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tv   NEWSHOUR  Al Jazeera  May 4, 2022 9:00pm-10:01pm AST

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listening to the headlines, join me as i take on the lies, dismantle the misconceptions and debate. the contradictions. do we have a real democracy? here in the united states, the smuggler political forwarded to roekel insurgency are mark lamond hill and its time to get up front. right here on out 0 ah, revealing eco friendly solutions to combat threats to our planet on al jazeera. ah, this is al jazeera. ah. hi there, kim vanelle. this is news oliver from dell health coming up in the next 60 minutes, faced with soaring inflation, the u. s federal reserve is expected to announce the biggest rate hike in 2 decades . the you propose is to ban all impulse of russian oil.
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it will not be easy because some member states a strongly dependent on washing oil. but we simply have to do it. the horn of africa suffers it's worse drought in decades leaving millions at risk of dying of hunger. and beijing closes metro stations and suspends boss routes and china's laces to temp to stop the spread of cov 90. and this boy, real madrid, imagine the city prepared for their champions league show down at the vote about liverpool await the winners the after they see a villareal rece the final for the 3rd time in 5 years. ah, if you get in the u. s. where the federal reserve has just hiked to interest rates
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by half a percentage point. our white house correspondent, kimberly how could joins us now live for more. kimberly. so was they say expect it definitely this was expected and this is something that many had feared in the united states would make things a lot more difficult for ordinary americans. because what this means is this will make the cost of borrowing much more expensive. now, the reason the federal reserve has done this is in order to combat record high inflation in the united states, is that a 40 or high? and so as a result, what we're seeing are record high prices for things like rent for food and the things that people need most. and so now some of the things that people also need, for example, maybe buying a car to get to work so that you can earn money. if you don't have the cash and most people don't because they're expensive, that price of a car is gone up to
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a well. now the price of a car because you're gonna have to borrow the money is become more expensive. because over time, the interest compounds the price of the car and overall it is a higher price tag due to that interest compounding. so this is the problem for ordinary americans. many are saying that they feel squeezed and with the spike in the interest rates, now they did a squeeze even more. now, we should point out that the problem for the by the administration is that they have sort of said that things are getting better, that the economy is getting better because the unemployment rate is dropping. but poll shows the ordinary american isn't really buying that argument because the reality is their pocket book is getting smaller in terms of their purchasing power . in fact, to the confidence in the biden administration has gone down by double digits from a year ago, 57 percent of americans felt confident that the white house knew what it was doing
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when it comes to handling the economy. now that's at 43 percent. kimberly just explain for our view is why the federal reserve a says it needed to make this this rate increase. what is it hoping to achieve after i guess all of the spending of the pandemic? yeah, well you, you really touch on our important point because one of the big criticisms in this largely comes from republicans in the united states is that the, by the administration has because of overspending on a sort of emergency spending due to the pandemic cause this inflation i and then as well because of global supply chain issues, the biden administration argues. and so this is why the united states is where it is right now. now the federal reserve, and this is what it's job is that other countries will often call it the central bank,
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is their job to sort of moderate monetary policy and set the interest rates to kind of speed up or slow down the growth of the economy. in order to try and control that inflation. so if you spike up these interest rates, the idea is you're going to slow down the growth of the economy. and, and in turn caused this inflation to slow down. at least that's the idea. janet jaelyn, the treasury secretary, has a lot of experience because she was on the federal reserve previously, certainly says that the united states is moving in the right direction, outperforming other countries. and these are the kind of tools that the federal reserve uses in order to achieve what she calls a soft landing. so the so called the experts are optimistic, but that's not how the ordinary american is feeling right now. and kimberly, we heard earlier from president biden, who made a statement on, on the state of the u. s. economy. ah, what do you make of the timing of that?
