and through it all it offered extensive support to alan joyce as well.ve the australian treasurer weighing in saying qantas has a lot of work to do to regain trust. one suspects perhaps we have not seen the end of the saga yet. shery: paul allen in sydney with the latest on qantas. next, arno -- carnegie investment counsel director of research joins us to talk market strategy as the fed confirms the higher for longer narrative. this is bloomberg. >> we are prepared to raise rates further if appropriate. we intended to hold policy at a restrictive level until we are confident inflation is moving down sustainably towards our objective. a soft landing as a primary objective and i did not say otherwise. the committee decided at today's meeting to maintain the target range for the federal funds rate at 5.25%-5.5%. the savings rate for consumers has come down a lot. it could be for other reasons. the usual rate of interest is higher for various reasons. we raised our policy interest rate by 5.2 five percentage points and we have continued to reduce securities

with alan joyce going now, we have clear air.ill leave vanessa alone probably for six months as she works through the issues and does some resetting. although what they have been doing over the last 12 months will simply continue. it may have a bit more sugarcoating on it. there is not a lot vanessa can do, but this gives some clear error. haidi: to be fair, what has been done has made alan joyce adored by ceos and investors. he has been the master of the corporate turnaround and the cost savings he has managed to achieve. but if you take a look at the performance of the stock in recent days, does it suggest that even investors are starting to have their doubts? >> you are absolutely right. this is one of the messages that has been forgotten in the media. he has done an amazing job with the qantas stock. he has done amazing things with restructuring the airline which needed to happen. likely the stock has not performed as well, but i believe that now with him gone and with vanessa in the chair, investors will understand vanessa w

we saw alan joyce retiring early because of all of these issues at qantas.ldn't rule it out. although alan joyce's early retirement was meant to be a circuit breaker, meant to relieve some of the pressure on qantas, what it has actually done is just redirected towards the chairman, richard gorder who was a big defender of alan joyce, every time joyce came under pressure for some of the decisions he made. richard verily backed the chief executive alan joyce, and at one point said he was the best ceo in the country. what we have had in recent days is the senior pilot in an unprecedented move, called for him to resign. so it's not clear whether he will buckle. he said he is staying put for the moment so long as he has the confidence of shareholders. it'll be interesting to see if he can hold that until the agm in november. haidi: one of their secret weapons has always been that loyalty of the analyst community and investors, right, given alan joyce managed to restructure and brutally and successfully turn it around. is that starting to fade, that celebrating, a

alan joyce has been the restructuring king.e now they are getting criticism and doubt on both sides of the aisle. are we hearing much from the new ceo? >> she will be there today as well. it's an opportunity for a new broom for qantas. she is the former cfo as well but she was around during the time that a lot of this happened. to the point about the share price, if you look over the past six months, it is lost about a dollars worth of value during that time. as the scandals continue to pile up, awkward questions keep getting answered. it's difficult to imagine a scenario where this is the end. haidi: the $52 million pledge to improve customer satisfaction, what does that look like? we will be watching for the developments out of the senate hearing with qantas. let's take a look at asian markets. we are about an hour and five minutes away from the start of trading. we are seeing downside as volatility returns to broader global markets. you can expect some of those declines on wall street to be replicated in asia with sentiment

breaking, alan joyce's is stepping down early as qantas ceo after a bad few weeks for the company.ublic anger over a series of scandals. we will get to that story later in the show. in the meantime, breaking news out of south korea, all start with gdp numbers, it's not important. what's inflation are the -- what's important on the inflation numbers. gdp, .9%. just this than it takes you to .6%. that is the gdp story in line with estimates. what is coming in hot right now is the inflation print which looks absolutely nasty on face value. up 1% on month on month. headline cpi, year on year beating estimates. excluding food and energy, strip those out any get to the core. 3.3%. i'm checking my bloomberg. i will correct myself i'm wrong but it seems that there is a 1% print on cpi that is actually -- is that a correct number? anyway, at 1% that is the hottest inflation print going back not dosed a few years, all the way back to 2016 to get a 1% month on month increase. there you go, that's nasty. let's see what market reaction is like. i'm guessing the market will not like that. haidi:

challenging hudson on the new direction considering hudson had given support to the former ceo alan joycepolicies during an investor day leading to ghost flights, illegal sackings, etc.. mckenzie asked a series of questions qantas did not have answers for. they did not make a submission into the inquiry either. it really built into an opportunity for the senate committee chair to scold qantas. here is what you had to say. chair mckenzie: guess what? when you come to a senate inquiry we ask questions and you are supposed to come with the answers. it's a bit like failing to hand in a submission. not having details about when you had made significant decisions in partnership with the government to show us a level of disrespect. paul: this committee was set up to investigate the government decision to block cotter airlines from getting more landing slots. of course, senators did not let the opportunity pass to really get stuck into qantas about all the other issues. shery: qantas chair richard gorder seems in the firing line now. paul: he was asked if he intended to step down and said he is n

