obviously bullard does as well. feeling that the market believes powell doesn't have the votes right now, and that is why the equity merck has rallied this week and the curve has remained flat. jonathan: if you are just tuning in on tv and radio, this is what happened about 40 minutes ago. st. louis fed president jim bullard came out with an explanation for his dissent earlier this week. he dissented against the call for a 25 basis point hike. he wanted 50. he wants immediate reduction of the balance sheet. that process should have started for him this week, at least implementing the plan this week. he wants the fed funds by year end more than 3%. so while tom might agree with him on reducing the balance sheet, i am not quite sure he's with them on where fed funds should be by year end. lisa: and he said perhaps j powell would agree with jim bullard -- jay powell would agree with jim bullard. we were talking during the press conference about the balance sheet. i wonder if it is because of exactly what tom was talkin

jim bullard of the st.is fed saying he does think we can achieve a soft landing, even as the fed moves to a more restrictive policy. based on the on the ground experience you have with the firms you are investing in, do you think it is achievable? david: nobody really knows, but i think the fed has done a reasonably good job of recognizing that interest rates probably need to go up. the question is how much and how frequently. i think the markets are assuming about six different times this year we will have rate increases, probably about 25 each time, but it is not impossible there could be a 50 basis point increase at some point, depending on what the inflation numbers are. i think the fed may have missed the market a little bit. it may be could have been a little bit earlier, a little bit stronger at fighting inflation. i think the word transitory is probably not going to be used again. kailey: they stuck to that for quite some time. how much credibility do you think the fed has lost still has here? david

especially bullard i love what he says. i think he's very credible, but i think at this point, it's not helping. >> or they're sending them out to jawbone the markets, which would be an odd move, though, given the proximity to the fed meeting, guy that's what's so fascinating to me about the comments today that we're digesting, is that we just had the chairman of the fed earlier this week talking about the path of hikes. and then we've got these two other governors out today. what do we believe and why would the markets believe the two governors just days after the fed meeting, unless the fed had a credibility problem? >> we've been together 13 years now, mel, and you're starting to think like me. i agree with you it's not conspiracy theorists. they say, the markets have done well, let's trot some of these guys out and see what the market can withstand. let's push the envelope a little bit here and test the waters i don't think it's that ridiculous i think they realize how behind the curve they are they're literally three a

bullard is making a comment that the fed may have to act per aggressively and keeping what he said in the last few weeks and i wonder what sort of showdown and that sets up between these two gentlemen and bullard a member and the fed chair saying we're not doing 50 we're doing 25 and talk to the hand if you suggest anything otherwise. you can dissent if you'd like. how does that set things up, steve, behind the scenes >> you've been watching too much game of thrones there, scott i don't know who the hand is on the federal reserve. you're right bullard can dissent and there could be another dissent that's not the end of the world for the federal reserve. i think where most fed officials are as follows and one, two, three rate hikes, march, may june, take a look around you start balance sheet reduction probably in the summer and that's the best thing and fed chair jay powell sees it coming back down to where it was over a three-year period and that's pretty much in line with market consensus and then you have a bunch of people that are ready to press on the accelerator or shift into ago

jim bullard dissented. i guess he is open to that as well. 2023, four more rate hikes.he consensus peaks at 2.75%. the neutral right from the fed is 2.4%. people say traditionally when you get the key right above the neutral right you are setting the stage for recession. jay powell says, look, we will do whatever to curb inflation that yes he did also open the door to a 50 basis point rate hike let's listen. >> every meeting is alive reading. we will be looking at evolving conditions. if we conclude it would be appropriate to move more quickly to remove accommodation, then, we will do so. i cannot be specific about it but that is certainly a possibility as we go through the year. >> a lot of questions that the press conference, a lot of questions after the press conference and it is the meeting. look at these forecast. look at gdp and unemployment. the fed it does see rate hike slowing down gdp somewhat over the next three years. unemployment stays the same. jay powell says that the economy is strong. there is a lot of unfilled positions. he thinks they can keep doing t

members of the fed may be listening to the bullard revolt.management, fox business contributor gary kaltbaum. gary, jay powell speaking maybe hour 1/2 ago at the association of business economics said the fed might tighten above neutral, their old neutral line and may hike rates 25 more basis points. he said they could do it every meeting if they have to. do you think he is sensing a revolt that could be happening? >> speaking, speaking, speaking, that is all jay powell does. while we're seven to 10% inflation, while the 10-year is spiking, we have an inverted yield curve he is at a whopping quarter percent but i do believe today he telegraphed being more aggressive. if i were him i would raise rates 1% today. go 3/4 of a point. you got to take the medicine y? if interest rates keep going higher the economy will not be able to stand it. i can promise you that housing l be in trouble the consumer will be in trouble. i applaud bullard knifing in the face what most of them are thinking or doing. charles: gary, you're saying if he is acknowledgin

