had, have put forward or stated that needs to go ahead, including a central bank audit, reforming the secrecy long as you were pointing out, the evaluation of the countries major banks. these could be sticking points, and particularly for the banks themselves, will they, will the banks actually comply? well, the banks have been calling, i'm calling for a deal with the i am at the beginning of the crisis in october of 2019 and patient banks in lebanon. if basement was coming to agreement with authorities and urging to implement the banking sector and comply with the requirements of the prior action, including as you mention the external audit of the largest 14 banks in the country . it is in the best interest of the banking sector to facilitate as much as it can do for measures. and the banking sector has been calling since the fall of the crisis, putting capital control measures that have not been implemented. so definitely in the interest of the banking sector to proceed with all these reform for them not to be limited to the banking sector. right. is other thing that needs to be imp

this coming is china's central bank is set to further diverge. s bring in our senior asia economy editor and kathleen hays. michelle, we have seen this teaser and markets have been banking on broad-based easing for quite some time. does it seem like we're going to get that? >> i think you have as big a hint as you are going to get from china, we have seen before that when the state council issues the sort of statement they did yesterday there is a few days to act, they said they were willing to use monetary policy tools at an appropriate time, so we can expect them to move and we have been expecting that to happen for some time. inflation pressures are on the rise. shery: how much would monetary easing health? -- help? michelle: china is always a bit of a black box if you talk to any economist, where the growth path goes from here, i think this is the best bet and judging from recent history, they will do some easing, but who knows from here, there is a lot of pressure china is impacted by and does impact. we will have to see what happening in sha

let me remind you that the opening came under reorganization through the central bank-controlled fundsolidation of the banking sector in august of the seventeenth year, the regulator was going to sell the bank at the end of last year, but the deadlines were postponed in january, information appeared that there are several options for how to sell shares of discoveries; i was not ruled out and an ipo. but in march, the regulator announced that it would not sell the discovery after the consolidation of vtb discovery and rncb. the structure will become the second largest in the country in terms of size, according to the results of last year, vtb had 16 million customers. at the end of the 20th year, the number of the opening base exceeded 3 million people, and the banks had more than 2 million rncb for three of about 2,000 offices , for comparison, sberbank has more than 13,000. and this regulator data at the beginning of the year, the total assets of vtb banks opening rncb, 22 trillion and 900 billion rubles in total capital, while 2 trillion and 240. some analysts believe that such cons

that is the kind of move that makes a central bank nervous. cut the foreign exchange reserve racial -- ratio from 8% to 9% and here is what they said about the move. it is a slowing down the yuan's plunge. increasing bank's capabilities of foreign-exchange use. they want to put more liquidity, calm things down. it follows two hikes in 2021 that were done to limit the yuan 's rise. if you reduce the reserve ratio for banks to hold the domestic currency, they would not be quite so eager to hold the foreign currency. this should dampen the desire to hold dollars off door -- offshore. that is what they are trying to do here. it only partially reduces the two percentage point move. they have to do more, that is the message. if this is not enough to calm things down, cutting this ratio is showing that they are not comfortable with the state of the yuan's drop. this is classic central bank action. both goldman and wells fargo saying it reverses what they said in the past, that the yuan 's was market driven. on an emergency move, it could prevented so

the russian central bank does not need to sell the gold yet. the kremlin could use its gold holdings to guarantee deposits at banks, which suffer from western sanctions. the share of gold in the countries foreign exchange reserves is at 23 percent, which is very high. china comes in 2nd, followed by japan and germany. much of russia's foreign exchange reserves are frozen because of the war as part of the sanctions. the growing stock of gold has given moscow a little more independence from the u. s. dollar on the euro. but gold is heavy and difficult to transport. you cannot pay for everything with it. decipher reminder of the top business story we're following for you this alan. ellen must cash offer to buy twitter test that i care and also suggested he would have to sell his existing 9 percent stake in the social media company if his offer was turned down. not so for me in the business team here in berlin until next time, like a touch of normality in the meat still for the 1st stools open again and keith but the war is not over yet. on the out