and alan joyce was grilled by lawmakers last week about flight delays and costs after reporting annual profits of $1.6 billion. qantas has been under pressure to pay back the australian government for pandemic relief funds. coming up, new details on the star mlb pitcher arrested for domestic violence. also ahead, how a pier suddenly collapsed, sending dozens of collapsed, sending dozens of college students into a lake overactive bladder? i've been there. i also used to plan my days around finding a bathroom, in fear of an embarrassing bladder accident. you're not alone, and you don't have to live like this. i don't! i found real relief with axonics therapy, a proven non-drug solution, and i got my life back. go to findrealrelief.com to get started. ask a bladder specialist if axonics therapy is right for you and to discuss potential risks. results and experiences may vary. your life is waiting! once in a lifetime is never enough. never enough! ♪ love and happiness ♪ when i wear diamonds, i feel powerful. i feel on top of the world. diamonds! diamonds for all. pandora. lab grown diamond

alan joyce is bringing forward his retirement by two months.take over on wednesday this week let's get the details from karen lee in sydney. we knew he was on the way out but is this a case of reputation , shareholders love them, the general public, not so much. is this going to give him a new start? >> this has been a bumpy week for joyce. he was supposed to step off in november and hand off to cfo, but he has decided to leave early. he has been grilled by the senate recently over what people see as inflated prices, as qantas holding is selling thousands of tickets for flights that it had canceled. he's faced customer blowback. people in australia were facing inflated cost of living, worried about money. and you have this storied man in brand that's been respected and people are upset by how much they're having to pay for tickets. this has been a rocky road for him the last few months. david: karen, this headline out of the sydney morning herald, joyce gets 10 million as qantas faces fines underscores the optics. what do we know about vanessa

alan joyce as well. interesting news about starting his retirement a little earlier than expected.ad: that's right. i look at how he's been a thinker since 2008. during his time, he's seen qantas share prices go up by just 55%. i thought, let me have a look at the other indices. guess how much the world airline index has gone up in that timeframe. 53%. [laughter] yvonne: so at least he has been kind of on trend. but what a 15 year reign for someone that turned around this airline. rishaad: huge. yvonne: and it's almost a bit sad. rishaad: exactly. the whole investigation into the airline selling seats on canceled flights. i mean, there you go. yvonne: i think the pandemic may be made qantas of victim, managing the twists and turns of the pandemic and how to really manage it during that tumultuous time we have talked about as well. rishaad: we've got a lot more on the way here. this is bloomberg. ♪ it's easy to get lost in investment research. introducing j.p. morgan personal advisors. hey david. connect with an advisor to create your personalized plan. let's find the right investme

they are holding alan joyce's payout.are waiting details but the context is important because we know qantas has been dealing with a union story. the transport workers union representing 1700 baggage handlers, it looks like they had been laid off early on and then there was a court case in legal action taken about how they would be compensated at a time when qantas specifically had to deal with higher wage prices, higher fuel prices. that is a concept we are seeing around the world. we don't know that is part of the reasoning that we are seeing a pullback but is accelerating the selloff in qantas airways shares, down 1.7%. we will keep you apprised of the headlines as we get them. i want to broaden out and take it news. u.s. president biden has urged walgreen leaders -- world leaders to back ukraine and the war against russia as a brace for the prospect of a long-term public. >> russia believes the world will grow weary and it will be allowed to brutalize ukraine without consulates. if you allow ukraine to be carved up, t

essentially the reason we will be watching that one is because the former ceo, alan joyce, some question his bonus is going to be clawed back, up to 9.3 million u.s. dollars, there's been a lot of public pressure on the airline. it was found to have illegally sacked staff and sued for selling tickets on already canceled flights. certainly a lot of focus on that airline. we are just waiting for it to start trading. we have seen it down for three straight sessions. today again a fourth day in the red. >> still ahead, we will dig into the fed's higher for longer narrative with dbs bank hong kong and ask what it could mean for certain currencies. china's former central bank chief calls for more government support to wrap up growth -- ramp up growth with a focus on the property sector. details of yi gang's comments, next. this is bloomberg. ♪ what do you see on the horizon? uncertainty? or opportunity. whatever you see, at pgim we can help you rise to the challenges of today, when active investing and disciplined risk management are needed most. drawing on deep expertise across the world's pu

alan joyce who served for 15 years is bringing forward his retirement.e company can accelerate the renewal. the watch dog industry sued selling it sold tickets amid flights in 2022 after being canceled violating the country's consumer law. qantas issued two apologies. joyce's replacement, if you are wondering is vanessa hudson. >>> and president biden weighing in on potential strikes at the three u.s. automakers. the president is not worried about the strike. he doesn't think it will happen. uaw members are prepared to strike if the agreement with ford and gm and stellantis does not come to agreement by next thursday. >>> and the chinese made vehicles rising by more than 9% for tesla. the ev maker delivered 84,000 vehicles from the shanghai plant. the jump coming after tesla cut prices and the revamped model 3. >>> more on "squawk box" with the latest on the hollywood strikes and the cable carrier fees. we will talk to matt belamy coming up. a beautiful shot here of the white house here on tuesday morning. >>> welcome back to "squawk box." we will get to