andrew bailey is speaking to the bbc radio.is saying we are not going back to 4% to 5% interest rates, but he is saying interest rates will need to rise at some point. multiple messages from the bank of england governor. sterling down more than 0.2% as investors continue to reprice what many would argue were mixed messages from the bank of england governor. what turned out to be a consequential day yesterday. we did not know it would fall this way necessarily. was this communication -- miscommunication ultimately by the bank of england governor? >> the bank surprised markets by keeping interest rates on hold at 0.1%. if you think of all the ramping up of expectations in the run-up to the decision, part of it was triggered by all of these hawkish hints dropped by the governor himself. as you heard in that interview, he insists that he never said the bank would act in november, only that it must act if inflation expectations got out of control. given that pricing meant that some element of tightening would happen anyway, you have

andrew bailey said it was a close call, although the vote split on rates was 7-2.re convinced that a rate hike was coming, to their credit, economists were not so convinced. bloomberg economics always said that it was not always a done deal. dani: where does that leave us for the future path for rates in england? lizzy: the bank of england now has raised its forecast for inflation to peak at 5% in april, the highest since 2011, above its 2% target. it sees interest rates rising, expects to hike them in the coming months. markets are pricing for the first post-pandemic rate hike not to come in december now, but in february next year. and the long-term, bailey, as you heard in the interview, pushed back against the idea that rates will reach 1% by the end of next year. dani: a really interesting question, whether all central banks are on hold and whether we get this tightening altogether from the u.s., from the boe. that is bloomberg's lizzy burden staying on top of the boe for us. a quick check on your markets. you're looking at the s&p 500 futures session, which is

andrew bailey, later today. credit suisse plans to exit prime services and lower risk after the archegos scandal. we will bring our exclusive interview with thomas gottstein. the futures in europe looking up, gains after another record on wall street. the dow, s&p and nasdaq hitting new highs on the back of what many interpreted as a dovish taper from jay powell. that's check in on how this is playing out in the first few seconds of the trading session here in europe. you had commentary from christine lagarde at this european central bank, also pushing back on market expectations, saying a rate hike from the ecb next year is off the table. the ftse 100 is gaining 0.4%. look ahead to the decision by the boe with the congress split 50-50 on whether they go for a rate hike. cac quarante gaining 0.4%. we can look at the cross asset board to see how things are playing out. yields flattening has changed to yields steepening on the back of the commentary from jay powell. he is looking at inflation continuing in that fi

we governor andrew bailey provides his assessment.— governor andrew bailey provides his assessment.of borrowing _ his assessment. we have had the cost of borrowing at _ his assessment. we have had the cost of borrowing at next - his assessment. we have had the cost of borrowing at next to - cost of borrowing at next to nothing for a very long period of time, so as you say, to what extent will a small increase in the cost of borrowing really impact inflation in the uk, which is largely driven by energy, global energy markets at the moment.— energy, global energy markets at the moment. yes, sally, you are riaht at the moment. yes, sally, you are right on _ at the moment. yes, sally, you are right on the _ at the moment. yes, sally, you are right on the money - at the moment. yes, sally, you are right on the money there i are right on the money there in terms of psychological impact in all of this, household borrowers, business are very, very used to interest rates really only heading one way, so there may be a psychological reaction, but also households, as you say, buffeted by double

governor andrew bailey said it was a very close call.s governor bailey the unreliable boyfriend to point out? we will discuss that -- boyfriend 2.0? we will discuss that. we are going to hear from the bank's new -- from credit suisse's new chairman. words from herbert diess that he's worried about their future. the company opening up a plant outside berlin. the vw ceo says they must keep up with tesla. let's talk about the markets. where are we? equities up by around 0.4%. u.k. banks are down. homebuilders are higher. there's only going to be a 50 basis point hike, but the repricing we are seeing both in sterling, that is the cable rate, i fairly significant move to the downside come -- downside, down by 1.33%. the u.k. front end to your down by 17 basis. alix: unbelievable move, and it really tracks here in the u.s., not down as much, but there are some sick can moves happening. let's go right to the tens. 1.12 here. you have buying across the board. we are seeing a little bit of flattening, but not a lot. the front end lower, but not a

