manus: good morning from bloomberg's middle east headquarters in dubai. i am manus cranny with annmarie hordern, co-piloting every day it's daybreak europe. >> we continue to expect it will be appropriate to maintain the quarter percent range for the federal funds until labor markets have reached levels consistent with the committee's assessment of maximum employment, and inflation has

risen at 2% and is on track to moderately exceed 2% for some time. manus: stocks, jay powell has a dovish message. he says, if we don't give you a signal, you are not there yet. the eu braces for a decision by its health regulator on whether astra vaccine is safe to use. this as a risk between london and brussels oversupply widens. the bank of england is expected to emphasize it's a high bar for tightening monetary policy. we look ahead to today's rate decision. good morning, good morning, 6:00 a.m. in london, 7:00 a.m. in frankfurt. annmarie, i set it to hours ago, the fed gave the market a filet mignon. we are not ready to do anything. that is a very clear message. it's a considerable risk, and he

will not be hemmed in. the fed will not be hemmed in on average inflation targeting. i thought about this, who runs free up parts from bambi? it's the 210, above 150 basis points for the first time since 2015. anne-marie, good morning. annmarie: good morning, manus. doubling down coming from jay powell. i thought it was significant as he kept saying it will not dictate what we do. we have to see tangible inflation. and also pointing to unemployment. some of the fringes. he was on the margin the past two years in terms of unemployment. he wants to make sure they are included. they want broad and inclusive employment in this recovery. for him, what stuck with me, was that tangible line. he wants to see and feel it, not the forecast. manus: this goes back to no fed, we both share from bank of america. you will get a reactive fed not a proactive fed. mohammed said it will get hot

and walk the dovish line. i like what mohammed said. this is about threading the needle, the eye of the needle will get harder. the nearest possible balancing act with markets. it's going to get more difficult, and this is the point, isn't it? it's just going to get more difficult. but it's up to 2.4%, catch up spike. supply side, it's going to be a short-term spike because of basis. anne-marie. annmarie: on that short-term spike, he made a funny comment. jay powell said americans will go out, start dining and start traveling, but you only eat dinner once. his point, inflation is transitory. let's take a recap of what jay powell said last night. here he is, the fed chair. jerome: the high level of joblessness has been especially severe for lower wage workers in the service sector and for african-americans and hispanics. the state of the economy in two or three years, is highly uncertain's.

we are clearly on a good path with cases coming down, as i mentioned. i'd hate to see us take our eye off the ball before we actually finish the job. we said we would like to see inflation run moderately above 2% for some time. and we have resisted, basically, generally, the temptation to try to quantify that. we will begin to mix faster products on both spending, labor markets and inflation, as the year goes on, because of the progress with the vaccines, because of the fiscal support we are getting, the fiscal policy, overall, will have really helped us to avoid much of the scarring that we were very concerned about at the very beginning. anne-marie: powell seemed to dismiss the committees great outlook or dot plots. he said don't look too much into it, it's not a consensus. seven of 18 officials are predicting higher rates by the end of 2023. in december was five.

up thereby two more officials. scott minerd had something to say about the dot plot as well. take a listen. >> this dot plot, there were some significant changes in it. not dramatic, but there is more and more of a consensus building, this great increases coming faster than the chair is advertising. >> let's take a look at what we trade this morning following jay powell, asian equity markets are rising to the upside. u.s. equity futures are unchanged. ftse 100 futures are in there because noon today, it's the boe's turn. we will hear from the governor, 10-year treasury yield. notably, the yield was lower, but we are hitting resistance levels, potentially breaking out. we are testing the powell narrative in the market, 1.6% on the 10-year. although we are flat on dollar-yen, you have been covering this more on the boj, considering widening the target around the 10 year trading range, around the 10 year yield,

this is coming from nikkei paper. a bit more across that throughout the programming. manus, it's all about the central bank this week. manus: it is, indeed, it's a speed and the bond markets. we will talk about the boj in a moment. let's get up to speed with laura wright. laura: facebook is expending -- extending its paid leave policy to workers who are the victims of sexual assault and domestic abuse, all employees will be able to take as many as 28 days off if they or a relative has been a victim of a crime. the chief operating officer sheryl sandberg spoke at the bloomberg quality summit. cheryl: we have very broadly policies, we have led to this before, but this is us recognizing that this is something that affects everyone, it is a situation where you need to take time off, and not just for yourself, but for a loved one. cheryl -- laura: they are facing

