stateside seems to be the jobs report, we can change that for the boc? wait approach they want to see just how hot -- how high inflation is going to remain. they are willing to acquiesce that there is elevated levels in terms of in terms of wage growth overall, the overall data for them right now shows them that the inflation i pressures are coming down they are confident in their outlook. according to a number of economists including bank of america may the rate hiking trajectory for the boc, they said in the near term yes. the next decision to include yet another pause. moving forward if we see greater divergence impacting the canadian economy there is no other decision for the bank of canada but to increase rates. jon: thank you so much, helpful context on today's's decision. we are getting more reaction. -- legal immigration that we are seeing in the united states. for all those reasons it is fine for the bank of america go on hold. i do think there will probably be some currency implications of that. you probably will see a weakening canadian dollar

we will talk about the widening gap between the boc and the fed.s is bloomberg. ♪ to where they're going. and at chevron, we're working to help reduce the carbon intensity of the fuels that keep things moving. today, we're producing renewable diesel that can be used in existing diesel tanks. and we're committed to increasing our renewable fuels production. because as we work toward a lower carbon future, it's only human to keep moving forward. ♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family or passing down the family business or giving back to the places that inspire you. no matter your purpose, at pnc private bank, we will work with you every step of the way to help you achieve it. so let us focus on the how. just tell us - what's your why? amber: this is bloomberg markets. now is time for today's what it is worth. four point 5%, the consensus number of where the bank of canada will keep rates according to a new bloomberg survey. what makes this number interesting is that it i

will offer daily currency swaps by standing lines and weekly coordination with the ecb and eob and boc. bank of canada the swaps will begin today and last through the ebtnd of april allowing $7 day loans. the bank of greece and council member has told ecb this morning he did not expect to see vulnerability in the global banking sector >> the vulnerability is small today. the banks are well capitalized i think the rate hikes are most now a story of the past. i think we are close to the end of the tightening cycle. to be honest, i do not believe there will be a problem in the greek or european banking system >>> let us move on credit suisse says 16 billion swiss francs of tier 1 bonds will be wiped out as ubs takeover the write down in the evidfforto boost the capital. it was credit ind-- created to transfer risk from owners. we have ben emons with us this morning. ben, good to see you what are the ramifications of the tier 1 be wiped out? >> good morning. we see it is transferred to the bank stocks and german stocks down anywhere from 5% to 8%. the a-t-1 market is on pressure today and

it would give a new twist to the top of the boc. fairly hawkish, if you want to call it that.ve a different feel to it. this would be for the right-hand demand of xi jinping. he will be the new economic czar replacing the current chairman. going back to the press conference, nothing earth shattering from his deputy governors. they are essentially saying that monetary policy goes out of covid zero and it won't remain targeted and prudent. even through this recovery it should be mild. he also hailed that financial risks have been curtailed. rishaad: we are asking about looking ahead because he is asking about consumption returning. >> i think monetary policy in china has been quite contained or targeted. it is making a strong bond. they just need to remain accommodative especially for small businesses. also to promote consumer confidence. haslinda: a lot of the be voc right now saying that the policy will remain prudent overall. we are seeing leaders falling out of favor. it does suggest that it has fallen. stephen: this could be that it will be reflected in the above business l