lizzy: is there anything andrew bailey can say it this point to make markets listen to him more than ? >> i do not think so. it is not a credibility problem. it is not that bailey is saying what he does not believe, he does, but markets are viewing the inflation outlook more favorably than the central banks in the bank of england are currently doing. markets are looking ahead. a central banks in europe are not, so there is going to be that dissidents, and there is no chance governor bailey will be able to push back on market pricing. it will take underlying developments in the economy to change that view. lizzy: it is good there was no press conference then. there is not much you can say to change market's minds. jamie rush, thanks for joining me. let's get back to geopolitics, european union leaders have failed to reach an agreement on a new financial aid package for ukraine, which remains blocked by hungary after kyiv's significant political victory when the eu agreed to open membership talks. these were pretty surprising developments at the summit last night, all eyes on orban. was

all eyes today will be on what andrew bailey will. will be on what andrew bailey will say in terms ofout what they will do today, which as you said, rates will likely stay where they are, but more will he say something on whether they will cut rates and by how much next year? markets are expecting three rate cuts next year, so it will be interesting to hear f the bank of england is now moving from this tightening course into a loosening course of events and that will be what we will look out for. but also it is worth highlighting if they follow the federal reserve and becoming more loose with their policy, what an abrupt change of policy, what an abrupt change of policy this was. we have seen a massive ramp up in interest rates with two thirds of the pain still to come and no changing tack pretty much —— no changing tack pretty much after picking probably shows they have gone too far and should have gone more easily. —— after they have peaked. now they probably realise it was too much of a good thing they did and it shows also we should question to some extent the approach of the bank

i wonder if it is a strong reading how much ammo it could give andrew bailey to push back against the? >> he may try verbally. major central banks would love to hold on because they've been burnt with inflation. not so much about the future, they want to be sure that there be will go back to the 2% targets. bank of england, the fed, ecb would like to drop hawkish words into statements but traders can see where the trade is going. inflation is going the right way, growth is calling, jobs numbers are starting to decline. average earnings from the u.k. comes in below 8% in the peak is in there so there's nothing for bank of england to worry about. the numbers could come down quickly. we are in the winter season, people are refinancing mortgages , it could be bleak for the economy. that will come through in the numbers next year so bank of england may chide to push back. traders can see a global bond rally and reasons why they need to be dovish next year. ecb and bank of england could be lowering rates before the fed get started next year. lizzy: if only traders shared mike wilson skeptic

>> andrew bailey would appreciate that.are listening to jay powell and looking at the data more. the expectation is possibly five rate cuts from the bank of england. economists reckon they will come for two. it is the curve from markets that the fiscal watchdog looks at to calculate head room and because of the expectation there is pressure to cut taxes in the spring and you've got conservatives clambering for him to cut inheritance tax, which is already considered in autumn. kriti: 2024 will will be fascinating. seeing some strength despite issues you laid out read lizzy burden, we thank you. the uk's financial regulator set out its plan to simplify listing to revive london stock markets. the financial authority will replace the premium listing rule for rhenium eligibility and ongoing requirements. we are monitoring that going into 2024. let's talk about global shipping bracing for disruption in the red sea in the wake of rebel attacks on vessels. nine of the 10 largest container liners have now suspended red sea transit.

a group of republican attorney generals is wondering and one of those a gs, andrew bailey, joins us right after the i got this $1,000 camera for only $41 on dealdash. dealdash.com, online auctions since 2009. this playstation 5 sold for only 50 cents. this ipad pro sold for less than $34. and this nintendo switch, sold for less than $20. i got this kitchenaid stand mixer for only $56. i got this bbq smoker for 26 bucks. and shipping is always free. go to dealdash.com right now and see how much you can save. trey: welcome back to sunday night in america. what app awesome thing to do to open your home, your family, your heart to other people's children to prothighed them with a safe, loving place to live. >> there's over 300,000 children in the foster care system and they're ruining that too and joining us is founderser and adoptive parent and missouri attorney general andrew bailey. welcome, mr. attorney general. tell us s about this proposed re by hhs that prompted you and some of your colleagues to start asking questions. >> well, this is another chamath million of president biden's atta

