what will the bank of england do next? it what will the bank of england do next? ., , �* do next? do next? it doesn't. our forecast, based - do next? it doesn't. our forecast, based on - do next? it doesn't. our. forecast, based on current price outlooks so no particular tinkering by the government perhaps other than taking the vat rate out, 6.3% rise in inflation, another big step higher and another headache for the bank of england. the higher inflation gets, the more it stays at high levels, the more it worries gets set into wage demands and inflation locked into the system and contract setting negotiations and that is a worry for the bank of england. if we take energy prices, food prices, the noisy bit out, it looks lower. but it is close to 4%, possibly below this month but that is a high level in itself. and the bank of england is worried that if you knock all of this noise out, inflation is still too high and potentially more pay growth coming through, which could lead to more inflation so the bank of england is going to have to carry on raising rates though we suspect that

guest: certainly the bank of england have willing to hike. think they want to get rates up and see where they stand. there are lots of moving parts for the bank of england to digest. we have some potential headwinds from brexit. we have the national insurance rent rise that is coming through later this year. i think there is a lot of uncertainty there from the bank of england. maybe a little less than the market is pricing. it does not seem unreasonable. that is certainly a possibility. i think all of these central banks where you are seeing person come through there is a high degree of uncertainty. much just depends on the data. francine: gareth, now we are talking about a possible tax increase in the next few months. how does the bank of england deal with that? is there a worry that businesses will not get enough support? will that make them a lot more cautious about what they can do with interest rate hikes? guest: i think on balance, it does make them a little more cautious. they know it is coming through. the prime minister this week sign

bank of target? there is a limit to what the itank of england — target? is a limit to what the bank of england can do about - target? there is a limit to what the bank of england can do about the l bank of england can do about the trajectory— bank of england can do about the trajectory from here to april because _ trajectory from here to april because a lot of that is being driven— because a lot of that is being driven by— because a lot of that is being driven by wholesale gas prices and the bank— driven by wholesale gas prices and the bank of england' actions aren't going _ the bank of england' actions aren't going to _ the bank of england' actions aren't going to do anything about that. what _ going to do anything about that. what they are worried about is preventing an inflationary spiral. so whereby you start to worry about inflation, _ so whereby you start to worry about inflation, you demand a pay rise to compensate that, now your bosses costs _ compensate that, now your bosses costs have — compensate that, now your bosses costs have gone up and they

we have just been talking about the bank of england. early we need to focus on the fed trade but what about the ecb as well? we saw bunds briefly positive earlier on. what signal does that send about direction? janet mui of brewin dolphin will be joining us next. this is bloomberg. ♪ s is bloomberg. ♪ >> we have come so close now, 2/1000 of a percent if you loan your money to germany. guy: that was bloomberg host matt miller six years ago, talking about the fact that we have gone negative on the german tenure. yields are certainly certain to pick up over the last 24, 48 hours in europe. we have been waiting for this to come. we now see it. we have just gone positive again. we did that a little bit earlier on in the session. as yields climb, we are seeing a market reaction. the nasdaq comp within the last couple of seconds has now fallen 10% from its november high, into correction territory. so what we are seeing here, yields rising, stocks falling. the question is, how much further to both of those moves have to go? janet mui, head of ma

all right, you mentioned the bank of england there, and of course that's the grandaddy of all central banks. i think they were chartered fact and 16941696 if i'm not mistaken. and interest rates in the u. k. a 300 year low. recently, but i guess they're, they're starting to take higher. what can you tell us about what's happening over at the bank of england? are they going with the crowd of the globally, are they making any kind of a stand against that? i mean, you're right there. what's, what's coming out of their office? i think the 2 things to consider. i mean i listened very closely to what andrew bailey has been saying and is clear to me. he has no clue economics, i'm sorry to say, but that is the situation. moving can no road king how to fall back. right. you can always. but bailey, basically, i think, is being put in place is a safe pair of hands and by safe as we made some that someone was part of the amorphous blog, that is all civil service. so you know, that's not looking good from, from, from the top. we've got rising interest rates in sterling and we have got rising inter