will that change the dynamic for the bank of england's andrew bailey as he looks to the december meeting. the sterling pound rising on the back of that that the boe will move in december. our opening -- the cac 40 is gaining 0.2 percent. and germany also gaining 0.2 -- 0.2 percent. christine lagarde walking back a few years around inflation in the rate hike for next year is unlikely indeed. to virgins is what we are seeing -- divergence is what we are seeing. we are looking at the 10 year bond of minus 0.22. sterling is up, gaining about 0.3%. your euro-dollar is gaining by about 0.1%. we are going to check in on how things are breaking down sector by sector. as you can see, you have staples, materials, inflation, technology as well also gaining. in the u.s., pressure on the nasdaq as it yields gained to 1.6 percent and you saw some around the optimism for technology. industrials are a bit of a mixed picture. health care is lower. financials also gaining taking into account the fact that yields are higher. in a fitting financials and a bit of a squeeze on technology. let's check in on so

now, andrew bailey voted for keeping the key rate steady. he said look why didn't you pushback on those rate hikes, why keep the rates steady when you didn't do that? people are referring to him as the unreliable boyfriend. that is a reference to what said about mark carney, what he said about raising rates than the pullback. he pushed back against that joke about the unreliable boyfriend. but also, he cautioned against markets. pricing in these aggressive hikes that would take the key rate to 1% by the end of next year. this is what he said. >> market pricing as you can tell from the commentary we made today, right direction but a bit overdone. that's the candid view. >> in fairness to the boe, we should say that some people were not in favor of rate hikes. there was uncertainty that the boe itself in its statement said inflation could fall behind the target next year. there's uncertainty about the path of jobs and wages and that her to wait to see what happens over the coming months. waiting to wait and see, but what a day for andrew baile

governor andrew bailey said it was a very close call. the unreliable boyfriend to point out? we will discuss that -- boyfriend 2.0? we will discuss that. we are going to hear from the bank's new -- from credit suisse's new chairman. words from herbert diess that he's worried about their future. the company opening up a plant outside berlin. the vw ceo

that was a great interview with governor andrew bailey.7-2 do not raise the rate, to not do anything with bond purchases, just keep them as is, after he has made many comments suggesting he was worried about inflation, starting back in the son hole conference, he was sounding more hawkish, that in september, -- then in september, he was alluding to the boe having to act. you see inflation is way above target, wages are rising, and inflation expectations have been rising a lot in the u.k. he was widely criticized for not pushing back. then holding all the rates steady. people are throwing around the term, unreliable boyfriend, a reference to mark carney, his predecessor, the bank of england indicating rate were coming and they never came. -- rate hikes were coming and they never came. it's a becoming occasions mistake among other things. the bank of england's warning, there shouldn't be pricing in hikes. -- it is a communication mistake among other things. the bank of england's warning there shouldn't be the pricing enough hikes. they are j

here's what bank of england govenor andrew bailey had to say.e have got much higher inflation than we would want to see. the causes of it, quite a few of them, are global, quite a few are to do with bottlenecks and the world economy affecting us. which actually, rising interest rates went directly salt ash thatis rates went directly salt ash that is the question — but the reason why i made this statement was because we have to keep a very close watch obviously on what could be the consequences of these price pressures on what could cause inflation to be more sustained and much more difficult. we are in a world of interest rates. they may not fall and rising abound, but want to be clear, we're not going to see some very sharp return to the world that we can just about remember before the natural crisis of a certain age. dan kemp is chief investment officer at morningstar investment management here in london. good morning, thank you for joining me. this decision by the bank of england seems to have caught the market is completely unaware. i was sa

andrew bailey, governor of the bank of england, has told mp's he is very uneasy about the inflation situationmep michael saunders says unless rates go up, and placers -- go up, inflation will overshoot the bank of england target. we continue to creep higher. that is the message. we are up by another 0.2%. the stoxx 600 at 487. what is interesting as well as that the pound is now on the front foot. 1.3431. the euro in particular very much under pressure. alix: andy dollar really popping here. let's take a look at what is happening in the u.s. start with the bloomberg dollar index, up by 0.1%. ubs and hsbc dollar positive for 2022. potentially a stronger fed and better growth here in the u.s. that all leading to the 30 year yield above six basis points, buffets 30 moving -- 30 day moving average. that triggered a selloff in the long end of the bond market. yields pushing higher. within the individual equity market, you have utilities, consumer staples, and financials leading the way. obviously financials because of a spike in the long end. i did want to highlight two specific stocks. the real i