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was he trying to get out in front of, of, of this 100 percent because you've got to remember that all politics is local a, in the united states, especially when it comes to the economy. all of the people that are feeling the pinch are going to be voting in the not too distant future, that is the early fall when the congressional mid term election. and this is going to be an issue that is going to be pivotal for a lot of ordinary americans. and that's the big fear right now. and that's why we see the approval ratings of the president that are somewhere in the low 40 percent right now. they've been falling because the order americans are frustrated. so we saw the president coming out today trying to get ahead of this spike in interest rates, or i shouldn't say spike, but a raise an interest rates. lapointe is, is that he knew this was not going to be the greatest headline. so he wanted to
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take off some of the successes that he believes his administration is achieved. and one of those is closing the budget deficit. and also again, lowering the unemployment rate in the united states. but again, for the ordinary american, some of this can get it wonky and it may not resonate. what resonates is how much it costs for bread and milk. and these are challenges for the biden administration . right now, i'm center, they will be checking back in with you. kimberly. when we hear from the federal reserve for their sort of comments on this rate increase for now. thank you. the european union won since 27 members to ban russian oil imports as part of its latest sanctions for the war in ukraine. the blog wants it done in stages to give government time to look for alternatives supplies. but several countries are pushing for exemptions from any on bar embargo. family came reports from berlin. this is the gas prom nifty installation. in hunting months he asked from installations like these in siberia and across russia, crude oil,
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diesel and petrol. a pumped to customers taken together every day, nearly $8000000.00 barrels of crude and refined products are exported. 2 thirds of them end up in europe. but now russia's war against ukraine has changed everything to day. we are addressing our dependency on russian oil. and let's be clear, it will not be easy because some member states are strongly dependent on russian oil, but we simply have to do it. so today we will propose to ban all russian oil from you wrote. this will be this will be a complete impulse ban on all russian oil seaborne and pipeline crude and refined. but in order for this to happen, it will need the support of all e u member states,
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and some a strongly resistant to all out embargoes by sally back. give you. russell's anxious package would destroy the security of hungry energy supply. while you're like this package in this form cannot responsibly be supported of them. one is nature need. the sanctions proposed in strasburg will also target several large russian banks and other financial institutions. the notable absentee from the list is russian natural gas. in a sense, it's the elephant to the european living room, too big to be ignored, but also too big, unilaterally to be done away with, without seriously damaging economies across this continent. bottom line is you will probably not be able to replace rocky gas any time soon. we're talking about a $150000000.00 billing cubic meters of gas that russia says west that's coming down at the moment. but we're still gonna face a shortage of, of quite a few bcm out there. the russian government condemned the proposed embargo and said sanctions are a double edged weapon,
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which will also hurt europeans economically. and that's the problem facing e u leaders. they want to act fast against russia, but they're stuck with the reality of decisions that governments across europe made over decades when they thought that it was in their best interests to make deals with president putin. dominic cane al jazeera berlin. beyond shall trump, is the specialist on european energy politics and chief commodities analyst at s e b bank, which was now a from although thank very much your time, it's all your take can hungry and still aka. actually impose this ban if they needed to. how realistic is it for them? i mean it's, it's a fact they are physically tied to russian oil and products through pipelines. and it is very, it they can do in the short term to escape that. i mean, they need alternative supply pipes to, to do that then. and that is why the flat outside, i mean,
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we cannot go along with this, that sanctions, or brush noise period. and that is why the, you say, well, we'll give you a longer time. and so far they've said that until the end of 2023, but i think that is. ready also too little time for them and i think what we'll see here is that they will be compromised because the e u is very, very depend, then decided to go down the route of getting to ex, this exit from rushing fossil years. ready together period now it's all about oil and they're saying and no more rush and crude by 6 months and then no more russian products by the end of the year. and then we have to find a solution for and still walk. yeah. and for her great, and the solution will most definitely be found. what sort of compromise do you think these nations could come to with the you you know,
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i think the you is willing to, to go. ready quite far in terms of a compromise either by money out of money isn't enough. i mean, you need to provide the, provide the actual full size fuel for the 2 countries to run. and money alone won't prevent the hungry and bucket from stopping if they stop importing an oil, an oil products from, from russia. so, you know, 1st of all and longer time to that. and secondly, i know how to actually pro, provides a necessary infrastructure so that they can manage without ration. or the obviously wants to move toward renewable energy. about how expensive is this all going to be this entire shift away from dependence on russian oil and gas. how, how expensive is that going to be for the i mean it's going to be expensive and i know it's just to look at them. oil call and gas prices. i mean if you,
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if you calculate at both the weighted average of comb gas and oil, i mean, yeah, oil prices not too high a $1810.00 per barrel. i mean in terms the oil price was 20890. ringback per barrel, 2008. but because also coal prices and especially the natural gas prices are extremely high to date. you know, the volume weight, the balls get all the these 3 prices are today as high as they were on the peak in 2000 a year is predominantly and 1st and foremost, paying an extremely high price for energy it consumes. and i mean the share of fossil fuel, even the u energy mix, is somewhere between 70 and 80 percent. so the still an ex austin based economy and it's paying a high price through the end based the price is right now, but of course it's also going to cost money infrastructure wise to move away from
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russia. and i'm also some industry us will have to close down because energy costs are going to be higher. oil, coal and gas prices are going to be higher in the years to come due today. so it's no longer going to be a lot of cheap natural gas coming from russia, feeding european industry. so it's going to be painful also for the industry in a competitive global laska thinking about the global landscape. if we sort of zoom out just in the past, sort of 15 minutes with, with her, the federal reserve in the u. s. is raising interest rates. there are concerns there about insuring a self landing off the all the spending, you know, obviously trying to try to pull back inflation. what impact might this ban potential back on? russian oil imports have 1st on european economies, but also maybe a flow on impact if any, for the us. i mean the european nicole, the me or the hurting badly. i mean,
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if you get power prices and also natural gas prices. i mean, they are currently high in pine, higher than normal. i mean, where we are very concerned about food prices being twice as high as normal, but the energy prices in terms of power and gas, it's like 5 times fired higher than normal. so this is obviously hurting rushing economy as badly, but of course, russia not being hurt by this guess they may be exporting in the less volume, but they get that nodes more payment in terms of the price. so total revenue is so, you know, i think the knows very well that it's not going to be able to really hurt russia in the short term all that much by the sanctions. because if they managed occur volumes, the price will go up and, and russia will make just as much revenue all together. but in the medium term, i mean, this is really bad for a, for, for russia. yes, europe is dependent on russian fossil fuels. but russia,
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ace way more dependent on european consumption of their prosecutors. i mean, i think the dependence of fossil fuels from russia and europe, something like 30 percent, but more than 50 percent of russian oil goes to europe. and 72 percent of russian natural gas goes to europe. so in the short term, russia is probably fine revenue weiss, but in the medium to long term, this is really, really bad for russia all the pipelines of natural gas and more evil into europe. billions and billions of bureaus and, and dollars have been spent on building. ready for structure, i mean this infrastructure is now closed the world in just a few years back, but for the global economy, of course, this is i babbs event in terms of higher energy costs, and it's all bad for consumers paying high prices for gas. and of course them a little later in the program will have to leave it there for time. my apologies.
