that will make the central bank and central bank currencies fit for the century we are in, which ise are looking at cbdc, central bank digital currencies. so instead of having banknotes and cash in our pockets, we can have exactly the same thing but in a digital form. all of us are working on this, and we are looking to push the cbdc issue on our agenda. i believe we have to stand ready for that. david: if the ecb were to have a digital currency, would that be to the exclusion of paper currencies, or would it be side-by-side? ms. lagarde: side-by-side, because we want customers to have their preference. if they still want to hold those banknotes in cash, fine, and it should continue to be global and around. david: at this point in your life, do you feel discrimination against you in your professional life as a woman? ms. lagarde: it is difficult to hold open discrimination against me, let's face it. but i am aware of discriminations against many women in all parts of the world. ♪ david: in recent years, the central bank has been worried about something called climate change. federal

and the, the central bank, the european central bank, the federal reserve bank, all the central banks of the world, fostering and basically pushing this wealth and income gap. last week, the big nose, of course, was fed chief power, other officials owned security's central bank bought during the coven. busy pandemic, so you had all of the fed presidents, many of them actually owned a lot of the securities that the central bank itself was i'm buying at a premium to keep the system alive. right. so they were earning money by their own using the taxpayers money. so rosengran, he said he would sell us individual positions and stop trading while he is. so he was trading, he's the boston fed president. eric rosengran, dow sped president, robert caplin, who actively traded millions of dollars of individual stocks, also said he would no longer trade and without his individual possessions. but he said his trade did not violate fat ethics rules. okay, well it will take you at your word, right, so they were actively trading during this time. those 2, in particular, the dallas fed and the boston

central bank digital currencies.nstead of having bank notes, we can have exactly the same thing but in a digital form. all of us are working on this and are looking to push the cbbc -- the central bank digital currencies issue on our agenda. david: if the ecb were to have a digital currency, would that be to the exclusion of paper currencies? or would that be side-by-side? >> side-by-side because we want customers to have their preference. if they still want to hold banknotes in cash, find and it should continue to be available. david: at this point in your life, do you feel discrimination to you and your professional life as a woman? >> it is difficult to discriminate against me. i am aware of discriminations against many women in all parts of the world. david: in recent years, central bank has been worried about something called climate change. the world is making comments about it and you are as well. why should central bankers be worried about climate change? >> to me, it is a no-brainer consideration. climate ch

central bank digital currency. officials testified about the pros and cons of such a move, and also discussed china's digital currency and its global implications. the senate banking subcommittee on economic policy held this hearing in june. >> today's hearing focuses on the opportunity by a central bank currency. this is a bipartisan hearing. in fact, it was ranking member kennedy's suggestion to hold it and i want to thank him, and i want to thank his team for working so closely with us to get it put together. now, the core subject of this hearing is not bitcoin or dogecoin or any other cryptocurrency. instead it's the explosion of cryptocurrencies over the last decade that has created the context for understanding the potential value and risks of digital currency. there are substantial difficulties with our current payment system. nearly 33 million americans have been locked out of the traditional banking system. they're forced to use check cashers and payday lenders for basic banking services, and those with tr

i'm not certain we need a big central -- a central bank digital currency. it has been the private sector that has been responsible for developing could be currencies, including coins which can be stable with respect to the dollar. private digital currencies have the potential to increase access to financial services for all americans. while increasing individual privacy. people raise issues about private digital currencies including their use in illicit activity and the possibility they could affect monetary policy. i think we need to discuss these, understand these issues. we many to address them. we should not lose sight of the tremendous benefits that the underlying technology offers. that this can offer mediated payments as well. we should continue development of private digital currencies. i look forward to today's discussion and look for to the witnesses sharing their expertise. >> we push it you being here today. -- appreciate you being here today. we have dr. neha, who is at the massachusetts institute of technology. we will have the honorable chris

