jill deese us -- jill disis joining us for more.williams is one in a chorus of voices saying a million different things. janet yellen famously said as inflation comes down, interest rates have to come down to match it. to be fair she is now a member of the biden administration so rate cuts benefit her and the administration from a political standpoint going into an election. talk to us a little bit about where everyone else in the fomc stands on this. is john williams alone? jill: he is not. if you look at fed speak from this week we saw atlanta fed president bostick and fed president michelle bowman give similar remarks in this idea, bostick said he is comfortable with the fed's restrictive stance right now. you and i remember just last month, after the fomc meeting we saw markets really start to price in big bets on the idea that we could see a cut by march. i am not sure we are there yet. the fed, certainly several of these fomc members have pushed back against the idea that could come extremely soon. we have to look at what else

bloomberg's jill disis, we thank you. at the core of the rate cuts and pricing will be the readthrough into these banks. to what extent will that feed into the net interest income that is keeping these banks afloat? jp morgan, wells fargo and others are set to kick off her earnings season on a volatile year in the banking industry. i am joined by jennifer hooley -- leads bluebirds coverage of finance in the middle east that is a veteran wall street reporter herself. what is the main one for you to watch this morning? jennifer: this is fourth-quarter earnings we will get later today. what i think most investors will look past that and flip to the page as their outlook for this year. i think for the most part last year, these banks have sailed through. consumers have kept up with their loans. they have largely been ok. obviously you still had the rate hikes last year and some were held up. now the question is, what happens this year. if the fed will cut rates, does that mean the fed will cut their forecast for nii? will con

jill disis joining us from hong kong. thank you for that crucial content. i want to circle back to the japanese story. we were talking about what they were doing. let's talk about global repercussions out of the boj. they have kept the policy unchanged, offering no clear hints on when it will end negative rates. they ended at -0.1 percent keeping yield curve controls intact. our bloomberg economics team joins us this morning. a pleasure to have you on the program, as always. talk about your initial take from the boj's decision today. was it really that much of a surprise? >> it's not a huge surprise, it's just a dovish hold of its excessive stimulus using yield curve control and negative interest rate policy. the market expected there should have been no change. if there some surprise. there is a tweet in the outlook report, meaning that they added a sentence that the likelihood of underlying inflation is edging up towards its 2% target is increasing. the governor mentioned it in the previous meetings, but it's the first time to mention it in the outlook re

let's bring in china economy editor jill disis.t, we were expecting some easing from the pboc this year. the question has been about how much? how do they balance rate cuts, reserve requirement ratio cuts with other structural tools. what this told us is we had pboc governor come out and tell reporters, front running this upcoming rrr cut. that indicated more of this urgency among top policymakers that there needs to be more done. what does that look like this year? bloomberg economics is saying maybe that comes in the form of another reserve ratio cut this year. we are hearing the same from goldman sachs and others, along with cuts on their one-year loans. maybe that comes at some point this year. the thing to remember with the pboc is they are trying to balance this idea of adding stimulus to the economy without going too far. they have some considerations in terms of how that measures up against fiscal stigmas in china. what we're seeing with the pboc is perhaps telegraphing this idea of more structural tools to help the economy

let's bring in jill disis.with the press picture because there is this brother concerned we are starting to see significant demand spiral from these inflationary pulses. >> we will be getting those numbers on and just about 45 minutes or so. at this point broad expectations that both consumer and producer prices will have fallen into deflation in tandem with each other for the third consecutive month. after we get prices, those have been in deflation longer, but the story here is when you look at these consumer prices, these deflationary pressures that exist, this is the symbol of how weak demand is in china right now. confidence has been under major pressure for the past year after the reopening from the pandemic. indicating these widespread concerns about china's ability to revive demand and confidence. the numbers expected to show for cpi figures they headline figure that food prices to december were not as much of a drag on prices, transportation, it is winter so people are not traveling as much of their. i

jill disis with the latest on what we know on potential plans which could come at some point this week is what we understand. yvonne: markets are jumping for joy it seems on this news and potentially what it could mean for markets. we are looking ahead to other big events. we are just a few hours away from the bank of japan decision. expectations are they will stay put. stephen engle joining us outside the bank of japan here this morning. nobody is expecting anything but what are we supposed to hear, or what should we expect to hear in this press conference with ueda san? stephen: listening to all this conversation about the chinese stock market stimulus package, it reminds you as well in tokyo, they've been a beneficiary of course of institutional money from places like hong kong into tokyo. it has lifted a sentiment obviously here as well as with an inflationary environment that's been above the boj's 2% target since april of 2022. there's been optimism that things are going well economically even though in the later part of the year the economy did slip, inflation did come off the b