i heard christine lagarde and you heard christine lagarde sounding hawkish.he german 10-year is poised for its biggest yield dropped since 2011. btp's are down by circa 40 basis points. lagarde sounded hawkish, the market has heard something else. how does the ecb deal with this? do you think we are going to end up with the ecb coming out and having to make more statements regarding what they hope the market would hear what you think the ecb is going to be comfortable with what the market is doing today? maria: it is a good question and i think we have to go to the root of this thing. when you look at his statement that came out, it is clear, 50 basis points today and 50 basis points in march. that was supposed to be a big mystery. before the press conference, there was none of that. it was back to back 100 basis points. when it becomes tricky is the press conference. this is why the message was confusing. everyone was interpreting this they way they want. you have christine lagarde who at times wanted to sound tough on inflation, repeating that we are not do

alix: how will christine lagarde throw a bone to the dabs? alexander: they made this plan in december so they have to say something about the path forward. on the other hand, it would be strange to pre-commit to something when you have new projections coming out at the next meeting. they have a volatile environment and inflation is price to the downside for a few times. they have a fine mind to work on tomorrow -- walk on tomorrow. we will pay attention to what's in the actual statement because those words will be finely calibrated and then we look for anything lagarde says in the press conference. alix: we're waiting for that announcement. thank you both very much. coming up, we have more on the ecb and how they will respond to inflation. that's with chris watling from longview economics. this is bloomberg. ♪ this all-new ariya is an elegant ev. yeah, with 389 horsepower. ♪♪ and all-wheel drive. ♪♪ it's beautiful. it's a beast. it's electric. with an edge. oh, let's go with that. ♪♪ guy: headline euro area inflation. a little more than expec

christine lagarde is hawkish but counteracting everything heavily and i wonder whether other central banks of had said the same thing. alix: is that worst of 22 point move in germany? is it so different that this would be happening to the bond market? guy: we have gone from a situation where we were unconditionally hawkish, now we are not. it's reacting to that. i agree, it's a huge move. alix: we will break down that over the hours. we have news breaking here. guy: factory orders come in earlier than anticipated, they rise 1.8%. x transports are weaker there which is interesting. there is probably a boeing effect in there. durable goods, these are final numbers that look in line as well. don't listen to me. alix: i don't listen to you normally. mike, let's go to you on this. you're checking the numbers. mike: they are not too bad because of the revisions to priorprior months. the factory orders number was -1.9% in the month of november and now it is 1.8% positive. most of this is from the transportation number which was down 1.2%. boeing had a very good month in december in terms of

that is coming from christine lagarde, president. coming up, more on the pmi story. does the fed have a pmi problem? do we have a services problem? how high is the cost of services? we will discuss that. this is bloomberg. ♪ ♪♪ what will you do? will you make something better? create something new? our dell technologies advisors can provide you with the tools and expertise you need to bring out the innovator in you. for businesses of all sizes, there are a lot of choices when it comes to your internet and technology needs. when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose a next generation 10g network that's always improving, getting faster; more reliable; and more intelligent to keep you ready for today and tomorrow. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. >> we have seen some higher inflation numbers for january. i do not think that raises the trend

data, not because we had to rethink what christine lagarde said. tom guy and i -- tom, guy and i spoke with the former chief economist and it makes no sense. he wasn't dissipating more speakers to come out right away and bring home the hawkish message. >> i think what we are going to see in the coming hours is so making, it's about the reaction to the market saying basically markets should redo the whole communique and not only some of the sentiments. tom: all right, peter there on his reaction to the ecb. do you buy bonds or the ecb? who are you siding with when we way up these considerations? let's bring in our two guests were all things ecb. is this a has scratch or for you? where did you land on this? >> absolutely a head scratcher. i am a believer in the bond bullish work for 2023i will concede but yesterday's move wa. seeming completely out of whack especially when we heard from the fed, ecb, and boe all in the span of tony for hours saying, listen, we still have a lot of work on inflation and yes we may be getting to the point where we will