andrew bailey, governor of the bank of england, has told mp's

tom: and andrew bailey has stressed the importance of the labor market an interesting is your vea by the banc of america saying 465,000 people here in the u.k. have disappeared from the workforce pointing to that tighter labor market. and crossing the terminal the u.k.10-year yield rising above 1% for the first time which points of course to your note that the markets are pricing this in in terms of the rate hike in december. thank you very much. as ever. christine aquino our markets editor. let's cross over to singapore where our co-mid atlanticor francine lacqa is at the bloomberg new economy forum. francine, we're trying to line up the connection. i know we got a line of excellent guests and executives and interviews that we have on the agenda. you're going to be conducting them for us. what is the mood in singapore and what is the -- on the agenda today? good morning, francine, good afternoon for you. francine: hi, tom. yes, well, i have to say a lot of conversation is actually on inflation. a lot of conversation is on the energy that we saw last couple of months and exactly what

the governor of the bank of england, andrew bailey gave details of the bank's forecast for inflation: in september which was broadly as expected in the august report. inflation is expected device to just under 4% in october, predominantly due to the impact on utility bills and past in wholesale gas prices. inflation is then expected to rise to 4.5% in november and remain out around that level through the winter. accounted for by further increases in coal goods and food price inflation. developments in energy prices, especially the wholesale price of gas in the uk and expected to account for significant proportion of the projected pick—up in inflation in the nation and its subsequent decline. in the run—up to the november report, wholesale oil and gas prices are around 80% of 400% respectively. then they were in the fourth course of last year. wholesale electricity prices run 300% of the same time. wholesale gas prices were rising 30% of the august report. these devices in energy prices reflects the recovering energy demand is the pandemic is faded as was disruptions to supply. taking

the euro -- and the the bank of england last week with andrew bailey on the promise of a hike. we continue to look at the u.k. together with brexit. laura: the fed's warning that risky asset prices keep rising, making them more susceptible to crashes if the economy takes a turn for the worse. the financial stability report says a change in investor sentiment was containing the pandemic -- it listed stable coin and fragility in china's commercial real estate sector as two key threats. softbank plans to repurchase $9 billion of stock, a strategy for the founder. a $22 billion buyback last year helped more than triple the company's valuation from the pandemic low. softbank shares have slid more than 40% from the march peak. ab foods expects progress in operating profits for the full year. the owner has declared a special dividend as it reports a strong recovery in profit margins. the company will grow around 400-530 over the next five years. francine: thank you so much. now for a bloomberg scoop, an interview for the fed top job. she visited the white house. brainerd is regarded a

policymakers led by andrew bailey voted to keep the benchmark rate at 0.1%, prioritizing concerns aboutlowing growth more than inflation. officials also pushed back against the market price for a series of hikes all the way to 100 basis points next year. the pound weakened after that decision, hitting its lowest level since the end of september. cable trading at 1.3487. moving to europe, credit suisse was the biggest european player in the prime brokerage industry, until a series of risk-management failings led to a $5.5 billion loss. now it says it will largely exit that business. as you can see here, that opened the door for more heavyweights like goldman sachs, morgan stanley to take market share away. francine lacqua had an exclusive interview with the ceo of credit suisse. as well as the chairman. they spoke about leaving the business. >> we have made some tough choices like exiting prime, but we have strong business is in m&a capital markets, credit, other areas. as you also saw in the third quarter results, we have strong increase in revenues in these areas, including in equity d

. >> that was andrew bailey speaking with francine lacqua.'s get to the first word news. >> the white house says opec and its allies are putting everything at risk. opec-plus stuck to the original plan of 400,000 barrels per day in december. putting pressure on oil for the coronavirus. the u.s. will alleviate high food prices. the u.s. market regulator has rejected plans for at least two that point -- bitcoin funds. the first u.s. bitcoin ets -- etf launched in october. it seems regulators are not ready to greenlight more >> derivative based funds. >> going back more than 2.5 years, i have urged us to rethink our products. i think the standard we apply has been different than the one we applied to similar products. i don't know if that will change but my guess is that given they have signaled british strongly that he likes to see these products rated regulated markets, that may be something standing in the way of approval. >> eric adams says he would like to take his first paychecks in bitcoin. he told bloomberg he wanted to turn new york int