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banking governor andrew bailey will speak half an hour later at a press conference.we will turn our attention to u.s. adp employment data. that comes out 1:15 london time. at 3:00 p.m. london time, the canadian rate decision. also later today we will bring you lines from the u.s. senate banking committee hearing that will feature testimony from the ceos of america's biggest banks. coming up, russia's income from oil experts is greater than before the invasion of ukraine. that's next. this is bloomberg. ♪ >> it is expensive to build a new iron ore mine. you always have to build the infrastructure. it is iron ore of exceptional quality. probably the highest quality on the planet. only basically competes with the iron ore mind in brazil. it is the kind of or for the future. a lot of it can go right into a dar process and therefore you have less co2 emission. it is attractive to get into our portfolios. we also believe there is space in the market. >> with conditions as they are, are you confident about the level of capex that would be required to continue investing? >>

here in the uk, the governor of the bank of england, andrew bailey, put a bit of a damper on any hope for a uk rate cut any time soon. at the moment, it is really to early to start speculating about cutting interest rates. we have to see more progress. i am encouraged by the progress we have seen, don't get me wrong, i am very encouraged by the progress we have seen. but it's too early to start speculating that we will be cutting soon. to early for speculation. earlier i put that to victoria scholar is head of investment at interactive investor. the uk money markets, they are anticipating rate cuts next year but not untiljune, that is when the first rate cut is pencilled in. that was actually pushed back after today's decision, from the previous estimation that the bank of england would cut rates in may. financial markets are pricing in a one percentage point move of rate cuts in 2024, that would get down to 4.25% from where it is now. but the governor was a lot more cautious than the markets, he says the markets have their own view and he thinks it is too early to speculate about rat

a group of republican attorney generals is wondering and one of those a gs, andrew bailey, joins us righthe break. liberty mutual customized my car insurance and i saved hundreds. with the money i saved, i started a dog walking business. i was a bit nervous at first but then i figured it's just walking, right? [dog barks] oh. no it's just a bunny! calm down taco. sit duchess. stop! sesame no no. archie! walter don't, no, ahhhh. ahhhhh! you're lucky you're so cute. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ how long have you been tracking the value of our car? should we sell it? we hold... our low mileage is paying off. you think we should... hold... hoooold!!! hooold! now!!!! i'm on it. i'm, on it. already sold to carvana. go to carvana and track your car's value today. trey: welcome back to sunday night in america. what app awesome thing to do to open your home, your family, your heart to other people's children to prothighed them with a safe, loving place to live. >> there's over 300,000 children in the foster care system and they're ruining that too and joining u

andrew bailey, speaking today. let's get discussion on this from the central banks. joining us from the ecb, maria tadeo. let me start with you first. the bank of england is feeling like an outlier. it does not have this dramatic inflation drop that other central banks are experiencing as a result of which it almost has to sound more hawkish. >> it is in a different position. as long as the central bank is focused, it is going to be -- it is going to have to be hawkish. you can see a shift if the bank of england talks more about the forecast. we have seen the fed make that transition, so they have said, if we wait until inflation is at 2% it will be too late. if the bank of england start doing that, that is what everybody likes. alix: what did you make of the fact that christine lagarde did not push back on market pricing for rate cuts next year? some say it is a missed opportunity. she did not take that bait. maria: she knew this would be a difficult press conference. this is coming 24 hours after the fed and you saw that priced in and the expectation for cuts at th

since andrew bailey took over as governor.ng even more rapidly and inflation still more than twice the boe target. all of this fueling the risk of a rage -- wage price spiral. markets and economists reckon you will also get a hold from the boe at 5.25%. what becomes interesting from the bank of england are the clues about the future path for rates. just as it is for the fed and the ecb. we don't have a forecast from the bank. we don't have a press conference. we don't have a dot plot yet. it puts immense pressure on the guidance to push back against market expectations of cuts next year if that's what they want to do. look at the guidance from the last meeting. they say that monetary policy is likely to me to -- need to be restrictive for an extended time. translation, higher for longer. that will be a harder message to deliver after that softer than expected u.k. growth data yesterday. traders doubling down on their bets for rate cuts next year. now they are pricing for cuts in 2024. it weighed on gilt yields across the curve