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beyond shall draw their specialist on european politics and chief commodities analyst at the bank. thank you. like my head on the use all including off a series of weapons task this year. north korea is accused of firing another for this to miss out on the count down to what could be an historic election in northern ireland. swish and fame is points to become the biggest party and in sport, refound donna's on the market for a 6th title and madrid santa will have he act ah, rival protests for and against abortion of being held across the u. s. after an unprecedented leak of a draft opinion from the supreme court, it suggested women's right to abortion in america could be ended. that right was guaranteed nearly 50 years ago and its supreme court rose us weighed rolling
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escalade. not petticoat haine was outside the supreme court in washington, dc. patty kim, it's. i got a little bit louder here throughout the day. we've seen a couple dozen pro abortion rights activists just a few minutes ago. we saw some out for anti abortion rights activists come up and you see right there, the police had you to step in separate them. it didn't get violent, but it, it is now basically turned into a shouting match. this of course, is a much smaller are much smaller a demonstration than what we saw yesterday, not just here in front of the supreme court, but really across the country. i want to introduce you to an as steel, and as is from delaware, she came down here yesterday in to be here to day. and what caught me by, i was your sign. it said, are we doing? are we here again? 73. what was it like in this country before abortion was legal, you are young, but it's going quite possibly going to become the reality for about 26 states. so
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what, what was that like? well, it was and it seemed to be the normal thing then because we didn't know anything else, but girls would disappear. they would, i mean teenagers are going to be having sex no matter when. and no matter what year decade. and i remember one time going to visit the hospitals that visit somebody and i saw my mother said, let's go to the maternity ward and see all the babies. and as we were walking to see the babies, i saw the class me in the room and i looked at my mother and said, why, why is she here? and my mother said, we're just going to be quiet and we're going to leave what happened to her baby? i have no idea, but we never saw baby. nobody ever heard about it. proposed friends might have known, but that's, that's what happened. and also for those who didn't have names there, there were still abortion luly. absolutely. so you're here, do you think your presence here and your chance? is there hearing that in those offices in there,
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do you think the pressure is enough to change any of the justices minds? the decision isn't fine? no, i don't think it's going to change minds for a few reasons. number one is, what's there? what kind of backlash are they going to get if this is leaked and they have supported it? and then it turns around they change their mind. um, but i do think that it shows the strength of not just women, but the population of the united states about healthcare. this is, this is women's healthcare that we're talking about. and i'm again, it's support to just at the women's marched few years ago that was so empowering. well, so empowering. i don't know where we go from here. if the supreme court overturned overs well, a lot of people are saying the only way to change that then is to get a law passed and that, but all the pundents are saying people care more about inflation than abortion. do you think losing access to abortion? will mobilize women and their male supporters enough?