jonathan: jim bullard once 50 basis points this week. he wants fed funds up more than 3% by year end, and balance sheet reduction already. lisa: i think it comes down to how strong do you think the economy really is. this is some of the disagreement on the federal reserve, and we see that this agreement in the economic data. if you believe the u.s. economy is very strong, why not go to 3%? you look at inflation, it is at a very high pace. the fed sees it remaining high this year. jonathan: what you said is precisely where morgan stanley is at. they have said, "this time we think grace will likely be higher. should allow for a higher peak and a longer hiking cycle." how much faith do you have in the economy and how much space is there to get fed funds up without damaging? kailey: that is what he indicated, saying the likelihood of recession in the next year is not particularly elevated, but what jay powell and morgan stanley see is very different to what we see in the news conference. morgan stanley saying the yield curve will probably in

james bullard urging tightening.has also been reiterating his call for interest rates to rise above 3% this year. we've got an exclusive interview coming your way rishaad: stiller gains, exporters responsible as the yen lurches lower, it is on a 121 and change. a dollar against quite a few currencies, but the yen is the one which is feeling the most and not acting as a haven as it usually does. 2.5 7% move to the upside. again there are, the broader market gaining ground as well. some stocks being bid across the board, the stock market extending gains. tokyo and katie dei hoping to live were stock benchmarks. that with rick nearly upon us. it is now. juliette: seven sessions of gains. those st. louis fed president says u.s. monetary policy needs to be tightened quickly to keep inflation under control. he spoke exclusively with michael mckee. >> faster is better and i think the 1994 tightening cycle or removing of accommodation cycle is the best analogy here. that was quite successful. the fed moved 300 basis points i

i want to bring in scott martin now because scott, james bullard wanted 50 basis points, he wanted tosed this opportunity the fed will lose credibility and i'm not sure what that means for the market but do you think he's on the right path? >> i think he was on the right path at one point, charles but lately, because of the russian ukraine conflict as well as some latest say economic growth numbers, i think 25 was the right move. a couple months ago 50 looked good but bullard has been interesting in his commentary of late because you're right he's talking about the fed reducing its balance sheet and another hawkish measures coming into a period charles where wie getting into economic uncertainty seeing consumer confidence pullback a disa in politicoing retail sales number coming up for march so i think the fed made the right move and also left the door open for more flexibility going forward in case things do weaken charles: we should also point out like the two year, it rose so much ahead of the meeting that the jaw boning worked like there was certain things powell wanted to happen

louis fed president jim bullard reiterates his call for interest rates to rise above 3%. hear more from our exclusive interview. this is bloomberg. ♪ >> fed president jim bullard said that monetary policy needs to be tightened quickly to keep inflation under control. he spoke exclusively with michael mckee. >> faster is better and i think the 1994 tightening cycle or removal of accommodation cycle is probably the best analogy here. that one was quite successful. the fed moved 300 basis points in a single year. then made some adjustments afterwards in 1995. the result was we had the 2% inflation target over the next 10 years. the economy boomed in the second half of the 1990's. so i think this is a situation like that where we came out of the pandemic, we got surprised by inflation. and what you have to do is move the policy rate up discreetly, a fair amount. not to be too disruptive, but i think 50 basis point moves will be in the mix. and then get to a level where we can be neutral. right now, we are putting upward pressure on inflation. >> the markets in futures are pri

bullard se encuentra en libertad condicional y al momento de los hechos bullard y su padre estaban envida no corre ningún peligro >>> pasamos a este caso que tiene conmovida a esta comunidad. tres niñas murieron a balazos después de que su propio padre les quitara la vida dentro de una iglesia, alejandra quesada habla con personas de dos escuelas. >>> los estudiantes del distrito escolar se despertaron con la noticia, tres de sus compañeras identificados por la oficina del alguacil de sacramento como samantha de 10 años, tamara de nueve y salía de 13 años de edad habían sido acribillados por su propio padre mientras estaban en una visita supervisada en una iglesia. el distrito escolar ofrece consejería para alumnos, maestros y para la comunidad en general apoyados por capellanes del condado de sacramento que visitaron las escuelas >>> el servicio está para todos los estudiantes y para todos los maestros. eso da servicios, psicólogos y están también ayudando a los estudiantes. >>> cualquier estudiante que necesite apoyos en el apoyo y atención >>> la escuela se comunicó con los padres

james bullard will be joining bloomberg surveillance. how much does he edify this eight-break height expectation? through february of next year? how much does he see they need to get even more aggressive? have heard him take a hawkish tone, as well as other fed speakers throughout the day. new york fed president jon williams, i'm watching that one. san francisco fed president mary daly. cleveland president loretta mester. how much do they talk about this flattening to tends curve? how much do they talk about the five 30's curve? the gap between 30 year and five year yields shrinking to the narrowest between 2000 and seven? we know what happened in 2008. much of a looking at a longer-term slowdown, secular stagnation? how much are they trying to get away from that as they try to be aggressive now? today is day one of the bloombergtv quality summit. the ceos of macy's, visa, and new york life all joining. how did they view the idea of esg in light of a shock? in light of something that actually changes the landscape on both an ethical stan