then you've got the ecb's christine lagarde and the bank of england's andrew bailey on thursday having their go at the same dance, trying to that away -- bat away rate cut expectation. mark is pricing a quarter-point hike from the ecb as soon as april given the pain in the european economy, but policymakers want to see more wage data before their convinced the inflation danger has passed paid andrew bailey is set to reiterate that rates need to stay restrictive for an extended period. more of the table mountain approach. the smb facing questions about when borrowing costs will fall on thursday, but it is a trickier question for norges bank, that might even go for one quarter-point hike. we will keep you across all the central bank decisions, but you can get a roundup of the stories to get your day going today on the addition of daybreak. currently, they are leading on bloomberg economics' forecast that gdp globally could ease to 2.7 percent, and our mliv pulse survey saying em stocks are a bargain, snap them up for christmas. and finally, macy's getting a buyout bid. find those stories

before the publication of this report, the head of the bank of england , andrew bailey, said that he development of the british economy to be the worst in his entire career. alexander khabarov, ilya murdyukov, timofey mukhin, lead london. we'll be back after a short commercial, here's what we'll talk about. resort during the war there are holes in the ranks of the armed forces, there are not enough people, there is a queue of cars in bukovel, why is the front just beyond the mountains for the ukrainian elite? alpha investments give 10 shares of large russian companies, everyone, open an account for investment in alfabank and... misha, yes, it’s a shame to forget cat food, but the most offensive thing is to forget about the x5 club card at the checkout, leave your points in the store, for sure, show the card, get up to 20% cashback and up to 50% service package, it’s good not to forget, take out credit cards, transfer debts to the bank, pay off conveniently, unexpectedly, something new happens to you a dress and a drill and an angle grinder, and a robot, a snow scooter, and new and li

before the publication of this report, the head of the bank of england , andrew bailey, said that hestage of development of the british economy to be the worst in his entire career. alexander khabarov, vesti: london. the provision of social support to svo participants and their families must be constantly monitored. this task was set by mikhail mishustin. at the meeting of the council for meeting the needs of the army , the tasks of defense industry were also discussed. yegor knows what tasks the prime minister set grigoriev. the supply of material and technical resources for the needs of the army is proceeding at an accelerated pace. mikhail mishustin noted that it has increased significantly. also the quantity and quality of social and medical services for military personnel. substantial funding is allocated for the development of production capacities for defense orders and the supply of necessary products. this has made it possible to involve over 360 enterprises, put into operation about 37,000 units of various equipment, and additionally attract about 520,000 employees. target

it happened without andrew bailey saying anything or any extra data coming out of the u.k.ened off of the back of the fed decision. it shows you how little they had been listening. tom: lisa, what you mentioned is important. i have never seen this. the separation of divide between the shock that we saw yesterday versus now. what does lagarde do today? i have never seen the divide between these two banks, ever. lisa: just how much is a loan right now when they are looking at their economy and back drop versus the european central bank and the federal reserve? >> it is not consistent with hitting that 2% target. we had this autumn statement with putting one billion pounds of fiscal stimulus, personal and business taxes, so it makes the disinflation journey even harder in the u.k. and that is the argument that andrew bailey is making through this decision, through the guidance. we do not have a forecast today either. there is a note on the growth point that they are still flat on the gdp. it is actually worse. perhaps they have been influenced then softer than expected inflati

good news of sorts, i guess , andrew bailey, sorts, i guess, andrew bailey, however, you can always rely . but i spoke to be done. but i spoke to a pollster earlier on the show who thinks that the economy being stable is rishi sunak's best hope of an election victory, and it's likely pointing to a much later election. they'll be hoping the economy stabilises and the tories can say you can trust us. >> well, the economy is vaguely going in the right direction for rishi sunak and jeremy hunt, the issue is that it probably isn't going in that direction quite fast enough. interest rates have stopped, have paused at 5.25, but we're not expecting them to go down for quite a long time. probably the middle of next yeah probably the middle of next year. now, why is that? it's because inflation is still stubbornly high. yes the prime minister promised to halve it in 2023, and he has done exactly that. it's gone down from 10.7% in october last year to just over 4% now. but the bank of england's target is only 2. so there's still a lot further to go and that means that interest rates can't yet come

here in the uk, the governor of the bank of england, andrew bailey, put a bit of a damper on any hopeabout cutting interest rates. we have to see more progress. i am encouraged by the progress we have seen, don't get me wrong, i am very encouraged by the progress we have seen. but it's too early to start speculating that we will be cutting soon.

