and changes in the 2018 program do enable banks to avoid a federal reserve board objection based on theuantitative assessment by raising new capital. and that is a step in the right direction. if the current which he may not be sufficient to ensure that banks will raise capital proactively as we go into the next economic downturn. compensation is also a powerful incentive. as i mentioned earlier the emphasis in compensation practices and on short-term performers over longer-term sustainable returns was a key vulnerability revealed during the crisis that helped motivate imprudent behavior. currently senior bankers are paid mainly in cash and the first stock grants. this structure creates incentives to take actions to maximize a banks share price, rather than to minimize the risk of a banks failures. while compensation practices ana day to feature a longer, a larger and longer deferred component, greater emphasis on deferral in the form of long-term debt which might also be recognized as a key lack to better align senior managers interests with a long-term safety and soundness of their fi

reserve. the majority is pushing damaging legislative proposals that roll back constraints on the influence of commercial banks within the federal reserve system, eliminate tools that provided critical -- that proved critical to the federal reserve's support of the economy, following the financial crisis, undermine the federal reserve's focus on employment, and eliminate its independence from the broken congressional appropriations process. the majority is also using the federal reserve as a piggy bank to pay for the cost of legislation like the latest short-term spending measure and now hr-4296, which will be on the floor today. these republican efforts to undermine the fed diminish its ability to support american workers if we face another crisis. chairman powell, i look forward to hearing your views on the economy and the path to sustaining the economic progress that was set in motion during the obama administration. i yield back the balance of my time. >> gentlelady yields back. the chair now recognizes the gentleman from kentucky, mr. bar, the chairman of the monetary policy and trade subcommittee for 1.5

first home most people shooting up smack on the streets that's a direct result of the federal reserve bank policies to keep insolvent banks zombie banks like j.p. morgan goldman sachs from having to declare bankruptcy and result in social unrest results in all kinds of matter of destitution think central banks you pots if the crypto billionaires if the crypto economy if all those young guys like china think and solace from the last episode. they make this the sort of switzerland of the crypto global economy it could be that puerto rico one day is i have to bail out the federal government might be the other way around well you know when i talk to people in the crypt community like jamieson a lot for example has been on our show a few times or proctor who's really visionary and ingenious you know they say that eventually the federal government will come to the crypto community for a bailout because the crypto community will have the only hard assets that you can move around with any kind of speed and regularity so this brief respite on the crypto market cap down from eight hundred something

one way it is the job of the reserve bank president to collect information to be helpful with monetary policy so the reserve banks are structured and to serve a public purpose with the private sector boards of directors the president meets regularly in the important role to provide information what they are seeing in the economy and what the reserve bank presidents are expected to interact with bad groups in the area that they serve with business leaders and members of community groups and labor groups to understand what is happening in the economy. so due to historical accident the 12th district is not of equal size and san francisco back in 1913 at west was quite a bit so my district had 20% of the national economy so i traveled all over the district meeting with people trying to understand what was happening and to put into something that could be relevant to carry policy. >> we also have a lot of operational responsibilities because supervision is to oversee the supervisory staff but also those responsibilities for check and cash in some of those under u.s. law when there is compet

i was never a reserve bank president. you had some time at that job. how is it different from being a governor? janet: a variety of ways. one way is that an important job of a reserve bank president is to collect information that can be helpful in bearing on monetary policy and understanding what is happening in the economy. the reserve banks are structured, they are quasi-public, quasi-private entity, chartered to serve a public purpose, but structured like banking organizations with private sector boards of directors. those directors, a president meets with regularly, an important role they have is to provide information on what they are seeing in the economy. more broadly, reserve bank presidents are expected to interact with all significant groups in the areas they serve, both business leaders, also members of community groups, labor groups, to try to understand what is happening in the economy. due to historical accident, the 12 regions of the federal reserve, the 12 districts, are not of equal size. the san francisco region, i guess, back in 1913

the federal reserve bank presidents outvote the governors at this meeting. you have a new chairman. the new york fed has a constant vote then the other four voters are from rotating through the 11 banks. it's the federal reserve banks that control the vote here however, jay powell has extraordinarily good relationship with all the bankers. having assumed that reasonability in the board before he became chair of being the liason with the federal reserve banks. i don't think they're going to part from the path from a management standpoint, why would you? it would be an odd way to start off on that foot taz new chair. so i don't see anything new and exciting happening what i'm watching for is a con fir mag of what i believe, which is jay powell feels much more comfortable in front of a camera, in front of the press, than his predecessors. now because they weren't brillia brilliant, but because they had a different set of personalities. he's very comfortable. less formal. and i just expect no surprises after this meeting >> so, rick, 290 on the ten-year note maybe getting closer to 291.

