dani: good morning. this is "bloomberg daybreak: europe". i'm dani burger in london. these are the stories that set

your agenda. >> if the totality of the data indicates faster tightening is warranted, we are prepared to increase the pace of rate hikes. dani: global stocks light after jerome powell warns the fed may accelerate rates to a higher peak. two year treasury yields top 5% for the first time since 2007. ken griffin sees the set up for u.s. recession given the need for more hikes, but goldman's solomon says there is a higher chance of a soft landing. uk buyers have coal power reserve for the first time after an electricity shortage amid a cold snap. stock selling out the most in two weeks, dollars the strongest this year. two-year yields the highest since 2007. it was a bad day to be able, and it continues to become that treasury selloff continues in full force today.

remember february 1 when jay palace of disinflationary process had begun? we got a very different foul today. let me show you the market reaction because the two-year yield not only has it pierced 5%, it is going higher this morning, 5.06. we are up now over 21 basis points throughout the entirety of this week. this is a huge jump, just when we thought this market had finished pricing a more aggressive fed. powell did more work to move along this bond market than any of the data we got. not to mention, we get nonfarm payrolls friday. cpi later this week. there could be more at store. it is not just two-years that move, it is the yield curve, which inverted by more than a percentage point. it was fascinating yesterday, the 10-year did not move that much, only up three basis

points. it is still under 4%, so you get a yield curve that is flattening further, -1.07 basis points is where we stand. fascinating is also the ramifications for the entirety of the globe. aussie three having year yields are up nine basis points. yesterday we had the rba governor saying they were pausing. it was time, peak was in sight get this market is pricing 25 basis points worth of hikes from the rba by may, that's how big of an impact what jay powell said has had. dollar near a one-year high, euro falling. stocks perhaps they finally had their come to jesus moment. at one point yesterday, even growth stocks were getting, that stopped about. basically everything foul including nasdaq. this morning, msci asian-pacific down one in the third, european

stocks futures are weaker. u.s. and nasdaq futures continue to see underperformance from duration names. now we are unchanged on the s&p 500. we need to break down jerome powell's testimony even more. we will do that with our mliv team. plus jill disis will take us through the massive reorganization in beijing as the npc continues. let's get more on jay powell's senate testimony. the fed chair sounded hawkish as he hinted at more and faster rate hikes to come. >> the latest economic data have come in stronger-than-expected, which suggests the ultimate level of interest rates is likely to be higher than previously anticipated. if the totality of the data were to indicate that faster tightening is warranted, we'd be prepared to increase the pace of rate hikes. dani: let's get to bloomberg's economy editor. michelle, is not only a higher

peak, and his acceleration of rate hikes, jumbo rate hikes are back on the table. but what does this mean from an economic perspective? is this foul basically saying we need to see something more like a hard landing to bring inflation down? >> it's a good question. of course, we knew he would be hawkish, he had to be yesterday. the question was how hawkish would he be? it was enough to rattle markets, as you noted the reaction yesterday into today. the key economic message, he signaled that faster tightening might be needed. opening up rate bets for a halfway hike at the next meeting in two weeks, over the 25 basis points at the last meeting. a shift in town, alarming for investors and other fed watchers. also looking at the terminal rate, the peak rates which investors were ahead of the fed,

predicting a 5.5% rate. the economic message continues to be tricky. he had a testy exchange with senator warren about the labor market, how can they achieve a soft landing when things are heating up? they are pushing harder on rates, possibly to the detriment of everything in the job market. powell pushed his argument from before, the bigger risk is they let inflation go awry further, and prices continue to run up and cause catastrophe in the broader economy. holding to his inflation fight view, higher for longer, maybe faster tightening near-term and that is rattling fed watchers. dani: it gets this weird debate of what is worse for americans? high inflation or the high rate of on employment. we will get jobs numbers on friday. michelle breaking it down for us.