as you say, the fed president j bullard earlier talking about the fact that u.s. monetary policy needs to tighten quickly to stem inflation. >> what you have to do is move the policy rate up discreetly a fair amount, not to be too disruptive but i think 50 basis point moves would be in the mix. and then get to a level we can be neutral and from there, we can decide if we want to be restrictive and put further downward pressure on inflation. right now we are putting upward pressure on inflation which is the wrong place to be. guy: is faster better? let's kick this around. our chief u.s. rates strategist is joining is now. we've seen a big move at the front end of the u.s. yield curve. in london, christina is fresh back from holiday. christine, what do you think faster is better? >> if anything markets will be worried about it will be pace. if you put forward to the markets that faster rate harks -- rate hikes, is probably the way the fed will go. that will probably put some worries into investors. marcus this year have gotten their heads around the possibility of 1

. >> fed president james bullard says u.s.tary policy needs to be tightened quickly to keep inflation under control. he spoke excessively with michael mckee. >> faster is better, and i think the 1994 tightening cycle or removal of accommodation cycle is probably the best analogy here. that one was quite successful. the fed moved 300 basis points in a single year. then made some adjustments afterwards in 1995. the result was hitting the inflation target over the next 10 years. the economy boomed in the second half of the 1990's. we move the policy rate up discreetly. i think 50 basis point moves will definitely be in the mix. and definitely get to a level that we can be neutral. and then from there, we can decide if we want to be restrictive and put further downward pressure on inflation. right now, if the wrong place to be given where inflation is. >> the markets are now pricing and 50 for may 4. the fed doesn't like the surprise of the markets. should we assume that is what you're going to do? >> i'm just one person on the co

the spiral of violence continues unabated, firmly found on is darnell bullard im, chickamauga via yano. some americans abused the rockies on a chart that was when they came on tv to announce, i've killed 2000 to rocky will and i've killed 7 of them. i've killed 30 clotty shovels and they would never brought to court. how come with them when i ultimately, um, rekey, i know a lot of that i own with a lot. baghdad is the mother of civilization, but dod bestbuy dot here, what the city of the caliph al rashid, what is the cradle of many nations leotard, went by hallowed the americans came a long way to destroy this country and beyond. i suppose it to lamar. aloha the knoll. any one who called the americans occupies will pillar just or accused them of killing a roku that the that was considered a terror hung up a little from a be killed or rested. ah what uncovered? so mom, her mom was through on the shop. i'm old and tired issue other than i served in the army for 13 years. and that's why now i have children. if i hadn't been married, i would have carried on fighting. demonte with iraq beco

why jim bullard says faster is better. for more on this, we are joined by enda curran. how much backing does powell's 50 basis point hike, the possibility, the lack of things holding him back from doing that, how much credence and support is that getting from other fed speakers we are hearing from? >> -- enda: we had a volley of hawkish rhetoric from fed officials. mary daly saying not only do they need to get rates back to neutral, they need to go into tightening territory for the economy. we have jim bullard saying on bloomberg television a similar message. faster is better. he voted for the rate hike already. seems to be leaning towards the jerome powell camp. the fed seem to be responding to criticism behind the curve. they have not acted fast enough to contain inflation. in the space of a week, we have gone from commentary over incremental rate hikes to a big move by chairman powell. fed officials weighing in behind him so by all accounts, a lot of the expectation is for bigger moves by the fed and that of course will lend itself to more market volatility. dani: th

the eastern city rages, russia blames what it calls the premium nationalists or ukraine's president bullard emer zalinski, called moscow sees a war crime. as the deadline mirrors both countries, a promise more civilian evacuations. and we go to a children's hospital in a keep or staff are working around the clock to treat the injured despite enormous challenges. ah hello, i'm claire richardson. thank you so much for joining us. russia has called on ukrainian forces defending the eastern city of mario pol, to surrender by monday morning, moscow's blaming what it calls ukrainian nationalists for the humanitarian disaster unfolding their ukraine's president. while the demure zalinski says russia siege of mario paul is a war crime. both countries say they are planning, so a civilian evacuations for monday, russian state television recalls the destruction in mario paul. russia's military has managed to take parts of the besieged city following heavy bombardment. the price of its progress, burnt out buildings an traumatized residence. a nearby steel plant was also hit. russia claims to be di, not

eastern city rages, russia blaine's what it calls ukrainian nationalists while ukraine's president bullard d mirrors. lansky calls moscow sees a war crime or so running up claims it used to hypersonic miss i for the 1st time in combat and ukraine in this village, behind me destroying a military warehouse. we investigate a potential new escalation in the war as russia turns to next generation weapons in ukraine. and russia says it's recruiting thousands of syrian mercenaries to join it's invasion of ukraine. we'll look at what's propaganda and what's fact. ah, how i'm clear, richardson. thank you so much for joining us. russia has called on ukrainian force is defending the eastern city of mario paul to surrender by monday morning. the ukraine's leadership has categorically rejected the ultimatum and with it, an offer of safe passage out of the city for traps. civilians, if reigns president while the demure zalinski has described brushes bombardment of mario paul as a war crime. russian state television recalls the destruction in mario paul. russia's military has managed to take parts of the