the central bank fit for the century we are in, which is why we are looking at central bank digitalrencies so that instead of having make note and cash in our wallets -- banknotes and cash in our wallets, we can have it in a digital form. i believe that we have to stand ready for that. david: if the ecb were to have a digital currency, would that be to the exclusion of paper currencies? or would it be side-by-side? christine: side-by-side. david: at this point in your life, do you feel discrimination against you in your life as a professional? christine: i am aware of discrimination against many young women in all parts of the world. david: in recent years central banks have been worried about something called climate change. why should central bankers be worried about climate change? is that something in your purview? christine: to me it is a no-brainer consideration. climate change is part and parcel of our mandate. think about it -- drugs, famine, pandemic, flood, massive fires, all of that is going to have an impact on prices, inflation, price stability. not only do we talk abou

how do you actually look at central banks?very unlikely i think that there's the bank of england, the ecb and of course the fed and others, the bank of japan, all saying the same thing and they are all wrong. could we be looking at a global central bank policy mistake if they are not front running inflation? tatjana: i am not saying they are wrong and i am not trying to -- central bankers. they all have an interest in sticking to one story that is potentially true. raising interest rates would have a big impact on other sides of the economy that they kind of feel like they don't want to trigger right now. they are hoping that their part of the story is going to come out as the true one. i think they are really trying to push back towards [indiscernible] rather than getting too much concerned about the -- story. we all don't know whether one story is correct or the other is correct. tom: the rates obviously question brings us into what is happening within the 10 year space, 1.51 currently, and the impact on the technology secto

that's how the central bank system is free out on top of gold. remember they had gold for a long time, thousands of years, and then they said, hey, we're going to have something as good as gold, but it's easier, more transportable all these things. and we can bell you out. well now between comes along and now they're introducing c. b c's. this is what e c. b 's young's wed. men says central banks planning to issue digital versions of their currencies must not treat commercial financial institutions as endangered species that can't handle competition. and the headline from bloomberg reads ac b's, young westman says, banks shouldn't be costed and digital money plans, which means they will be costed because it's the cost of the cost. where tell you about this to tear system like, let hearkening back to the pre french revolution. right, the other way to look at that is what simon dixon, the bank, the future warned us about least 3 years ago that the central bank digital currency is once implemented by the central bank, allowed them to throw the comme

we'll continue on central banks. to the bank governor after they announce their rate decision. discussion on inflation around the world and how smaller economies are dealing with inflation rates. tom: look like it is going to be the first g-10fx to raise banks. francine: coming up, workers return to london and other global financial hubs. we'll speak to a citigroup chief executive about the future of work. this is bloomberg. in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. francine: welcome back to the open. here are your top stories. a moment of truth for china as shares surge along with other chinese developers. t

a central rushing versus the a correspondent donal quarter's across. they don't start to see this company in this morning. what's going on and what's the latest? stay to play the yeah, kevin, this tragic nash shooting and took place. like you said, the university located in the central russian city of perm, early on monday morning. now, students have already been evacuated from the area, while the investigative committee has says, has said that 8 people were killed and another 6 people were injured. although we also heard from emergency services. they're saying that 19 people were injured. and we haven't heard from the health ministry, they're saying that as many as 24 people may have been injured in this. so we've seen a lot of conflicting reports, but our video agency roughly was able to get some interviews with people. eye witnesses at that scene, so let's take a look at what they had to say. a visit of a crowd of people was running, followed by a young man with a gun who was shooting. i thought it was an extra 10 minutes so that one person fell on

some of the major central banks.ean central bank is trying to stay out of that, but the problem christine lagarde has is what happens elsewhere bleeds over. people will be watching to see if they can hold out and continue their efforts to try to boost the economy through monetary policy. guy: we were told time and again it would be easier to control inflation because central banks had a long history of controlling inflation and understood what the tools were, then dealing with his inflation. is that true? michael: it depends on what you mean, dealing with it. if you're talking about central bank response, it is easier to deal with inflation because you raise interest rates. what we have found with low inflation is just cutting interest rates does not raise it. in japan it is found that doing a lot of qe does not raise inflation, either. if your inflation is too low, central banks are constrained. alix: thanks a lot. we want to listen into christine lagarde who is speaking at this forum. pres. lagarde: an unusual rece