guy: i want to talk about the bank of england and the ecb. ata out of the euro zone today. slowing in the fourth quarter but there is probably some omicron in the mix. some suggestion that will pick back up. we've have also seen german inflation today stronger than anticipated. the market anticipating that to come down to 4.3%. given the backdrop we are seeing with the united states, given the backdrop we are seeing with the bank of england which is now priced for five hikes, the ecb's price for a 25 basis point hike this year. you think that is too much? ben: i think on balance that is too much. i do not see it in the wage pressures that would be more synonymous with the inflationary spiral. the labor market is much tighter in the u.s. than the u.k.. i think the ecb will hold off from raising interest rates. if the other central banks to move that much more aggressively , that gives them more room to raise interest rates. the relative position will not be so extreme. on the basis that that does not go so aggressively, that i do not think the

we need to be prepared for january employment data that could look strange >> the bank of england willclue how far and fast it will move in combating inflation when the central bank meets on thursday bank of england is the first mover in the rapid global tightening of monetary policy. a hike on thursday would complete the first back-to-back increase since 2004. rosanna, a big week for central banks. bank of england and european central bank it feels like the analyst community is in agreement here the other piece that there seems to be a lot of consensus is the uk labor market and inflation pressures are robust >> they do, julianna i think the markets on downing street are having their cake and eating it with the volatility. they want the steering and guidance from the central banks of when the hikes are coming and how many it is not his job to guide the markets when the rates rise. the personalities are coming to the front floor now. how much longer can christine le garde hide also brings to mind that bostic. you mentioned him there. tilting toward the hawkish side with the central pol

of course this is more than double the bank— around april. of course this is more than double the bank of— around april. of course this is more than double the bank of england price cap will be will be paid for our domestic heating electricity, that�*s going to increase again, increasing by quite a large amount we look at what is happening out there with wholesale energy prices. now hopefully if you look at what is driving inflation at the moment, is partially an energy price story but a lot of it is to do with the pandemic and the recovery from the pandemic. there are all sorts of supply chain problems out there. because of the pandemic. things are being delayed in there�*s a problem with making computer chips which is making it harder to make things like cars. and also over the course of the pandemic, you are tipping —— typical person is going to the pub a lot less, eating out a lot less, bought off a lot from amazon. so we are buying more goods and fewer services and that is sort of unusual spending and that has pushed up the price of goods. now hopefully again i touch word is hopefully, as the economy gets back to normal after the pandemic, lots of thos

looking ahead to the ecb and the bank of england on thursday. on the bloomberg, we are looking at the prospect of the first back-to-back hikes from the bank of england in 17 years. you have to go although i back to 2004. it has been a while. tom: i must admit it is so unusual for you to say that. i do not know how to comprehend it. my gut reaction is can the island nation withstand that. we do not know. jonathan: joining us that thursday, i believe, danny blanchflower. tom: he is fired up. jonathan: he joined two years after that. he is fired up. on the fed as well, he does not see a reason to hike. tom: is probably just confirmed growth slowed down. jonathan: he is looking at the confidence numbers. on friday consumer confidence sentiment not pretty. lisa: unless there is a sea change to the economy the argument is inflation is a constraining effect. people will reduce their purchases unless they're getting huge wage booms. jonathan: nobody jumped in my ear to tell us danny was not joining us thursday so danny is joining us thursday. he says the

>> i think for the bank of england, everyone assumes it's a done deal and will get 25 basis points. thing interesting in my mind about the bank of england is that we haven't had an awful lot of commentary and for quite a long time. so the guidance that may give will be really interesting. so the market there is priced in a lot in terms of rate hikes. at about a hundred basis hikes. there we go again maybe in may, but if with about what's in the headlines of the u.k. press, is to deal with the cost of living. we will see peak energy price increases really affecting the incumbents. the hikes coming in april, and we suspect that the market may have priced into much in terms of the bank of england rate. that could be a shock to the market. dani: you can't trust the bank of england that has maybe talk to big game and can get there as the market is pricing into much. you contrast that with latin america that is ramping up their rate hikes, ramping up their tightness in the market. how are you viewing on a global scale, this story of synchronized tightening? how are you expecting these diff