james bullard saying he wants to see 3% rates by the end of this year.level you look at when you change that calculus in terms of the pain threshold for equities? giulio: not necessarily. our base case is that interest rates could go up to 3%. there are opportunities in that space. in an environment with higher inflation, especially higher-than-expected information, we do see potential for emerging-market equities, for instance, because there would be a negative correlation between unexpected inflation and price-earnings ratios. a turn would be beneficial, could be beneficial for investors. tom: where specifically within em? some em's very dependent on imports on commodities. how does that dynamic play through when we see record price levels? giulio: the em space is very broad. there could be like significant differences, for instance, between middle eastern countries and asia. with unexpected inflation, it could make more sense [ indiscernible] on middle eastern countries because they would transmit to higher energy prices, which is correlated with unex

do you agree with james bullard of st. louis that it may be more buoyant than anybody expects?d get a run rate of 3% -- or dare i say, 4% -- real gdp? rubeela: the fundamentals right now are solid. there is nothing to suggest that the u.s. economy is looking at a sharp, substantial slowdown. even when we estimate growth in the second half of the year we are estimating a growth rate that is close to 2.5%. this economy has a lot of momentum. the biggest risk is that things can change very quickly, especially given the geopolitical backdrop. we don't know what oil prices are going to do. you don't know what the supply side is. tom: rubeela, completely unfair question, but you, unfortunately, have to speak to carl weinberg each and every day. he is truly expert and experienced in international debt workouts. how do you and dr. weinberg feel out of this war we will work out the debt structures of ukraine, eastern europe, and new iron curtain? rubeela: i think he has been speaking to this quite a bit. the fact that we don't really know what the implications are, how deep these connec

jonathan: jim bullard saying i will have 50, please. the bank of england in about 30 minutes.ber catherine mann? she put her hand up and said, can i have 50, please? the close was 135.98. all the way back to 131 on cable. just wonder how sterling is going to match up from what we might here in 28 minutes. lisa: i don't even understand the currency reaction to the central bank. even if you have a hawkish kind of proclamation, you could see a decline because that means slower growth ahead. the currencies are responding to something other than simply tightening or loosening. jonathan:jonathan: i crowd sourced yesterday on what stocks were up. i got about 200 different responses. lisa: it explains that we do not know. that is the very clear message. lisa: that's -- jonathan: that's the cross asset price action. a man who might know, romaine. romaine: that's a lot of pressure. we should point out that the equity market certainly has one eye on the cyclicals coming out of the foreign bond market and the other eye on the fog of war coming out of ukraine. put that together and you got

jon: context from james bullard, the st.is fed president speaking exclusively with bloomberg's michael mckee. for matt miller and myself, thanks so much for watching. this is bloomberg. ♪ mark: keeping you up today with news from around the world, i'm mark crumpton. judge ketanji brown jackson is facing the first of two days of questions from u.s. senators as they consider her nomination to the u.s. supreme court. she defend herself against criticism from republican senators who say she has been too lenient in sentencing child born offenders and has -- and is generally soft on crime. >> you know that there is someone who has written to me and has told me she has developed a agoura phobia. she cannot leave her house because she thinks everyone she meets will have seen her at the most vulnerable time of her life. i tell that story to every child born defendant. mark: judge jackson defended her work representing accused terrorist at guantanamo bay cuba , saying they had a constitutional right to be treated fairly. russian oppos

bullard, you're suing the defendants for $5,000. you claim that mr. watson hit you as you were backing out of your driveway, but at a complete stop. >> yes. >> judge tanya: mr. watson,

louis, bullard from st.ouis, george from kansas city and there is a group of more hawkish fed officials that want to do more to address inflation and want to do more on the balance sheet. i think what you saw there, the reason there was only one dissent and not more, with the balance sheet thing, redewhursting the balance shee wrooe deucin reducing the balance is something thrown to the hawks, we'll go to balance sheet fast as possible and you stick with this right here. and also, remember you're going to do 8.5% on cpi at the minimum in the month of march when it comes out in april could be 9% i think 50 is on the table and i'll be listening very carefully to see if that is firmed or not for the next meeting or the one after that. >> steve, always great to get your take. thank you steve liesman. >> which it was a more optimistic report. >> another time maybe now the investment officer joining us great to have you with us. you think this fed path as laid out is going to cause market pain , why how? >> i thin