charges of bribery and breaching anticorruption laws. it could see them face up to 15 years in prison. the military that seized power in a february coup has already filed for other charges against her, more than 200 people have now died in nationwide protests. local news, 24 hours a day, on air and out bloomberg quicktake, powered by more than 2700 journalists and analysts and more than 120 countries. this is bloomberg. anne-marie: laura wright in london, thank you. joining us is head of total return and uncontrolled fixed income at nomura asset management. he said volatility through temporary concerns over higher yield should be seen as an opportunity to add risk. a dovish fed yesterday, do you still maintain that volatility? is this an opportunity right now to add risk? >> good morning, very much so,

it goes with risk assets. it's more subordinated levels of debt and high-yield and more correlated with the interest rate. chairman powell told us almost definitively, or suggesting that interest rates are now on hold and certainly with the dot plots. there on hold until 2023, which is different than where the markets view is, because the markets are currently pricing in almost three interest rates over a certain. period. manus: do you think it will get harder to thread the eye of the needle if they have to up grade the growth and come back to the market and redefine the upside narrative? >> pretty much so. we have to take into account that the fact is, the federal reserve, not just the federal reserve, thanks and have been

guiding this at higher levels. this is exactly what they want. the equally, they are going to be concerned about the investors in the market. some say it will start questioning their credibility in the face of rising inflation. inflation is probably going to peek over the next couple of months around 3.5%. over this time period, the credibility will call into question, quite rightly, that they are looking through some of the transition, and this year is a transition year, and ultimately we will see inflation at the end of 2021, a bit more like 2.5%. 22 and 23. inflation is around 2%, which is roughly the average. they don't have criticism along that journey. annmarie: bloomberg has noted there is a lot of money that stands to be lost should the fed stay on hold through 2023.

s has the market miscalculated the fed? dickie: the mann -- the bond market is working past their job. unless we fall into an empty -- a depression environment we will see higher interest rates, in light of the sheer size of the fiscal stimulus that we've had, not only the current american recovery plan, which is 1.9 trillion, as we know over the next 12 months, but also the potential of an additional two plus trillion of infrastructure stimulus, but given all of this, they need to guide us to a level of higher bond yield in the future. and realistically, if you look at the 10 year yield today, it was still lower than where it was at the first of january of last year.

and it's approximately the same level as it was in the middle of february of last year prior to the locked down in the collapse in financial assets. we all have it longer for lower. this means the cost of financing leverages going to be at a low period. i would say risk assets such as equity and high yields, are more correlated with short-term interest rates and not long-term bond yields as most people make. manus: with that in mind, i started the day about three hours ago, and i said, for me, when i walked in, i felt that what powell was done was he had re-anchored the short end of the curb. do you agree with that?do you tn the risk profile for you? dickie: absolutely, you are

completely spot on. we have a rising mortgage rate and may need to reenter this. they have used 80 billion qad months from treasury and from mortgage-backed security. they need to keep control of the front end. you have got to remember, curves are already running at very, very steep levels. so they might be at much steeper levels. the rest of the move will be driven by the front end. they have anchored that in record highs that. personally, i told investors, you can see higher yields from here. manus: thank you, you have validated my delusional thoughts at 5:00 a.m. in the morning. head of total concern.

coming up on the show, all options are on the table. we are in the crisis of a century. the latest on europe's chaotic vaccination rollout next. this is bloomberg. ♪

>> this is an event that has affected everyone around the world. i think no one has escaped the tragedy that this pandemic has represented. and the effects have been long-lasting, it's been over a year. we now see the light at the end of the tunnel, but we are by no means there. annmarie: bloomberg ceo, you can hear more from that interview all morning on bloomberg television. i want to switch focus, europe's ongoing vaccine route with the rollout, the eu is breaking for a decision.