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absolutely. i think it, well, i don't think women want to go back. they just, you know, choice means that you have choice. you did you what you could do, what you believe is right? it doesn't, nobody is forcing you to do anything on the other. the really interesting thing that struck me was that when roe vs wade came in, i was, i lived in new york and the governor, i believe, is nelson rockefeller, any was republicans who voted for that voted for women's health care route. it's changed quite a bit since then. so do you think because there'll be some time between the, the decision of the summer and the november elections. but for people in red states, it could be pretty instantaneous, but don't lose access to abortion. do you think that then that you'll see them go to the polls? i hope so. i think we're going to see them go to places like connecticut,
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which i believe has said that they will welcome women from other states to come and have access to abortion. i hope they'll go to the polls. i mean, the polls your private. nobody knows how you vote. you could tell the world that you're voting a certain way and get in there and closed that curtain and do what your heart tells you to do. yeah, we've had that issue in recent election, so thank you so much andrea for sharing, jordan. so again, what this would do if this is in fact this decision is upheld is it would create a petra, basically states could decide if abortion is, is basically outlawed. if in some states they might criminalize abortion, and it really is the laws are varied in some was they don't make an exception for rape or incest. so that again is why you're seeing protests across the country here, the supreme court. it's a much smaller group today, but obviously just as vocal. i'm panic, ohio, there aren't supreme court. washington
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d. c. thank you. japan and south korea say north korea has fight a ballistic miss all over its east coast toward the sea. they say it was launched from the soon on area. it would be north korea's 14th known weapons test this year . now, career specialist mason richey, says pyongyang wants to use its missile technology to achieve its scientific and political ambitions. north korea has multiple reasons for why it tests, ballistic missiles, it wants to make technical progress on a host of systems, including short range, ballistic missiles that might be able to carry tactful warheads. it wants to develop icbm that can perhaps carry multiple warheads. and so it needs to make technical progress on these systems. these were outlined in a party congress. so it's also important domestically kim jong and wants to make progress on those systems are in order to cement or to continue to see his regimes
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authority within north korea. and then of course, there's also an international messaging effect, both for south korea, for the united states and for other countries in northeast asia and other allies of the u. s. and south korea and japan. the north korea is strong, the united it has a nuclear arsenal. that functions both as a deterrent and potentially for nuclear conversion. you know, it would not surprise me if the fact that the inauguration for the new user ministration which will happen 1 may 10 perhaps plays a role in the calculus that, nor 3 has in some way, i doubt it's the driving one. as i said, i think, you know, 3 a test on its own schedule. lisa, arrested, demonstrate is outside. sure lank is parliament months of blackouts. and acute
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shortage is food fuel and medicines that seem protest is the mom, the president resignation for the girls running low on foreign reserves and is unable to import goods. the country finance minister says the crisis will go on to to do. the thing is closed dozens of subway stations and suspended bus routes to stop cove at 19 spreading through the city. 10 thing is being put up around buildings and compounds neighborhoods where infections, the highest restaurants and bars are only allowed to serve takeaways while gyms and schools are closed. millions of people are being tested, katrina reports from aging. well, things are extremely intense. i think every day beijing residence wake up and if there is never city wide, looked on announced people, i'm very thankful they're trying to make the most of their ability to go outdoors. but with the kind of numbers we're seeing at the moment, i think most people agree that a city wide lockdown is not going to be very likely,
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unless we see a huge spike in numbers. but what authorities are doing is sealing off neighborhoods in a very targeted way. so if you are fortunately in a part of the city which is affected by cases, for example, in china district, the eastern part of the city where i am located, then you will be locked down while the rest of the city is still has still relative freedom now, beijing isn't the only city to announce these measures as another city, joan joan, central china home to 12000000 people that announced similar measures to day on wednesday. and also if you look at shanghai, china's commercial send to the most populous a city in china. further down south that remains mostly under lockdown officials. they're said that they have eased restrictions beginning on sunday. but because that city is continuing to see thousands of new cases every day. they're still a long way to go until that lockdown is lifted. so the majority of the 25 or so
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1000000 people living it, shall i remain, confined to that comp housed, or even there are problems still here on al jazeera, martial law has kept in place. am eastern democratic republic of congo for the army is fighting at least $100.00 on truth and, and support with santa highlights from the n b a playoffs, including a special mike from the snap. ah hello there, let's look to the middle east and we've had a dusty few days across the region thanks to sand storms pushing down from iraq. now, a lot of that dust has been lifted up for some of the gulf states. this was the scene in doha. we had visibility affected with lots of hazy sunshine. we are expecting those conditions to continue. we've seen some brisk winds blow that dust about,