trump has clearly had so much pressure from within his own country for trouble from the federal reserve banks and the u.s. economy via chaffed. exports around four billion euros worth of products to the u.s. every year industrial facilities machines and steel high quality high tech steel. the german state association has welcomed the agreement with the u.s. government but it says the e.u. is far from being in the clear the u.s. will still be sealed off for many of the steel exporting nations from eastern europe and asia their exports may well end up on e.u. markets. and we believe that that could mean around thirteen million tons is being diverted to a. form that's an import increase of fourteen percent which would completely swamp european steel markets some place considerable pressure on companies to adapt and possibly because it donald trump still disputes has changed the way many workers at towson crip see the us and has done a lot of damage at least as far as trust is concerned. and speaking of damage tariffs on u.s. imports could also backfire for american companies for example this fir

we don't know what the demand is for reserves in a world where you have regulation that is require banks to hold lots of high quality lick which assets and reserves are one of those. it's not something we're looking at resolving in the near term. you mentioned the question of reserves. i think it's a little bit of a misnomer. to think there is a subsidy there. we pay an interest on excess reserves. we can't pay interest on excess reserves that's above the general level of short-term interest rates. rates that banks can get from other -- interest rates from any other investment in the rates that short-term mo n addition, those liability, those are our liabilities, the assets we have on the other side of treasury securities and mortgage backed securities which yield much higher interest on reserves. in fact, it's not a subsidy and ot a cost to the taxpayer. reporter: thank you very much. market watch. several of your colleagues have been speaking and expressing concern about financial imbalances and rising signs of financial imbalances. i was wondering if you could give us your view on the

have theorea, and we reserve bank of new zealand.ng on in terms of leadership changes in maybe the way they approach policy as well. ofdi: the other major story this week, kathleen is with us. shuffle is going on having the incoming governor taking on the biggest reform. joining us now is christian who is the head of asset management. he previously worked at the rbn. what is the new governor's largest challenge going to be? >> i think the governor's priority will be on communication. feltything, the bank has embezzled over recent years but the interest rates up during 2014 at having to quickly retreat to 2016. embezzledalso felt with the use of tools under a lot of political rusher. i think adrian will focus on communication. he is a big personality, a very colorful communicator, and i think he will look to get on the front foot and clearly communicate the banks objectives. >> i have to echo what you just said in spades. i had the good fortune a couple of years ago of moderating a keynote panel on the wyoming state treasurer. adrian

inflation is benign and well below the 2% midpoint of the reserve bank of new zealand targets. bank itself stated in february that it doesn't see rates rising until mid-next year. we have an update from them next week and the message is likely to be the same. term, is wheree to put pressure on capacity and could feel a bit of inflation pressure, but alex at a story for 2019. betty: tracy, thank you so much. an ongoing story there in new zealand. and what we should be looking at the markets -- adam haigh, we know the boj has been swallowing a lot of bonds in japan, and you look at the killing of trade of bonds in japan. what happened? wake has been a remarkable in japan and from what we heard from kuroda is that in the fiscal year coming in and -- the boj has swallowed up 75% of the issuance, which is staggering. it was amplified on tuesday. we saw no trading at all of tenure japanese government bonds on tuesday. it shows the example of what is happening in the bond market there. terminalcan see in the on this chart, it shows the trajectory of the declines that we have seen in vo

we see in the legislation, some relief for the custody banks and terms of reserves held. ow, bank reserves said that the large ratio will become a little bit less binding. the leverage ratio is useful to have as a safety net, but you probably do not one of the leverage ratio be the dominant factor driving the capital regime. i think in our current regime, is the dominant regime driving capital from most makes? i think what is the most ccar and theg is stress test. to see the banks will have enough to operate on. and that seems like the kind of cap regime you would want to have in place. >> questions from the floor? >> hello. i'm tony from pimco. to what extent do rules and regulations drive domestic standards? as an anchor? >> the question is, how do international trends drive domestic trends. i think everything that is negotiated is by consensus. really, voluntary. so it's not like the process imposes on the u.s. tougher capital standards or topper regulatory regimes, i would argue it goes the other way. we have a set of capital regimes in the united states and we want to