biden agency clarifying whether astrazeneca shot is safe to use. the regulator has consistently back to the vaccine, but has been reviewing evidence on blood clots. russells is sweating up its dispute with united kingdom, threatening to withhold exports, and seize control of production and distribution. the plot really thickens here, european 30's has suspended astrazeneca vaccine use, but they are also attacking the country for not delivering enough. can they actually have it both ways? >> the timing, you could say, is off. we are still waiting for the decision to give the vaccine the all clear. but the explanation that they give you is they do have to make a difference between astrazeneca the company in astrazeneca vaccine. so when it comes to the company yesterday at the head of the european commission, she painted a very negative picture of the company. she said they cut production twice in q1.

they will cut it by almost 50%. we are not able to rely on it, it's been painful, she also said the reason, to some extent, to why the rollout has been slow is because we could not count on the manufacturers. it was a very negative feed on astrazeneca, even as we wait for that decision from the ema's as to whether or not they give it the all clear's. what i would know is that even though astrazeneca will cut delivery to the european union, this is the third time in two quarters she did say pfizer is doing better. and they expect to see 360 million doses taken on the second quarter of the year, and they are hoping that will give the vaccination campaign renewed momentum. manus: maria there in brussels. the latest on the spat between the eu and the u.k.. the head of total return on constrained fixed income asset management.

delays on the vaccine rollout, prevarication on astrazeneca. this is all adding to europe's roles. how is it priced, is it priced through the fx prism? is it priced through the equity underperformance? is it priced and may be undervalued? how -- talk us through what some would call a mess. >> it isn't really a mess. i think it was inevitable that there would be some delays and then it will call criticism. his 3.7% to 3.1%. ultimately, europe will fall behind with results to growth expectations and the extent of

the rebound of economic recovery, and less they get more of the vaccine. obviously it's critical to the rebound in global growth, but more so within europe. we have, at the same time, equity valuation. you look at the euro stocks at record high level. there is much optimism and asset classes already, but the economies need desperately to recover so that these valuations are sustainable. and i think, even though we have this transition time of less vaccinations confirmed over this, that ultimately this will lead to a larger, much larger rebound in the vaccination and acceleration in the vaccination progress -- process. annmarie: i want to bring up something discretion -- distressing to manus and that's the pound. how much more upside could we see? many say it's fully priced in,

the vaccine story when it comes to sterling. >> i think it all depends, a lot of it has been by the dollar as well, but the pound tends to go higher, if indeed we are still in the position where the nikkei is benefiting from increased amounts of populations vaccinated, the are in an expectation to have economic activity. i don't think the likelihood is, if they do cut rates, which i'm not sure they will do, but most of the backdrop is some support, but i do see it possible that the pound go higher, but that actually is coupled with a weakening of the u.s. dollar as we move further on in the course of 2021. annmarie: that is good news for me, not so good news for manus. we believe it there. that's dickie hodges. thank you for your time. wells fargo's exclusive

interview. the ceo says he's bullish on the u.s. economy and the second half of the year. that's next. this is bloomberg. ♪

"bloomberg market: european open." -- >> in a country like the united states, if you are born in a poor family, it takes about five generations to get the average income in your society. clearly, our societies are reproducing, not producing inequality. manus: that was the queen speaking to us from jordan. wells fargo's ceo sees the u.s. economy that is coming back in a strong way in the second half of the year. we spoke exclusively to bloomberg -- he spoke exclusively to bloomberg. >> right now we have 90% of our branches open.

we had 70% at the peak of the crisis, we are now back to 90%. what we think about bringing our employees back, i am a firm believer that really great things do come from people being together, but first and foremost, this is a health care issue and is extremely serious. we have a management team, and i am not interested in rushing people back to the office because i think that's the right thing to do. we are going to bring people back when it safe and give people notice. i'm certainly hoping, with the increase in vaccinations, that it sometimes -- sometime around the summer towards the end of the summer we get get back to life as normal, we will play it by ear and it will be city by city, state by state, and we will make decisions when we think it's safe. that's >> >> the most important thing. we are's -- that's the most important thing. >> we are seeing the economy about to take off. it is benefiting banks, including your bank.

