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, @RepJeffriesJoe Kernen, @JoeSquawkBecky Quick, @BeckyQuickZach Vallese, @ZachVallese Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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