michelle mentioned market moves. let's bring in our mliv editor mark and field. a massive reaction on the front end of the curve, maybe not for 10-year yields, is the market getting closer to that 6% terminal rate some folks are having as their base case? >> they are not discounting it. obviously, but that doesn't appear to have a topside yet. we will have a better idea when they do dot plots in march, and they are likely to be higher than in december. but the inverted curve tells you a lot about trader thinking. they clearly see a risk that the fed holds high rates for too long. they cause an abrupt end to the expansion in the u.s. economy. it goes from being steady to one that dips quickly into recession, or a major slowdown, that is why the inverted curve.

it is almost like a portfolio insurance in case the fed really got it wrong. and calls a hard landing, and people want protection, that is what the inverted curve. even if that fed somehow achieves this amazing soft landing, which has been difficult in the past, they will not lose too much if they have their short end b rightets -- bets right. you will see inversion taking place for a long time until the fed makes it clear they see a window for a pause in the rate hike cycle. dani: that makes complete sense. i wonder if, looking at the yield curve as an recession indicator, do we care that it is more inverted? does it mean recession is worse? or is this just about positioning, about insurance for what happens following the fed's actions. >> it doesn't guarantee a

recession. there have been times in the past where we have had inverted curves and nothing happened. considering this has been a very aggressive move, if we look at the way the fed increased rates from last year to this year, over a relatively compressed period of time. in historical terms, you would expect some reaction from the economy. for the economy to sail through with no response would be remarkable. traders can see that, so they are willing to bet, i need insurance against the risk of this going wrong because in past situations that have been abrupt changes to the economy. dani: thanks for joining us this morning. that's bloomberg's mliv editor mark cranfield. let's pause the powell convo. but we need to talk about china because it has unveiled its biggest beer credit overhaul in decades. the npc will introduce new top

policymakers will steer the economy for at least the next five years. let's get the bloomberg's china economy editor in hong kong. how significant are these changes? >> very significant. he said this is the biggest overhaul in decades. to start, you have a significant creation of a new data protection agency. also, an overhaul of the technology bureau which is indicative of what we have been seeing out of china earlier this week on how they want to increase their soft alliance on technology. he saw xi jinping two days ago aggressively attacking the u.s. over recent sanctions on china. this is the next step in that level of self-reliance. independent of that, you also got the creation of a new and large financial regulatory oversight department. that is taking responsibilities that used to be under the

central bank, moving them under this new regulator which seems to be consolidating more power within the central government. this is aside from additional things, the central government is cutting jobs 5%. the biggest percentage of cuts we have seen since the late 1990's. and we just heard there may be some pretty significant salary reductions across key central government regulatory agencies. maybe that speaks to xi jinping's promise for common prosperity, that idea of wealth distribution. a lot that is going on here. dani: a lot in the context of a very volatile geopolitical environment. jill, thank you very much. though it has been a wild 24 hours, let's look at things we're watching from before. 10:00 a.m. u.k. time, the ecb president will be speaking at an

international women's day event at the wto. 1:00 p.m., u.s. adp, employment reports and mortgage applications data, ahead of nonfarm payrolls. and they will be certainly followed by a closely watched fed chair jerome powell. it will be a second day of testimony on the hill. 3:00 p.m. u.k. time, bank of canada's rate decision is due. they have been talking about pausing, will the town change? powell's hawkish tilt. we dive deeper into the fed chair's comments and market reaction. plus, an exodus of women leaders during the pandemic is setting back the effort to diversify the c-suite. we will look at efforts to diversify the financial sector later. this is bloomberg. ♪

>> the latest economic data have come in stronger-than-expected. nothing suggests that we have tightened too much. inflationary pressures are running higher than expected. we have more work to do. we are very far off from our price stability mandate. ongoing increases in the target range for the federal funds rate will be appropriate. the ultimate level of interest rates is likely to be higher than previously anticipated. getting inflation back to 2% has a long way to go, and is likely to be bumpy, but over time we can achieve 2% and we will. we will stay the course, until the job is done.