well, of course, the bank of england response _ well, of course, the bank of england response is— wellto respond to, as you say, inflation way above what their target — inflation way above what their target level is, and the reason they .ive target level is, and the reason they give for— target level is, and the reason they give for that is that this is driven by things— give for that is that this is driven by things outside of anybody plasma control, _ by things outside of anybody plasma control, in_ by things outside of anybody plasma control, in particular energy prices ending _ control, in particular energy prices ending increasing interest rates. but nevertheless it would be higher quite hard — but nevertheless it would be higher quite hard for them, but nevertheless it would be higher quite hard forthem, i but nevertheless it would be higher quite hard for them, i think, but nevertheless it would be higher quite hard forthem, ithink, to change — quite hard forthem, ithink, to change interest rates quite low as they are, — change interest rates quite low as they are, and it'sjust

5.4%, the highest level for three decades, well over the 2% target for inflation set for the bank of englandgo as high as 7% in the spring. that can be seen in this increasingly common sight, a tanker of frozen liquid american gas unloading a third of daily british demand in kent. tankers such as this that have come from texas are only here in record numbers in europe and the uk, because of the record prices your energy companies and power companies have paid for that gas that normally goes to the far east. it means that there's an inevitable, inescapable impact on consumer bills, and potentially for the taxpayer. the only question is when this is paid for and whether this will lead to a further round of price rises and higher inflation. the inflation rate shooting up means that some bills pegged to these figures, such as mobile phone, broadband and some railfares, will automatically go up, too. all of that is putting pressure on company bosses like here at this high—end radiatorfactory in birmingham to raise wages for his workers. we've paid them a winter fuel. allowance off our own backs c

thursday, ecb, bank of england. wrapping up the week with the main event, u.s. payrolls on friday. us now i subadra rajappa, tony rodriguez, gershon distenfeld. the bank of england has already made a move. can the ecb really sit this one out? i saw the german print for gdp this morning, dreadful. do you think they can? subadra: i think they will. it is still too premature for them to have any pivot. the market is pricing in aggressive policy normalization, rate hikes for this year. there is still focus on asset purchases, moving away. that is where the focus will be in the first quarter, especially with the slow down with omicron, like the bank of canada. they will be cautious as they are still actively purchasing assets. jonathan: let's start the rapidfire around on that question. rate hikes from the ecb this year, yes or no? do we get any? gershon: no. tony: no way. subadra: no. jonathan: credit spreads, wider or narrower from where they are by years end? tony: modestly wider. gershon: unchanged. subadra: wider. jonathan: final question. you know what it will be because i keep co

what it means for the bank of england, the november cpi, you can see what tipped the bank of englandedge with the december rate rise. it makes a rate rise almost a certainty. markets are already pricing in a february rise. if we get that, it would be the first back-to-back hikes since 2004. manus: it's all about the labor market in this debate. we had a strong showing yesterday, unemployment of 4.1%, the best since june 2020. take us under the hood of what it looks like in the u.k.. lizzy: real wages were following late last year, and that was even before the cost-of-living crisis pete in the u.k. at that moment, bloomberg economic sees inflation peaking at 6.5 percent. even though you've got record vacancies, it's not translating into pay rises across the board. that's why the bank of england seems to have them vindicated in raising rates in december. manus: we'll see what the pound prices on the back of that. inflation numbers are up shortly. that's it for us. this is bloomberg. ♪ anna: good morning and welcome to "bloomberg markets: europe." mark is here with us to take us through

how much more will we get from the bank of england? os: the market was pricing too much by the bank of england. the market is pricing slightly more than four. in the u.k., we have had inflation. it is not an overheating economy, it is also hit by negative supply shorts and balances. also brexit, a lot of uncertainty. dani: unfortunately, that's all we have time for. thank you so much for joining us, we appreciate it. every day in business brings something new. so get the flexibility of the new mobile service designed for your small business. introducing comcast business mobile. you get the most reliable network with nationwide 5g included. and you can get unlimited data for just $30 per line per month when you get four lines or mix and match data options. available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. every day in business brings something new. so get the flexibility of the new mobile service d