when you came to wells fargo last fall had one hand tied behind your back with the asset cap in the fed. when do you think you might be able to get rid of that? charlie: everyone asks me that question and i wish i could be more specific. what i could tell you is we know the work that we have to do to get the asset cap listed. we are doing it and i'm confident we will get the work done. in the meantime, we have an amazing franchise. we come into work every day and we serve our customers extraordinarily well. this the dedication of all my partners and teammates around the country that do it. so we are going to continue to work through everything that we need to work through. and when we can grow the asset and face the company, we will do it. >> we are seeing remarkable projections out of gdp growth out of 2021 and 2022. what are you looking at in terms of overall growth and how can that translate into business for wells fargo? carly: we are a predominantly u.s. bank, we live and breathe

by the success of u.s. consumers small businesses, middle-market companies in larger companies as well. to the extent of them doing well, we do well, and when they are not doing well, we won't do well. what we see today is remarkable progress with the rollout of the vaccines. consumer demand is extremely high. over the last couple weeks we have seen material increases in consumer spending. and that's before the stimulus checks have arrived, which the deposits are just arriving today. so if you put all those things together, plus ongoing support of the fed, we were really bullish in terms of what the third and fourth-quarter's could look that -- could look like. annmarie: wells fargo ceo speaking exclusively to bloomberg. 6:26 in the city of london. asian equities are higher. a devilish fed.

the morning after powell spoke. i like when the director of capital partners said. he said years of pure caffeine for equity markets. it had me think, powell likes to run the economy the way manus likes his coffee. extra hot, extra shot. manus: i do three shots. we will step back at what he actually had to say. i have a shameless plug. i have decided to do a morning thing on twitter. annmarie: i saw. manus: it's about anchoring the short end of the curve. you don't have a rerun of what happened in 2018. we are not doing anything. there is no material shift in the dove. and the point about it is, if you lose control in this short end, you lose control and the equity market. if you lose control of the equity market, you have a tough time. annmarie: coming up on the program, we have more in terms of what's going on with uber. have a new model in the united kingdom, finding another way to

reclassify its drivers. we will have more from that interview with the ceo next. this is bloomberg. ♪

annmarie: good morning, from bloomberg's european headquarters in the city of london, i'm annmarie hordern with manus cranny in dubai, this is daybreak europe, and this is what you need to know. jerome: we continue to expect the target range for the federal funds rate until labor market conditions have reached levels consistent with the committee's assessment of maximum employment. and inflation has risen at 2% in is on track to exceed 2% for

some time. annmarie: jay powell hammers home a dovish message. he says if we don't give you a signal, we are not there yet. the eu braces for a decision by its health regulator on whether the vaccine is safe to use. this is a risk between london and brussels oversupply. plus, the bank of england is expected to supply its high bar for tightening monetary policy. we look ahead to today's rate decision. 6:30 a.m. in the city of london, the morning after powell talked with the boe. just across the street from where i sit at noon london time. but the powell has a dovish message. doubling down on the commitment to remain behind the curve. which as you have been hammering down all morning, invitations for the short end. manus: absolutely. for me, it's about a re-anchoring of the short end. our guests have reaffirmed that.

which is, if you lose control of the short end, you one -- you run the risk of the equity market. it's about nationalism rather than vigilantism. if you look at the drift higher in the bond yield, it's not vigilante is him, it's nationalism. -- vigilantism, it's nationalism. it is going to get harder to thread. what does he mean by that? it is a crappy job last night and a possible balancing act with the markets will get increasingly difficult. you have to upgrade the growth and outlook on inflation. and therein lies the risk. when you have to come back and give that news, you then need to guide higher on the rates trajectory. annmarie: and that was what was so significant. we had all of these historical revisions. huge revisions to the upside, but the policy statement was relatively unchanged. that is really what he's getting at. let's get a look at what some of the guests had to say when it comes to the fed.