jim bullard, who is a voting number of the committee, said just a short time ago in a speech he is makinghat the fed still needs to go 50 basis points. so they are clearly not united at this point. there will be a lot to talk about at the may 15, 16 meeting. guy: a lot of uncertainty to factor into their thinking. let's talk about the uncertainty . chair powell referencing it. the market hates it. uncertainty incredibly difficult to deal with. it is not risk. it is not quantifiable. how good is the market at hedging geopolitical risk? amy: i would say the market is terrible. prior to this geopolitical risk being on the table, the options market was doing a fairly decent job of pricing where they thought the fed dot plot could be. essentially, options investors have said we have no idea what is going to happen in march in the context of what is happening in ukraine. essentially, people are taking hedges that are new and saying, look, this is going to be highly uncertain for a long time. we don't know what happens in march anymore, so we are going to go down the line and say that uncertaint

a grade for cali, mondor said every bullard, that he got to the library, they are fast. oh, he bought a whole new level for issues, especially with what you wishing now for the 2nd part of this investigation where following the trail back to france, this huge iran, a plant in auburn, is a gateway for much of the uranium coming to europe from all over the world here it is purified for use in nuclear power stations. the process generates a lot of radioactive waste, which is stored in these bases we meet for brief it at all. the french act of his contact of al muster for allah chin in the year you must have written or is it approximately said pushing it? it reflect alta because you it is and does your are still up to the dos and i wish i thought we were, they are not. the defense is what he says esparza de chiller portugal may do knob and that her door family has lived in knob on for several generations, for breeze cherishes the town. but he claims the factory has been polluting the area for years to condition for sidwell. sitting disheveled as she had well given key to mil

very bullard got, i got a letter in the office, a whole new level traditional. this was such a seal glycerol, a feel so a little bit confused with what you wish. in part 2 of this investigation, we followed the trail back to newborn in france, whether you rein him from the jet is processed and stored and they're too concerned about radioactive pollution. a growing ah, ah ah, with some of the world's largest preserves needs yet provides much at the uranium that fuels year at the nuclear power plant. but at what cost? people in power follows the uranium trail from nisa to the source of the mediterranean and investigates the devastating effects on the planets and all those who inhabit the industries power. because of uranium pot tail on al jazeera, from the front lines of jazeera correspondence continued to report, every angle of the war in ukraine is the closest feel of people donating whatever they can. big steely determination to resist and fight back. we're the center of the capital in a war with cough things for a long list. already all towers were still rolli

very bullard got, i got to do that at the office a call, you know, a little finish with such a quick feel so little bit confused with what you wish. in part 2 of this investigation, we followed a trail back to newborn in france. whether you rein him from the j is processed and stored. and there 2 concerns about radioactive pollution. a growing ah ah, with some of the world's largest preserves needs yet provides much at the uranium that fuels year. it's nuclear power. but at what cost? people in power follows the uranium trail from the dead to the stores of the mediterranean and investigates. the devastating effects on the planets and all those who inhabit the industry's power. the cost of uranium part 2 on al jazeera from the london broadcast center to special guests in conversation, christina, all about trying to get a superior reputation on prompted uninterrupted. where we find the most profound similarity is not actually in our classes living relative, but it's a much more distant connection, intimately reflecting on the issues of our time. they're going to be a cooperative specie

a girl you forget. luanda said every bullard that he got a letter in the office, he bought a new label finished, especially with what you wish. now for the 2nd part of this investigation where following the trail back to france, this huge iran, a plant in auburn, is a gateway for much of the uranium coming to europe on all over the world. here it is purified for use in nuclear power stations. the process generates a lot of radioactive waste, which is stored in these bases. we meet for brief it at all the french act of his contact of al muster, for allah chin in the year. you know, so i said okay, is it opportunity said pushing it, it lifeline also because you it is, it does your are still up to the dos and i wish i thought we were, they are not the funny to see what he says esparza de chiller portugal may do knob on the door family has lived in knob on for several generations. febreeze cherishes the town, but he claims the factory has been polluting the area for year to condition for sidwell setting. disheveled, assured, well, give a key to milan. he swimming all other natalia teachers

what it calls you, premium nationalists, or ukraine's president bullard humors. a landscape called moscow sees a war crime, has the deadline mirrors both countries a promise, more civilian evacuation. and we go to a children's hospital in a keep or staff are working around the clock to treat the injured despite enormous challenges.