. >> i wonder how much we take the hawkish is with a grain of salt because christine lagarde, we hearder say another 50 basis points but we are data-dependent. it feels like there is still that influence from doves. how strong is it in perhaps making that forward guidance? >> the gravity or influence of the doves is increasing with every step we are taking more towards the peak rate, whatever that is, because nobody knows. the risks of going too far get stronger and the louder the doves are going to get. we heard earlier this morning that he said yes, march is still fine, but after that we need to be careful and we are close or getting closer to the peak, so you can tell there is a difference in tone. they are getting cautious. alix: you set us up perfectly for the next segment. thank you for joining us. coming up, what are the unidentified object risks and how do you wind up pricing that in? a global chief investment strategist will join us. this is bloomberg. ♪ >> it really needs to see inflation converging to 2% in the medium-term, and the medium-term is 24-25. if we are close enoug

christine lagarde is emphatic, 50 basis points, and the woman would not be moved. enda: another very clear message that even though inflation is slowing across the euro zone, she is clear, they are going to go again by 50 basis points. she then said they will review and see how the economy is going after that. he goes to the whole argument we were having at the start of the year which is that they were in danger of driving economies into the ground by raising rates too much. two things are happening, inflation has proven to be more persistent than expected, and recession risk has dimmed somewhat, the european energy crisis is not like what it was last year. it's not hard to imagine how it some point, whether central banks are getting it right, raising rates to protect the economy. manus: the european bonds, was or any angst in the spreads, where did it manifest on the 50 basis points promise? valerie: the market is still pricing in hikes from the ecb. we hear from two of the two most prominent doves today, and let see if they say anything different than what lagard

tom: we are going to pause before we get to christine lagarde.pect to bridgewater i'm baffled by their third co-chief investment officer. tell us about it. >> it is a great story. now this is the post era it is a 37-year-old first woman to lead this post. kos cio at the largest hedge fund. it is a pretty remarkable rise it is at a very challenging time. tom: she's out of princeton and i get it she a co-chief investment officer like is compared to rebecca patterson. what is her investment ability? >> she needed more data. this is a big win for a research across wall street. she came in in 2006 and worked closely with ranson and ray dalio within two years of college. she was most recently that several she took over in 2021 and launched a new fund to capitalize on the energy transition. she doesn't just focus on sustainability and her and her co-cios have been hinging on this idea that the 1970's era world let's see how it helps navigate this. jonathan: three kos cios it >> sounds a bit unique. it does so my ghost crowded room but i want to reiterat

christine lagarde stress the bank is look at negotiating wages very, very closely. >> we expect that the wages are not that high and currently given our figures from the survey, there seems to be no spiral of wage increases and price increases. nevertheless, given the high inflation or inflation is pretty high in germany, we expect that the ecb will raise their interest rates within the current year. >> i want to turn to part of the reason, the rationale for the upswing we're seeing and perhaps this lends itself in the rise and consumer business confidence that we've seen in that there have been notably very long lead times for a lot of the deliveries that have been nation many german ompanies we spoke about it with a guest yesterday and one of the reason production is sticking up is because production is working through the order books. what indications do you have that it's going to continue and how long do we expect it to go on for >> the orders are quite high in germany. they're productive for the last fo three or four months, however, we have observed the global economy is slowi

they generally disappointed and christine lagarde played the more balanced context.ngs are moving to the sidelines or more data dependent but we disagree with that. we think they will be way more hawkish than market expectations. if we look at our positioning model, it's extremely long euro an extremely low on bonds and there's a slight disappointment with what the market wanted versus what it got and as a result, we are seeing some paring back of positions especially over the last 24 hours. kriti: what strikes me when it comes to the currency market is that we went into this year a lot of strength when it came to the euro and the pound and the ideas maybe it's europe's time to shine and move away from the dollar. even given the macro economic back drop, should the ecb still be bullish on those currencies? >> a lot of it has to do with expectations, markets are forward-looking so the market has been anticipating a hawkish ecb for a couple of weeks. one way to calibrate the expectations is data surprises. european data surprises are among the strongest in the world. w