>> i am not going to speak to the internal workings of the central bank, but central banks understand -- are one instrument. it does inflate asset prices but it also provides liquidity, which is critical for market functioning and allowing the economy to recover so that you can actually have -- achieve your agenda of employment. it is a double-edged sword and central banks, when we look at the u.s., if central banks did nothing we would be worse, but there needs to be acknowledgment that there are negative externalities. romaine: it seems like we have had acknowledgment from prominent economists that do have a say when it comes to policy, whether it is monetary or fiscal. at some point this becomes political because you would have to address some issues through the mechanisms in congress and the white house. that seems like that would end up being the big stumbling block. >> policy does matter. one thing we think about is looking at the social safety net where you could pen chile have automatic -- kick in. automatic payments for people on the lower end of the income sector if there is

>> it has to be impacting the whole central-bank story. coming into this a few months ago, the central banks were going to pull away. with delta resurgence over the summer, that is changing that. we see what is happening with jobs in the u.s. economists say that is going to put the fed on the sidelines. one thing to bear in mind is the fed saying what is bond buying achieve in the crisis? rishaad: looking at the president of the bundesbank saying the future depends on science. >> we are back to where we started. all of this depends on vaccinations, the quality of the vaccinations holding up against these variants and the distribution and logistics of getting these vaccinations to the world including the poor countries. we get through the winter months, that is the optimistic scenario. we get through the winter months and the vaccines are failing, that could be a different story again for the world economy. david: i should correct myself. it is from 2.4% to zero. but still zero. our chief asia economics correspondent. rishaad: you're going

it may make its way to the central bay on saturday.ted and the atmosphere, as opposed to ground level. moderate is the worst we are forecasting at this point. a look outside, bright blue skies, temperatures mostly in the 70s. downtown san francisco is a cool spot. the warm spot, 79 degrees in concord and santa rosa. nice september weather. some temperatures did sneak up into the low 80s earlier today, but we are coming off nicely, and a pleasant evening overall. temperatures are warmer north of the golden gate, because yesterday we had those showers moving in. today has been full sunshine. several degrees warmer for him in parts of the east bay as well. santa clara valley, a couple degrees warmer. it will be nice for game one of the giants series against the rockies, as the giants try to wrap up the n.l. west. 63 degrees for the first pitch. breezy and clear, mostly clear throughout the evening. no worries about fog. temperatures will drop to the lower half of the 50s for most of us, and mid to upper 40s in the north bay valleys. tempe

it has not been the central issue of this political campaign.o you think there is a clear differentiation on where the economy goes after this election is over? william: differentiation between whom, the various parties? up until now, if you look at the recovery, what has happened in canada has been a mere image of what is happening in most of the oecd countries, on average. the sense, looking forward, is that our prospects are much the same, which is to say there seems clear evidence that the economies are moderating. at the same time, china has been slowing down, too. there is i think a growing sense that perhaps the good days of faster growth on a much faster growth, are behind us. i think there is a growing apprehension. matt: what effect has the pandemic had on the voter base, on the expected outcome? william: to be honest, i really don't know. what i can say, it appears as if the government chose to call the election on the grounds that they had done a good job relative to others with respect to pandemic control, were hoping that that woul

