The Economic Balance: Powell's Warnings, Biden's Tax Plan, and Buffett's Bet on Oil 03/08/23

Squawk Pod

CNBC

Investing, Business News, News, Business

4.2 • 543 Ratings

🗓️ 8 March 2023

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

Federal Reserve Chairman Jerome Powell testified to the Senate Banking, Housing and Urban Affairs Committee and warned that interest rates may rise higher than expected as inflation continues to show signs of increasing. The remarks led to a drop in stocks and an increase in Treasury yields. President Biden is set to propose a tax increase on those earning more than $400,000 to extend Medicare's solvency by 25 years. House Minority Leader Hakeem Jeffries joins to discuss how the tax increase will help the country’s healthcare system and how will affect taxpayers. Plus, the Democratic Minority Leader touches on the Fed’s fight against inflation and working with Republicans on bipartisan legislation. And, more on Warren Buffett’s addition of $350 million to Berkshire Hathaway’s already large investment in Occidental Petroleum. In this episode: Hakeem Jeffries, @RepJeffries Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Zach Vallese, @ZachVallese

Transcript

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0:00.0	Bring in show music please.
0:03.0	I'm see NBC producer Zach Valise today on Squack Pod.
0:08.0	Fed Chair Jay Powell testifies to Congress hinting the economy is still running hot, which might lead to more rate hikes.
0:15.0	All right, it's going to be a hard landing. There's going to be a recession.
0:18.0	We've predicted so many times and they don't come.
0:20.0	Do we want one to come? I don't want one to come.
0:22.0	Where Congress stands and how Democrats plan to fix the economy,
0:26.0	House Minority Leader Hakim Jeffries.
0:28.0	What we don't want is the Fed to trigger a recession.
0:32.0	The Democratic leader discusses the hot economy and his strategy to tackle high prices across the country.
0:38.0	So there is a balance that needs to be struck here in trying to tame inflationary pressures that have impacted the economy.
0:46.0	It's Wednesday, March 8th, 2023.
0:48.9	Squak Pod begins right now.
0:51.2	Stand back to you by in three, two, one, queue please.
0:55.0	Good morning everybody.
0:57.0	Welcome to Squackbox here on CNBC.
0:59.0	We're live from the NASDAQ market site in Times Square.
1:01.5	I'm Becky Quick along with Joe Kernan. Andrew is off today.
1:05.3	Okay, let's take a look at things. New day, new beginning, and believe it or not.
1:09.5	Obsessed with this whole story. There are some green arrows here.
1:13.0	First up today on the podcast, it's all about the Fed again.
1:18.0	This hearing will come to order. Welcome, Chair Powell. Thank you for doing your duty and seeming to enjoy it when you come to our committee. Thank you.
	...

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