i don't see christine lagarde as hawkish. don't think anyone understood what she was trying to say but the overall impression i got, she didn't want to nail on a 50 basis point hike in march. that's probably a cause that has been lost. germany is chucking 200 billion of its own money into this economy. it's still not going to avoid recession. europe does not need much higher rates from here. they need to pause a bit, have a look see. guy: the pmi data. we are coming back it still negative but it's better than it was. diffusion it is still negative. but the services number is popping higher and is creating sticky inflation. >> is a creating sticky inflation? i don't but we can say that. the gas prices coming down sharply is going to help. i'm just saying the rates needed to come higher, they waited for too long now that just need to calm down a bit at keep doing 50 every month ad infinitum is not going to end well. kailey: christine, in the case that marcus is right in his argument and i'm not taking sides, where is the bigges

what that readthrough is going to be for the ecb after you have christine lagarde saying, no, we will beds and march and then we will wait and see. dani: after markets are already trading on the inflation data come the strong data coming out of the u.s. really aggressively pricing in more from the ecb. from our that, let's get to melanie debono, pantheon macro economic senior european economist who joins us now. markets, swaps have priced in. ecb tightening goes beyond this year. now pricing in a peak of just under 3.8. does that sound right to you? have markets gone too far? >> at the moment, we think perhaps markets have gone too far. of course, the data coming out on thursday could prove as horribly wrong. as alix mentioned, we have some numbers rising in france with the electricity cap increasing. we saw the same when the gas cap was raised. we will see the same in february . tomorrow, the french numbers are not going to be with the ecb wants to see. the spanish number will save the day, probably coming down lower. electricity there has fallen quickly. the government was one of th

christine lagarde was chief among them, saying don't bet against us.he fight on ablation -- inflation is not won. michael: we are seeing the reaction that the central banks want. we get some economic news that suggests the central bank has to do something and the markets price it immediately, which should give the european central bank more help getting the economy slowed enough to get inflation debt. amber: thanks so much for that perspective. that is mike mckee joining us. for more market reaction, let's bring in, credit suisse -- let's bring in mandy xu, credit suisse head of strategy. is this the last we will see of the volatility in rate pricing? mandy: what is interesting so far this month we have seen very much of return to macro dynamics and macro drivers. last year there was a focus on higher inflation, higher rates, increasing the rate volatility and a focus on the hawkish fed being negative for equities. it's interesting this year we are seeing a little bit of a shift in terms of dynamics and how equity investors are hedging against higher r

christine lagarde doesn't think they are in restrictive territory yet and she clearly thinks they need there. the question is whether something breaks, crocs before they get to 4% or even beyond that. clearly credit growth is starting to slow down. we may get better news on inflation but the ecb as with all the other major central banks like the fed and the bank of england, it really comes down to what happens regarding the labor market. we are not forecasting 4%, but could they get there? absolutely it is a possibility. stephen: when you talk about the labor market, the picture in the u.k. is so different because of brexit. how different is the picture of u.k. when you look across the rest of europe? >> labor markets everywhere have been suffering from a relative shortage of available workers. we had the u.k. labor market release earlier this week. there was something for the hawks and doves in their. there was a downward surprise on some of the headline gears. the u.k. has particular brexit related labor market issues but europe of course has much more use of things like short shift

francine: we also have christine lagarde saying 50 basis points is on the table for march, what would make them not do 50? >> any surprise prints in terms of the euro area economy, either in terms of consumer confidence or business sentiment, which have been holding up well recently. four any surprise on the inflation front, a pullback. but that is unlikely because we did see core inflation hitting highs. this is why we are getting more hawkishness from the ecb. barring any quick downturn on the consumer business sentiment front, 50 is on hand for the ecb in march. francine: for the rest of the week, is there anything in particular? we have china manufacturing, and u.s. construction spending on wednesday? >> the china story will be interesting on wednesday. we are heading for a keep up in china where we will be hearing and a couple weeks from the government in terms of economic outlook for the year. that will be interesting. we're looking at how that china reopening stories playing out. that has provided a lift to companies more recently reporting earnings, pinning their hopes on chin