>> my message to the fed is, things are going great, don't mess up the hard work we have done for you. >> there is more of more -- more and more of a consensus building. this rate is coming faster than was advertised. >> i don't expect the fed to confront and inflation prices as a result of this. >> i would not be concerned by the backup and volume we have seen. i think the bigger concern is what happens down the road if the fed reserve is really too slow to tighten monetary policies. >> i think this is something that they are thinking about, but is not the main thing they are focusing on. >> they wear -- they were comfortable with staying with the call, given the phase we were at in the recovery cycle right now. manus: some of the guests reactions. the former fed talking about the risk a day or two to the markets. you saw equities make record highs and that's with the s&p 500. so the risk is this, if they

step back on any of the sustenance for the markets, what would it do? we are going to get higher rates, but at what point do equities begin to pay attention? day five of the dollar dipped. if you wrote it off and saw the other main stories that are doing the rounds, with the jg -- with the bank of japan move its yield target? what would they do? is that something the market with test? it will take more than that. the aussie dollar, unemployment numbers down in australia. flying, 5.8%. way ahead of what the market expected. ozzie up for tense of 1%. -- ozzie up for tens of 1%. in terms of understanding the fed message. was there any message? >> this is on message all around by powell. nobody expected a divergence from the output.

you heard from the guests. it is strongly dovish and really hammering this point on not removing accommodation anytime soon. completely writing off the yield surge. it is a mind with all the brighter u.s. economic forecast. i think one less appreciated development is what has outlined from washington. the press conference marked a clear break from tradition. central-bank orthodoxy has been about inflation. in powell be back disinflation narrative, wholeheartedly pledging to keep rates low until the economy shirley fully healed -- until the economy fully heals. 2% for some undefined time.

we have heard from the likes of former ny fed chief that there is still a risk, that this could be too late and that the fed waited too long. so we will continue to have this debate in the months ahead. it will get trickier as we see that terribly low basis and we will get artificially high inflation numbers. we should have better ideas about what powell is putting out. annmarie: it's a tug-of-war on who's winning, powell or the markets. the bank of england at noon, how do we expect to see other central banks react to what we heard from powell last night? >> we are expecting to hear a follow-on tone from the bank of england later today. the u.k. economy pledge to keep easy policies. ch minteresting and emerging markets. wednesday undertook a great hike plan. turkey should be forced to raise

rates from the increase later today. asia is quite different. the one we have in less than a half hour's bank of indonesia. they are likely to benefit from powell's transitory message. they try to retain the policy credibility and make the case that inflation is not a danger, it's transitory and they can keep the rupiah in check, even after a sharp drop in the asian markets. a lot of banks are in different ways. some helpful, some make it more complicated. annmarie: thank you so much for joining us. let's get a recap of other headlines. first word news with laura wright. laura: the u.s.-china talks in alaska goes well, beijing wants a meeting between president joe biden and xi jinping. bloomberg sources say would be organized around earth day on april 22. they want to show the leaders are focused on combating the big

issues like climate change. disney plans to reopen its to california theme parks on april 30, after more than one year of them being closed. they will have a welcome back for customers. it will be for state residents who book in advance. >> we are thrilled with the response we are seeing from our guests in terms of future reservations. i think it's a function of two things. number one, we are seeing a light at the end of the time on -- at the end of the tunnel and a tremendous trust for our brand. >> global news, 24 hours a day, powered by more than 2700 journalists and analysts and more than 120 countries. this is uber. manus: thank you, i will pick it up from here. -- this is bloomberg. manus: i will pick it up from here. uber advocated for a third wave

of drivers, not as contractors, but after losing a landmark ruling in the u.k. that forced the company to recap i 70,000 drivers as workers, the ride-hailing map may have found a fourth way, and a ceo told bloomberg that the nature of the gig work needs to change. >> this is an event that has affected everyone around the world, i think no one has escaped the tragedy that this pandemic has represented. and the effects have been obviously long-lasting. it has been over a year. we now see the light at the end of the tunnel, but we are by no means there. i think there is a lot of work to be done. just like september 11, changes based on travel, and how people travel, etc. i think it will really change the way that we live in wework. i think some of those changes