dani: amazing to see people texting in the background, like jay powell is not rocking markets right in front of him. that was jerome powell warning that the fomc may raise rates higher and faster than previously expected. let's get to maria fight mana, senior multi-asset strategist at state street. what we didn't get from powell yesterday is him saying the disinflation process had begun, we did not get him saying a fall in inflation was gratifying, welcome or encouraging, all things he said on february 1. why change his tone at this congressional testimony have not earlier in the month, why? marija: good morning, dani. that's exactly the question i have been asking myself since the beginning of the year. we at state street have the privilege to observe online

inflation data in real-time, as it has been strong since the beginning of the year. inflation is still there, prices are sticky, consumer spending, so for us it has been quite in inflation every period. being bearish on the market was painful, now it is a little gratification for us. the economy is still strong, and indeed, what chairman powell was saying that the job is not finished, that is exactly right. so we see exactly that. dani: is it worth keeping a curve flattening or trade on? does this have further to run? marija: short-term, no. we have had a big move. [indiscernible] dani: this comes to how much further can we go?

we were talking about the treasury curve converting. here we have, -1% more than a negative 1%, how much of a signal can we get? inverted yield curve has high correlation with recession, but do we care that it is more inverted for signals for this economy? does it mean recession is worse? marija: you are probably right. we will get a message. that's an interesting point. bond market is convinced recession is coming. bond market is convinced recession needs to happen for inflation to slowdown. unfortunately, that is not true in every market. equity markets, earnings expectations is the most puzzling. expectations are for some slowdown in the next couple

quarters, then re-acceleration. that is the biggest inconsistency. if somebody is looking to put a trade on, selling stocks is a far better trade than curve flattening is. for me, the equity market is where you see the biggest mispricing. it looks too optimistic on economic and earnings outlook. dani: it's been a strange thing of one we see massive selloffs that there does appear a be at some point -- a bid at some point. i wonder if we get to the debt buying, -- dip buying, will people be reluctant to jump in? are we at the point where that pavlovian urge is gone? marija: dip buying has been the

right strategy for a decade, longer. this kind of idea that huge selloff in financial markets mean something for u.s. economy. reno real economy is connected to the financial market. but that all works in a world where inflation is low. when inflation is high, chairman powell said we have bigger fish to fry. we need to fight inflation. financial markets will slow, wealth will be destroyed and people will lose jobs. but if inflation expectations get sticky, it's starts a lot of problems down the line. to me, dip buying is the strategy of yesteryears. dani: how are you thinking about the jobs release on friday?

we get the cpi in around a week's time. how do you prepare for those data releases? this is such a wound up market, if they surprise and a way that would lead to dovish policy, you could see an acceleration in these trades. it seems like binary outcomes, how do you prepare for these risk events after a hawkish powell? marija: it is binary, super data dependent market. probably a bit asymmetric, even though you had a big risk off move. should data come in stronger, it will just confirm, all if data is weaker [indiscernible] so it is a little asymmetric. short-term, you should be carefully trading. medium-term, the message stands.

the message is monetary policy will stay tighter for longer. that is not going to go away because of one number. we had a whole string of strong numbers in the start of the year. we also had a lot of revisions of q4 data. the idea that we had disinflation or processes that powell was talking about in early february has been revised as well. medium-term, we still have to be quite defensive. dani: it is always a pleasure to catch up with you. marija veitmane, senior multi-asset strategist at state street. crypto-friendly bank silver date capital looks to u.s. officials for critical help. we will bring you the latest on the struggling crypto bank. this is bloomberg. ♪

dani: let's get your first word news with simone foxman in

dubai. simone: president xi jinping has unveiled a sweeping overhaul of china's bureaucracy. it includes the creation of an enlarged national financial regulator and a new agency to manage data. the revamped aims to make the economy more self-reliant as the u.s. ramps up blocks on china obtaining advanced technology. the white house has endorsed a bipartisan bill that could give president biden authority to ban or force a sale of tiktok. the move could break a deadlock over how to handle privacy concerns around the chinese-owned app. the bill does not specifically mention tiktok which has 100 million users in the united states but the app is the main target of the legislation. rmt union has called off a train strike next week after receiving a new pay offer from network rail, which runs infrastructure and some stations.