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but temperatures will dip down slightly. it is going to cool here, and it has been rather cool across the levant temperatures way below the average for this time of year. some of those unsettled conditions, pushing their way further east. by the time we get into friday. now we're going to see the unsettled weather pick up across northern areas of africa for the northwest corner. we've got wet and windy weather moving across algeria towards to nicea a lot of those winds picking up. that's the hard dust and blowing it towards southern europe. it cools down as well for cairo, but across that central band of africa will, temperatures are above average. it isn't as wet as it is expected to be for this time of year. for the wetter weather, we have to look to the horn of africa. we've got some wind warnings out for coastal areas of kenya. some heavy rain expected to edge into tanza near. but it's a largely dry picture for much of southern africa. we'll see the rain in cape town by saturday that she weather. ah. how
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and why did it become so obsessed? with this law, we were giving them a tool to hold the corrupt individuals in human rights abusers accountable. they're going to rip the steel apart to take the white house, the toys, toys, part of what is the world hearing what we're talking about by america today, your weekly take on us politics and society. that's the bottom line. short films and inspiration, ah, personal stories of 3 young women, challenging the world around them. ah, al jazeera select, we understand the differences and similarities of cultures across the world center
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might have when you call home, we'll get you the news and current affairs that matter to you. lou. ah ah no, it's, you know, it's 0 reminder about top stories. this on the european union wanted member states to ban russian oil imports as part of its latest sanctions related to the warren ukraine. the block wants it done in stages, but several countries of pushing back loans in the us to set to be costlier off. the federal reserve hiked it's benchmark interest rate by half a percentage point. america central bank is trying to control inflation currently running at a 40 year high. the u. n. says the warren ukraine is adding to what it
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calls a perfect storm of factors that are making hunger worse around the world. a joint report from the un european union and the world food program says 193000000 people and more than 50 different countries didn't have enough to eat. last year i we're going to cross over now to where drone powell is speaking. so let sir, now take a listen in. he is of course the chairman of the u. s. federal reserve. we have both the tools we need in the resolved that it will take to restore price stability on behalf of american families and businesses. the economy in the country have been through a lot over the past 2 years and approved resilient. it is essential that we bring inflation down if we are to have a sustained period of strong labor market conditions that benefit all from the standpoint of our congressional mandate to promote maximum employment priced ability. recurrent picture is planned to see the labor market is extremely tight. and inflation is much too high against this backdrop. today,
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the f o c raised its policy interest rate by a half percentage point in anticipates that ongoing increases in target rate for the federal funds rate will be appropriate. in addition, we are beginning the process of significantly reducing the size of our balance sheet. i'll have more to say about today's monetary policy actions after after briefly reviewing economic development. after expanding at a robust 5 and a half percent pace last year, overall economic activity edged down in the 1st quarter. underlying momentum remains strong. however, as the decline largely reflects reflected swings and inventories and net exports to volatile categories. his movements last quarter, likely carry little signal for future growth. indeed, household spending and business fix investment continue to expand briskly. the labor market has continued to strengthen and is extremely tight. over the 1st 3 months of the year, employment rose by nearly $1700000.00 jobs. in march,
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the unemployment rate hit a post pandemic, and near 5 decade low a 3.6 percent improvements and labor market conditions have been widespread. including for workers at the lower end of the wage distribution, as well as for african americans and hispanics. labor demand is very strong. and while labor force participation has increased somewhat labor supply remains subdued . employers are having difficulties filling job openings and wages arising at the fastest pace in many years. inflation remains well above our longer run goal of 2 percent. over the 12 months ending and march total, p. c. e prices rose 6.6 percent. excluding the volatile food and energy categories, cor pc prices rose 5.2 percent. aggregate demand is strong and bottlenecks and supply constraints are limiting. how quickly production can respond. disruptions to supply have been larger and longer lasting than anticipated. and price pressures
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have pressures have spread to a broader range of goods and services. the surgeon prices of crude oil and other commodities that result from russia's invasion of ukraine is creating additional upward pressure on inflation. and covered really locked downs in china are likely to further exacerbates supply chain disruptions as well. rushes invasion of ukraine is causing tremendous loss and hardship, and our thoughts and sympathies are with the people of ukraine. our job is to consider the implications for the u. s. economy which remain highly uncertain. in addition to the effects on inflation, the invasion and related events are likely to restrain economic activity abroad and further disrupt supply chains. creating spill over to the u. s. economy, through trade and other channels. the fed monetary policy actions are guided by our mandate to promote maximum of employment and stable prices for the american people . my colleagues and i are acutely aware that high inflation imposed
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a significant hardship, especially on those least able to meet the higher costs of essentials. like food, housing, and transportation, we are highly attentive to the risks that high inflation poses to both sides of our mandate and were strongly committed to restoring price stability. against the backdrop of the rapidly evolving economic environment. our policy has been adapting and it will continue to do so. at today's committee meeting the ad today's meeting, the committee raised the target range for the federal funds rate by a half percentage point and stated that in dissipates the ongoing increases in the target range will be appropriate. we also decided to begin the process of reducing the size of our balance sheet, which will play an important role informing the stance with monetary policy. we are on a path to move our policy rate expeditiously to more normal levels, assuming that economic and financial conditions evolved in line with expectations.