the central bank of london and commercial buys, such as approving a strategy for restructuring of the banking sector, modifying the banking secrecy, lo, unifying the exchange rates, the multiple exchange rates, volume, and passing capital control measures. and i think a banking it is, or you can just lation. so these are all challenging, challenging points and measures. but really we do not have a choice. if you want to get out of the crisis. i do not believe that is any other alternative than continuing with the have and, and implementing the forms according to this agreement with the i am. so now the responsibility is to prove that they are serious in this agreement by implementing the prior actions. diana did not put the table for the implementation, knowing that we are close to the body. i meant that the elections are may 15th, we're getting close to that and we have president elections in october. so the argument actually, right. do you think the politicians will at least feel the pressure somewhat? because as you're saying time is not on the side of the lebanese and, and we do h

today, the central bank lowered the key rate from 17:00 to 14% most analysts. they expected that it would lower it to 15, but the decision of the central bank did not surprise them much, because the central bank made the same maneuver on april 8, when it also lowered the rate by 3% points from twenty to 17%. the central bank is lowering the rate, because now it is more worried not about inflation, but about economic activity yes, the annual price increase in 17.5%, says the central bank, is a lot, but the growth rate is slowing down, but he writes about the situation in the economy, so consumer demand is declining, people are saving the enterprise more, although they began to look for new suppliers and sales markets are experiencing big problems, in production and logistics, according to the new forecast of the central bank, the russian economy will move to economic growth only in 23. but inflation is at the target level of four percent. we will see only in the twenty-fourth year. moscow exchange index grows by 5%, vtb shares rise in price after the news that t

this is not a question for the central bank.hat we do next question online elena maslova portal sense, city ​​of barnaul elena please hello, in any case, in our region they say that their branch of the housing construction industry can function quite well when the mortgage rate on mortgage loans is there, well, from 3 to 7%, they call and say different numbers about the fact that even with the current yes, key rates are, well, practically impossible, even taking into account state programs. and is it possible to say that the key rate is, in fact, the legislative rate for mass mortgage lending? thank you well first of all nominal rate, which hmm would be. e, which would lead to an increase in mortgages. no, i'm just going to give an example that in the twenty-first year we had a mortgage rate of seven eight percent even more than, uh, the ranges you call it, while mortgages grew at 30% a year and a large number of mortgage loans were issued. and do you remember that we even worried and saw signs of a bubble forming, because such

after that, it will be necessary to report to the central bank. f russia has lowered the key rate from 17 to 14% and looks like the potential for its further reduction during the year, and let 's talk about our colleague about the reasons for the decision. dmitri moroka. dmitry greetings what factors in the current economic situation allow the regulator to lower the key rate, hello the central bank announced a gradual reduction of risks for price and financial stability. at the meeting of the central bank this friday no surprises were expected, however, the regulator. still managed to surprise the key rate was reduced not by 200, as experts predicted, but immediately by 300% points , so today the indicator is already 14%, a consistent decrease in the rate during april, the head of the central bank correctly explains the stabilization of the situation in the economy, according to her risks to price financial stability stopped growing. the stabilization of the situation means that we can remove from the key rate the premium that was necessary to cove

but this is the sphere of activity of the central bank of the central bank already began to reduce the in the future, of course, will also reduce the cost of loans in the economy to support consumer demand, including the measure presented today by mikhail mishustin at a meeting with vice-premiers, the president called the key task for the current year to increase output and supply of high-quality affordable food products , the government will implement these instructions , including by creating a system of wholesale food markets to help russian the agricultural producer sells its products as close as possible to the consumer in large cities, this will provide a wide choice of products for everyone, after all, in addition to wholesale sales. conditions for retail trade will be created there. well , it means that people will be able to choose where it is more profitable and convenient for them to buy. according to the president. the country's economy has stabilized experts are sure the results of its modernization associated with total import substitution will become apparent in the seco

we will see only in the fourth year following the decision of the central bank of the country's secondank vtb today announced that it is lowering rates on its mortgage programs. the base rate is reduced by the very same 3% points and now take out a mortgage offer supplies from 13.9%. this applies to both new construction and the secondary market. decline key rates to central banks immediately by 3% points is like living water for the entire credit market of the country. let me remind you that 2 weeks ago the key rate was at a record high level of 20%, and today it is already 14%. if we talk about the mortgage lending market, then the reduction of the key rate. first of all, it will have a positive effect on the ready-made housing market, where mortgages with state support do not work, with regard to the preferential mortgage program in new buildings from may 1, the state is going to reduce the rate from 12:00 to 9%, and vtb promises even more favorable conditions 8.7 moscow exchange indices rose by 5% before the long weekend, vtb shares rose in price after the news that otkritie and rn