very bullard gregory larry down fast. he bought a cold, you know, label finished, especially with what you wishing now for the 2nd part of this investigation where following the trail back to france, this huge iran, a plant in auburn, is a gateway for much of the uranium coming to europe from all over the world here it is purified for use in nuclear power stations. the process generates a lot of radioactive waste, which is stored in these bases. we meet for brief it at all. the french act of his contact of al must have our ally, chin in the j. i said, okay, is it a push me to said pushing it left leg alter because you. it is a neat as you're a scroll up to the dos and i wish i thought we were the us in our burner. the funny he locker. what he says esparza, looking on a porch from a doorknob and the to door family has lived in knob on for several generations, for breeze cherishes the town. but he claims the factory has been polluting the area for you to can dish office in will sit in the show of a said well he re key soon,

is it anything other than some bullard? does it carry any bite? well i the thing i, it is largely symbolic and that the general assembly does not have the power to authorize a peace keeping force or any kind of force. it can't level sanctions against russia or any country for that matter. the ukrainians have taken the case that this is evidence that will be supplied to international courts as russia is investigated for potential war crimes. ukraine went so far as accusing russia of attempting, genocide and ukraine. the west has not used such strong words, but they have said that russia will be held accountable. and so in that sense, this could possibly be seen as an evidence or a resolution that does carry some weight in that sense. i'm just very, very briefly tre. second answer, kristin. what's happening now? people have to still speaking after the votes of some countries have chosen to speak and make their views known. explain their vote. and the ambassador of ukraine actually invited countries to come and sign a copy of the charter predicting t

a grade for cali mondor survey bullard, regarding our l. down fast. oh, the body, a cold, you know, label printer issues, especially with what you wishing now for the 2nd part of this investigation where following the trail back to france, this huge iran, a plant in auburn, is a gateway for much of the uranium coming to europe from all over the world here, it has purified for use in nuclear power stations. the process generates a lot of radioactive waste, which is stored in these bases. we meet for brief it at all. the french act of his contact of al muster for alack him in measure to not have my son or is it up on me too? said pushing to lifelong also because you it is and does your a still up for the dawson? i wish i thought we were in the us in our burner. the funny he long once. he sits esparza de chioma portugal. my do knob on the to door family has lived in knob on for several generations for breast cherishes the town. but he claims the factory has been polluting the area for years to can. dish offers who were sitting, disheveled, assured rel, i

waller on the board saint key did not vote for 50 basis point/time because he was unsure, but jim bullard cannot wait to find out. what do you think? >> i put a couple of risks in front of people. my heart goes out to the ukrainian people, but if you think about the effects on the economy, it definitely a global headwind. in the u.s. with the domestic economy i see it as further upward pressure on prices, gasoline but also other commodity prices which ultimately are goods that we are already finding high prices for so i think there is an upside risk to inflation. i think it is a modest risk to growth but not the kind of thing that would produce stagflation. we are a net oil exporter right now so when prices rise production in the u.s. also increases. this is a big uncertainty shock, then you also have this happening when it is clear covid is not completely bind us. kathleen: mary daly speaking exclusively, we have breaking news, the white house is going to be seeking $813 billion for special security budget, an increase of $31 billion, 4% more . one is the increasing military joints from

the spiral of violence continues unabated to fully fund any is darnell bullard. im shipment of via yano, some americans abused the rockies on a shot that was they came on tv to announce i killed 2000 iraq last we'll all have killed. 7 of them was i've killed 30 clotty shovels and they were never brought to court. how come with them when i ultimately um, rekey, i know a lot of that i own with a lot. baghdad is the mother of civilization. but dod bestbuy dot hill, the city of the caliph al rashid, what is the cradle of many nations? and here john went by hallowed the americans came a long way to destroy this country and beyond. i suppose it philomena ha the know any one who called the americans occupies will pillage us or accused them of killing the rockies. that the thought was considered a terror hung up a little from a be killed or rested. ah, what uncovered my so mom her mom was threw on shove i'm old and tired issue out of them. i served in the army for 13 years and that's why now i have children. if i hadn't been married, i would have carried on fighting the demonte. ah, the rock be

listening to oh, any rock, the spiral of violence continues unabated. firmly find any is darnell bullard, im shipple darby a yano. some americans abused the iraqis. alicia, that was they came on t v to announce i killed 2000 iraq. you actually will at killed 7 of them was i've killed 32 lateesha halls and they were never brought to poor hakama tamala ultima lou other america yano villa. but that i own with hollow rod baghdad is the mother of civilization. but dod bestbuy, the dog here was the city of the caliph al rashid, what is the cradle of many nations lea, a jot went by hello out. the americans came a long way to destroy this country and beyond. i shuffles it to lament. aloha the knoll. any one who called the americans occupies will pillage us or accused them of killing a roku that the thought was considered a terror. holly up a little from a be killed or rested, little ah, what uncovered? so mom her mom was through on the shop. i'm old and tired issue other than i served in the army for 13 years and that's why now i have children. if i hadn't been married, i would have carried on f

tom: i'm going to james bullard and the shock that he had in real gdp.get earnings coming out and maybe that will help with the american story. can you overlay a global inflation for longer you get out to the animal spirit of nominal gdp and granted there are problems down the road, but things keep going. jonathan: i think that is what you are teeing us up for by the communication we get from the fed from later this week in chairman powell and on march 16 when they meet and decide. lisa: how much do we start to see people pile into the haven bet in bonds and see inflation surge itself back up the main threat in an economy that hasn't seen this since 1982? jonathan: futures down .5%. in anzac -- the nasdaq is down .6%. yield down by six basis points. from new york, this is bloomberg. ♪ if you're a small business, there are lots of choices when it comes to your internet and technology needs. but when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose f

