question to the central bank is the central bank going to do something about it. and in general, does the regulator worry about such a big difference, thank you, but indeed the spreads for the sale of the purchase of cash currency have increased. this reflects the fact that we are faced with serious restrictions on the flow of personal currencies into our country, and therefore here, uh, banks themselves set these spreads depending on how much currency citizens sell them. yes , how much are they willing to sell, uh, sell already, respectively, uh, back this currency. we, uh, are not going to interfere in this, because it allows us to balance the demand and supply of cash valu from the side of our citizens and businesses there. a the next question is online a tatyana voronova frank-media, please, tanya yes good afternoon. thanks for the opportunity to ask a question. and i have two of them, and in the first half of the year the banking system worked in the red. we remember those minus 1.5 trillion. but uh, as for the second half of the year, uh, we heard, including

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last, one factors, central bank, central banks, a hiking interest rates, to ease inflation. that's taking the heat out of domestic demand. but of course you've also got the war in ukraine. it's sparked in energy crisis. it's also blocked food supplies, driving up prices, and china's 0 covered strategy is also hitting trade hard. it also faces a property market crisis on top of that will the i m f says over a 3rd of the global economy is headed for contraction this year, or next. the u. s. e u and china will continue to stall. let's bring in daniel lee. he's world economic outlook division chief at the research department of the i m f. thank you very much for being on the show, sir. first of all, how much was can this cost of living crisis get on its an extremely challenging outlook for the world economy with inflation still going up and we think it will hit globally on average of 9 and a half percent later this year before starting to come down to 4 percent by 2024. and unfortunately there are risks that could get worse if there's another shock from the war in ukraine. if th

. -- central bank pivot.lieve the peak headline print is behind us, the print in july. tomorrow we are expecting see pullback in headline to 8%, but we still see strong underlying inflation pressures and are expecting to see an uptick in core cpi, 6.5%. last friday, unemployment levels were falling, inflation is falling, labor markets globally are supertight. we haven't seen unemployment this low in europe. again, from an ecb point of view while they keep telling us the u.s. rate is in the 1-2% rate, the market sees the neutral rate closer to 3%. the euro zone with 10% inflation will be to hike beyond 3% and the terminal rate in europe will be higher as well. francine: thank you for joining us, the head of inflation trading at the bank of ireland. tom: lvmh sales soaring despite fears of global recession, we break down what they mean for the luxury sector next. this is bloomberg. ♪ francine: welcome back to the open. 39 minutes into the european trading day. we had headlines from the u.k., tom mackenzie was b

the central bank remains autonomous. not expect radical change in policymaking, in terms of monetary policy. we think about the physical aspect, fiscal policy, a concern in brazil continuing to drive financial volatility, lula is likely to replace the constitutional spending cap, trying to provide assurance to market participants in terms of adopting a new framework that, a dell -- although it is more flexible and allows room for social spending, is credible. that would be his attempt. and who he picks as his finance minister would be crucial for markets. we can rule out any possibility of lula resorting to privatization. the oil -- state oil company, post office, these will not go private under a lula administration. >> will lula do something that his successor did when he forced petra grass to sell fuel at lower prices. do you expect more interventionist policies? >> compared to bolsonaro, there would be some degree of political influence, perhaps. we think that lula will see and used state owned inter-prizes -- enterp

the european central banks expected to continue increasing rates in october b. c. b is now seen taking its own interest rate to almost 3 percent next year from 0.75 percent. now, the swiss national bank carried out the biggest height ever to its key lending rate, ending several years of negative interest rates in switzerland, indonesia tie one. the philippines and south africa are also among the countries where rates have been lifted. but unlike the rest of the world, china has cut interest rates twice this year. inflation in the country is far lower than in the u. s. and other countries will the dollars search to a new to decade high after the federal reserve raised interest rates last week? it's mainly against europe's single currency, the euro, which fall below parity with the green back for the 1st time since 20 o 2, the dollar is up more than 19 percent against a basket of foreign currencies. japan's the latest to have taken direct action in foreign exchange markets to shore up currencies. well, johnny may not from boston, massachusetts is james mccann. james i

central banks around the world. the use interest rates regular to control inflation, but it's unusual to see them doing it almost in synchronization. how do you think this is going to play out? well, i think it just creates more headwinds to the global economy. i think when you have this coordinated or perhaps not, or they spindly, synchronize tightening policy, i think you get ripple effects that the not just through for individual economies, but 3 more broadly. you know, i think absolutely. that's why we're expecting growth to slow very significant to 2023. because i think some of these tightening cycles are seeing places like the u . s. in europe, a range of emerging markets to as they try to match what they're seeing in developed market financial conditions. and i think those are already so the a headwinds, global growth. and i think the riskier aggregate even more so. and if i understand correctly, one of the things that the central banks are constantly working against is time scale. because although they make

lisa: especially when is not just central banks. it does not make sense. ephant in the room here with respect to purchasing treasuries. jonathan: i'm still trying to work out what bank of japan looks like post-corona. lisa: i think they want the same thing. i think they are curious about it. it will be messy. [laughter] jonathan: this is bloomberg. ♪ jonathan: new low on the s&p 500 for 2022 in yesterday's session, 3568. the price action on equity futures trying to bounce back on the s&p, up by .75% on the nasdaq 100, up a full percentage point. we have taken out almost all the post vaccine gains of 2020, almost all of them. lisa: when you put in money and take it out, where are we now? how located go? that is what they were talking about. how much have we priced in with respect to downturn revenue and inflation? jonathan: this round in the bond market has contributed to this. the two-year softening by basis points a year ago now at 430. now about 435 on the highs of the year, the moment, yields basically unchanged on the session, 10 year still i do get hig