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there is a broad sense on the committee that additional 50 basis point increases should be on the table at the next couple of meetings. will make our decisions meeting by meeting as we learn from incoming data and the evolving out what for the economy. and we will continue to communicate our thinking as clearly as possible. or overarching focus is using our tools to bring insulation back down to our 2 percent goal. with regard to our balance sheet, we also issued our specific plans for reducing our securities holdings. consistent with the principles we issued in january, we intend to significantly reduce the size of our balance sheet over time in a predictable manner. by allowing the principal payments from our securities holdings to roll off the balance sheet, up to monthly cap amounts. for treasury securities, the cap will be $30000000000.00 per month for 3 months and will then increase to $60000000000.00 per month. the decline and holdings of treasury securities under
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this monthly cap will include treasury coupon securities. and to the extent that coupon securities are less than a monthly cap treasury bills for agency mortgage backed securities, the capital b 17 and a half 1000000000 per month for 3 months. and will then increase the $35000000000.00 per month. at the current level of mortgage rates, the actual pace of agency m. b us run off would likely be less than this monthly kept them out. our balance sheet decisions are guided by our maximum employment and price stability goals. and in that regard, will be prepared to adjust any of the details of our approach in light of the canada and financial developments. making appropriate monetary policy in this uncertain environment requires a recognition that the economy often evolves in expected ways. inflation has obviously surprise to the upside over the past year. and further surprises could be in store. we therefore will need to be nimble in responding to incoming data and the evolving outlook. and we will strive to avoid adding uncertainty,
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to what is already an extraordinarily challenging and uncertain time. we are highly attentive, attentive to inflation risks. the committee is determined to take the measures necessary to restore price stability. the american economy is very strong and well positioned to handle tighter monetary policy. to conclude, we understand that our actions affect communities, families, and businesses across the country. everything we do is in service to our public mission. we at the fed will do everything we can to achieve our maximum employment and price stability goals. thank you. and i look forward to your questions and nick timber us of the wall street journal chip. hello. the unemployment rate at 3.6 percent and march is now essentially at the level that a committee had expected would prevail over the next 3 years. and at the bottom end
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of f o c participants projections for the longer run rate that you submitted and the projections are the last meeting. how has your outlook for further declines in the unemployment rate change since march? what does this imply for your inflation forecast? and how has your level of confidence changed with regard with regard to the feasibility of slowing hiring without pushing the economy into recession? thanks. thank you so. so the right 3.6 percent unemployment is just about as low as it's been 50 years. and i would say that i expect, and committee members general expect that we'll get some additional participation. so people will be coming back into the labor force. we've seen that particularly among prime age people. and that will, of course, tend to hold the unemployment rate up a little bit. i would also expect, though, that job creation will slow job duration has been it more than a half
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a 1000000 per month in recent months. very, very strong, particularly for this stage of the economy. and so we think with, with fiscal policy less supported with monetary policy less supportive we think that job creation will slow as well. so it is certainly possible that that can implement would go down further. but so i would, i would expect those to be relatively limited because of the additional supply. and also just the, just the, the slowing in job creation implications for inflation. really that really the wages matter, a fair amount for companies, particularly in the service sector, wages are running high, the highest, they run in quite some time. and they are one good example of our good illustration really of how tight labor market really is the fact that wages are running at the highest level and in many decades. and that's because of an imbalance between supply and demand and labor market. so we think through our policies, through further healing in the labor market, higher rates, for example,
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a vacancy filling and things like that. and more people coming back in, we like to think that the supply and demand will come back into balance in that therefore wage inflation will, will, will moderate to still high levels of wage increases, but not, but ones that are more consistent with 2 percent inflation. that's our expectation that your 3rd question was your level of confidence that you can slow hiring without pushing the economy into a downturn. so i guess i would say it this way. it's, there is a path that there's a path by which we would be able to have demand moderate in the labor market and, and have therefore have vacancies come down without unemployment going up. because vacancies are at such an extraordinarily high level. there 1.9 vacancies for every unemployed person, 11 and a half 1000000. vacancies, 6000000 unemployed people. so we haven't been in that place on the, on the vacancy,
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you know, sort of the vacancy unemployed curve. the beverage for we haven't been at that sort of level of, of a ratio in the modern era. so in principle, it seems as though by moderating demand, we could see vacancies come down and as a result, and they could come down fairly significantly and i think put, put supply demand at least closer together than they are. and that would, that would give us a chance to have a lower get to get inflation. now get wages down and they get inflation down without having to slow the economy and have a recession and have and have on a planet rise materially. so there's a path to that. now, i would say, i think we have a good chance to, to have a soft or soft dish landing or outcome if you will. and give a couple of reasons for that. one is households and businesses are and very strong financial shape you're looking at, you know, accept savings on that. on balance. she's accepts in the sense that they're substantially larger than the prior trend. businesses are in good financial shape.
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the labor market is, as i mentioned, very, very strong. and so it doesn't seem to be anywhere close to a downturn. it's therefore, the, the economy is strong and is well positioned to handle tighter monetary policy. so, but i'll say i do expect that this will be very challenging. it's not going to be easy. and it may well depend, of course, on events that are not in our can under our control. but our job is to use our tools to try to achieve that outcome. and that's what we're going to do. steve lee, it's been c a, b, c vector. taken my question mister chairman, you talked about using 50 basis point rate, the possibility of them incoming meetings. might there be something larger than 50 or 75 or a percentage point about it? perhaps you could walk us through your calibration. why one month or one? meaning should we expect that if the why something bigger? why something smaller? what is the, the reasoning for the,