guy: next week is about the bank of england. next week is about the ecb. e market is pricing and now that we get a hike from the bank of england. goldman sachs thinks we are going to get back to back hikes. the ecb is now price for a hike as well. what do you think about the latter idea? the german gdp data may be pouring a little bit of cold water on that concept. sarah: i think it is a reminder that omicron is very much the dampening impact of the moment. we still see very high normalization rates, less in germany, france, spain, and italy. that is having a negative impact on growth currently. that think looking forward, some of the german survey data has been positive, so we saw the purchasing managers index improving in january before expectations picking up, and policy maintenance are looking for this current period of penned them in related weakness. if we look at what philip lane has said, his view is that the recovery is in place, that the economy is more resilient than previous waves of the pandemic, so i think we should not be too downbeat about t

level for three decades, well over the 2% target for inflation set by for inflation set for the bank of england, a tanker of frozen liquid american gas unloading a third of daily british demand in kent. tankers such as this that have come from texas are only here in record numbers, in europe and the uk, because of the record prices your energy companies and power companies have paid for that gas, that normally goes to the far east. it means that there is inevitable, inescapable impact on consumer bills and potentially for the taxpayer. the only question is when this is paid for and whether this will lead to a further round of price rises and higher inflation. the inflation rate shooting up means some bills pegged to these figures, such as mobile phone, broadband and some railfares, will automatically go up, too. all of that is putting pressure on company bosses like here at this high—end radiatorfactory in birmingham to raise wages for his workers. we've paid them a winter fuel allowance off our own backs, because we recognise we don't want them to be worrying about how they're going to keep th

you look at the criticism leveled against the bank of england when it was -- when it did not act when it was expected to. we will look at communications going forward and they will be a lot of expectations for the bank of england to give better signals. i do think that we are going to see a rate rise most probably in february and another one shortly to follow. after that, once the bank of england showed that it is determined and the federal deserve to take action against these prices, i think there might be a wait-and-see to see how we can squeeze this through into consumer behavior. you talk about retail sales figures down partly due to omicron, and partly due to the fact that people were going out shopping in october and november because all of those reports of shortages on the shelves, and i think we are just going to have to see what happens. once these restrictions and omicron effects fade, we will see. i think this will really help -- affect companies. guy: thank you very much indeed, great staff. susannah streeter. we have what is going on between what it -- between russia and

you spoke about the bank of england and they meet| the bank of england and they meet next month to decidey prices coming down and we should see — energy prices coming down and we should see some of the costs that have _ should see some of the costs that have been— should see some of the costs that have been driving inflation higher starting _ have been driving inflation higher starting to ease but the bank of england — starting to ease but the bank of england is sending a signal that it is worried — england is sending a signal that it is worried about where inflation is by gradually raising interest rates, and that— by gradually raising interest rates, and that takes some of the steam out of the _ and that takes some of the steam out of the economy and it should dampen price pressures but getting the balancing act right is very, very difficult, — balancing act right is very, very difficult, because what we are seeing — difficult, because what we are seeing at _ difficult, because what we are seeing at the same time is people's real spending power declining, so if in addition — real spendi

let's not disband the bank of england even though it has this incredibly deleterious impact on the u. k. economy, in the global economy. it's really the 1st of the major is the 1st central bank that we know of going back to, i guess, a 1796 i believe. and it's the model upon which feudalism can continue and wash itself as a market economy. it's feudalism, thanks. bank of england. so, but of course that would require a much broader education on behalf of the writer of that article, which is obviously not the case. all right, we're going to take a break and when we come back, much more coming your way. ah ah july, an annual festival in st. petersburg dedicated to dust i epsky. ah, the great writer thinker and psychologist, people often tend to his work to understand russia and russians, perhaps even themselves. they put a single movie to see what they think about the matter vehicle of wiley theda, changing a rita, transforming them as they read. that's a dust i ask is unique ability to stay ascii wants to tell us, you can better yourself. he makes you face your true self or we give the