this is what happens during the whole process remember alan greenspan renews during the federal reserve bank that the economy is getting lighter by that he meant that we are moving away from an economy based on stuff ships and trains and trucks coming by. on electrons and a little actual property and financialization and the trend is only exacerbated to become more prevalent and more significant to the point where very little of our consciousness is now part of the physical world we're entering therefore reality we're entering a now phase where people uploading their minds to an app and they're willing to trade their physical body in exchange for the promise of immortality because remember as we've shifted from the physical to the pure spiritual i guess you could call we've also lost all values associated with the physical plane the whole respect for gravity the whole respect for morality and ethics have now been reinterpreted in the gravitational liss ethical lists valueless vacuum of moral turpitude which is now the new reality or heaven as some may call it this is again a silicon valley c

we have the australia decision, from the reserve bank. while currently, the decision is coming in two hours. policy decisions from the bank of japan as well, we have everything from them on friday riyadh also, the u.s. be coming out with their-year-old data, under be the most important and expected report from the month. we are seeing a bit of pushback on the optimism people are seein thinking that things are t .alf full sophie: china has moved to lower its deficit will. shanghai shares are adding to monday's gains, keeping an eye after lastd coal week's news. over and hong kong, shares are rising for the first session, the hang seng being led higher by tech and discretionary players. -- but it shares index also higher. more closely on the hang seng, when you look at movers, you have technology, sunny optical in the position. energy players as well are gaining ground. ubs and petrochina are on the rise as well. keeping an eye on geely, the chairman saying that the group will keep looking for suitable acquisitions globally, with focus on n

so the reserve banks are structured. they're a public quasi-private kind of entity. they were chartered to serve a public purpose, but structured like banking organizations with private sector boards of directors, and those directors, a president meets with regularly an important role that they have, to provide information on what they're seeing in the economy. and more broadly, reserve bank presidents are expected to interact with all significant groups in the areas that they serve, both business leaders, also members of community groups, labor groups, to try to understand what's happening in the economy. so due to, i suppose, historical accident, the 12 regions of the federal reserve, the 12 districts, aren't of equal size. the san francisco region, i guess, back in 1913, there wasn't all that much out west, but there got to be quite a bit, and so my district represented 20% of the national economy, and covered nine states. and so you know, i traveled all over our district meeting with people and trying to understand what was happening, and to distill all that i hea

the provision allows the federal reserve to tailor regulations to a bank's risk model and business profile. the provision in no way diminishes the effectiveness of regulations and provides the federal reserve sufficient regulatory supervisory discretion to apply these enhanced standards on any firm that it deems a threat to systemic risk or safety and soundness. let me restate that. if you heard any of the attacks, you heard that the federal reserve won't be able to adequately regulate the banks. the past two chairmen of the federal reserve have said that is not correct. but the bill itself provides that the federal reserve continues to have the authority to apply enhanced standards on any firm it deems a threat to systemic risk or safety and soundness. and, again, for those who are tacking -- attacking the bill, i think their arguments are unfounded and, frankly, based in an effort to try to create concern about a risk that does not exist. this provision also requires the federal reserve to apply a periodic supervisory stress test to banks with between $100 billion and $200 billion in ass

we don't know what the demand is for reserves in a world where you have, regulations that require bankso hold high liquid assets or reserves. you mention the question of interest in reserves. it's a little bit of a misnomer to think that there is a subsidy there. we can't pay interest and excess reserves that are about the general level. other interest rates from any other investment in the short-term money market. those liabilities. and assets we have are treasures and securities. we guild much higher. it is not a cost to the taxpayer. thank you very much. craig from marketwatch. the financial imbalances if you could give us your view on the asset markets. and you have the tools you need to combat those. since the financial crisis we been monitoring financial stability issues. and the framework and the measures of various the current view of the committee is that financial stability is moderate let's say. i will cut through through a couple pieces of that. you see the capital. can and you see much higher liquidity. and they were better able to manage them with stress testing. we have g

people's bank of china, but we also havejerome people's bank of china, but we also have jerome powell's first meeting as governor of the us federal reserved wednesday. and we have the bank of england, so there is quite a bit going on with central banks. but also in terms of how markets did today, you can see that is how things ended on friday. this is australia and hong kong, but it is important to note that japan closed down by almost 1% at the end of today's trade. a lot of the losers today's trade. a lot of the losers today our suppliers to apple. for example, samsung shares were hit. these companies are the companies which make the displays for apple products, the iphone and the ipad. that is huge in terms of revenues, but could be lost if apple starts to make their own screens. let's look at europe quickly so you have a sense of how the european day is going. iam sense of how the european day is going. i am hoping we will get the european numbers. we are trying to change them, but we can't, so i will hand over to jamie. it works over here. the dax is down sharply and the ftse is down sharply. lawrence gosling is with me — he's the e