at the center is hong kong land, the central business districts. -- central bistro -- the central businesst's biggest landlord. we spoke with the ceo about the impact of social unrest and pandemic restrictions on the city's commercial real estate demand. guest: obviously the macro environment is something we deal with on a regular basis. in reality, we do not see the leasing demand subsiding at all. what we see is a lot of corporate's are elevating and going back to quality. they are removing and going back to quality premises, which is what we offer. >> travel has obviously been restrictive right now, and people cannot travel around the world. how difficult is it for you to strike these new contracts and get more people to lease your properties? guest: like i said, we have found them -- we have found the market is quite vibrant and resilient. we have seen a lot of clients upgrading and coming to talk to us in terms of facilities. so, like i said, it is proven by the numbers. our vacancy has dropped since the beginning of this year. >> it talked about people looking for more quality, re-ce

we get a decision from the norwegian central bank, expected to be the first central bank presiding overeed -- g10 country the height rakes. we will get the euro zone pmi as we continue to track the state of the recovery in europe amid the delta variant. the bank of england decision comes at midday u.k. time. markets pricing in the third boe rate hike in may of next year. we will get initial jobless claims out of the united states. that's a data point that jay powell and team are watching. coming up, jay powell signals the fed could start tapering in november. he also says rate hikes might not be that far behind. we discussed the latest. later on in the show, we speak to the finance professor at peking university and senior fellow at carnegie. we get his fuse on ever grand and its broader impact on the chinese economy. this is bloomberg. ♪ >> we continue to expect that it will be appropriate to maintain the current target range for the fellow funds rate until the labor market conditions have reached levels with maximum employment. if progress continues as expected, the committee judges t

the well high in the sky above a central downtown moscow. it might be a case of gun with a wind today. we have with more of a special election coverage here. what are you into national, what a 3 days it's been a valid counting for russia's general elections in full swing. and the results are continuing to come in with more than 2 thirds of the votes now counted. here's how it all currently looks. united russia has 49 percent of the communists, perennially and 2nd place. have 20 percent, the liberal democrats now just to under 8 and adjust russia, which has merged with 2 smaller parties, is next on a 7 and a half percent. though a new party and this election called new people has just above the 5 percent threshold. that is required to have a presence in parliament. now these results are not final, of course, and only count for half of the 450 contested seats, as you're sure also votes for individual candidates as well as parties. i know it sounds a bit confusing it a bit difficult to grasp on, but how about this here is an explain for you. ah

rifle sitting on the desk of what is presumed to be his office at the central bank.t is a pretty unorthodox image of central banking, a break with protocol, and it taps into the perception that all is not well in afghanistan, certainly not something you would expect to see of someone overseeing a central bank. in fact, with some vestigation, this is the afghanistan central bank's facebook page, we took this from the 26th of august. you can see the actual central bank head, this is another image om twitter, and it doesn't take a genius to see it is not the same man at all. further investigation, if you look at the original image that was claiming to be this man, there is a flag in the background and a wooden piece of furniture behind, that helps identify first of all the language, which is posture -- pastu, it it translates to revenue department, and this was an unnamed member of the taliban. if you go to the revenue department, you can see there are images at that location showing the flag and the furnure in the background. we can deduce it is not at the central bank

the central bank has very important road ahead right now.ially in times of turbulence to give clear guidance and leadership to all the different stakeholders. i know different stakeholders have different country views, goals and expectations but our job will be to make sure we have a way forward. that would be the one to take so the country can move toward stability. we are going to unveil a roadmap in the next few days which will take into consideration the different stakeholders and their expectations so we can give them a clear guidance as to how they should move in these turbulent times. i am confident this could be done and we are looking forward to the challenge as well. >> you are saying we could get this in a couple of days as a roadmap. can you question that a little bit more? what are some of the key areas the policies are likely to cover? >> the most important parts would be the stability. we want to give the markets the expectation that we will be in the position to deal with all eventualities. there has been a perception gap in