let's not disband the bank of england even though it has this incredibly deleterious impact on the u. k. economy, in the global economy. it's really the 1st of the major is the 1st central bank that we know of going back to, i guess, a 1796 i believe. and it's the model upon which feudalism can continue and wash itself as a market economy. it's feudalism, thanks. bank of england. so, but of course that would require a much broader education on behalf of the writer of that article, which is obviously not the case. all right, we're going to take a break and when we come back, much more coming your way. ah ah, we have recently, of course are you in sorry, didn't the united states talking about jamie ross talking about press freedom. if you go to the top, you don't want to go. in other words, she's got to be consistent. you can't style on the one hand we believe in breast freedom, but on the other hand, we're going to retrieve julian massage. and i think your property of the united states use tracy's really makes a little bit really mad about the caching. turning here in australia where p

let's not disband the bank of england even though it has this incredibly deleterious impact on the u. k. economy, in the global economy. it's really the 1st of the major is the 1st central bank that we know of going back to, i guess, a 1796 i believe. and it's the model upon which feudalism can continue and in wash itself as a market economy. it's feudalism, thanks. bank of england. so, but of course, that would require a much broader education on behalf of the writer of that article, which is obviously not the case. all right, we're going to take a break and when we come back, much more coming your way. ah. and now we have e cigarettes, i just heard that it was a healthy alternative to cigarettes. and do we trust tobacco companies with their message that these new products are actually going to reduce these sugars are making the tobacco? i've been working with emotions, medieval institutions, and then i go to like technology and the combination of these 3 very you could say historically distinct seeks fixes with, in psycho physical makeup have rendered us pretty dangerous to ourselve

let's not disband the bank of england even though it has this incredibly deleterious impact on the u. k. economy, in the global economy. it's really the 1st of the major is the 1st central bank that we know of going back to, i guess, a 1796 i believe. and it's the model upon which feudalism can continue and in wash itself as a market economy. it's feudalism, thanks. bank of england. so, but of course that would require a much broader education on behalf of the writer of that article, which is obviously not the case. all right, we're going to take a break and when we come back, much more coming your way. ah, ah ah ah, join me every thursday on the alex simon, sure. and i'll be speaking to yes, in the world politics, small business, i'm show business. i'll see you then. ah ah ah, emotions medieval institutions. and then i go to like technology and the combination of these 3 very you could say, historically distinct seeks fixes within our psycho physical makeup. i have rendered us pretty dangerous list to ourselves to the, to the planet. ah, welcome back to the kaiser report. i max kaise

let's not disband the bank of england even though it has this incredibly deleterious impact on the u. k. economy, in the global economy. it's really the 1st of the major is the 1st central bank that we know of going back to, i guess, a 1796 i believe. and it's the model upon which feudalism can continue and wash itself as a market economy. it's feudalism, thanks. bank of england. so, but of course that would require a much broader education on behalf of the writer of that article, which is obviously not the case. all right, we're going to take a break and when we come back, much more coming your way. ah, with while our officers are facing in increasingly dangerous environments, we are seeing a growing debate about so called warrior cops. the term that i've heard in the militarization of believe this is an amber vehicle. the flyer to the 1033 program, very free program and the government program that follows military property that no longer use to local law enforcement with building an army over here. and i can't believe the people. i see 1st thing an agency elder a me because it again

the bank of england is predicting that it will reach around 6 percent by spring. so versus wages, a falling in real terms, at least. but this current on income in the words of boris johnson is a change in direction lower that you towards a high wage high scale economy. there is no alternative. the u. k has got to. we can do much, much better by becoming a higher wage, high productivity economy. so technically, we were warned but not everyone is buying it, including politicians on both sides of the spectrum. heating bills are going through the roof. punishing tax rises on the way. wages are stagnating, universal credit cuts have hit struggling families hard. all world prices in the shops are rising and inflation risks, eroding the value of savings and pensions. rising wages are great unless prices rise faster. inflation matters is about what we can afford and how families make ends meet in a tough month. and it's not just those in the house of commons that are calling for a policy change. the trade party entity u. k has demanded reducing the a t to cut the cost of b