james bullard dissented in favor of a half-point hug.is the first vote against the decision since 2020. >> it is time to raise interest rates and balance of shrinkage. i just want to say that as i looked around the table at today's meeting, i saw a committee that is acutely aware of the need to return the economy to price stability and determined to use our tools to do exactly that. >> president biden says the u.s. will send drones and thousands of anti-aircraft and antitank missiles to ukraine as part of a new air package or aid package to help the country fend off invading russian forces. the white house is touting a billion-dollar secured system to authorize for ukraine in the past week. it follows an address to congress by vladimir zelensky. we need you right now. remember pearl harbor, the terrible morning of december 7, 1941 when your sky was black from the plains attacking you. just remember it. remember september 11. >> the united nations has ordered russia to suspend operations in ukraine. a ruling that is unlikely to carry any

james bullard may be alluding to that 10, 20 days ago. what is so important to me is the x-axis.is not only the inflationary impulse higher this morning, but everybody's length of time is exploding out to the right. jonathan: does demand get destroyed by what is happening on the screen right now? brent at $113 and wti at $112. tom: do you see much movement in the bond market off of adp? jonathan: we have come up a bit, and equities has faded a little bit as well. nothing major, but it is there. tom: greg valliere with us now with agf investments. greg and i noticed very quietly an important article. this is helen cooper and eric schmidt in "the new york times" today. to me, it was imagery out of our childhood, dead bodies in the snow. it is not a pretty sight. we don't see it much on tv. a good friend of this show said something dramatic is happening to the russians. greg: this is really a staggering development, to see accounts of russian soldiers surrendering, laying down their arms, to see corpses strewn along the sides of roads. the numbers in this article are astonishing of

jim bullard told me we cannot wait to find out. we have to act now. what do you think? i look at the -- i put a couple of risks in front of people, the invasion of ukraine and the ensuing difficulties, my heart goes out to the ukrainian people. it is a global headwind on the u.s., the domestic economy, i see it as a risk to inflation. further upward pressure on prices, gasoline, also other commodity prices which ultimately are goods that are we -- that we are finding high prices for. i think it is an modest risk to growth. not the kind that would produce anything like stagflation. we are an oil exporter. when prices rise, we get the offset on growth. this is a big uncertainty shock. you also have this happening when it is clear that covid is not completely behind us. haidi: speaking exclusively with michael mckee. let us look at the rates market. we had a surprise when it comes to the u.s. treasury selloff, reaching historic levels. we have the 20 year auction really attracting a lot of bidders to come in and pick up this option for the cheapest level in about a year. w

two rate rises, each by 25 basis points, but i believe jim bullard on the fed dissented because he wantedo see more. simona: two similar outcomes but the message from the hikes was different. what you saw was an example of, the closer you are to the war in ukraine as a policymaker, the more cautious you have to be in terms of what policy trade-offs you are making. of course you need to fight inflation, but you need to be mindful, the closer you are to the conflict what the negative impact on growth is. this is an external shock that worsened trade policies for everybody. the fed is less concerned because they are further removed, more energy self-reliant. more. matt: is inflation hitting consumers in the u.k. and in europe as hard as it is hitting consumers in the u.s.? simona: in fact, europe as a whole has a higher dependence to russian energy sources. you have seen considerable increases, prices are going up substantially more than in the u.s. the reality is it is not central banks that can fight this. you are starting to see a fiscal response, which is exactly where the response can c

i think the fed is clearly understanding that and we have president bullard saying we should do 50 basis points right now and the uk should learn the lessons from the u.s. approaching the situation. >> alan, thank you for joining us and sharing your views. >>> now let's look at key corporates in focus this morning. julius baer has credit to a small number of sanctions of the the exposure is mostly in the form of mortgage loans and not accepting new clients with a russian residence. the bank reduced the collateral value to zero last month julius baer up .70%. >>> s.a.p. announced the cfo will leave the company next march. it will search for a successor s.a.p. shares down 2% this morning. >>> german factory inflation below forecast for february ppi. the expect tations of a 26% jump it is on par with the highest level since modern records began. the dax is down 13 points after last week's strong run >>> volkswagen recalled atlas vehicles over wiring issues. the carmaker warned it could cause damage to air bags and windows and brakes the company will notify customers. shares are down .60% st

louis fed james bullard says rates should be raised, no, basically, here is what we got.overnors, he's speaking out and he says we should have an immediate 50 basis points rise in interest rates, and the fed should stop money print ing now. fed governor waller also agrees with that. that is pretty much negative stuff, and maybe the markets paying attention to it too. as for the white house, it's threatening consequences if china aids russia. roll this tape. >> president biden will be speaking to president xi tomorrow and will make clear that china will bear responsibility for any actions it takes to support russia's aggression, and we will not hesitate to impose costs. >> certainly, our concerns about china assisting in anyway russia as they invade a foreign country is a significant concern and would the response that be consequences. stuart: going to repeat this. if biden is convinced that china is epidemic hadding the russians , then he's going to impose sanctions on china and that, i suspect, will be a very big deal. what do you say, economist art laffer? >> i don't th