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for the level of the amount of time think thank you. sure. so $75.00 basis point increases, not something the committee is actively considering. what we are doing is we raise 50 basis points today. and we've said that again, assuming that economic and financial conditions evolve in, in ways that are consistent with our expectations. there's a broad sense on that committee that additional 50 basis increases should be on 50 basis points should be on the table for the next couple of minutes. so we're going to make those decisions at the meetings of course, and we'll be paying close attention to the incoming data and the evolving outlook as well as the financial conditions and. and finally, of course, we will be communicating to the public about what our expectations will be as they evolve. so the, the test is really just as i laid it out in amik and financial conditions involving broadly and along with expectations. and you know, i think expectations are that will, it will start to see inflation flattening out and not
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necessarily declining it, but we'll see more evidence. we've seen some evidence that the core p c inflation is, is perhaps, either reaching a peak or flattening. we want to know one, no more than just some evidence. we want to really feel like we're making some progress there. and but i mean, we're going to make these decisions and there'll be a lot more information. i just think we want to see, we want to see that information as we get there. it's a very difficult environment to try to give forward guidance 6090 days in advance. there just so many things that can happen in the economy around the world. so, you know, we're leaving ourselves room to look at the data and make a district decision as we get there. i'm sorry, but if inflation is lower one month on the unemployment rate higher, would that be something that we were asked? that is john paul, they're the chairman of the us federal reserve on commenting on the 50 basis points, one manage point, interest rate rise. that has been analysis today. and he said that the focus really
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is bringing or is on bringing inflation back down to the goal. of the 2 percent and also looking to reduce the balance sheets conference that the u. s. government currently has and said that the economy is well positioned to deal with this, given that unemployment hit to near record low off the pandemic. and there is a really strong demand for labor. the supply in fact, can't keep up and that wages arising the fastest that they have in many years. so even with this interest rate rise, the federal reserve chairman, they're saying that the u. s. economy can deal with it that speak to our white house correspondent, kimberly how could thank you, who is standing by for us now live. kimberly. so what else did the federal reserve chairman have to say? well, we had a chance to hear what the federal reserve had to say. now, i'll tell you what we're hearing on the streets because it's not quite as rosy. you
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heard there, the federal chair saying bit, you know, that there's the belief that these tools in the tool box of the federal reserve can be nimble enough to essentially combat the inflation. which is that a 40 year high in the united states right now. and what that looks like is that the cost or the price of ordinary basic goods, lake, heating your home, or the cost of a weeks worth of groceries, or even the cost of a months worth of rent that has a really skyrocket in the united states. in recent we in mud and so that is left a lot of americans hurting. that's why this interest rate has been raised. and we should point out that this increased typically it's a quarter of a percentage point. this time we have half a percentage point something we haven't seen in 22 years. so it's significant is something that the critics are arguing that could actually create
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a new problem for the u. s. economy and that is a recession. so that's why you heard the report as they're asking about that. and the federal reserve chair there, jerome power really countering that saying look, we believe that we have the tools and this is going to restore price stability. in other words, counter inflation. so striking an optimistic tone, but i can tell you there's a lot of skepticism, not just in the american public, but also in the markets which are nervous. so, and have been nervous about this anticipated raise in the interest rates. because what this means is that everything that the ordinary american that has been ejecting in money into the, the economy since the, the slow down of cove in the sort of coming back in the economic recovery. that's going to become more difficult. and that's actually what this federal reserve is looking for because they want this slow down in demand. you heard them talking
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there. so the cost of buying a car that interest rates going to rise, credit card debt, the interest rate, and that is going to rise. and also if you are going to buy a house, the mortgage rate, those payments, they're going to become more expensive. it's going to squeeze some people out of the market for that almost entirely. so it's certainly going to be discouraging news for some ordinary americans who are now going to be priced out of purchasing some of those things that they had hoped to buy. i almost entirely kimberly how could there in washington d. c. thank you for breaking that down for yes. all right. it is time now for sports here. santa. thank you very much. kim, while livable manager yoga club, said it was a special moment to as he guided the club to the said, the champ is the final in 5 years. they came from to goes down to be at valerie all $32.00 in the 2nd leg of their semi saddle money. wrapped up the wind for liverpool
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who took the tight 52 on aggregate cup. and he says, can now look forward to date in paris on may 20 nicholson's amendment to what you have on standing. messy if you'd like. it's the 1st to be honest them because it's always so special. it's for me to best rub competition in the world. it's very difficult to, to reach refinance. that's probably the reason why nobody did it so far. but we made that happen and ran to file those specific files off and show up in our schedule. we will make sure that we are ready for it. liverpool await the winners between manchester city, real madrid, and the final city whole. the full 3 lead going into the match at the baron about we're sorry, shortly. city logan to make it back to back appearances in the champions league final spanish league player santa mina has been sentenced to 4 years in prison after being found guilty of sexual abuse. he strike her was suspended by his club,