. >> as christine lagarde put it, if it had been lehman sisters, the world might look different today european session about to come to a close. with the u.s. closed for the day, presidents' day, volume has been light. deep below the surface, there are interesting stories to tell. the headline number, not much happening. let's talk about how the session has gone and what we have seen. volume. i was surprised how well volume has held up. normally on a u.s. holiday, you see a decent hit to volume. but today, a little less. we basically traded sideways, up .11%. we are waiting for the u.s. to return tomorrow. we get a range of earnings out tomorrow. things like walmart will be setting the pace. we are in the middle of european earnings season as well. a lot of numbers coming out tomorrow. bhp will be a number we are watching. i think this is where the narrative has been most interesting. luxury stocks have had a great run. french stocks have had a good performance and story as well. at the bottom, down there somewhere, native resources and chemicals have been the outperformers today. tha

you had the news from the ecb with the hike moving for march and replaced by the ecb president christine lagarde. we have news from peter kazimir who said the march hike which has been put in place won't bring us to the peak interest rates yet. he believes the march hike will not be the last and the ecb will decide how many more hikes will happen after that. still not at the top of the hiking cycle, joumanna, and they fear core inflation may stay too high. >> he is the hawkish member of the committee. what is significant about what he is saying is march hike is not the last ecb will decide after that so much of the conversation has been about how much more can the central banks hike and less of how long will they keep rates high for and very interesting to hear the hawkish member of the ecb say once they stop hiking, they will stay restrictive for longer that is something to keep in mind hawks are coming out after the ecb rate decision yesterday. probably not happy with the market action yesterday. >>> let's turn to u.s. futures because we had some major moves yesterday in the tech space. of cou

annette, as we head to the decision, no clear message has been shared by the president of the ecb christine lagarde. really staying the path is the mantra for the year. we should not be surprised by the decision >> reporter: exactly that is widely expected that the ecb is hiking another 50 basis points today the key question is if she will say the future will also hold significantly higher rates that was how she phrased it back in december. if that significantly will be dropped, that could be a dovish surprise clearly inside the governing council there is a growing risk with the hawks who want to have higher interest rates and between the dove whose are concerned about what it means to the economies and what it potentially also means to the spread levels in the euro area we have seen spread being on the rise wildly last year. remember in june when they came up with the new emergency facility this is like the discussions the governing council is having. whether significantly might be dropped from the term of how they describe the rate environment and the future the market is not priecing in an rate

the moment paired francine: however, one central bank stood out more than the rest appeared christine lagarded a half point hike in march while shifting to a more dovish stance. how joining us is the head of european economics research at barclays. thank you for joining us. do you feel the ecb is the last doves standing or they just want to make sure that the markets don't price and pivot ahead of time? silivia: morning and things are having me here. 50 basis points for the next move is certainly there. i think what the ecb introduced yesterday in the market is the optionality of reassessing the picture in march effect -- forecast is there. the dovish midst of the meeting -- the dovishness of the meeting means you might have five or 50 or zero going forward. we are always on the dovish side because we notice declining inflation is in the current ecb forecast. we think not just a headwind but core inflation has peaked. francine: overall, is there merit in pausing adjuster try and understand what central banks like the ecb or bank of england have done in the last 12 months? if you look at where