if we look ahead to the bank of england and european central bank, do you think andrew bailey are enviousis a little bit clearer, simpler, maybe? t a little bit clearer, simpler, ma be? ., , ., maybe? i would say they are envious to — maybe? i would say they are envious to an _ maybe? i would say they are envious to an extent - maybe? i would say they are envious to an extent in - maybe? i would say they are envious to an extent in thatl envious to an extent in that christine lingard, they have their own issues and probably already in recession, so they are probably also going to have to cut rates a few times next year. notjust because year. not just because inflation year. notjust because inflation is falling but also to support the economy. markets are pricing in five or six because next year from the european central bank and interesting to see how much the ecb gives later on, whether they will go full fed and .2 3— four ray because next year and a itself with the markets than has been for a next time. the bank of england is in a different situation, still seeing higher levels of infla

lizzy: andrew bailey didn't want to tell us when he was planning to cut rates yesterday.did say that ai isn't out of control in the sense of 2001: a space odyssey, but the problem is so complicated we might not understand what it can do. we have talked about the eu trying to regulate ai, if we can't understand what it does, how can governments regulate it? joyce: i think you are not going to underestimate the transformational impact that it could have. maybe there is a call where you say there is a reason not to believe in it, but right now there is transformational impact there and the market will continue to look at that. the key thing is regulating it. it's all in the private sector's hands. it's not that the government doesn't have that much control, is the speed at which is moving. regulation cannot move that fast. we are seeing not just the impact ai is having on productivity, but also looking at geopolitical risk, we see the role ai can have on in the elections and how information is spread. it's very early to say that we can diminish the importance of this. when w

you heard from andrew bailey and christine lagarde, even the boj said it is all about that selloff inyear. how much of that is true? how much work did it really do for the central banks? raffaella: good morning and happy monday to everybody. it's a pleasure to be here. the bond market rally does imply some easing of monetary stance, but from highly restrictive. it's not going to really be enough. we think that 100 basis points is where you really need to avoid a significant downturn in 2025. more so in the eurozone than in the u.s., but in general what you have seen is not enough. it's allowing this relatively long lag between tight monetary policy and a slowdown in the economy to get a little bit of respite. but it isn't a real game changer. kriti: what does that do in terms of the terminal rate? this idea that for a while there was a lot of conversation even by jamie dimon who said maybe we need to pull that rate to 6%. there was folks in the market who said 7% may be on the table. >> i would say by and large, yes. i don't think it makes any sense to really tighten monetary policy a

the bank of england stability report, we will hear from andrew bailey, the governor tomorrow.ame man. the canadian rate decision and by this time tomorrow we will have listened to the u.s. senate banking hearing. the big bank ceos are on capitol hill tomorrow. the other story that i want to talk about a little as well as what is taking place now. we may get news on this first thing tomorrow morning, a critical meeting taking place between the coalition in germany about what to do with the budget crisis that's gripping berlin right now following the ruling in the constitutional court. it is a critical decision. how does germany figure this one out? i was talking to someone smarter than me early on suggesting that the coalition will find a little bit. it is no driving force. if they can resolve this overnight, we will find out. alix: let's go to someone smarter than both of us on this issue. oliver joining us from the berlin euro. where are we in the budget crisis? oliver: you had this court ruling that blew a mammoth hole in the budget. it's a big deal everywhere but especially