manus: one central banker that has been taking heat is andrew bailey.n you look at the bank of england, do you think they are going to be more aggressive even than the fed? >> i very much think they will be first. the fed is behind the curve due to the epilation -- the evolution of growth of inflation in this country. they have tried to match what they did in 2009 to 2015. today's circumstances just don't match that policy path. the bank of england facing many of the same issues. some idiosyncratic ones, a product of -- has been making noise about raising interest rates more aggressively. they decided to pull away in november. it is very likely at the beginning of the year they will make that move to make sure inflation does not get out of control. manus: gas prices in europe, you know, i said to the danish energy minister, we go from existential angst to almost palpable relief. we are down by 12%. when you look at the energy crunch we have, goldman says it is all in the price. gas prices are rocketing again. coal prices are being -- coal is being hoard

i havejustjumped out of a press conference where the decision makers like the governor andrew baileyup to 5% by next april, the highest it has been in ten years, so why aren't you doing something about it? the answers were we don't yet know what is causing it. a lot of it seems to be global, so it is commodity prices. as the pandemic lifted on the global economy has reopened, it has meant much more demand for things like oil and petrol which has pushed up the price because when you have big demand and the supply isn't rising to meet it, those who want the petrol are willing to pay more. you can't do much about that by raising interest rates, that will only affect people at home. if you raise interest rates, it makes it more expensive to borrow money so people are less inclined to spend. they are not sure how much demand is domestic, for example the jobs market. they are waiting to see more figures before they decide whether or not to pull the trigger. and? or not to pull the trigger. andy veri , or not to pull the trigger. andy verity. thank _ or not to pull the trigger. andy verity,

we heard this week from andrew bailey, he emphasizes the inflation threat, but he was emphasizing therisk that another virus variant complicated the u.s. -- the u.k. fight against covid-19. you mentioned the move in amazon. we see that reflected in europe. all of the stay at home place, food delivery businesses are doing comparatively well. >> if you take a look at zoom video communications, it is up more than 9%. i guess everyone recommitted to zooming for the rest of their life. let's hope that is not the case. it is nice to see people in person. coming up, we will get more detail when it comes to the virus. we will have andrew from john hopkins university bloomberg school of public health. this is bloomberg. ♪ ritika: global health officials say it could take several weeks to determine how dangerous a new coronavirus variant is. scientists are holding a special meeting today to discuss a new variant they say was first identified november 11. the variant has caused stockmarkets to swoon and caused the european union to recommend a pause in flights to south africa. in person shopping

there was such an emphasis on the labor market from the governor andrew bailey.e said it is the missing piece in the puzzle. you have had that strong labor market data yesterday. got more jobs data on the eve of the decision. we will get retail sales on friday, so we could see what is happening to consumer spending, but it is difficult to see what else when the case is already so strong. alix: what are equity markets pricing and? yesterday as pricing and -- pricing and? reporter: it is about economists on board with markets before the november interest rate decision. there was a split between markets and economists, but economists are on board this time. they are seeing this rise to 0.25 percent in december as well. alix: thanks a lot. really appreciate it. bloomberg's lizzie burden joining us. inflation is superhigh, but what is interesting is that 1/3 of the things u.k. consumers actually buy is running at 5% or more a year. olive oil, cigars, movie tickets , 30% of a shopping basket if you go to the store. all of that growing over 5%. what are you going to do?

governor andrew bailey says the decision is finally balanced.told the sunday times that risks to the british economy are two-sided at the time, with slowing growth and rising inflation. how should u.k. business interpret the comments? joining us is the president of britain's leading employment organization. thank you for joining us this morning. is there concern amongst british is in us about the prospects of a rate hike or finally a move higher in interest rates from very low levels in the u.k.? lord bilimoria: we have had these very low levels, the lowest in the history of the bank of england. going back to may when i cheered the -- chaired the g7, i remember a chief economist saying the u.k. will have a strong recovery because of the 400 and pounds -- 400 billion pounds supporting the economy. despite of these things, we have since then had so many issues, one after the other, whether it is the energy crisis, label shortages across all sectors, inflation that was meant to be temporary. we still hope it might be temporary but it has already hi