other strikes are set to go ahead at train operating companies later this month. the country's railways have been beset by industrial action and long-running disputes over pay. i'm simone foxman, and this is bloomberg. dani: you must be happy about the rail developments. use for commuters. dani: it is definitely good news for commuters. unfortunately, i just use that two. i don't use the rail. but i am happy for those that commute. bitcoin fell yesterday about 1.5%. not as bad as he thought, but that is in part because federal judges questioned the sec's decision to block a bitcoin etf. elsewhere, u.s. regulators have been sent to the headquarters of silvergate capital as the

troubled lender looks to stay in business. siddhartha, what is the latest at silvergate? >> bloomberg has learned that fdic officials have reached out to silvergate looking for a solution. they want to avoid shutdown of the bank. sources also tell us they are talking to crypto industry veterans to cfo possible bailout for solution can be found with regards to shoring up liquidity on the platform. dani: that's bloomberg's crypto reporter, siddhartha. bitcoin is trading at just $22,000. we had seen the silvergate drama because another fall in bitcoin but it is hard to disentangle whether that is just about it being a high beta asset, or

again, what is happening in terms of contagion still coming from ftx. but as i said, an approval of a bitcoin etf had been lauded as this thing that would help exposure especially from retail. adidas results are imminent. will the european sports giant take the rap for its fallout with kanye west? we will find out next. this is bloomberg. ♪ these days, our households depend on the internet more and more. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us. so you get more of the speed you need for day and night streaming. more speed you need when you're work from homeing. and more speed you need as your family keeps growing. check in on your current speed through the xfinity app

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dani: this is "bloomberg daybreak: europe". i'm dani burger in london and these are the stories that set your agenda.

>> if the totality indicates faster tightening is warranted, we are prepared to increase the pace of rate hikes. dani: global stocks slide after jerome powell warrants the fed may accelerate rate hikes to a higher peak. two-year treasury yields top 5% for the first time since 2007. citadel's ken griffin sees the set up for u.s. recession, but goldman's david solomon says there is a higher chance of a soft landing. plus, power crunch. the u.k. fires up a new coal-powered reserve for the first time after an electricity shortage amid a cold snap. adidas earnings coming in. 2022 dividend per share lower-than-expected, $.70, the estimate was 1.64 euro. all over, they are just coming through, what are you seeing? >> you hit the nail on the head

on the first surprise on the dividend per share, quite a bit below the estimate. in terms of sales, but full year they pre-released early in february, that is the same, up 6%, 22 point 5 billion euros, same with operating profit. they have broken down where revenue is coming from, double-digit growth in latin america, up 44%. north america driver of growth, 12%. revenue in emea up 9%, though they are talking about significant headwinds. issues with divesting in russia. this was not a huge market, but they use to beat 90. asia-pacific only grew three or 4%, china revenues declined 36% due to a challenging market environment and company-specific challenges. revenue will decline this year. they are saying single-digit because of macroeconomic

challenges and geopolitical challenges, recession risk in europe and north america, uncertainty around china. this is the big question for everybody. they have no information on what they will do with this yeezy inventory, $1.2 billion worth of unsold sneakers. that is a question for the ceo who we will be speaking with later. dani: it's a lot of shoes. it's a tough moment for adidas and the new ceo. what is at stake here? >> he just took over in january. the shares rallied almost 15% when he was announced in november. he actually dropped that bomb last month of $1.3 billion of unsold yeezy inventory that could hit their profit at about $500 million. there were issues that i adidas that predated yeezy, this could be their first annual loss in 30