and 19 tragedies, or governments without the central bank to have their bag. so when the banks of france, germany hayes, portugal island collapsed. they didn't do what the british did or what the american state, which is the federal, the, the central bank, bring that money to save them. no, they transferred wealth from the poorest of the europeans to the finances. and that is alvin, who had 12 years of stagnation or for austerity that you know, in europe is just an abysmal compared to what the americans experienced. so yes, even though there is a social demo, could i think if you want ethos in europe during the good dives, when capitalism goes through a spasm, america always every spawns more in a more keynesian fashion, few ones. and even reagan was a king's young president compared to anything that was seen in france or in germany . and the result is that every crisis global cases leaves europe weaker and more injured and wounded compared to the united states than the previous crisis. how much of that response, the kinsey in response that you, that you mentio

the russian central bank does not need to sell the gold yet. the kremlin could use its gold holdings to guarantee deposits at banks, which suffer from western sanctions. the share of gold in the countries foreign exchange reserves is at 23 percent, which is very high. china comes in 2nd, followed by japan and germany. much of russia's foreign exchange reserves are frozen because of the war as part of the sanctions. the growing stock of gold has given moscow a little more independence from the u. s. daughter and the euro. but gold is heavy and difficult to transport. you cannot pay for everything with it. to cipher reminder of the top business story we're following for you this our ellen musk has offered to buy twitter, test that i care no, says suggested he would have to sell his existing 9 percent state in social media company. if his offer was tend to not so for me and the business team here in berlin until next time they came into the conflict zone with to sebastian fresh allegations with russian forces murder, ukrainian, civilians outside k

the russian central bank currently holds around $2300.00 tons of gold. the 5th largest gold hoard in the world. no country has bought as much. gold is roshan the last 10 years, according to the world gold cancel. but selling gold is becoming more and more difficult. london, the world's largest gold trading center, has suspended purchases from russia because of the war in ukraine. there are, however, loopholes, other trading places in china, for example, or india, the russian central bank does not need to sell the gold yet. the kremlin could use its gold holdings to guarantee deposits at banks, which suffer from western sanctions. the share of gold in the countries foreign exchange reserves is at 23 percent, which is very high. china comes in 2nd, followed by japan and germany. much of russia's foreign exchange reserves are frozen because of the war as part of the sanctions. the growing stock of gold has given moscow a little more independence from the u. s. dollar on the euro. but gold is heavy and difficult to transport. you cannot pay for everything wi

what does it mean for central banks do out tomorrow? >> they say bank of korea at the moment is a very split economy. not sure how much the bank of korea may tighten if they do at all. bank of singapore seems more clear-cut. people are not only expecting tightening, but possibly aggressive tightening. when singapore looks at what happens in new zealand, they were probably encouraged to say do your large tightening earlier, it can be a lot easier further down the road. most likely, we can see policy tightening in singapore. it can be one of the biggest we have seen for more than 10 years. yvonne: we will definitely look out for that and get your reaction tomorrow. mark cranfield joining us on what to expect. still waiting for the trade numbers out of china. kind of looking to see green from what this all means, in terms of the trade picture. the custom spokesperson saying the external picture when it comes to trade is looking graver. let's bring in our next guest, cui li. we talked about how we see record cases in shanghai. there are tox

a very aggressive move by the new central bank governor.nk it is much to the external community as it is to the domestic community in sri lanka. the governor does say he has political backing. he warned sri lanka is not at the point of stability. this crisis has a way to go and might suggest more policy action coming from the central bank. it does speak to policy credibility and it mirrors a step last week taken by the government to appoint a new fiscal advisory council of eminent economist and former central bank governors to advise the government on sorting out their finances. on the economic policy side you would have to say there were some steps coming together that would point to sri lanka getting some external financing. you still have the political and social instability. haslinda: the repeat done 6% since its evaluation thank you so much -- the rupee down 6% since its devaluation. the next hour, we speak to the pakistani central bank governor about what is ahead for the economy. don't miss that interview coming shortly. yvonne: up n