andrew bailey, missouri attorney general. for being with us. >> thank you for covering this important story. stuart: yes, sir. it's a busy week for hunter biden's legal team and plan to drop the gun charges against them and expect a preliminary hearing on the new tax charges later this week. david spunt in washington. what is hunter's legal team saying about the new charges? >> they plan to fight them at this point. we don't know when he'll have the first appearance in court and, stuart, this morning, he and his legal team has two court fights and two federal court fights against a special council appointed by attorney general merrick garland and the president's son is suing the irs and in this recent tax case in california, the government said between 2016 and 2020 they spent it on drugs, escorts and girlfriends and luxury hotels and rental properties and exotic cars and clothing and other items of a personal nature and ensured everything but his taxes and these charges over the taxes not a surprise, stuart, because special

even though we heard commentary from lagarde and andrew bailey from the ecb and boe, it is still giving impetus maybe in fact this november rally and december rally can continue post fomc. the property stocks in china, that is lifting it, but you are talking about a dollar that is more mixed. commodities are slightly a bit up. gold prices. copper prices and shanghai are up close to 1% right now. still ahead on bloomberg markets: asia, we focus on what is on your wrist. wrist wear, specifically the luxury kind. hear from the ceo of the watch fund how to invest in what to watch out for if you do. this is bloomberg. ♪ thanks to avalara, we can calculate sales tax automatically. avalarahhhhhh what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh >> as i've said before, america's fundamental economic strength means that we have nothing to fear from healthy economic competition with china or any other country. i and other u.s. offic

it's remaining at 5.25. >> yes , but andrew bailey, the >> yes, but andrew bailey, the bank's governordown inflation. >> so joining us now in the studio is liam halligan our economics and business editor, who is no longer in front. he's with on the money reporter . with on the money reporter. there we go . liam. no there we go. liam. no construction site behind you this time. you've got the air. is it true that we're likely to see interest rates hold for the foreseeable ? foreseeable? >> well, that's certainly the impression the bank of england wants to give. unlike the federal reserve , the us central federal reserve, the us central bank that's signalling . bank that's signalling. yesterday it held rates, but signalling that rates will be coming down soon. inflation in the us , though, is lower than the us, though, is lower than here. it's 3.1% on the latest numbers and it's 4.6% here in the uk. look financial markets don't actually believe that the bank of england financial markets, if you look at the weight of money on money markets in the futures market, traders making bets on wher

and so andrew bailey was a shocking decision for lots of reasons, of which he will know at least oneuding a very bad report when he was running the financial watchdog . running the financial watchdog. um, and he, of course, was completely wrong by being much slower to put them up if he'd just done. he just followed america for we probably wouldn't be in this position now. so now he's now saying the opposite. he's saying it's going to be it's going to be post—summer before we're going to reduce it. i don't think he understands what really looks like for what that really looks like for people with mortgages and also companies for everybody in their life is facing a problem connected with high interest rates. now they're not as high as i can remember. some of them. right. but if we can get the 6% down to 4 or 3 and actually see my other great attraction to this is, of course, that the concern party would look a lot more attractive, right? if a inflation is down, interest rates are down, business starts booming , and rates are down, business starts booming, and everything looks rather ro

governor andrew bailey says it is crucial that banks and investors understand both the potential of the from changing work practices. the u.k. hosted an ai summit last month and signed an agreement tackling the risks of technology. >> it is a very important development. it has i think quite profound implications potentially for economic growth, for productivity, and for how economies are shaped going forwards. it is something we have to embrace in that sense with our eyes open. shery: checking in on how futures in europe are opening up at the moment. we are seeing a picture of negativity, some weakness when it comes to euro stoxx 50 futures. german dax futures there sliding a little bit. broadly there is this concern that the risk rally is on the back of short-term momentum and potentially trim equities facing a tougher 2024. -- potentially german equities facing a tougher 2024. the speculation that central banks will cut interest rates, the same trade when we saw when it comes to the fed and the rally in australia, both inflation and labor markets in european economies showing signs of