reserve is not going to let the balance sheet shrink until the middle of the year, the bank of ireland -- will do of england- the bank of england will do it earlier, likely around march. matt: marc chandler, thank yo. -- thank you. coming up, we will hear about that tense geopolitical situation on the border with ukraine. that's next. this is bloomberg. ♪ >> this is "bloomberg markets." let's get back to the breaking story, sony is buying bungee -- the u.s. videogame developer behind halo. for $3.6 billion. let's bring in jason schreier, who covers video games for bloomberg. this to me is absolutely fascinating, because on so many different levels -- mainly, bungee made halo, which made the xbox for microsoft, right? the even owned bungee. now that microsoft is buying the maker of call of duty, which is kind of the successor to halo, sony, the owner of playstation, is going to buy bungee, what is going on here? >> it is absolutely wild. you are spot on. it is this weird tryst of -- twist of fate. bungee is a creator of halo. without halo, there would be no xbox. microsoft would not be in gaming retina. so i

were talking about a potential way for investors to play the tightening cycle that the fed, the bank of england and other central banks are going to be embarking on. haven assets, such as the yen, definitely going to play into that. those cheap levels, definitely some investors are taking advantage of that. tom: kristine aquino always so good at getting to the bottom of what is driving these markets. we will get florence's calls after the break. we are going to speak to goldman sachs' global head of commodities, jeff currie, about what fed tightening means for impacts we could see from the geopolitics. also, his views on bitcoin as well. this is bloomberg. ♪ ♪ tom: welcome back to the open. we are 15 minutes into the european trading day. pressure continues across the european equities space after that handover from the u.s. stoxx europe 600 down 1.3%. the ftsemib in italy down. -- the ftse mib in italy down. technology right atop the heaviest losses. still with us, florence barjou, cio lyxor asset management. before the break, you said maybe this is a bit overdone. does this mean potentially t

that to pressure on the bank of england -- that puts pressure on the bank of england to raise interestates again when it meets next month. carriers from dubai, japan, south korea, and india are among those canceling or revising flight plans to the u.s.. they are concerned that the new 5g signals could interfere with equipment used to land in poor weather. u.s. secretary of state antony blinken says a diplomatic resolution to the standoff with ukraine is in the hands of russian president vladimir putin. blinken is in ukraine to meet with the country's president. later this week he will meet with his russian counterpart, sergei lavrov. russia has deployed more than 100,000 troops near its border with ukraine. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm laura wright. this is bloomberg. ♪ >> too many industries have become too consolidated over time. we need to understand why, and think carefully about how our merger analysis tools can do better to prevent this problem from getting even wo

happens for economic reasons, for societal reasons, or party politics reasons, would that give the bank of englandtle bit more wiggle room in terms of its ability to raise rates and therefore to push the pound a little higher? jane: i absolutely think that is right. if we see what the money markets have priced in for u.k. rates this year, it is about 100 basis points or so by the end of the year. in our view, that is too much. we think they will go again in february. assuming we do get that april tax hike, we are really going to have quite a lot more news about the cost of living pressures on the u.k. consumer because it is not only about the tax rise. it is of course about gas and electricity prices. by then we will be through the winter. people will have really seen what their energy bills look like. so price inflation will be higher as well. all of these things put together we think, as things stand, the bank won't be able to follow through with those 100 basis points of rates, meaning that sterling could be vulnerable perhaps in the spring or the summer as they get priced out. if they don't do

c had this slightly difference at different stance in relation to the bank of england, bank of canada, the federal reserve, the e. c, b, b are still lowering the criteria for landing for, for bearings. so we do, we still have a more soda from easy monetary policy with respect to the p d. c, because they still, they still want to, to be used to the normal activity. of course, of the central banks wants to do that as well. but inflation is it achieve for a primary concern for the p b or c, supply chain issues. and rising energy prices are major concern. ok, when you look at how to hi stocks have actually gone in the long run over a period of time. the recent force don't seem so much the oldest tool, griff, a bad market. all we over egging the issue. well, by definition, bond market is when market retrace is 10 percent from its recent high. so if you look at the us indices, the answer key, the down, the nurse sag. in fact the nasdaq is down more than 10 percent from easter eastern high. so yes, we are in a bad market in that respect. but if you look at the markets, quite fashion for the