our budget deficits need to be caught, then the central bank and the entire monitor. the board needs to be sacked, including the government, new appointments need to be made and money been doing needs to stop. they need to manage the exchange saved in such a way. so that people are able to purchase important. ready goods, ah, and finally we need to make sure that the poor people in this country, the low income people, be burned with disabilities. people who are, you know, finding it hard to make ends made have a social safety net so that these reforms can go through. so all of these things need to happen to stabilize the macroeconomy and then a whole at least start doing what needs to be on the deck. and so i actually stay locked that needs to be reset. all right, but even if we do those sorts of things, bonnie: i mean is it enough? simply sacking officials and coughing budgets and staring measures. now i'm sure lanka has something like $4000000000.00 us dollars in debt payments this year. it's going to need some money or it's going to default right. isn't that unfort

uh, the central bank disclosed the structure of reserves around march 25th.you said that you had already prepared for the geopolitical risk, and you finished it. e share of gold and yuan in reserves up to about 50% has it changed since then somehow the situation. how much is the share of gold in reserves now? this is the first question and the second question, and in response to the freezing of our reserves, the central bank also imposed restrictions on the movement of foreign capital. is it possible to expect that such a situation is such a status, whom will remain until then, in the meantime, they will be lifted restrictions. they will unfreeze our reserves. thank you uh, regarding the structure of gold and foreign exchange reserves, we will continue the data on reserves, though in such a truncated form, but with a flag in time, we we leave the principle, so i will not comment now. what share? uh, how things have changed, but you saw that we uh resumed buying gold. as for restrictions on the movement of capital and, accordingly, the situation with frozen as

and by doing that, what we do is actually we will make the central bank and agent of the government. we provide the product do and construct the were great. so the government right now, what happened is general bank has become a subservient yielding, had to what they were. the point here is the government is coming to the stock. that is why the it is ok. let me bring in harsh though. and how should we ask the question this way? can we, should we not also be reaching the conclusion that neo liberalism is failing sri lanka? i understand all the faults and failures of the government in mishandling the tax reforms in handling the farming reforms and so on. but when you've done the same thing 16 times and given the country 16 different loans and you expect a different outcome, does not say something about your thinking as well. you keep giving this money and getting the same outcome, but i need to correct one thing. i want mr. be there other than i said is i am not asking the anti center man to be set. i'm asking that the entire money to be bored, to be replaced with money to the board tha

i we see asian central banks, with the exception of bank of korea.e see that they are actually continuing to be quite fragile in hiking rates. especially as they try to move forward with pandemic recovery. so we see for example high-yield credit or for example stocks are key sources of income. david: yeah, i wanted to pick up on that then. i completely understand employment income when it comes to equities, but if high-yield deflates do you want to be on a fixed income given the rising rate of inflation environment? yes, there's yields but that could be higher in a months time or ivan tomorrow. -- or either tomorrow. marcella: guilds will have a better risk reward compared to i.t.. personally, we see that i.t. profile we have not seen -- the balance sheet has gotten back to pre-pandemic level. for the high yield, even within the property sector, i think the sector going forward, there might still be bad news surrounding china properties. but then, i think investors are having more clarity. risks and companies going forward. high-yield, so far, we see

you mentioned earlier, the central bank is facing the pet -- the fastest pace of inflation . are spiraling. there is, of course, the issue with foreign reserves declining and the rupee getting hammered the way it is. the bank is in a difficult position given what is happening on the ground and that's why most people are expecting these rate hikes today. it is all about they are trying to stop the tailspin that sri lanka's economy is in. the new central bank governors having to take steps that were expected today. haslinda: thank you so much for that. let's get further perspective on -- an analysis and bring in the head of macroeconomy research. realistically, can they stop that economic tailspin? >> thank you so much for having me. good morning, everyone. yes, i think you know we have had a very tough week, and there has been some good news that has come. what you have seen before, all this heightened uncertainty, was that the policy direction was not really very favorable to solvency, nor the u.s. liquidity level in the country. what we see is a much more accelerated approach

at central banks around the world.ll be joined by a new set of worries about lower growth, higher risk of recession in europe. may be these stocks that have been holding up will also be impacted in the next couple of months. manus: i mean, when you talk about the policy response, we are getting ready for the liquidity taps to be turned on in china. i think citigroup say something like 1.2 trillion yuan will go into the system, $188 billion worth of liquidity. does that or will that shift your view on investing in china at the broadest level? martin: rather in an indirect way. we are still [in discernible] investment into chinese companies after the experience we have seen with government intervention into the private sector, and impacting the large technology stocks that we have seen there. on an indirect way, to invest indirect markets, companies that have exposure to china, indeed, that would be a positive point that we expect there. we would be seeing that as an argument for investment into these companies. as you h