years. this is down to weakness in china, weakness across the board and questions going forward in terms of whether the consumer will finally be hit by inflation and reduce that spending. dani: but i thought china was coming to save the day. is there any hope that china now that they are reopening will help them. or is this kanye debacle too overpowering to get that benefit to outweigh what is happening? >> on the china question, we have seen this a lot through earnings season. a lot of ceos say china is coming back, this will be a tailwind but we're not necessarily seeing it materialize in the numbers. but the other issue in china was some of the boycotting for some of the western brands. and also, some local competition. they have a double headwind, covid zero, but also that. on the yeezy question, analysts

have speculated this accounts for half of their total profits, are they going to dump this inventory or can they repurpose it? you can't take the branding out because it is woven in. but they are talking about a 500 million euro hit to their profit. their profit last year was 669 million, that is almost 75%. they can't sell the inventory anymore but i looked on the secondary market on ebay searching for adidas yeezy and saw more than 40,000 listings. some of them cost $25,000, so the secondary market is alive and well for the yeezy. [laughter] dani: i'm sorry, i don't think i'd pay that for any pair of shoes. but the sneaker head thing is its own world. i'm not even going to try and explain that. oliver breaking down the insanity of ebay.

let's get into these numbers when it comes to the overall market. perhaps adidas going to weigh down the european session. but it continues to be a story of the selloff in the bond market. the two-year yield is still moving higher. still moving higher after it reached 5% yesterday off the back of jay powell's comments. it is not disinflation process has begun anymore, it is accelerating the pace of hikes, and the peak of hikes. we have moved 21 basis points to start the week. two-year yields not the highest since 2007. 10-year yields did not move as much, it is putting curve flattening or trades on to help give you some insurance with the potential of hotter data to come on friday and next week. that's what marija veitmane told us from state street. if the curve converts further than 1%. we are getting movement, three having year yields in australia up nearly 10 basis points. all of the strongest so far this

year. then we have stocks, they are finally falling again. marija says they are not pricing the same recession this bond market is doing. asian stocks and tech shares leading the selloff, s&p and nasdaq futures little changed. talking about the u.k. now. the power grid called on a new backup coal-fired reserve to generate power for the first time yesterday. after the market failed to provide enough electricity during the worst supply crunch this winter. let's get to bloomberg's paul wallace on this. it has been a mild winter in the u.k., but it did snow for a moment this morning in london. so there is this recent drop in temperatures which is extremely confusing. but besides that, what else is causing this supply crunch? >> it is ultimately down to that. it's been pretty cold for parts

of the european winter and especially in the u.k. it's also not recently been much winded. that is what largely because yesterday's move to call in these backup supplies of coal reserves for the first time. it was this combination of a cold snap and a windless one that forced action. we should note, it did not last that long. by the end of the day, the coal had been stood down. it was short-lived but nonetheless it shows how strained the u.k. power markets can be when you have a combination of low temperatures and low winds. dani: but after phasing out coal production for 2035, what realistically can the u.k. rely on for its power generation reserves in the near future? >> this is a big question, what

you do -- or how you managed to bring in all sorts of renewable energy, things like hydrogen as well. and higher gas supplies by that stage in the next 10, 12 years. for the u.k., it's going to be a combination of even more wind power, more battery storage to try and solve these intermittency problems that you get when the wind is down. and as i said, a combination of other sources of energy, such as hydrogen probably by that stage. and more gas, too. dani: that's bloomberg's paul wallace, and our producer tells me it is currently snowing yet again. there you go, a snowy london. let's get the bloomberg business flash. with that is simone foxman in dubai, where it is definitely

