Hey everyone , good afternoon . It ' s so quiet in here , huh? Alright , let ' s get this over with real quick . Oh , careful there with that laptop , don ' t break it . Okay , so kicking things off today is National Economic Advisor Lael Brainard . She ' s gonna give us a preview of the President ' s trip to Allentown , Pennsylvania tomorrow . And she ' s also gonna talk about the new data on inflation and the small - business boom under President Biden and Vice President Harris . We ' ve been seeing record - breaking small business applications for three years in a row . So , Lael , take it away . We got some good news today about inflation . It ' s gone down a lot because the supply chain issues have eased . Prices for household items like eggs , milk , and toys have also come down . Gas prices have dropped below $3 in many places . The President is really focused on lowering costs for American households , especially prescription drug costs . He wants corporations to bring down their prices too and pass the savings on to consumers . In contrast , congressional Republicans aren ' t doing anything to lower costs . They just keep pushing tax cuts for the wealthy and big corporations . Now , onto your questions . MS . JEAN - PIERRE: Go ahead , M . J . Q . Thank you , Lael . It ' s good to see you . Can you talk a bit about how your team is keeping an eye on the situation in the Red Sea? And how concerned are you about the potential for it to increase prices and disrupt the global supply chain? Q: Thanks , Lael . Looking at the report , it seems like rent is a major driver of inflation . It increased by 6 . 2 percent last year . What ' s your analysis of why rent continues to drive inflation at a rate twice as high as the average? And what ' s your outlook for rent in the next year , especially considering high mortgage rates that make it difficult for people to buy? MS . BRAINARD: Yeah , rent affordability and housing affordability , in general , are important issues for many households as they manage their expenses . Housing is a significant factor . We ' re really focused on making housing more affordable . We would like to see Congress pass housing tax credits , which the President has included in his budget every year . These credits are crucial for increasing the supply of affordable rental housing . We ' ve also proposed measures to make homeownership more affordable for first - time buyers . Mortgage rates have actually decreased in the past few months , by about one and a quarter percent . That will make a difference . MS . JEAN - PIERRE: Nancy . MS . BRAINARD: Yeah , the national security team is focusing on the attacks in the Red Sea area . We ' re also closely monitoring the potential impact on the U . S . economy . So far , we haven ' t seen much effect on the U . S . economy . Some shippers are taking different routes , which is causing longer shipping times . But overall , it hasn ' t had a significant impact on the U . S . economy . And as you can see here , the comprehensive measure of supply chain pressures is back to pre - pandemic levels , thanks to the work this administration has done with the private sector in areas like shipping , trucking , and semiconductors to alleviate those pressures . MS . BRAINARD: We ' ll continue monitoring the situation . The shipping lanes in the Red Sea area are more relevant to other parts of the world . But of course , we ' ll keep an eye out for any potential effects on the U . S . Q: Do you have an idea of when this might become a bigger issue? Is it a matter of days or weeks? BRAINARD: So , I can ' t really speak to specific actions by the independent agencies . But overall , our independent agencies are really focused on addressing unfair and deceptive price practices that are causing higher costs for American consumers . But we ' re gonna keep putting forward proposals and fighting to make housing more affordable , and we hope Republicans in Congress will join us on that . Without that legislation , do you think the rental market will get any better in the next year? Well , a lot of forecasts do predict that average rents will go down , but that ' s not enough . We need to take action and have Congress work with us on this . Now , about the tax negotiations on Capitol Hill . But first , to follow up on M . J . ' s question , aside from shipping time , what real - time indicators should we be watching to see if the situation in the Red Sea is impacting the U . S . economy? Well , there has been a lot of focus on oil prices . They ' ve been volatile , but we haven ' t seen an increase . Retail gas prices are actually down to about $1 . 