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but sell to figure on wednesday. he appears in court to march over the case which relates to an incident to 2017. you know, 26 says he will appeal the and the last minute bid to buy premier league side chelsea by british billionaire jim at ratcliffe has been rejected. he made a $5300000000.00 offer for the club on friday weeks after the regional march deadline set by the sale organizes. radcliffe owns a number of sporting interests at through his company in the us. chelsea are currently operating on the special license that from the u. k. government, with the club put up for sale by functioned russian, ona roman abramoff, which i found the door, made an impressive thought to his target as 6 a title at the madrid masters. his opening might of the torment it was against therapy, as mule mira kit, one of each one a doll, made light work of it,
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winning at 717, a face daddy differ. in the 3rd 2nd seed alexander's wherever it came from a set down to be to form a grand slam. when m. r in tillage in their 2nd ra match the german took the decided 6 games to full and in the women's composition to new zealand onset job or as through to the semi finals. after getting past him on a high lip, the highest rank, our play only took 5 games against the former. well, number one, it's only the 2nd time job or has reached the center of the w t, a top tier event. and it means that there will be a new champion in madrid with no pass winners left in full except for doubles russian qualifier. acre. did he not alexandra alva? she upset amanda. and he sim, over winning in straight sets. alexander over is on the 3rd russian woman to reach the send finance at this time for well, no boy,
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lee westwood. the is the latest blair to confirm his requested the release from the established war golf tours to play and the 1st event of the new saudi back live series. while the prize funder for the 48 player torment and the u. k is in june is $20000000.00. the brit joins at 6 time major winner phil mickelson in making the move. it's reported 15 of the world's top. 100 plays have signed up. the pga tour has said that we'll hand out bands to those who joined the breakaway series. i have no, no influence over the way they facing. i, you know, i'm an independent contractor that you know, i work for myself as my job and i have to do what's right for me. well, we play european t o events in saudi arabia. we've about releases from the pga tour. i'm saying i can go going saudi arabia so it's it's been no problem to them. in previous
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years, 6 honda team, usa athletes and we're a guest of honor at the white house on wednesday president joe biden. them 1st lady jill, by then how the reception to thank those that the had that represented the country at the olympics and paralympics in both tokyo and beijing. the president said that their performances has inspired americans that during some difficult times, athlete all across america, all kinds of backgrounds, including 18 records of the united states armed forces for her. oh. more than 260 miles across a dozen sports wearing a 1000000 pounds real important for us in a playlist. boston are back on level terms of milwaukee bucks in the eastern conference, semi finals off to losing the opening game against the defending champion. the
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celtics that had their 2 main stars delivering games. on tuesday, jane brown high the game high, 30 points while jason tatum added 29 boston. when in this 16289, james brown did nearby contribute and competed. you know, we just can't pick that were, you know, if we would ask more on there, you know, toughness, you know, each position. so we know we had to do in the western conference, memphis that squared their series with golden stay grabbing a 5 point between came to the grizzlies that were led by a gem run to other schools. $47.00 points is only the 3rd player and be a history to have multiple $45.00 point game in the tails before the age of $23.00 . the other 2 on the broan, james and covey, bryan had some, you know,
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friendly words was still not a gay one. he came to me a geron, a say there's going to be about it, you know, we go house and swan, i was able to, you know, return our masters tonight. i'm sharing the same thing. i'm always say, you know, is my favorite match up? no play. i guess a girl i tell a great talent and we're just going to be about in the n h l. playoffs. the top seeds in the eastern conference had the surprise, the feed on tuesday, florida panthers that blue home advantage in game one i'm with for you by washington capitals, in colorado, the avalanche rumbled past nashville 72. the wind was set up by 5 goals and the opening period. one of the 1st game of this series against dallas widens elias linton with the only goal of the game and 3 periods of over time was needed to separate pittsburgh and new york ranges. the penguins eventually got the win for 3
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bird overtime on broadway. finally, the argentina shirt won by diego maranzano and he scored his infamous hand of god. goal. in the 1986 woke up against england was sold for record $8800000.00. an auction, it is the highest price ever paid for single piece of sports memorabilia. while mar, donna swapped shirts with anger impair, steve, hard to at the end of the game. it has been on display museums for 36 years. my daughter died in 2020 that's a full for me. i hand you back to kim. thanks. that santa and thousands of shell is embedded in a pavement outside. a shopping center in thailand have been found to be fossils of an extinct marine creature. paleontologist say the snail a shaped specimens in bangkok or type of mollusk that died out more than 66000000 years ago. the fossils may have been inserted as decorations by contract is it
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recently carried out, repairs? was it for making that alpha use ala? don't go away on taylor will be live from london in just few minutes with more of the day's news. and i'll see this time tomorrow of life. ah ah ah, journalism is under siege in the digital age. surveillance threatens to stifle price with online violence,
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endangers the safety of journalists, the spread of disinformation, corrupt public trust in the media. truth becomes a casualty. journalism under digital siege will press freedom day, 3rd of may, 2022. ah, seen as a burden. countless babies are aborted in india simply for being girls. but amidst these resistance, even from our own patience, a fearless midwife has adopted the cause of challenging, deeply ingrained tradition and terminating this modern day beat aside. the daughter, 3, witness on al jazeera, natural capital, is capital, which nature created. notice when nature is transformed into
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a commodity big business, takes a new interest by landscapes protecting landscapes. it's a phenomenal opportunity to be able to use a business model to achieve sustainability of nature. but at what's risk, banks of course don't do that because they have at the heart protection of nature. they do that because to see a business in pricing, the planets on al jazeera ah, fighting intensifies near the as of style. steel works in mar, you, po, russian forces, try to storm the plant for a 2nd day. ah, lauren taylor, mrs. anders here and i from london, also coming up the you proposed to pump out more measures to stop russian oil
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imports. it getting all of the block to agree could be the biggest challenge. and let's be clear. it will not be easy. facing a triple threat from extreme weather, the pandemic and war more people than ever struggling to find enough food to eat. and the u. s. federal was.

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