remain to be seen. emily: as the world opens up, what is the picture of demand. we have heard speculation about a return. is that how you would characterize it, and how are you prepared to meet that demand to make sure there are enough drivers to serve your customers? >> sometimes it might not feel like it -- sometimes it might feel like it, but i was not around in the roaring 20's. but we are definitely seeing trends that are encouraging. we are seeing a month on month of 15% on a month by month basis. march stronger than february as well as receipt things open up. we think there is more to go. the more nardi of vaccination has opened up. certain things emma -- am i

amity was mobility business down 25%. getting back close to normal. we have very low airport activity. our business is growing over 100%. we might see for uber a time when we are hitting all cylinders, which would be pretty significant going forward. emily: you just announced a dramatic change in the u.k., reclassifying 70,000 drivers as workers, not full-time employees, they are entitled to more benefits, like vacation pay, for example. what kind of conversations are you having about doing this in other countries? what will uber be doing voluntarily to improve conditions for drivers and other places, when it's not a matter of the law, like the u.k. or california? dara: the worker destination's designation that is unique to the u.k. it's not a full-time worker and it comes with flexibility, and

it also includes benefits that you talked about as well. we believe that the nature of gig work should change. not to take away the flexibility that all drivers, etc. tries the most, but to include some benefits. whether it's health care benefits, vacation day, etc., hopefully it will lead to others in the industry following suit. these are discussions that we are having in other countries. regulation here is very mobile. india, for example, recently passed regulations that look similar. but we think this model of maximum flexibility to earn the way that you want to, along with some benefits, we think that is a future model, and one that we will support. annmarie: uber ceo speaking with

emily chang. coming up on the program, as the governor seeks to bound the brightening outlook for the u.k. economy, and the successful covid vaccination program, we look ahead to the bank of england. that's next. this is bloomberg. ♪

>> we have very broad policies, we have wait for this before. this is us recognizing that this is something that affects everyone, including our employees. it's a situation where you need to take time off, not just for yourself, but for a loved one. annmarie: facebook ceo sheryl sandberg speaking to us as part of a bloomberg equality summit. or if that is coming today. coming up today, we've had policy decisions from the fed and ecb, but today it's about the bank of england. they will take center stage across the seat from where i sit. analysts are focusing on the

tone and outlook from the u.k. central bank. governor andrew bailey needs to weigh on a brightening outlook for the u.k. economy and a successful vaccine program is unemployment at a five-year high. joining us to break this all down is the senior economist at hsbc. we heard from power last night, how much daylight do you think we will see across the pond and powell and bailey? >> the bailey and monetary policy commission you are facing issues in a way to the federal reserve. the question is, the market interest rate expectation has become to hawkish, and if so, what should the mpc do about that? last night we saw from the federal reserve, a balancing act whereby's, the growth outlook was outdated and great guidance remained pretty dovish. wondered when we might see a similar story from the bank of england today. manus: chris, good day to you. let's see whether there glass

turns over half full. with your guidance, which is the potential tightening of financial conditions. trade-weighted basis, that was in the february round. is it tightening by the market going into this market. how tight is this for us? chris: it might have an impact on the bank of england's inflation impact. the bank of england medium-term inflation is close to 2%. but if it was to republish its forecast today, which it won't today, but if it was to do so without changing anything else, the rising sterling, and tighter great expectations would weigh on that inflation forecast. you might just wonder whether some npc forecast members might

be worried about that. however, we did have some comments at the start. maybe that's tightening of financial conditions. on back of the market expectation, maybe we should not be all that worried about that. let's see what opportunity will stay as a whole on all of those points later on today. i think it will be an interesting one. annmarie: they are either going to follow the ecb in terms of the uneasiness, or they will be like jay powell and there's nothing to see here. i think what you are saying is, doing that walking the tight rope, isn't he? chris: yes. i think the comments from andrew bailey earlier this week would suggest that the great expectations are firmer as a result of fundamentals. he seems rather particularly relaxed about the steepening of the yield curve. i don't think there is necessarily all that much that the committee would want to do.