not snowing. simone: no, in fact, quite warm, dani. intel said to be seeking more subsidies from the german government to move ahead with a to plant in the eastern part of the country. the chip designer wants an additional four to 5 billion euros on top of an earlier handout worth 7 billion. the start of the project has been delayed due to economic headwinds. the ceo of commodities trader traffic euro has told us returning chinese demand is already exerting a pull on some resources. ware says the world second-biggest economy appears set to surpass the target of 5% set this weekend at the npc. china shops and restaurants are full and international travel is set to pick up strongly. >> the further you are away from china, you probably feel less wealthy pull is from china paid

we have colleagues visiting from geneva saying demand is looking very good. even in the minerals and metals space. even the more conservative people from china are quite optimistic about the outlook. simone: bloomberg sources say germany will likely prohibit some components made by huawei for the country's 5g wireless network. the supplier could be restricted from providing key parts if it is directly or indirectly controlled by another government. the u.s., u.k. anti-e.u. have become increasingly focused on security risks posed by chinese firms. that's your bloomberg business flash. dani: coming up, there's been an exodus of women leaders during the pandemic. it is not getting much better. it has set back the decades-long effort to diversify the c-suite. we look at efforts to reverse the trend throughout industries

and in finance, next. this is bloomberg. ♪

dani: women during the pandemic left their jobs in droves. by the end of 2020, their share of the u.s. labor force had fallen to the lowest since 1987. three years out, it is not much better, the 2022 mckinsey survey found that women leaders were leaving companies at the highest rate since the group begin collecting data in 2017. also since 2017, the sheriff c-suite jobs held by women increased by a measly six percentage points to 26%. so how do we get meaningful change, and not just pay lip service? we have an expert panel to discuss, the ceo of 100 women in finance, and barclays head of

sustainable and thematic investing. this is such an important conversation. we know this is a problem, it is said over and over again, is it getting better? how bad is it at this moment in terms of having women executives, especially in the financial industry which is what 100 women in finance looks at. >> it's a mixed bag. if you look on the investing side, we haven't seen much progress for the last 20-30 years. 10% of the world's fund managers are women. that hasn't changed. we want to see that change, our vision is that by 2040, 30 percent of senior investment professionals are women. on that side, not much progress yet. what i would say is on the new roles that are coming into the industry, like head of sustainability, esg investing,

what's encouraging as we are seeing a lot more women in those roles. partly because these are new roles that are not defined by gender. a lot of what i focus on is saying how do we change the perception of what an expert looks like? we can talk about the problem but part of the solution is changing that perception for that industry, also for the next generation of young women. dani: this gets into your work, because one of the thematic trends you closely follow is esg. is there close corollary when you look at diversity, which is part of esg, but the overall holistic picture, is it more important to have more women at firms to make sure the overall sustainability picture of that firm is doing well? hiral: investors are increasingly under pressure to apply a social lands on their corporate investments. the growth in esg has led to a sharpened focus from a government's perspective looking

at board representation. there is a need to go further, because board representation is one challenge, but the second challenge is how not only to attract diversity but also to embrace inclusion. that is a wider set of challenges for investors. that includes assessing a company's policy on talent retention, or towards paternity because gender is one divide, but there are many other divides that could be considered from an esg perspective. taking a wider approach sometimes leads to wider opportunities for investors. dani: those are concrete thing, maternity and paternity leave. when you're working with funds, what do you recommend is the most concrete -- actually putting action into work, not just paying lip service, but step to take. when you are consulting people and say we need to hire women, what are the changes you point to? >> there is no magic bullet.