according to the head of the central bank , the russian economy is entering a difficult period of structuralth sanctions, the main problems will not be related so much. with restrictive measures against banks, as well as with restrictions on imports, logistics of foreign trade and with possible restrictions on the export of russian products, today almost any product is produced using imported components of production. can be critically dependent on certain parts or components business will have to look for alternatives sanctions first of all affected the financial market. but now they will increasingly begin to affect the real sectors of the economy, the period when the economy can live on reserves, it ends in the second quarter at the beginning of the third quarter. we will enter already actively in the period of such a structural transformation of the search for new business models for many enterprises, problems may arise with the availability of spare parts for the repair of imported cars. used, central banks, we didn't support we strongly oppose the use of used parts because it will lead

cheaper an american is eight minutes less than 80 everything, despite the fact that from today the central banknks to sell for personal currency to citizens and even despite the statement of the head of the central bank elvira nabiullina today she also said that the requirement that exporters are obliged to sell 80 % of their foreign exchange earnings can be made more flexible, but the market, apparently, is now preparing for the fact that companies have large tax payments on sat, hence the demand for the ruble. express grocery delivery service scooter departs from russian regions, as sources told the newspaper in the statement, the scooter began to suspend work in 15 cities of russia from mid-march, in particular, the outlets are being liquidated in zhukovsky sergiev posad, naro-fominsk, kopeysky kamensk-uralsky, salavat in the scooter confirmed that they closed the dark store in these cities by according to the sources of the newspaper, for such a service, the regions now generate nothing but losses, and therefore the team is trying to quote not burn, money, the interlocutors of the publicati

it is, after all, the funds of the central bank.ank is still an independent body, which has its own economic independence and many have always been guided by this, because this is the independent status of the central bank. it allows uh to manage these resources more so to speak, regardless they are not considered literally. in a sense, here is the army as a state, as such, therefore, it seems to me that this idea, in general, is quite correct. i don't want to make predictions now. how realistic it is, but i think that in this situation that is now emerging. it could be absolutely a well-thought-out real step today during the discussion is just the chairman of the state duma. vyacheslav vicha volodin said that they would not only return this money to us and also pay interest on it, but yes, of course, this is god, and but in this direction. as i understand it, you have to work or don't think, it's unpromising. i think that in this situation - it's an attempt. uh, in order to create this counter situation, taking into account the tal

james: the central bank announced last night that banks would have to keep less money in reserve fororeign exchange holdings, then the fixed today as well. it is those two things combined that is taken as a signal by the currency markets that the pboc has had enough with the weakening yuan. whether that will be enough to stop the drop in the value of the currency, considering that china is still adding stimulus i and the fed and other countries are cutting back on stimulus, so you see the changing rate differential. it is not clear. but at this point the central bank is saying this is where we wanted to be, or we don't want to weaken so quickly, so much. whether that is enough to stem the fall in the currency, which is driven by factors outside the central bank's control, remains to be seen. haslinda: bloomberg's economy editor james mayger. thank you for your insights. plenty more ahead. keep it here with us. this is bloomberg. ♪ this is bloomberg. ♪ haslinda: taking a look at some key stories we are watching. indonesia's surprise ban on cooking oil exports will be lesser than feare

. >> the central banks don't want to be caught too far behind the fed. >> getting of positive growth number for this quarter will -- will be a challenge. >> this is bloomberg surveillance. jonathan: from new york city for our audience worldwide, good morning, this is bloomberg surveillance live on tv and radio. 2/10 of 1% in the eu is considering another step. tom: it's april bozo and we will talk to maria in a moment stop this is a series of steps in this proposal just released but everything else as well. what's important to me is very in nardelli's article would bloomberg is they may ban trucks and ships from russia. to me, that's a bigger deal. jonathan: there is a proposal to ban coal, not gas and crude. tom: that's true and we so that in hungary with the stunning election. all in all, it is the beginning of micro steps toward really tightening things up for mr. putin. jonathan: this is how we started the week. the deeply distressing images we all witnessed. lisa: if the only measure they can take, the 300 lien dollars that vladimir putin is getting for payments and more. how mu