basis that may not always be forthcoming in a timely manner. 2018 c carthe to avoido enable banks a federal reserve board objection based on the quantitative assessment by raising the capital. that is a step in the right direction, but the current regime may not be sufficient to ensure that banks will raise capital proactively as we going to the next economic downturn. compensation is also a powerful incentive. as i mentioned earlier, the emphasis in the emphasis in compn practice on short-term preferments -- performance over longer-term was -- helped motivate prudent behavior. currently, bankers are paid mainly in bank -- cash and deferred stock grants. this creates an sent devise to maximize the banks share price, rather than minimize the risk of a banks failures. while compensation practices do a larger and longer deferred component, greater emphasis on the furl in the term deferral in the form of long-term debt could better align interest with the long-term safety and soundness of their firms. having more compensation in the form of deferred debt would have two benefits. it would reduce risk-ta

we saw gains in the new zealand dollar after the reserve bank of new zealand held the cash rate at expectede-quarter percent. after the u.s. federal reserve lifted rates. central-bank action comes from indonesia, taiwan and the philippines. gold is flat, oil breaking through, $65 per barrel. more from bloomberg technology next. ♪ caroline: this is "bloomberg technology." our top story, facebook and broil do its biggest controversy over the exposure of personal data from millions of customers to cambridge analytica. the news wiped billions from the social media giants market cap, while the price stabilized today . headline risk is not going away. we are joined by brian, an analyst. , an analyst with the opposite view. welcome both of you. brian, i will start with you. yourmic mismanagement is worry. how will this hit the business from the mental -- fundamentals? >> i saw it accelerating before all of this. was becauseor that i think most of wall street was a ignoring the limits to growth, advertisingital faces. they are ignoring costs that would be rising, and people are looking past this wh

the nation's biggest banks would no longer have to undergo an annual stress test by the federal reserve. banks of complying with the requirements of dodd-frank. >>> move over, blue apron. walmart's meal kits will soon be available nationwide. walmart has been testing the service in 250 stores. shoppers can buy pre-portioned meal kits they need to cook or meals that need just to be heated. the meals feed two people and are priced between $8 and $15. >>> and depending on your perspective, this next story is either an advancement in artificial intelligence or another assault by technology on american workers. meet flippy, a burger-flipping robot. it's now employed as a line cook by the burger chain cali burger. it flips burgers and removes them from the grill and can cook 150 an hour. flippy costs $60,000 but works without pay or benefits. flippy does need a human to place the burgers on the grill. >> i think i'll take a human. i like the human touch. >> i know. i know. >> it's interesting to watch. a nice novelty. >> the robots are coming. >> i know, really. the future is here. diane king hall a

what happens during the whole process remember alan greenspan when he was running the federal reserve bank he said that the economy is getting lighter by that he meant that we are moving away from an economy based on stuff ships and trains and trucks soon to come be based on electrons and the little actual property and financialization and the trend is only exacerbated to become more prevalent and more significant to the point where very little of our consciousness is now part of the physical world we're entering therefore reality we're entering a now phase where people uploading their minds to an app and they're willing to trade their physical body in exchange for the promise of immortality because remember as we've shifted from the physical to the pure spiritual i guess you could call it we've also lost all values associated with the physical plane the whole respect for gravity the whole respect for morality and ethics have now been reinterpreted in the gravitational. that's the coolest valueless vacuum of moral turpitude which is now the new reality or heaven as some may call it this is

for example, the new head of the reserve bank, the people's bank of china, has said he wants to openup its economy to more foreign investment for example, in the finance sector. good, let's see if that actually happens. in some ways, when you look at the internet, this place is closing ever more. you are right, the flipside of the argument is like trade. china has become this defender of multilateralism opposing ta riffs defender of multilateralism opposing tariffs and you have the us government pushing up tariffs and putting up walls if you like. it is a little bit like china's approach to the environment. china is defending this approach which says man—made climate change is real in the face of the trump administration's apparent denial of this. and so you have this funny situation on the one hand, president xijinping becoming more of a strong man, a tougher leader who cannot be questioned, and yet he is also defending these universal principles to do with environment, multilateralism and free trade. very interesting. thank you for now. let's brief you on some of the other stories