try to convince a central banker of that.dels of the economy do not have it embedded in them that view of the tighter monetary policy causes inflation. in their view, other channels are much more important. >> my point was that it does not translate directly to curtailing that type of inflation. i was not saying raising rates will lead to rampant inflation. it does not have a direct transmission channel. >> i think it does. if one central bank as tightening further or more aggressively, you should expect currency appreciation. that does reduce pricing power. through that channel alone, and the central bank has been sensitive. policy can inform the outlook for inflation. jon: got to leave it there. higher rates lead to higher inflation. lisa: thank you for considering me. i think there -- my point was not to say raising rates leads to higher inflation. my point is there is not a natural, obvious transmission mechanism through the debt market to lowering this kind of an nation driven by supply chain disruption and things that a

central bank.t of all, they have _ central bank. first of all, they have made - central bank. first of all, they have made some . central bank. first of all, - they have made some changes to their inflation target and framework, so they tend to target inflation at around 2%, but they are likely to tolerate high inflation, just like the federal reserve is trying to do because inflation has been running at a low 2% target, running at a low 2% target, running at a low 2% target, running at about i% running at a low 2% target, running at about 1% throughout the past ten years, so even though now, with the pandemic and with all the supply shortages inflation is having that upside, the central bank is going to allow it to run hotter so accordingly they can keep the policy very accommodating despite this rising inflation, but ultimately policymakers are expecting high inflation pressure to be temporary in nature, and gradually dissipate over the coming years, so ultimately the key consensus is the europea

the, the, the can use, again, tell you by this hour a death multiple injuries and the shooting it a central russian university. the alleged attacker is being detained. one student described what he saw, my friends and i was standing at the parking lot near the entrance where the gunshot john and sold a shooter standing 20 meters to with a shotgun. what i chose, a sorry is not enough. neither is the money. the family of 10 african civilians killed by us strike him on justice. washington says no one will be punished for that. no one can compensate. if you give us all the money in the world, it will not be enough. it's not possible. we need assurance that next time they will not kill innocent people and children in other countries. the culprit must be convicted homeless that 95 percent of the votes now have been counted in russia's big general election with the ruling coffee, united russia holding a strongly ah my, my name is kevin, welcome to the program like my world use h q. this is the international and as you heard there most headlines, more about breaking news than to start with 8 people

launched a rebellion against sudan's central government. ey were protesting discrimination and neglect. omarl bashir, then sudan's president, responded with brutal force, sending local arab militias known as janjaweed to attack civilians. the violence killed hundreds of thousands, and displaced millions, in what the international criminal court allege was ethnic cleansing and genocide. ( otests ) in 2019, a popular uprising in sudan's capital, khartoum, forced out omar al bashir. he's now in jail. he's been replaced by a transitional government, which has signed peace deals with two of darfus major rebel groups. but these fightersave refused to sign. ♪ ♪ ♪ they say the mistrust runs too deep. thsudanese liberation army and the sudanese government have not fought a major battlsince 2019. but, these soldiers are not ready to put down their arms. 22-year-old maryam saleh adam abdallah joined the s.l.a. three years ago. she did so, she says, to avenge her father, who was killed by the janjaweed. >> ( translated ): the government deceived us, th

this is nothing new, and certainly central-bank credibility -- central-bank credit ability is being calledon. alix: where is the growth potential? damian: what is interesting about turkey, they have done a very good job in combating the virus. we were actually getting somewhat bulled up that people were going back to work, and that was supported for the gdp outlook. but on the back of this, this is going to be very difficult to overcome. it is anyone's guess as to where gdp is going to come in over the coming quarters. guy: whenever going to get news on this evergrande bond payment? damian:damian: i have no news as of yet. guy: when we get that news, we are coming right back to you. we are approaching the end of the day here in europe. we have a sharply stronger pound, which acts as a break on the u.k. equity story. we will discuss all of this. andrew sheets, morgan stanley chief cross asset strategist, is going to be joining very shortly for insight into what is happening here. the reaction of the central banks turning more hawkish, that is next. this is bloomberg. ♪ ♪ it's moving day. an

