that inflation rates, the tpi, that key rate, to remain at or around 4% for a while. high inflation for a considerable time. that is the problem. they thought they might see inflation started to use, -- to ease. now they see 4% inflation. they are acknowledging that it is an issue into the government has the same problem. the new president coming in in may, the new finance minister, they all know that they have to fight inflation. the problem is they want to spend money. that is where they might get tough. but for now, the bank of korea for today is good for a while. it is clear, tighten rates, fight inflation. david: kathleen hays in new york and husband almond and singapore. just a final note in singapore, that big move. you're sending the currency up, not just against the dollar, up against pretty much everything will currency in the world right now. bloomberg really visualizes this move for you. there you go. that's not it. i promise we will take this for you. let's get to your first word headlines with vonnie quinn. vonnie: the u.s. is sending ukraine $800 million

japan is top, china on the bottom tpi. 8% roughly inflation going back to 2011, 2010. f out of deflation at the factory gates. deflation going back to the summer of 2015. when people talk about this reflation trade, it is good you have these two economies in asia right now. especially when you look within the markets themselves. that is pricing power when it comes to these big, old school industrial's in both countries, old school is a relatively loose meaning and you talk about corporate japan. right, we have the fed, the boj this week. have a look at the new normal inn it comes to the spread the 10 year death of each country. let's take you back to 2012 come the spread between the japanese 10 year and the u.s. ten-year. for the most of 2014, the spread was capped at 2%. hyder dollar, 2.5%. we bumped her head on that ceiling. ?here do we go from here what is the catalyst that will break us out of that? people are pointing to the dot plot, but when you look at how it bond markets are pricing, doesn't seem everyone is convinced we will get three hikes this year. isthe mo

really the one we need to watch is u.s. tpi and the ecb thursday, and the world cup starts thursday as well. rishaad: and of course we have meetings on the sidelines taking place with various people and vladimir putin. mark, thank you. you can find more on thattory at the markets live blog. you can get a run down in one click and analysis from bloomberg's expert editors. it is well worth looking at. quick check of business flash headlines. for 17by the hsbc chief billion dollars into expanding key asian markets and improving technology has failed to inspire investors. growth modet into after restructuring targetin hong kong in southern china in particular. push: gentiles anti-smog making plans to announce a merger. regulators want to combine oil and gas pipeline assets owned by three energy giants before the northern winter. one path is for private capital injection ahead of an ipo. rishaad: speaking of i the o's, chinese smartphone maker considering raising half of its proposed $10 billion ipo from mainland investors. they may

matching actually are assumptions that we had about six months ago for inflation in the u.s., for u.s. tpid 2.3%, 2.4%. haslinda: so what are the risks in the market then? >> i do believe, i really do believe that the biden plan has no question about the 9% of gdp, it is really big. a big plan. with a big stimulus, it brings big risks. i believe, if the plan, a $1.9 trillion stimulus package, a wage increase of about 20% per year over the next four years, more inflation than the actual cost. 2.4% in terms of inflation. the forecast is already above consensus if biden's plan gets approved, then inflation would be increasing further. the biden plan is one thing. the other thing is the fed and stimulus which will remain very accommodative at the same time. haslinda: what do you make of the trajectory of the economic recovery. when you take a look at the u.s. jobs data, it shows perhaps just how fragile it is. >> i totally agree. it shows how fragile it is. still, the job market in the u.s., 10 million jobs have not been recouped since the pandemic level. going bigger in terms of the fiscal st

that coming against this backdrop of over 50 months in the past of deflation when it came to that tpiber. also looking out there as stocks. after we had those major markets in the u.s. hit fresh record highs, we are losing a bit of momentum. backg the yen coming against the the dollar, that will affect when it comes to the nikkei. apple shares record highs, the company under -- just under $7 billion. -- $700 billion. strengthening the chinese are currently a little bit. looking at these numbers as soon as they do cross of the bloomberg terminal. inflation picking up more than expected. cpi inflation coming in in january at 2.5%. december was 2.1%. still below the government to target.get -- two year consumer prices have increased for the consecutive month at 8.9% for ppo. previous in the month of december was i .5. getting to these ppi numbers. the last time this ppi inflation was this high was in august of 2011. 5-6 years ago was the last time it was this high and we are seeing food prices in the cpi inflation coming off a bit. it could have been higher in the pi at 2.5% because yest

while the investment number year to date still beat expectations, let's keep in mind that at a time when tpi and -- cpi inflation is 8.8% in june, if you deflate that, there is not too much real investment ongoing at the moment. not to mention that if you look at the breakdown, infrastructure and property investments continue to slow down. dave: when you talk about investment, is that private or government and how do they engender the pickup? we had a triple archive but i'm not sure that helps. ms. chao: i think investments are breaking down into a three -- three budgets. infrastructure is more government driven and private -- properties, the private sector. these are being constrained at the moment. we think that is not going to bring back all the growth and investment growth momentum. we are looking for an acceleration in the pace of local government bond issuance and relaxation in credit control especially in terms of discrimination against local governments. dave: a lot more issuance coming through in terms of financing. what types of investments do they need to put in? not the sort that

the potential for a cut. make sure you watch for coverage of all those decisions. >> we have trade, inflation, tpi, cpi, credithe docket. we also have big interviews. >> we will be joined exclusively by the jp morgan boss jamie dimon. don't miss that. ♪ announcer: the following is a paid presentation for emeril's all new power air fryer 360, brought to you by tri-star products incorporated. emeril: hey, everybody. it's emeril with huge news. we're introducing an all-new pro-grade appliance that now you can have in your home. so, you ready to kick it up a notch? [cheering] announcer: we all love fried foods, but we hate all the health problems they can cause. what if you could make your favorite fried foods without so much of the unhealthy fat and calories? now you can! introducing emeril lagasse's all-new power air fryer 360.

the bloomberg terminal. you want to talk about tpi? rishaad: i do. steve: it is boring. start to see these numbers hold up. a lot of variables. it could favor the united states. that could really deflate prices, but you can see down the road cpi inflation in china going forward. it was rather benign. rishaad: you have got the industrial companies lift prices, etc. and that feeds into it but it is negated to expect t happens with porjk? steve: the biggest the terminator -- is that a word? rishaad: determinant. steve: i was thinking arnold schwarzenegger. food is a big component. the bloomberg food price inflation tracker, a mouthful, clearly shows that food prices have an coming down even though it is winter and vegetable prices usually go up. cpi right now, 2.1%, below expectations. rishaad: stephen engle. let's see what else is going on in the world. let's go to sydney and get the first word news from haidi. haidi: hey, rish. yahoo! has announced management changes as it transitions to investment company. marissa mayer and five others are resigning from the board which