trump has clearly had so much pressure from within his own country for trouble from the federal reserve banks and the u.s. economy but i can assure chaffed. exports around four billion euros worth of products to the u.s. every year industrial facilities machines and steel high quality high tech steel. the german state association has welcomed the agreement with the u.s. government but it says the e.u. is far from being in the clear the u.s. will still be sealed off for many of the steel exporting nations from eastern europe and asia their exports may well end up on e.u. markets. we believe that that could mean around thirteen million tons being diverted to us. that's an import increase of fourteen percent which would completely swamp european steel markets some place considerable pressure on companies to adapt. that donald trump still dispute has changed the way many workers at towson crip see the us and has done a lot of damage at least as far as trust is concerned it will. stay on the topic of global trade that's right christoph as we heard a trump has temporarily exempted the european unio

is it accurate that the federal reserve would still be required to conduct supervisory stress tests for any bank with assets between $100 billion and $250 billion to ensure that it has enough capital to whether economic downturns? >> yes, it is. sen. crapo: with the reserve still have official authority to bank if the fed determined it was appropriate? >> yes, that is true. isit accurate -- sen. crapo: it accurate that it does not have oversight over the largest systemic banks? >> yes. sen. crapo: implying enhanced standards to international banks based on global consolidated assets? meaning that this provision would not exempt banks like deutsche bank? >> that's correct. >> does it in any way restrict the supervisory, regulatory authorities to ensure the soundness of institutions? >> yes. that nothing in the provision would restrict the ability to make sure that large institutions are well capitalized? chairman powell: yes. sen. crapo: thank you. to go on a bed, the dodd frank act included a provision known as the volcker rule that placed restrictions on banks that trade for their own profit, o

the australian dollar stronger by .6% after the reserve bank didn't move rates and expressed confidencewage growth had troughed. we are keeping and i on south africa. africa.e on south risk aversion coming back into the south africa market. gold backed up another $17 today. christopherd loughboroug ailman saying they are looking at gold. mark: theresa may laying out a vision for brexit last friday. some areas avoiding a heavily guarded border with island. u.k. and eu trying to clarify their positions before the summit at the end of the month which will kick off a three-month negotiation period. .oining us now, nicky morgan theresa may said it is a choice between sovereignty and trade. does that acceptance change the whole ship of the argument? -- shape of the argument? michaelnicky morgan: it was a vy pragmatic speech. she used the phrase "hard facts" to set aside the compromises that will have to be made. we believe the european union, but let's not undermine this country's economy and prosperity. let's try to deal with difficult issues like the border between northern ireland and the

is what happens during the whole process member alan greenspan when he was running the federal reserve bank he said that the economy is getting lighter by that he meant that we are moving away from an economy based on stuff ships and trains and trucks soon to be based on electrons and the little actual property and financialization and the trans is only exacerbated to become more prevalent and more significant to the point where very little of our consciousness is now part of the physical world we're entering therefore reality we're entering a now phase where people uploading their minds to an app and they're willing to trade their physical body in exchange for the promise of immortality because remember as we've shifted from the physical to the pure spiritual i guess you could call it we've also lost all values associated with the physical plane the whole respect for gravity the whole respect for morality ethics have now been reinterpreted in the gravitational liss ethical liss valueless vacuum of moral turpitude which is now the new reality or heaven as some may call it this is again a si

to welcome our radio audience and our tv audience as we speak to the president of the federal reserve bankus here. >> good to be here. >> everyone has focused to see on if wages will continue to accelerate. we did not get that. but a big gain in payroll. what signal for the economy do you take from this? >> i thought it was a good report. we have had strong payroll growth for many years now. the market is vibrant. the increase in the labor force participation rate is a good sign. more people are going into the workforce. unemployment has continued to stay at that rate. that ends up being a good sign. you mentioned wage growth was on the weak side. this is one of those interesting developments. even though the job market is strong we have not seen strong wage growth. i'm looking forward to stronger wage growth in the future, all of these things leading to a stronger economy and line with our 2% inflation objective. you tilt moreo towards? i think you have mentioned recently it could be 3%. you keep saying inflation is below target. jobs report like this, does charlie evans say i'm getting m

effort ledconcerted by the federal reserve bank of new york to come up with a replacement.confidence they will get there. julia: less input from the markets itself? -- what sayrbitrary people understated their costs. david: when you think we will have a draft? >> i think it could be this year. david: it's great to have you always. it's always good to have him with us. a quick turnover at ubs, the top executive. we will look at his departure next. if you can't watch the television, listened to radio. lisa abramowicz is in for tom keene. pimm fox will join at 10:00. bloomberg surveillance can be heard all across the united states of america on sirius xm radio. this is bloomberg. ♪ kaylee: this is bloomberg daybreak. incomeup, the fixed chief economist. now to your bloomberg business flash. shares started trading today. the file sharing company is above the market range. a -- strong demand helped close the gap. dropbox will begin trading with the value of $9.1 billion. apple wants to return to its roots in the education market. they will introduce new low cost ipads and educat