how strongly will be bank of england have to react to that? kailey

the bank of england thinks inflation will rise to 6% next year, the pressure on the cost of living isjobs, wages will rise and will start to keep up with the cost of living next year but it is a slight worry at the moment. the chancellor has called these figures, shows the furlough scheme he implemented was a massive success and says, thejob market implemented was a massive success and says, the job market is thriving, we have all these vacancies, unemployment is getting close to pre—pandemic levels so things are on the up but there is a worry about the cost of living and the fact in february, the regulator for the energy sector will meet to decide what the price cap will be for energy bills, that's set to rise as well. talking to citizens advice last week, they talked about figures of around £60 extra a month on energy bills coming in from april next year so there are lots of pressure some people, wages might be going up not going up fast enough at the moment. anything else? pretty much everything, i would like to say the bank of england meets next month and people are expecting anot

also a reference in the top right—hand corner to the inflation data, more than double the bank of england'sistorian like, borisjohnson, quoting, in the name of god, go! the guardian also making the point the conservative party waiting with baited breath for sucre's report. how significant is that report going to be —— sue gray's report? it that report going to be -- sue gray's report?— that report going to be -- sue gray's report? it is going to be everything. — gray's report? it is going to be everything. quite _ gray's report? it is going to be everything, quite frankly. - gray's report? it is going to be everything, quite frankly. the | gray's report? it is going to be - everything, quite frankly. the mood in the tory party, the majority, anyway, was to wait to see what sucre had to say. today... anything can happen these days, especially in the parliament or conservative party, but i don't think the magic number of 53 now that christian we thought has gone will be triggered, to have that next week, but... something else we don't know in the report or something that emerges after the rep

i— bank of england predicted? well, like i said, i don't _ bank of england predicted? out there who are concerned about their ability to heat _ concerned about their ability to heat their home, feed their families, _ heat their home, feed their families, and that is why the chancellor, the business secretary and the _ chancellor, the business secretary and the prime minister are looking at what _ and the prime minister are looking at what the government could and should _ at what the government could and should be — at what the government could and should be doing to help them. we have should be doing to help them. - have spoken to the labour party in the last half an hour, and they are talking about the cut to vt to provide immediate relief. are you looking at that measure? t provide immediate relief. are you looking at that measure?- looking at that measure? i think actually that _ looking at that measure? i think actually that has _ looking at that measure? i think actually that has already - looking at that measure? i think actually that has already been i actually

this week the bank of england will give a big clue as to how far and fast it will move in fighting inflation will raise interest rates to one half of 1%. did that will complete the first of back-to-back increases since 2004. several developments in the crisis in ukraine. the pentagon says moscow has increased the number of troops that have been deployed along the ukrainian border. vladimir putin has no plans to launch an investigation. the agreement would value the company at about $13 billion. they make software that workers used to log into corporate programs remotely. i'm ritika gupta. this is bloomberg. ♪ >> what we as expected as this virus moves through the population if it picks up a mutation that makes it a little easier to infected that virus will become the dominant virus eventually. we are seeing some of the fallout in terms of new variant s emerging. jonathan: equity markets are down 2/10 of 1%. nasdaq futures are up one third. germany up for basis points, flirting with zero. negative about a basis points now. a big challenge for christine lagarde. tom: there is no way she can fr

he saw the bank of england that it was a risk, but it was not clear how was going to pay out. y show a lot of discussion, maybe they should hold off. there is that incremental move. they may be almost ignoring it. that will be interesting. with the information we have, i do not think it will be changing. they will be dated. tom: let's get some names before you go. last time you are holding meta-, apple. where do you stand now? patrick: we have not done too much. we are sticking with that names, big cap that have big cash flow businesses. i still like the cyclical value. we own citibank, goldman sachs, we think the fed hikes will help. chip manufacturers, they're not very cheap, but they are incredibly profitable. francine: as always, thank you so much. it does seem like the market is searching, asking what is overpriced, overpriced, mispriced. coming up, the tech selloff has fallen with some big names slumping. we talk about that, next. this is bloomberg. ♪ tom: welcome back. 22 minutes into the trading day. later, we get the jobs data. whether that will be sustained is the key