we were hearing from neel kashkari and andrew bailey talking about raising rates. into the conversation more. joining us now is the senior investment manager of global bonds at an asset management company. that is what we are hearing from the officials but we have had a whole host of former fed officials from jeffrey lacher to bullard. summers as well saying the fed is behind the curve and they risk having to do the handbrake u-turn if they don't start tapering faster and raise rates soon. are you in the same camp? >> good morning, first of all. we differ a little bit, i would say in the sense of how we are thinking about the next six months to 12 months. that is predominantly because we think the inflation story is well reflected. the fed has reacted at least on two occasions this year and therefore, we have got a taper that has been announced so i think it seems premature to demand much more taper. continuation this year into q1 of 2022 would probably cause the fed to taper faster but we think that seems a little bit premature at this juncture in the cycle. and b

regardless of what the narrative debate is from andrew bailey. the market will test the metal through the currency prism rather than the short end of the curve. to the dollar, king dollar, off of a one-year high. with interest rate moves coming, i want to show you the steep lurch. this is the message from the markets and the short end of the yield curve is where you want to be. they believe you will get aggressive repricing in the markets then you currently believe. this is predicated on the inflation narrative. typically, there is a 25 bit move every time the fed would have gone. so far, we are pricing 18 basis points into the june contract of next year. citi and morgan stanley say it will double your money between june 22, 25. that is the narrative from the biocides on the street. we are here, day two of the new economy forum. a lot of conversations and the major themes. that comes down to the tensions between taiwan and the u.s., and china. the holy trinity. singapore's prime minister spoke to our editor-in-chief. >> we should be concerned. i

traders were super burned when it felt like andrew bailey was talking about a rate hike and did not deliverpull any triggers? melanie: not yet. one thing is the pay numbers, the pay numbers comey look at the regular pay acres were weaker -- the pay figures were weaker than expected. a little less worrying from the pay numbers today. everything looks in-line with raising rates as they signaled in coming months. for me that means february but there is a good chance it is december. guy: why do you think february rather than december? melanie: this is a big decision. whenever separate meeting they will have a press conference and a full set of economic meetings. on the whole is february. a bit more to go on. alix: if they start in february, how far do they go? melanie: that is a good question. for me i think we will see a gradual process of rate increases from here. if you look at the general method of their last inflation report it as they are not in a panic or a hurry at this right. for me it will end up later in the year, and then roughly a 125 basis point increase a year. it is a relatively

the governor of the bank of england andrew bailey is very uneasy about the inflation picture in the u.kand he explains to law markers that the reason he didn't vote for a november rate hike was because he wanted to see how the jobs market had been faring post furlough. we got those labor market yesterday and if anything they strengthened the case for a december rate hike which economists as well as markets are now expecting. so a strong c.p.i. print today around 3.9%, economists are expecting. could be the straw that breaks the bank of england's back. >> good morning, lizzi. i'm seek the high inflation prints. my inflation expectation is going higher. i'm optimistic for a wage rise this year. what do you think the risks are, the higher inflation could become a self-driving force through those inflation expectations and demand for wage rises? >> well, it never hurts to hope, mark. in the u.k., though, members of the monetary policy committee told m.p.'s this week that they weren't expecting a wage price spiral. and that's because unions are weaker than in the 1970's. competition for empl

andrew bailey and the last time he has spoken publicly seems to be leading towards getting those rate hikes in the mix now but a couple of the newer members. the monetary policy committee saying they want to wait and see how this plays out. no matter -- even if we can see how their wages are going through the roof, there will be at a lot of talk about when they will move on rate hikes. maybe not do it yet. there are enough people betting that they will. if they do, it won't be such a big surprise. there's so much uncertainty around brexit and other things which is why they will wait. rishaad: let us get to mark. what are you making of all these moving parts as we start this brand-new week? reporter: i think as kathleen was saying there, the opportunity of the fed, we got traders who got the sense that other -- banks are pushing them into a corner where they will be more aggressive then as seen possible a few weeks ago. especially last week, the bank of canada came out very hawkish. the rba got possibly in their town tomorrow. the bank of england as mentioned. already have higher rates

think of england governor andrew bailey has hit back at critics accusing them of misleading markets beforeecision. he told lawmakers on the treasury committee that investors took a conditional statement on the direction of interest rates and turn them into unconditional views of the world. the boe has rates unchanged at its november 4th meeting. it is said to have missed bond payments. the developer had coupon payments worth about $90 million due last week, plus sources say investors have yet to receive any funds by the end of monday. price of shares have suspended in hong kong. the company is trying to sell assets to raise cash. jp morgan's ceo jamie dimon has added to the criticism of hong kong's quarantine rules. he made a comment after arriving in the city and skipping several requirements that would require him to stay three weeks and it is a good hotel. a survey of financial firms said they are contemplate moving staff or functions out of hong kong. >> this is a very huge bank with key business in hong kong. he needs to come to hong kong for business for a day or so. his activity was