in new york, the ecb president christine lagarde said she is aiming for a 50 basis point hike in march get to our senior european economist at vanguard asset services. shaan raithatha, thank you for joining us. it's impressive how resilient the economy is in the u.s.. are you worried it flips on the head and we see something ugly coming? shaan: that is a valid point. we still have to wait until the peak impacts of monetary policy tightening comes into play. we expect that to be later in the year and that's why we stick to our call it the u.s. will probably have a recession this year with growth of around 0%. we do have to acknowledge the risk that we know -- that the no landing scenario is higher now. francine: the no landing is what everyone is talking about. are there any fundamental points that will make you change your line -- mind? shaan: one is better growth that we are getting out and also another way a no landing can take place which is the neutral rate of interest is higher than people expect. monetary tightening we've had so far is not as tight as people expect, and that mean

ecb president christine lagarde will be scheduled to speak at the european parliament in just a few momentspresident biden will be speaking about the economy before a local union in merriment -- in maryland. we will get earnings from cisco, roku, and zillow. alix: the long end is still selling off. coming up, brian deese will be joining david westin with "balance of power." i'm headed to radio. join me there at the top of the hour. this is bloomberg. ♪ get help reaching your goals with j.p. morgan wealth plan, a new tool in the chase mobile® app. use it to set and track your goals, big and small... and see how changes you make today... could help put them within reach. from your first big move to retiring poolside and the other goals along the way wealth plan can help get you there. j.p. morgan wealth management. being a veteran, the transition from the military into civilian life causes a lot of stress. i ate a lot for stress. golo and release has helped me with managing that stress and allowing me to focus on losing weight. for anyone struggling with weight and stress-related weight gain,

christine lagarde's press conference half an hour later.y are expected to announce the 10th consecutive rate hike. markets will also look to governor andrew bailey's economic outlook and whether he will signal a shallower u.k. recession than forecasted. joining us is dani burger who is covering the boe for us today. when you listening out for? dani: it's all about when a downshift will happen for the boe because they have to at some point right? they were the first to go. tom, you said this is the 10th consecutive rate hike but unlike the u.s., it's not clear that inflation is yet conquered and starting to retreat. core services is still very sticky at 7.2%. that's where we stand on wage growth inflation and we will get the quarterly review today. that will likely show and upgrade to the growth forecast. put all those together and it is nowhere close to trending it back down to the 2% inflation goal. the markets as 80% odds of a 50 basis point hike but as always with the boe, there is a clear guidance on whether it will be that or not. this

kristine: absolutely and it strengthens the message that we heard from christine lagarde over the past couple of weeks will we did hear from the ecb rate decision. she did sound very, very hawkish at that point in time. the fact that we have another governor -- governing council member, an influential member of the ecb saying as much is the same, that really is driving home the message as well. i agree, markets over the past couple of weeks have been very, very keen to grab a hold of that positive message of inflation is easing, maybe not so much on the rate hikes front is necessary. i think that is being shattered now but what we are hearing from both policymakers from the ecb and the fed. francine: we don't think it's concerted but the fact that it comes from both sides may be does send markets certainly sitting up to listen to what is going on. if you look at interest rate they are pricing in a terminal rate for the ecb in september. we talked about a no landing, which is basically the idea that we are in limbo for a that a bit longer. is that something we can take off the table? kr

we have seen christine lagarde today talking about the idea that they are data-dependent and the data. take a look at what is happening with carbon credits. gas prices coming down. carbon prices hitting fresh records today as demand is likely to pick up. at the bottom, banks are very strong and utilities having a good day today. bottom end of the market is real estate, tightly linked to what is happening in terms of the story with rates. quick look at some of the single stocks. we mentioned what is happening with credit suisse. fresh records on the downside. amazing singles going on. hsbc up by 4.4 percent, talking positively about what is going on with potential returns to investors. that will go a long way. the share price reacting today. and then i want to mention porsche. that is down 1.14% today. huge bond issuance. it tells you about the demand i can still be out there, the desire to be involved in some of these high-quality credits. absolutely amazing. that is a look at the session today. quick look at tomorrow. the data continues. german cpi is interesting at the moment becaus