90 and are now below $3 for most Americans . However , since it ' s a significant expense for households , we ' ll be closely monitoring that . We ' re also keeping an eye on shipping costs and times . And now , onto the tax negotiations . I know a deal is still being worked out , so a full analysis of the impact hasn ' t been done yet . But if you have any information , feel free to share it . I ' m curious how the White House is balancing the potential impacts , like the child tax credit and R&D credits , against concerns about inflation and how it could undermine progress on inflation . We ' ve consistently emphasized how effective President Biden ' s child tax credit policy has been in reducing child poverty . The President wants to extend the availability of that credit for low - and moderate - income families . We ' re hoping for a balanced package that includes an extension of the child tax credit , especially for lower - and moderate - income families . You spent a lot of time last year dealing with the banking crisis . How do you evaluate the current state of the banking industry , particularly the smaller and mid - sized banks that were impacted last year? Yeah , this time last year , we were focused on the vulnerability of some regional banks . The regional banking sector has really improved its capital and liquidity , and it ' s in much better shape now than it was a year ago . So most experts believe that overall , the regional banking sector is doing much better . And of course , we ' ve been keeping a close eye on that . MS . JEAN - PIERRE: Go ahead , Gabe . Inflation has calmed down a bit , but food prices are still pretty high . What would you say to Americans who are concerned about the cost of food? And why do you think the term "Bidenomics" hasn ' t become popular? MS . BRAINARD: Yeah , we ' re really focused on the kind of expenses that hardworking American families deal with every week . Food prices are a big deal . We ' ve actually seen a decrease in several categories of food prices over the past year . For example , dairy prices have gone down , and so have fruit and vegetable prices . So , we ' re really focused on making sure grocery prices are affordable for American families , and we ' re actually seeing some prices go down . But in general , when we think about the amazing progress in the economy , employment has gone up by 14 . 3 million overall , with 2 . 7 million in the past year alone , even with low unemployment . Wages have increased since before the pandemic , adjusted for inflation . The median household ' s wealth has gone up , adjusted for inflation , since before the pandemic . And there has been an increase in small - business creation . These are all good things . But the President ' s main focus is on hardworking American families and their expenses , and how much financial flexibility they have at the end of the month . That ' s where his focus is on continuing to lower costs . . . Q Then why do you think the term "Bidenomics" hasn ' t become popular? MS . BRAINARD: So , I think , again , the President ' s economic policies are showing great results in terms of real wage gains , real employment gains , and real wealth gains . But we still have work to do in terms of lowering costs . MS . JEAN - PIERRE: Okay . We ' re almost out of time . Go ahead , Ed . Q Thanks , Karine . Thanks , Lael , for doing this . So , if we look at inflation since President Biden took office , overall CPI inflation has increased by 17 . 6 percent . Food prices have gone up by about 34 percent . Electricity prices have increased by 27 percent . So , what ' s your message to Americans who feel the impact of these price increases every day when they buy and use things? MS . BRAINARD: Yeah . So , the President ' s message is that he is really fighting for American consumers and he ' s working hard to lower costs . You can see it in healthcare . Healthcare is one of the most expensive things for most Americans , and he has made real progress there . Insulin prices have gone down to $35 from $400 , there have been negotiations on Medicare prices , and there ' s now a $2 , 000 cap on seniors ' out - of - pocket costs . We have also made progress on things like overdraft fees , bounced check fees , baggage fees , and family seating . So , we ' re going to keep fighting . And , you know , the President is calling on those big companies that were so quick to hike up prices when supply chains were all messed up and costs were going up . But now that things are back to normal , he ' s asking them to pass on those savings to us , the consumers . But at the same time , since President Biden took office , people are actually seeing a decrease in their wages . So , it ' s like a double whammy . But hold up , let me give you the latest numbers on real wages . They ' ve actually gone up since before the pandemic . Like , on average , hourly earnings have increased by 0 . 8 percent . And for all workers , real wages have gone up over a percent and for moderate - income workers , they ' ve gone up over 3 percent . So , if you look at it overall , people can still buy as much as they could before the pandemic and they ' ve even got an extra $1 , 700 to spend . So , yeah , wages have actually outpaced inflation since before the pandemic and more people are getting jobs , which means more money to spend , and that ' s why we ' re seeing good growth . So , we have these discussions with our Israeli counterparts about a bunch of different topics . I can ' t really go into the details of our diplomatic talks , but I can tell you that media freedom is always part of the conversation . I ' m not sure if that gravy is any better than before - ( laughs ) - but that ' s the best I can do today . MS . JEAN - PIERRE: Okay , Nadia , go ahead . Q Thank you , Karine . I have two questions . Today , during the ICJ hearing , the judge said that according to Article 51 of the Convention that Israel signed , Gaza is considered an occupied territory . Even though Israel has withdrawn its troops , they still maintain control over land and sea . Therefore , Israel has a legal obligation to protect civilians in Gaza . So , first , do you agree that Gaza is occupied? And second , is it legally Israel ' s responsibility to protect civilians? MR . KIRBY: I can ' t give a legal opinion from this podium , Nadia . We have repeatedly stated that we believe these allegations and this case are baseless , and there is no justification for accusing Israel of genocide . We don ' t take that word lightly , and we don ' t think it applies here . Now , regarding civilians , again , I ' m not an international lawyer , so I can ' t pretend to be one . But from the beginning , we have discussed with our Israeli counterparts the unique challenges that modern militaries , especially democratic ones , face when conducting military operations to protect innocent civilians and civilian infrastructure . These discussions are ongoing , including during Secretary Blinken ' s trip . Q Okay , since you ' re not an international lawyer , I suggest you read what the judge said . He stated that Israel is in violation of Article II ( a ) , II ( b ) , II ( c ) , and II ( d ) . He also said that the bombing campaign in Gaza is the most intense in modern warfare history , even worse than what Russia is doing in Ukraine . So , he called on Israel to immediately stop military operations in Gaza . The White House ' s stance is against a ceasefire . So , is the Biden administration violating international law and ignoring the judge ' s call to halt military operations? MR . KIRBY: No , that ' s not the case . Despite the judge ' s statement , the answer is a definite no . Israel has the right and responsibility to defend itself , and we will continue to support them in doing so . We ' ll provide them with the necessary tools and capabilities . No country should have to live with such a threat right next door . So , no , we are not in violation , and we will continue to ensure that Israel has what it needs . I ' ll also add one more thing . We ' re also gonna make sure that humanitarian aid gets to the people of Gaza , and that Israel is really careful and precise with their operations to minimize civilian casualties . Q Will you change your stance if it turns out that you ' re actually violating the rules MR . KIRBY: I ' m not gonna get into hypotheticals . We ' ve already made our position clear . MS . JEAN - PIERRE: Go ahead , Seung Min . Q I wanted to follow up on the ICJ proceedings . MR . KIRBY: Sure . Q You ' ve made the US position clear , but will the US accept the court ' s decisions or penalties if Israel is found guilty of genocide MR . KIRBY: I can ' t say right now . We ' ll have to see how the process unfolds . Q Can Israel rely on the US to block any potential sanctions imposed by the court if it comes to that MR . KIRBY: I can ' t speculate . We ' ve stated our view on this case and our support for Israel . MS . JEAN - PIERRE: Go ahead , Selina . Q Secretary of State Antony Blinken said the US is ready to take action against Houthi attacks in the Red Sea . He seemed more forceful . How far is the US willing to go MR . KIRBY: We discussed this yesterday . I can ' t reveal our plans . We ' ll do what we need to do to counter and defeat these Houthi threats . We ' ll consult with allies and partners for the next steps . That ' s all I can say . Q What ' s the US response to recent comments from the Houthi leader that they ' ll respond to any American attack with a bigger strike than before MR . KIRBY: Again , I can ' t speculate about future military operations . We ' ve made it clear that the Houthis need to stop these attacks and they ' ll face consequences if they don ' t . MS . JEAN - PIERRE: Anita . Q You mentioned discussions with Israel to de - escalate the fighting . When will we see that happen MR . KIRBY: You ' ll have to ask the Israeli Defense Forces about their plans . I can ' t provide their timetable . They have acknowledged the need for a transition in their military operation , and we support that . We ' ll see what they do . But it ' s really up to them to speak on it . MS . AP: But if you ' re saying that the US isn ' t actively assessing whether Israel is using these weapons in accordance with the laws of war because you don ' t see any indication of violations , and there ' s no congressional oversight , no internal review process at the State Department , and no verification on the ground , how can we be sure that Israel is using these weapons in line with US and international law? JK: We follow the law . We adhere to the intent and spirit of the law . For more details on the process , I would refer you to the State Department . JP: So - — Patsy . I ' m really sorry . AP: Just to clarify , if you say there ' s congressional oversight , has the administration given Congress a complete list of the weapons that are being sent to Israel? Is that done before or after the arms transfer , considering there have already been two emergency transfers on December 9th and December 29th? JK: It ' s hard for me to comment on an amendment that I haven ' t seen or had a chance to look at . We ' re cautious about discussing pending legislation on Capitol Hill . Senator Kaine and a bunch of Senate Democrats are trying to stop future administrations from bypassing congressional oversight of arms transfer to Israel . What do you think about that , Mr . Kirby? But generally , we take Congress ' s oversight responsibilities very seriously . We do our best to keep them informed and consult with them when providing foreign military assistance to other countries , including Israel . And that will continue . JP: Go ahead , Anita . JK: I wouldn ' t say there ' s no congressional oversight . That ' s an exaggeration of our relationship with Congress and the military assistance we provide . We ' re in constant contact with our Israeli counterparts , as I ' ve mentioned before , and we still see no signs of them violating the laws of armed conflict . They ' re defending themselves against a real threat . There are too many civilian casualties , and we want to see them take steps to reduce that . But there ' s no evidence of deliberate and wanton violation of the laws of armed conflict . That ' s really their responsibility . Just to clarify , is the U . S . holding Israel to the same standards as other partners who receive American weapons? We ' re providing military assistance to Israel so they can defend themselves against Hamas . We ' ve made it clear what we expect in terms of how they use that equipment , and that won ' t change . Go ahead , Andrew . Thank you , Admiral . On Monday , you mentioned to one of my colleagues that the Situation Room can only track the general location of Cabinet members . This seems outdated , especially when I can use my phone to locate myself with great precision . Don ' t we have a better system in place to know where each person in the line of succession is without them having to inform the Situation Room or FEMA? I don ' t have a different answer than what I told your colleague on Monday . The Situation Room has a process for tracking Cabinet officials and their locations . There ' s a check - in every morning where their general location is logged and reported . Each of these principals has a mobile phone , so why can ' t we track their exact GPS coordinates like we do with dogs? We won ' t be tracking GPS coordinates or implanting microchips in anyone ' s neck like they ' re a dog . They check in every day , and we know where they are . That ' s all I ' ll say about it . The problem is that with Secretary Austin , you didn ' t know where he was for days . So , these daily check - ins are the best we can do at this point? We had no indication that he was outside the D . C . area . However , it ' s true that we didn ' t know he was hospitalized , and that ' s a problem . It shouldn ' t happen again , and the White House needs to be informed if a Cabinet official is hospitalized or needs medical attention to the point where their authority needs to be delegated . Karine has talked about the memo from Mr . Zients advising Cabinet agencies to review their protocols . We ' ll improve on this and learn from it . Why did you mention a poodle? I ' m just . . . MR . KIRBY: I wouldn ' t trust anything coming out of Tehran . This was just a commercial vessel passing through international waters . No reason at all to seize it . They need to let it go . Q Admiral , going back to the seizure of the tanker . The Iranians are saying it was retaliation for the U . S . seizing the same vessel and its oil last year . What do you think about that? Q Thanks . John , there ' s a new report from the Defense IG that says American Defense officials didn ' t fully account for around 40 , 000 weapons provided to Ukraine . Does the White House have any reaction to that? We appreciate the work done by the DOD IG . It was a significant effort , and we ' re going through it . DOD has already reacted to it . The report also mentioned that DOD has made some improvements , like handheld scanners and increased personnel at the embassy to better track the materiel . MR . KIRBY: Yeah , I ' d suggest checking with the Defense Department for a more detailed response . But let me just say this broadly: we ' ve been working on improving accountability for the materiel provided to Ukraine for many months now . Our Ukrainian partners share our concerns about accountability . I mean , it ' s a combat zone . KIRBY: I don ' t know , just joking around . I don ' t have anything against poodles . Just messing with you . Gabe . The report also stated two important things . Firstly , there ' s no evidence of widespread diversion or illicit use of the materiel in Ukraine . And secondly , it ' s a wartime environment , and we have limitations in counting every single item in that situation . We have a small group of military personnel at the embassy working on accountability , but we can ' t put them in greater danger by inspecting every shipment closer to the front lines . MS . JEAN - PIERRE: Nancy , you ' re up . And even in combat situations , Nancy , when we ' re out there running and fighting wars ( even though we ' re not currently in one ) , there are real limitations when you ' re being shot at and attacked . It ' s hard to keep track of everything you ' re using in those moments , you know? MS . JEAN - PIERRE: Sure , go ahead . Q: Thanks , Karine . Does President Biden think that NATO took advantage of the US like President Trump did? And does he believe that Europe owes the US billions? Can you also comment on President Trump ' s reluctance to fully commit to NATO? Oh , and I have one more question . . . MR . KIRBY: Hold on , hold on , before you ask . . .

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