as you point out, many of the biggest central banks are trying to fight inflation. e ecb, the bank of england, the bank of canada going big now. the fed needs to go big. i'm positive they must talk to each other sometimes behind-the-scenes. i'm not sure if they are planning a concerted effort and it would make sense since the inflation is global. jon: there was a true go was once the prime minister. living next to the u.s. was like sleeping with an elephant. it is hard for canada to ignore what the fed is doing this year. the other factor with this inflation story, look at oil prices. that has helped the canadian economy. they are unique aspects you can pinpoint in canada. let's talk about all that with an economist who covers the canadian economy, veronica clark with citi. the general idea, the ability for the race to raise -- tank to raise rates and fight inflation but not tip the economy, would you say about what we learned today and your reaction to it? veronica: yeah. it was expected going into the meeting. this is a much more aggressive bank of canada. they wer

the central bank urgently lowered the key rate. and what's the ruble stopped trembling about it denis began to bark. france is preparing for presidential elections. who can seriously compete with the macron, and why do a third of the french refuse to vote? actually gazprombank cards are available for all years i had a severe leg and arm and had to go to the hospital. and after the hospital did not have to get to do the operation. petya is still crying when he remembers the strokes of the operation, how could this even happen to a seven-year-old baby, the causes of my greatest illness, if the second operation is not urgently performed, the strokes will inevitably repeat until they kill the singer and separate his family, the baby needs to be saved about helping the merry. right now send an sms to the number 9112 for the amount donations or make a transfer on the site alyosha fond.ru, while we think these threaten another stroke anxiety anxiety, insomnia and so in a circle you can help yourself afobazol helps to cope with anxiety and

. >> translator: there were speculation in the financial market about the central bank policies. lieve reducing the stable to clarify the starts the bank had been taken. >> earlier on thursday, the central bank wrapped up its policy meeting with board members agreeing to keep their short term benchmark and assets and purchases and to hold long-term rates around. the boj is contrast to other central bank. the central bank at the same time raised its inflation forecast for fiscal 2022. a surge for energy and other materials, its outlook seize the consumer price endeclaration of independence. this will put the rate very close. the banks monetary easing measure has been aimed at achieving that goal. the policymakers warned that current price rises could weigh on household incomes. >>> facebook operator, posted its slowest platform. the conflict in ukraine weighed on the social media giant. meta says sales in january to march period were almost $28 billion. that's up about 6% from a year earlier. the slow growth is attribut attributed -- the company was also affected byrussia's decisio

well, how does the central bank comment on the transition to paying for gas in rubles, if there are any difficulties, maybe to the bank or the buyers? according to elvira nabiullina, some gas buyers are concerned that there may be difficulties with currency conversion, but she assures that if the established procedure for interaction is followed, there are no problems. the current procedure clearly defines the period during which, hmm, funds from the sale of foreign currency are credited to the ruble accounts of natural gas buyers, this period is defined as two business days from the date the authorized bank receives foreign currency from buyers. the payment mechanism itself is transparent and balanced. the bank of russia expects this year a decline in gdp by 8-10%, and next growth to 5.5% in the labor market, according to the central bank of the situation. quite calm for now, but the employment structure will inevitably change significant redistribution of labor resources is required, both between industries and professions, and geographically. well, in these conditions, the government

what can a central bank to hear, they can try to manage expectations, inflation expectations, the centrale we will not get the second effect in the form of higher wages and somehow accelerating price barrels and this has to do with communication, a central banker said monetary policy is more of a art than a science, this is what the cbd has to communicate today as well. to what the cbd has to communicate today as well-— today as well. to what extent will they be — today as well. to what extent will they be considering - will they be considering decisions made across the eu, about when and if it may stop getting its energy from russia, obviously member states under enormous pressure to make that decision, whether you are in germany or austria, where you are it's a very different story, lots of discussions in germany, for example about germany, for example about germany being forced into a deep recession if it has to make that move?- deep recession if it has to make that move? _, ., ,., make that move? good point, the cbd has to — make that move? good point, the cbd has to take _ make that

one central bank that gets our attention is russia cut rates from 17% to 14%. mckee had this to say. european payments for energy making up the forex reserves, things are still bad but it's a joint loophole that keeps russia afloat. he says they can cut rates because there is no currency fight with capital control. they are holding money in the country. tom: it's dead on a ghost of yesterday about the possible trinity. whether it's yield curve control and russia controls matter. they have an immediate effect. jonathan: china is quiet over the weekend. tom: we saw that. this is the joy is to provide clarity on when you change the rules of what you do. ellen wald is a senior fellow and has a wonderful book on the fabric of the royal in saudi arabia. it's real simple, can an embargo work on oil against russia? >> i don't think in this case an embargo can work on oil against russia because are so many different points that russia is able to export oil. you've got multiple ports. you've got pipelines and ports they share with other countries like kazakhstan. that wo