so andrew bailey, who i'm afraid has something of a, let me say, alleged reputation for making a numberf really serious, costly mistakes and acting too late seems to have done the same thing here, but he's committed to it. he can't turn around tomorrow and say i was wrong. he'd lose face, but i would call to your attention the, uh , to your attention the, uh, report a fortnight ago of the economic affairs committee of the house of lords, which is a marvellous example of british understatement. it's absolutely silken, but what it actually doesis silken, but what it actually does is it's extremely critical of the bank of england and says the independence of bailey and his colleagues that gordon brown gave them in 1997 needs to be taken away today because they're forecasting and their handling of inflation is unacceptable . of inflation is unacceptable. >> and just finally, roger, christmas, have you any any joy to spread our way with christmas? does christmas offer any respite from what is going on? um i'm hoping that the christmas gift that we all favour the most british businesses so th

andrew bailey at the bank of england sunak hunt, they have nothing to do with inflation falling.sing interest rates 14 times. they have increased the inflation. this kind of inflation cost push inflation falls by itself . they inflation falls by itself. they have prolonged the time when it's finally started to fall . it's finally started to fall. yeah. food and energy. food and energy prices not hunt. now by allowing even today the bank of england to keep interest rates where they are rather than reducing them. they are ruining the chances of everything they say they want to do. it's just stupid . stupid. >> yes, well, thank you very much indeed for your time. roger gewolb . and yes, you have been gewolb. and yes, you have been saying that for a long time. you've been saying it time and time again. but whether people are another thing. are listening is another thing. thank you very much, doctor roger roger gewolb, who was a former adviser to the bank of england uk treasury. so england and the uk treasury. so he he's talking he knows what he's talking about. now, you could start y

depicts clay and other notable whigs ridding the white house of democrats such as andrew jackson and martin van buren. who bailey clearly conveyed, had made a mess of the place as the whig nominee in 1844. clay has the honor of barring james k paul from entry a woman texas shown there on the left resembles the president's bride, julia, and she is dressed as she was in virtuous harry. she is being unceremoniously kicked out of the people's house, literally by henry wyse, who wants nothing to do with the debts that the united states would incur upon texas annexation in what is most significant for our purposes, however, is that julia again plays the central role in the political caricature the part of texas she wears a gown similar to the one she wore in the first family lithograph and the same wreath of flowers adorns her hair. but there are some differences. as the dress is rumpled, suggesting long use, long wear, her face is not quite as young and beautiful as it was in the previous lithograph, suggesting that as the annexation annexation issue aged and was revealed in better light, it became less attractive to

depicts clay and other notable whigs ridding the white house of democrats such as andrew jackson and martin van buren. who bailey clearly conveyed, had made a mess of the place as the whig nominee in 1844. clay has the honor of barring james k paul from entry a woman texas shown there on the left resembles the president's bride, julia, and she is dressed as she was in virtuous harry. she is being unceremoniously kicked out of the people's house, literally by henry wyse, who wants nothing to do with the debts that the united states would incur upon texas annexation in what is most significant for our purposes, however, is that julia again plays the central role in the political caricature the part of texas she wears a gown similar to the one she wore in the first family lithograph and the same wreath of flowers adorns her hair. but there are some differences. as the dress is rumpled, suggesting long use, long wear, her face is not quite as young and beautiful as it was in the previous lithograph, suggesting that as the annexation annexation issue aged and was revealed in better light, it became less attractive to

told me in 2016, he said, look, donald trump's going to to be a third andrew jackson, a third teddy roosevelt and a third barnum and baileynt trump spending a lot of time just shining a flashlight and letting that left national media chase the flashlight a lot. i wouldn't overreact to every word he says, but he's going to be the president on national security, secure the border, make the economy strong. his enemies will fear us and rut us. maria: -- respect us. maria: kansas senator roger marshall, we so appreciate your time. >> thank you, maria. maria: up next, four years after covid-19 claimed more than a million american lives and china tried to cover it up, president biden has yet to hold china accountable over the originningses of the deadly virus or the cover-up. now we talk to a truth-teller, kentucky senator rand paul is here on why the president has not made it a priority amidst the potential of another one potentially coming. stay with us, rand paul is coming up. ♪ (adventurous music) ♪ ♪ ♪ be ready for any market with a liquid etf. get in and out with dia. salonpas, makers of powerful pain relief patches for 89