nomination of Eugene Scalia. Let me say before i begin my Opening Statement that we welcome the secretary, good to see you. And we welcome mr. Scalias family. Well give him a chance to introduce all of them a little later. Theres so many of them and i wont the scalias are a productive family, apparently, so we wont come off any of your allotted time for your statement and i would say to the family members that the confirmation hearings arent necessarily a family exercise. I was before this committee myself to be nominated for education secretary and was grilled pretty heavily, i thought, with my family sitting right behind me. I was accustomed to it, but they werent. But they got over it before very long. We welcome you here and were glad youre here. Yesterday i received a letter from senator murray asking me to delays todays hearings. I think the Committee Members know, i do my best to do what sen
Heres the jargon, the yield curve inversion. This is fed day and a very big day. In advance of the official word on rates, stocks have been all over the place this morning, up and down, moment to moment. Right now we are looking like a loss of maybe 112 points for the dow and down 45 on the nasdaq. This is whats hitting the market, china. China says it will impose 5 to 10 tariffs on 75 billion worth of u. S. Goods. That is obviously a negative for china trade. Its escalation and therefore, bad for the market. Elsewhere, later today, the president leaves for france for the g7 summit. Interest rates and trade will surely come up there. They are gearing up for more big protests in hong kong. Were on it. And just wait until you hear what larry kudlow says about tax cuts. Lets get going. Varney company is about to begin. Weve negotiated with them, weve tried to move the football. They have backed away and we have taken measures through all of that time, weve had a very strong economy, weve
Uncertainty, and all of that made for a down day that saw losses accelerate into the close. The Dow Jones Industrial average fell 173 points to 25,962. The nasdaq was down 54 and the s p 500 slipped 23. One of the bright wpots toda home depot. The Worlds Largest home improvteent retailer rep betterthanexpected earnings and that sent its shares up more than 4 , making it the Top Performing stock in the dow today. But the company did lower its Sales Outlook for the whole year amid concerns about the economy and the tradeco war. Tney reagan has more. Reporter recession fears loom and there are signs of owing economic growth. Home depot executives say the consumer remains healthy and the Housing Market is stable, though it wasnt a perfect quarter for the Home Improvement retailer. Lumber pricetieflation ces to weigh on sales. Prices are more than 50 lower than a year ago, and a big reason comparable sales disappointed. Unseasonable weather delayed some Home Improvement projects early in th