certainly not in terms of signaling the increase in asset purchasing. just a counterpoint, andrew bailey has their own members. we know there are more dovish members on monetary policy committee. wonder if some of those temporary points will start coming through either in these minutes that we are do get later today, or over the coming weeks. and we may see some of those dovish voices potentially getting a little bit louder. manus: and you did say what michael saunders had to say. the growth does not equate to a boom along with -- and jonathan. annmarie and i had a couple of guest that came on and gave us a new phrase. brexit passed in a vaccine rollout. we have grove euphoria in the currency. i put it to you that the editor

is really taking a hammering. vaccine risk with europe is rising, and pregnant risk is rising. we are going head-to-head with europe. is this a tailwind, a tail risk that can grow? chris: this is two separate issues, but i like how they are connected together. in terms of impact that we are seeing on the economy, there is disruption out there. we do take it in the longer-term. tighter and more difficult trading relationships between the u.k. and the eu, as i don't think has been helped by vaccine diplomacy over the last few weeks. it is set to weigh on the uk's economic outlook. that will be one thing for the npc to watch. since yesterday, we have heard that it will be supply issues with regards to the vaccine rollout. we don't think it's necessary for the government's roadmap of reopening, but it does suggest that there are still some risks

and concerns and serious regions of caution with regards to the outlook. the monetary policy outlook would suggest that the economic outlook has certainly firmed over the last few weeks and months. there are downside risks but it's still there. an abundance of cautions that is still needed for the outlet, for that reason, even though we might not see the bank of england pushed back strongly against bullish expectations, we don't see the bank with the need for rate rises or tightening of monetary policy anytime soon. manus: we really got to see what the real employment numbers are, chris, when this economy goes through the reopening and what we are left with. thanks for being with annmarie and myself. stay with bloomberg for full coverage of that bank of england decision. it comes through at 12:00 p.m. london time. coming up on the show, and other european ipo joins a billion-dollar platform.

they are listing debuts. we talk public offering. this is bloomberg. ♪

>> we are thrilled with the response that we are seeing from our guest in terms of future reservations and intent to come back to our parks. i think the function of two things, number one, confidence that we are seeing the light at the end of the tunnel for the pandemic, but also a tremendous trust in our brand. manus: that was the disney ceo, they announced plans to reopen to california's theme parks on april the 30th, they have been dark for more than one year. vodafone has raised 2.3 billion euros by selling 96 million shares of its mobile phone towers unit in frankfurt. trading up vantage towers start today.

europe is within its thresh quarter hold from initial public offering. dani burger, never mind the facts, good oh fashion ipo's. take it away. >> let's ignore this spats, who cares about those because we are talking big european ipo's. vantage is going to join the club that we have seen increasingly grow in size and that is the euro plus club. you can see some of the other ones. i have to say demand has been really, really strong for these various ipo's. vantage towers did price and near the low end. but the other ones, doc martin, all pricing towards the top end of their range, and facing the biggest of which has been 28%. this alone shows you how much demand there is in europe for there to be big ipo's. we will see whether vantage tower can meet that. we were talking about the picture, we have to compare it to the dominant force in the ipo exchange market, that's the u.s..

as a whole, europe has been steadily trailing the u.s. when it comes to listings. but the big ipo's in the u.s. have not been doing as well. this week, for example, oscar health ipo's fell 11%. europe has seen better demand when it comes to those big ipo's. annmarie: thank you so much. decisions from the fed and the ecb, today, the big question is, how do other central banks view the threat of inflation that will be a key question this morning for andrew bailey at noon london time. manus: it absolutely is. there is a play on the markets, records abound, the red are giving three cappings. if you are smart, there is a manager. you can step over the landmines. we copy, lead it into a bit of a narrative.

he walked the finest line, up at quarter of 1%. annmarie? annmarie: i am here. powell likes to run the economy like you like your coffee, extra hot, extra shot, you are on holiday, enjoy it manus, you deserve it. ♪

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>> good morning, welcome to bloomberg markets, european open, i am anna and lourdes live in london. mark cudmore joins me in singapore to take us through all the market action this hour. just less than an hour away, here are your headlines. stocks rise as jay powell comes out swinging in the fed. he promises the central bank won't raise rates anytime soon. the eu braces