if it was simple, we're a smart industry, we would've salt for this. that is part of the problem in the past, thinking of it as a single solution. we now have a corporate award we give to firms that are moving the needle particularly around senior investment p rofessionals. it is possible, the numbers are shifting to firms are deliberate. if it is not a department but actually a business imperative. and those firms are trying all sorts of initiatives, internal, external. yes, some of it is around policies, but a lot of it is trying different things. thinking outside the box. doubling down on efforts that are actually working. and thinking long-term, not just saying, how are we going to move the needle by next year? it's not going to happen by next year. but by thinking long-term and really being innovative, we are seeing certain companies change

their demographics. dani: how much is being led by investors in these funds, has the pressure been ramped up? amanda: it's beginning to be. conversations are being had. most institutional investors now include some questions around di efforts. at the very least, those conversations are going back to the boardrooms and executive committees of funds. so the conversation is starting. actually, we are starting to hear of institutional investors pulling funds from those fund managers that are not putting in place diversity. it is starting, that is going to be the biggest impetus to seeing change. but i'm having a lot more firms come to me to say how can we attract more diverse investment professionals? dani: the conversation is

definitely happening. hiral, is the same conversation happening with shareholders of public companies? hiral: i've been thinking of it from an esg perspective. can we challenge companies to get more board representation or become more diverse? where i think more interest is at the moment is thinking about, to come back to innovation, are these companies providing products and services that enable social progress? are they actually helping deliver change? our research pointed out a variety of companies, there were actually 115 that were providing products whether it is education, lifelong learning, digital inclusion, basically creating social strategies that focus on companies that provide products that will enable products and will help particularly the younger demographic and generations to come with some of the social gaps we have. dani: what are some examples?

hiral: if we think about the innovation of diversity and inclusion, it would be targeting education technology. is there a way to provide more lifelong learning to keep people in the workforce for longer? or is there a way to reskill people in their mid career and make sure their skills are up-to-date? or within financial inclusion, typically the discussion is only on financial access but taking it further, do people have sufficient access to credit? so there are various opportunities when it comes to insurance or credit bureaus, who are all using new types of data to assess credit from a modern perspective. dani: i know this is different from credit, but you got me thinking about women's access to capital. i think of start up companies. there is great data from a study of female entrepreneurship in the u.k. that found women started more than 150,000

companies just in 2022. it feels like under this macro pressure, women are starting companies, but is the capital flowing to them from the investment side? is there enough willingness, or is there too much bias, or just male-led investment teams that cause this to be ignored? hiral: there is not enough capital going to women. that is not just women managers, that is other types of entrepreneurial activities. but it's not all about -- some of it is about access. one of the things we're doing is providing an opportunity through our global fund, woman week, for institutional investors to meet women portfolio managers. it is always shocking that a nonprofit organization like 100 women is the one making those connections. the first step is to think about

what are the solutions to this? we can talk about women not getting access to the money. but some of it is about those women being visible. i've asked women, and we have been taught, it is all around the world, same cultural norms, that if you work hard or performed, someone will notice you. that people are going to give you money. it's rubbish. this is a relationship business, like anything else. building your own entrepreneurial startup is a business. first and foremost, where you have to get out there. so a lot of my messaging whether it is women entrepreneurs, or women fund managers, is become visible. not only is it going to do you good, because people are going to see you. when you get on a state this, people assume you are the expert. i assume you are smart. but also, it's going to impact the next generation of young women who can now see that it is

possible for someone like them to be in that role, to have that entrepreneurial activity. so it's a very interesting -- yes, there is the deliberate connection of the institutional investors to that money. what's exciting is, if those investors give that money to a women-led fund, for example, many of these new funds are wanting to invest in women-run businesses. but again, it's making those connections and introductions, which men do in a very much more natural way. our lives are much more planned out, so we have to be focused. dani: i love that. i'm so sorry, we are out of time. we literally only scratch the surface. that's amanda pullinger, ceo of 100 women in finance, and barclays head of sustainable and thematic investment. we will come back to the conversation with jay powell

injecting more hike speculation in the market. this is bloomberg. ♪

dani: i want to quickly take you out on the hour on what this market is doing, because we are still reacting to jay powell talking about more and foster -- faster rate hikes. as the two year yield continues to climb, its highest since 2007, a yield curve more than -1%. bloomberg markets europe is up next.

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anna: good morning, welcome toe "bloomberg markets: europe". here are your top head