— forecasting from the central banks is wron: ? . _, ~ banks is wrong?g? welcome i think the first thing to _ banks is wrong? welcome i think the first thing to remember - the first thing to remember about forecasting is all forecasts are wrong. the future is always unexpected in some ways. of course, central banks have had to deal with the situations that we haven�*t had for many years and so i�*m not going to keep blame on the forecast is there, they have a very challenging job. the important thing for us all to remember is we shouldn�*t think of one particular forecast, remember is we shouldn�*t think of one particularforecast, we have to think of the possible range of outcomes, when we do that of course there is a potential risk, inflation could continue to rise, in that situation the central banks will look as if they are behind the curve and underestimate what is going on, but equally they are not going to want to tighten monetary policy and put into straight up too quickly and find the slowing economy we face is really coming down. so they are in

some central banks tightening. the d.o.j. not so.s also remark to believe look at the action here in the u.s. today, anna because if i told we had bond yield surging across the curve you might expect tech would be lower within the equity market. equities are up across the board. it is around session highs. even as we are seeing this dramatic action in the bond market. 10 year yield up. 291 is where we set. while the 30-year yield is dancing around 3%. it breached earlier for the first time since 2019. it is up about six basis points but a bigger move at the short end of the curve. not even at the long end. you are getting a curve flattening. 2.53 the highest since 2019, anna. anna: more in bond markets, let's bring in tatjana greil-castro, a portfolio manager. tatjana, thanks for spending time with us here. we've seen the bond markets sell off. this has been something of a antenna for week after week. how far through this story are we do you think? given that the fed is still quite near the beginning of a rate hiking even though it i

so what do you think are central banks like the e c. b, doing enough, after all the easy, because not raising rates at all, yet they say they don't want to strangle the post. pandemic recovery, all they're worried of tightening too fast. what do you think this is ryan? i think the, you, the are the only used to be, are in a completely different position than the u. s. army and the federal reserve. i'm so there at the fed really has to speed up normalizing, want her policy. while in europe b. b is looking at the worst central bank can be looking at name the stagflation, a standing economy with extremely high inflation pose an enormous challenge for a central bank. particularly as this inflation cannot be controlled by higher interest rates because it stands from higher energy prices and commodity prices from global supply chain regions from the end of the pandemic. and there is very little b, c, b can do to bring inflation down what b c, b can and will do is to normalize mortar policy. we do no longer need these emergency measures like a

b is looking at the worst central bank can be looking at name. the stagflation is stating economy with extremely high inflation pose. an enormous challenge for a central bank, particularly as this inflation cannot be controlled by higher interest rates, because it stands from higher energy prices at one to prices, from global supply chain regions from the end of the pandemic. and there is very little b, c, b can do to bring inflation down what b c, b can and will do is to normalize mortar policy. we do no longer need these emergency measures like acid purchases, like a negative interest rates. and i think that these people now really speed up this process of normalizing monetary policy, but they will not follow in the footsteps of the federal reserve bank in the u. s. which is engaging in a long series or a house. i was cost breski talking to me earlier and it's about time for us to go. but just a bit of time to remind you of the top business story that we're following for you . ilan mosque has unveiled, a financing package was $46.00 and a half

largest central banks of the world. that is the white line. you can see over the last 15 years, it exploded back in 2008. then it was growing, halted with the pandemic and since then it has gone to about $32 trillion now. this was at the end of february, so essentially up 60% since the pandemic. the blue line is the msci world index and as you can see, there has been a good correlation between the two. the pathway to trading properly is paved with a naive chart and i would not want to suggest that correlation is causation. i would like to highlight the fact that this liquidity by central banks around the world impacts the financial markets and there is reason behind the link here, that equities have gone up because central bank balance sheets have exposed. many investors picked up the most important reason. the fact that we are likely to get qt, and the white line is going to fall in the months ahead. that means equities are set to have quite a tough year. francine: mark cudmore was not only the chart of the week but of