the governor of the bank of england, andrew bailey, has been speaking to our economics editor faisal interest rates as they are. this was a very close call. you know, we have got obviously much higher inflation than we would want to see. we want inflation to be at target. the causes of it are... quite a few of them are global, quite a few of them are to do with bottlenecks in the world economy affecting us. which actually raising interest rates won't directly solve. i mean, that's the question. but the reason i made the statement i did a few weeks ago was because we have to keep a very close watch obviously on what could be the consequences of these price pressures and what could cause this inflation to become more sustained and much more difficult. for the foreseeable future, we're in a world of low interest rates. that doesn't mean, of course, that they don't rise and fall within that sort of bound, but i want to be quite clear we're not signalling there's going to be some very sharp return to the world that we can just about member before the financial crisis if you're of a certai

andrew bailey, governor of the bank of england.to worry about me. eileen dean�*s family have been at the old bailey to hear evidence against alexander rawson. because of his mental health condition he wasn�*t in court. he was declared unfit to stand trial or enter a plea. instead, a jury had to listen to the evidence and they have now ruled he was responsible for the killing. before being moved to the care home, alexander rawson was an in—patient at two south london hospitals. he had twin conditions linked to chronic alcohol abuse and he was sectioned under the mental health act because of his aggressive behaviour. during his time in hospital, he threatened staff with a knife and scissors, spoke of getting a machine gun to kill people who he had fantasised had attacked him, and he is also said to have assaulted a doctor during an earlier hospital stay. alexander rawson was a patient at the ladywell mental health unit based at lewisham hospital. this unit is run by the south london and maudsley nhs trust, which was responsible for h

time, andrew bailey on the december meeting and the eu competitiveness for ourselves with services toppinghe stoxx 600 up by 2/10 of 1%. the asian equity session finished by a similar margin. cash trading is not open in the united states because it is thanksgiving. we will give you -- we still have the future markets giving you some sense of direction. we have the euro at 1.1221, but it is really a dollar negative story. through the asia session as well , that's taking some of the focus for fx trade this morning and we have the oil price. we talk u.k. france relations and accusations over who is to blame for the death of at least 27 migrants in the channel. this is bloomberg. ♪ anna: welcome back to the program. chinese electric car makers are gaining an edge with local drivers by tailoring cars to domestic needs. they are allowing chinese consumers to live their digital life at home and on the road. for some that means in car karaoke. ♪ >> may that's enough. -- maybe that's enough. >> china is the world's most important car market today. there is some 25 million cars sold, far more than a

bailey, the san francisco community land trust . who is the director of community realestate . and last but not least we will hear from andrew riker who is the executive director of the urban home assistance board in new york. who has done so much to advance the building and sustaining a preservation in co-op housing in new york. we will be closed up than by the council ofcommunity housing organizations . that lets start. madam clerk if you couldbreak up our presentation i'd appreciate . >> president: just one moment. >> colleagues, folks ask sometimes what is that co-op housing. can you all see the presentation. there we go. so folks ask what we're talking about when we talk about co-op housing. we want to establish a baseline on what it is, where it is and how the city can support people in housing as well as assisting thepreservation and construction of new housing . this is a picture of st. francis square in chair preston's district which was still filled with financing from hud and the workers union. it is now a market based co-op having canoe continued off its mortgage entirely but houses the leadership of the labor mo

bailey, the san francisco community land trust . who is the director of community realestate . and last but not least we will hear from andrew who is the executive director of the urban home assistance board in new york. who has done so much to advance the building and sustaining a preservation in co-op housing in new york. we will be closed up than by the council ofcommunity housing organizations . that lets start. madam clerk if you couldbreak up our presentation i'd appreciate . >> president: just one moment. >> colleagues, folks ask sometimes what is that co-op housing. can you all see the presentation. there we go. so folks ask what we're talking about when we talk about co-op housing. we want to establish a baseline on what it is, where it is and how the city can support people in housing as well as assisting thepreservation and construction of new housing . this is a picture of st. francis square in chair preston's district which was still filled with financing from hud and the workers union. it is now a market based co-op having canoe continued off its mortgage entirely but houses the leadership of the labor movement