what the ecb does with the respect to the fed is a very hawkish message from christine lagarde, but we are seeing a little bit of message being tempered by the government counsel. there is a debate ruing over how much they can do, and how much they can do that the fed can match. that will have a lot of implications for the euro-dollar cross, which we see is under pressure today because again, we heard from the fed hawks. it is hard to out talk the fed hawks. -- out talk the fed hawks. >> how much does a hawkish fed new the data that suggests we need to go further changing the relationship or expectations for the euro versus the dollar? kristine: it's a battle of the hawks. the fed has had the advantage for so long. they were the first out of the gate with rate hikes and nominal tightening. it is just getting started in a lot of ways. ike the fed, they get into a situation where the fed at some point decides it is time to pause. it will be difficult to convince investors that they need to keep going when the fed is already at a pause. this is part of the communication problem that they

yet christine lagarde sang the risk around the inflation outlook have become more balanced.he data is pushing the other direction. tom: is tomorrow isn? jonathan: next up is german cpi and then isn. lisa: we just continue to surprise the upside. tom: secretary kelly in ukraine, and reordering joins us now -- annmarie hordern joins us now. i can't military officials and even that the president shows the flag in kyiv. is this rick perry of treasury there? annmarie: she is there -- why is the secretary of treasury there? annmarie: she is there to mark the one-year anniversary of the war in ukraine. she was talking about this financial aid. she was talking about that americans need to know it is money well spent and to the ukrainians she is talking about the fact that there is this defensive in the east but the need to make sure their country is running in terms of everyday items like you going to school, making sure there is infrastructure. that was her message. it was different than the money president made. the u.s. constitutional if all sign of support in ukraine -- the u.s.

we have had janet yellen for the fed, ecb, christine lagarde.maybe still a long way to go for japan in terms of equality, especially at leadership positions. david: kurumi mori live for us out of tokyo. let's bring back nicholas smith, japan strategist. let's try and make money for people. apart from banking stocks, which as my colleague was pointing out, five-year highs. does any other sector stand out for you in this equity market that might benefit from this path towards normalizing interest rates in japan? nicholas: obviously finance generally. what the bank of japan has been doing has been hurting not just the bank but the rest of the financial sectors, particularly the insurance companies. another candidate had been saying two things. one is that the damage in the banking sector and the longer you do it, the more it hurts them. across financing, benefiting from coming out of qe. on the other side japan is not much hurt by a rise in interest rates. 41% on financials have net cash of more than 20% of equities. companies are cash rich, househ

. >> christine lagarde wants to make it clear they are ready to do another 50 basis point rate hike. she was speaking at an event today, here's what she said. >> in view of the underlying inflation pressures we intend to raise interest rates by another 50 basis points. then we will evaluate the subsequent path of our monetary policy. >> maybe she is doing this because of the last meeting in january. there was a sense that they be a hint that they would necessarily do 50. she is doing everything she can to make sure that hint is forgotten if there was one. look at inflation, 8.5%. it is coming down, it is off the peak but just like the fed reserve, they haven't done enough there has been three months where it has been coming in lower lower each month. that is still not enough and the head of the irish central bank said he is open to more forceful action. count him in the camp of the hawks. they still seem to be leading the way. again another central bank big inflation problem. we look at the reserve bank of us try and the pummeling, the head of the rba has gotten this week for say mor