top temperatures 22—23 celsius across central, southern, and eastern areas.ralds a change. a new area of low pressure in this weather front will be sweeping into western areas on friday. so it'll be turning breezy up and down the west coast, around irish sea areas and towards western scotland, northern ireland, western england, and wales, some heavy rain here — but actually, central and eastern england, eastern scotland should stay dry all day with some sunny spells. it will be a breezier day for all, particularly across northern and western areas. where we have the rain, then, mid—teens, ithink, the best further east in the sunshine, again it'll feel very pleasant, may be 21—23 celsius. into the weekend, then, we've got some complicated areas of low pressure, a bit of uncertainty to the detail of the forecast. but it looks like low—pressure wants to be nearby, so there's always the chance of some cloud and rain both saturday and sunday, and a little bit of sunshine, too. welcome to bbc news. our top stories. haiti's bitter power struggle intensifies as the p

but all of them were either centralized in some way. we see that with saudi arabia and the usaa relationship at the moment, but because it is totally decentralized and totally distributed and anybody because of the way it uses energy, it can capture that stranded energy. and like places that were just left off the financial and banking in economic grid for centuries, decades, you know that they could be put back on that they don't need to now bag washington dc for some handouts to be sent to like say somewhere in south africa which has one of the highest rates of renewable energy in the world, the fund solar power available to them should they wish to pass it. like you can capture that stranded energy. now because of the big point. right, you know here a platter it's, it's based on energy, it goes all the way back to the big bang, approximately 14000000000 years ago. and we're still living on the trail of energy that was started back then. and there's nothing that doesn't use energy here on planet or the question is, what are you using

tom: you see the central banker to the world, as mr.l is called, take a certain tack yesterday as well. discuss the independence central banks have now against the federal reserve. discuss how comfortable you are with a norwegian path versus reliant on other more large central banks. gov. olsen: well, obviously, any central bank targets the rate based on considerations related to domestic economy, to the norwegian economy in our case. we have the oil still. we have had to can and fiscal policy. when things are normalizing, to make a link to the recent fed decision i think it's quite interesting. they have more monetary policy tools than we have. they have these asset purchases which they are about to start tapering, and it is also interesting if you take the dots which are presented from the board members and go-ahead three or four years, they are actually indicating that they will start perhaps next year and ending up with a level of the policy rate which is actually very similar to ours. lisa: do using that is dangerous for your fello

but it's central bank is preparing to launch its own digital gun as early as next year. and media reports in the u. s. suggest the federal reserve is working on a so called blueprint on the future of money that could be released as early as this week. for public debate, regulators have been examining title rules and trading crypto currencies. the reserves chairman jerome pals, as the central bank could often launch is own digital currency. we think it's really important that the central bank maintain a stable currency and payment system for the public's benefit. that's one of our jobs. we also live in a time of transformational innovation around digital payments. and we may need to make sure that the fed is able to continue to deliver to the public a stable and trustworthy currency and payment system. so there is extensive private innovation, a lot of which is taking place outside the regulatory perimeter and innovation is fantastic. it r economy runs on innovation, but where the public's money is concerned, we need to make sure that appropriate regulatory protections ar

every central bank of the world, instead of tapering, will open prison camps. that's like, well austria is doing it so i don't, it's not a m, that's not a, it's not a fairy here. i mean, that's exactly what they're doing. i mean, australia, remember a year ago with steve came on the show, their property bubble was an enormous bubble. and he kept, but they kept bailing it out with more money printing again and again. and again, one's going to pop one's going to pop. we're solution is we're not going to raise rates. we're not going to bring saturday the markets. there's no meritocracy. we're going to, we're gonna open camps. that's what they're doing. well, you know, the fed says they're going to start to taper. and this is something that the caf report has reported on for almost a decade. was it? yeah, over a decade since they started, the quantitative even started causing us. bank of america says, though greater wealth inequality started doing that. we said you can't taper ponzi and this is a ponzi scheme. and we believe those continuous and whether or not they