and it does not change the way the federal reserve regulates foreign banks. second, the bill will not be to another mortgage lending crisis.ck let's just go back and he examined 2008. we have a significant over of buyers of subprime lending in the real problem came securitized. that is where the trouble began. putting those institutions in jeopardy to pass along that risk to theis public derivatives. when did all collapses in the risky mortgage loan. and before it was securitized. nothing in this bill changes qualified mortgage standards. nothing in the bill removes the protection that dodd frank has provided to the secondaryng market. the only thing this bill does is those small institutions inh, community bank campaign mortgages without worried about c the standard but the one thing that they can do is sell those mortgages into the secondary market we have to keep those on the books when you have a requirement they keep them on the books you honestly h believe that these institutions will take unnecessary risks? the answer is no. guess what? they didn't tak

banks? >> that is correct >> is it accurate that the federal reserve applies enhanced standards to internationaln their global total consolidated assets, meaning this provision would not exempt banks such as deutsch bank from section 165 of dodd-frank. >> that is correct >> is it accurate that this provision does not in any way restrict the fed's supervisory, regulatory, and enforcement authorities to ensure the safety and soundness of financial institutions >> yes >> and finally, is it accurate that nothing in this provision would restrict the fed's ability to ensure that large financial institutions are well capitalized? >> yes >> thank you and to go on a little bit, as you know, the dodd-frank act included a provision known as the volcker rule, which placed restrictions on banks that trade for their own profit, otherwise known as proprietary trading uncertain relationships with certain private funds. as you also know, financial companies have incurred significant costs attempting to comply with the rule do you support addressing this confusion by exempting community banks with less than $10 b

the cleveland reserve bank president actually gives speeches on being able to transmit the message better. it would be better to get drunk over it. let's bring in wells fargo senior economist for his thoughts on all this. what was your impression. i really like to delivery. he handled the questions incredibly well. in terms of the rate decision there was no surprise there. it's interesting that they downgraded their assessment of current economic conditions. and went ahead and raise rates. there were several times where they were trying to raise rates and the numbers just came in a little bit too soft. i think they are much more resolute. it seemed like even though we've got some softer numbers we feel very confident. we actually raised our forecast for gdp growth in 2018 even though the data has come in softer. they raise their forecast on the added another dot. in almost and almost four rate hikes a lot of competence in the underlying economy. if you look at the yield on the tenure it's completely nonreactive. we put in there. the message of the financial markets believed the dots. they

we wait on minutes of the reserve bank of australia's march meeting.also unchanged on the greenback, and a quick look at commodities. oil is down for the first time in four sessions and iron continues to weaker with stockpiles and chinese sports. in the finance minister meeting. i am paul allen in sydney. more from "bloomberg technology" next. ♪ ♪ this is "bloomberg technology" and i am caroline hyde. our top story, facebook shares plunging, after it was reported that the political data firm got a hold of private information of millions of facebook thousand ahead of the residential election, and this selloff is a big buying opportunity for investors. joining us now from new york, ivan, why the by? uy? have the are going to issues like this with data and the things people post, but when the stock sells off, i have said many times it is a buying opportunity first. this specific problem is with cambridge analytica and not specifically with facebook. it was not a data breach, it was a misuse of data by a vendor. i think facebook may have recourse to that v

reserve bank of new zealand getting a new government -- governor tuesday. us now with what to expect from the new governor. on the surface, he gets an economy that can raise the checks but a big challenge. >> obviously, it would be a nice problem to have. growing forhas been 10 consecutive years. the same old challenges. unemployment is low. this chart, you can apply to start to pretty much any volatile economy in the world. they go. you have inflation sluggish, new zealand's post below the midpoint of one to three. also at a record low one point is a risk inthere a concern that maybe the housing market can overheat again. chief economist of west bank. until'recentlys. the new zealand superannuation fund. they went today. we will see how he does. haidi: think you so much for that. we will go through the details when it comes to ing, australia's earnings. lender will the seek new growth. this is bloomberg. ♪ betty: good morning. i am blue in new york. haidi: i'm haidi lun. you are watching daybreak: australia. ing estoril you has reported and rise in profit.