it did -- a further 50 basis point hike in the march meeting, but christine lagarde, sounded noncommittalfter march. that is why the euro has some downward pressure. in the medium-term, there is still room for upside in the euro/dollar partly because of weakness, partly because of the improving picture in the eurozone. in the near-term, i would think there could be some dollar [indiscernible] retracement on the euro/dollar rise, given the rise has been rapid, a bit too fast, too far, in the near term. rishaad: well, ok, it seems everybody is on the dollar bear bandwagon now. you are in part too, but what could change that? >> i think if we do get, the risky bet is to have disinflation, but disinflation gets stuck around for percent, and that would make the fed really uncomfortable, and the fed may have to push back harder in terms of not just keeping it high for longer, but perhaps seeing the need for further hikes to cool the economy down and get inflation back to target , then we could potentially have a case where we might see a more expanded rebound in the u.s. dollar. rishaad: how fa

christine lagarde made it clear in the ecb policy statement that they intend to do another basis pointe. she also warned everybody don't doubt us. we are going to get this done. let's listen. >> the governing council stay the course and raising interest rates significantly at a steady pace and in keeping them at levels that are sufficiently restrictive to ensure a timely return of inflation to the 2% dm term target. kathleen: moving onto andrew bailey and bank of england, they raised their key rate by 50 basis points to 4%. they also have an inflation rate that is very high. the last report showed it moving unexpectedly down to 10%. it has been up to 11%, so that's a nice move definitely not enough even though they do expect inflation to fall sharply, again another central bank he rate that is negative. there was a bit of back-and-forth between the markets and the bank of england because on the one hand, they are saying they expect inflation to come down but at the same time, bailey left the door open to another rate hike. >> the risks around our central projection skewed significantly

we have janet yellen at the fed and christine lagarde of ecb but boj lagging far behind in terms of any sort of representation for women and it comes to show that japan continues to face hurdles when it comes to representation in terms of women. >> kurumi mori keeping track of things for the bank of japan in tokyo. let's get more on how the markets are positioning ahead of this. garfield reynolds, we are seeing traders increasingly convinced that we will see yield curve control this year? garfield: traders are being a little bit cautious. the initial immediate reaction when the name was sprung on us on friday was yen strength and bond futures sold off. that was seen as hawkish. his comments on friday put a bit of cold water on that and people are passing what sort of decisions he was involved in back when he was at the bank of japan in the early tooth -- early to thousands. it's difficult to get a read on it. there will be a lot of interest in how the government frames it and if there are any signs anywhere about what policy will go on. either way, the tension is going to be there becau

multiyear highs but also over in germany at a time when we heard yesterday ecb chair coming out, christine lagarde sang 50 basis points on the table for the next meeting and they will see after that so how much they really have -- double down in that manner. today includes three fed -- two fed presidents and one other official, how do they react to the meme stocks rallying? i'm curious whether they feel like they have to push back a little more aggressively on financial condition easing that perhaps we heard from fed chair para -- fed chair jay powell. jon: a different market for sure, thank you. joining us to discuss is a portfolio manager over a blackrock. let's start there. the closing on the two-year was january 18 north of 4%, 4.08%. we are higher by 50 basis points since then. over the same period we have seen the nasdaq absolutely rip. what gives? >> good morning. thank you. it's interesting because when you think about last year, last year was very driven by rate data, the sensitivity of the stock market, particularly growth stocks and maybe more than that the early growth names to nominal

christine lagarde in europe. you could go around the world.re running so much, especially key institutions. >> having impact, success, and also you can reach your greatness happiness, as well, all well after the age of 50. we'll be right back. if your business kept on employees through the pandemic, getrefunds.com can see if it may qualify for a payroll tax refund of up to $26,000 per employee, even if it received ppp, and all it takes is eight minutes to get started. then we'll work with you to fill out your forms and submit the application; that easy. and if your business doesn't get paid, we don't get paid. getrefunds.com has helped businesses like yours claim over $2 billion but it's only available for a limited time. go to getrefunds.com, powered by innovation refunds. (banging) child: (crying) let me out! please! (hitting) (crying) child: i want my mom! (coughing) >> woman: why did we choose safelite? >> vo: for us, driving around is the only way we can get our baby to sleep, so when our windshield cracked, we needed it fixed right. we w