jonathan: james bullard sitting down with mark mckee yesterday, a fantastic exchange between the twothem. they've got some work to do. futures down 4/10 on the s&p. yields coming almost a basis point on the 10 year, much more on a two-year. we will call it 62 on crude, by more than 3%. we come back in by a few basis points. typically, when a president goes abroad in a moment like this one, he goes with some deliverables. anyone with any kind of interest in foreign diplomacy knows that a lot of this is orchestrated. presidential trips are usually planned months in advance and are orchestrated down to the final detail, but this one, there is a bit more uncertainty. the director of policy research, how strange is this to go to europe in a moment like this one without deliverables? >> abnormal, to say the least. these things as you know are normally planned and the most minute detail. where the little flags go, the months of negotiations. but this time is different and the president is going in without as much normal planning as we seen in the past. we had some uncertainty and i think th

coming up tomorrow, saint louis fed president jim bullard. ♪ >> the big elephant in the room is inflationthe issue. >> commodity prices were already on the upside, but they are definitely getting pushed higher. >> what the fed need to do is send that is simply step up on inflation. >> unless they can fix the supply chains around the world and do something about energy prices, i think they are tilting at windmills right now. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: what a fascinating bond market. if you are not inter

we heard from jim bullard who also wants 3% by the end of the year.s saying is going to be passive runoff. can the fed stick with passive buddy? -- with passivity? stephen: clearly the balance sheet is very large and there is a true menace amount of excess look at it he, but it just kind of slosh is around, we get 1.8 trillion dollars -- they could take out $1.8 trillion in do very little in terms of economic impact because they are just raining the money getting put back to them anyway. their view is as long as they are shrinking the balance sheet over time they could manage whatever fallout comes from that , the various tools and rates they have on the money market front. kailey: in terms of managing fallout, the narrative's monetary policy will always operate with a lag. lb true in terms of raining and inflation. on the growth side by the time you start to see an impact on growth will it be too late, too far gone? stephen: that is always the plastic thing is the fed goes too far and waits too long. we have seen it on the easy side where the fed was

louis fed president jim bullard said indic all indications up in the spring and interest rates move fasterting. mike, i think we know his position wants bigger rate hikes and faster does it do anything to the market to have these calls repeated >> pounding the message home significantly also joined by some of this colleagues. not just jay powell. there's a general view out there that they are trying to get the market prepared for front loading a lot of highs, not counting on inflation to ease back on its own. mostly absorbed that bigger question, s&p up almost 10% coming into today and six trading days pulling back a percent, taking a breather bond yields ease lower, it makes sense in this context. question is, was it really just a big off sides positioning move where hedge fund completely blown out of all risk exposure, rebuild them or more market staying on a fundamental basis, saying it believes it can handle what the fed has for it? >> nasdaq underperforming today. down more than 1%. most of tech not working today makes you wonder, inflationary fears? economic softness? is it rate hike

jonathan: it is not near the median., but close to jim bullard's world.: is it close to bill dudley, mohamed el-erian's world? jonathan: maybe. he things it is a binary choice between risking recession or prolonging inflation. he thinks the least bad choice to block inflation is to not go too hard. tom: the least bad choice is l arian -- is el-erian game theory. we will go to ian shepherdson, who is fortunate enough to be in the studio. you have to frame glide paths or reaction functions. do you see glide paths that get us to that stunning kind of move that mr. hollen horst speaks of? ian: not in the timeframe they are looking at. tom: the x axis is the point of discussion here. ian: indeed. i am very much of the view that the terminal rate will be way higher than markets think, but i am also of the view that it will take longer to get there than citi are now suggesting. i don't have a problem with the idea that we will end up well into the threes, and we may even hit 4% by the end of the cycle, but i don't think we will get there at that sort of speed. t

if you look at two year yields versus two-year german yields, today at 8:30 pm jim bullard will be joining bloomberg surveillance. i'm curious to hear how he categorizes what we heard from jay powell yesterday. perhaps we are not seeing a reaction in equity markets. the bond market very much has moved. traders are pricing in eight rate hikes through february of next year. that brings the fed funds rates to 2.4%. there are other fed speakers throughout the day, including president jon williams, san francisco president mary daly, and please and -- and the cleveland president. we are going to be talking about the rate hiking cycle in may. but also the yield curve. jay powell dismissed it yesterday is not being necessarily something that pretends recession. we are seeing that key spread narrowing to going back to at least 2019. if you take a look at the gap between five-year and 10 year treasury yields it is the widest since 27 -- 2007, a year it would not be happy to compare this winter. this is also day one of the bloomberg quality summit. i'm curious to hear how they address the current sit