guy: are the central banks managing this process? ok at the bank of england, the government is clear they want this to and freddie. i'm not -- two and friday. - to end friday. if central banks can't handle it, will that contribute to volatility? they have the desire but do they have the ability to act in that we going forward? what lessons should we learn from the bank of england now? >> it will get increasingly difficult because they have constantly been pushing back on volatility. we had of a massive dislocation in 2008 and we managed to get back rolling again but there are underlying fundamental issues that have not changed. we solve the debt issue by adding more debt to the system. the central bank can only do some much. central banks cannot print energy and that's the main problem. alix: i'm sure they would love to. this is the tip of the iceberg of this conversation. good to have you guys on the show. coming up, more on the contagion risks. you are looking at a live shot at the bloomberg invest forum. caroline was speaking to jo

this will be done in coordination with what central banks, bank of england is trying to implement.bank of england has been trying to do, it's been trying to do its job, maintain price stability as it should as an independent central bank, and at the same time, addressing financial stability issues. we are trying to address this localized market dysfunction, and at the same time, fiscal policy moving in a direction that is more consistent with what the bank of england needs to do. dani: how much does it need to move from where it currently is? we saw them back off of the 45% tax bracket, no longer doing that. but we have the institute for fiscal studies saying that kwasi kwarteng need to find 50 billion pounds in savings to shore up confidence, which means slashing public spending. is that enough to give you comfort, do you need to see a full u-turn of policies from this u.k. government? pierre-olivier: too early to say because we have not seen the details of what is in the u.k. plan. they will announce later this month. the general point from our perspective is, of course, there is

the future of the key rate will be discussed today at the central bank. what forecasts do experts make? now i’ll tell you in more detail. so now the indicator is at the level of 7.5% the central bank set a course for a decrease in april, then it was 17% in the summer , the regulator released the mark twice. experts believe that the board of directors of the central bank will now take a break and leave the key rate unchanged. after all, according to experts. today there is a risk of gradual strengthening of pro-inflationary factors. although the annual price growth has slowed down and the financial markets are stable, but budgetary risks remain elevated, inflation was about 13.5% in september, and this is the main indicator on which the central bank bases its decision . the downward trend is obvious. analysts are confident that the target the end of the year, and this 11-13% will be reached today, in addition to the decision on the key rate, the central bank will also publish an updated macro. let me remind you that the decision of the regulator will becom

>> there is no option for central banks. they keep telling us inflation is the main concern they have, in order to get inflation under control. but the balance shifting to stability. what the bank of england has done is telling us that there is more stability, but the level today is very tight, very high inflation. there is not much central banks can do to shift the market. they cannot re-stimulate the economy. so the market is entering slower growth. francine: the million-dollar dollar question is here in the u.k., the backstop does not seem to worse. kristine aquino stays with us. we will talk more about the u.k. tom: the british chancellor is set to talk about the backstop against market volatility. we will have the details. that is next. this is bloomberg. ♪ tom: welcome back to the open, almost 12 minutes into the european trading day. losses of 0.9% across the benchmark. futures pointing lower by close to 1% following four straight days of losses. the ftse 100 trading at a drop of 66 points. francine: the u.k. chancell

first, if you look at other central bank policies, whether it is the pboc, boj, other central banks,nt to defend the currency's aggressively because of concerns about instability and out those. second, when you look at the dollar come the fed has to think about whether the fed is pivoting because inflation is well under control, and we are in positive territory? that is not the case. there is a perception that we have a global slow down. if it is a global slow down, i would say that the market over time will react negatively and people will start to fear a u.s. slowdown rather than fed tightening and that's kind of dollar weakness is less positive for the global market. haidi: if we see the stabilization in currencies, let's be fair, the advantage that a lot of open trading economies are getting in asia from weaker economies can't be overstated, but pboc is getting data in that situation. helen: normally, it is the emerging-market currencies that are most pressured by the stronger dollar. but this year, a number of emerging-market currencies have held up ok, mainly because of a very

i know you got the chart on central bank drawdowns in this treasury market.yeah, this is something that valerie put together this morning. there is a phrase in irish that means me myself first. very much the dollar and the fed is all about that. what you are looking at here, the rate of drawdown, sales by central banks in terms of bonds, treasury outflows the fastest since march 2020, and it is the asia and indeed emerging markets where we are seeing the biggest drawdown pure japan, 20 million must south korea i think valerie put 20 million, the second-biggest monthly drop on record. our guest this morning said this is not an implosion to the bond markets, we are near the end of the drop. dani: however, but our guest on e.m. was saying we will face an issue because of the need for intervention, that is clear monetary policy, just hiking is not enough. you have to have central bank to continue to jump in to defend their currency. the have seen in japan, in south korea, we have seen the boe have to intervene as well. manus: dani, would you like a little convexi

i don't think the bank of england will be the last central-bank. l at the upcoming g20 meeting. rishaad: the defies believes in some ways. tightening cycle. talking about the bank of england. the same time, rising interest rates. guest: not indicative of our monetary policies going forward. the government bears much more responsibility for the development across markets and we are not going to see sustained easing, it does not look like the latter is going to happen? it's going to be an interesting few weeks. rishaad: also, we have the jobs report at the end of the week. inflation numbers. we're seeing if you cracks in the united face of these fed officials, perhaps edging toward how quickly we should be raising interest rates? guest: it's interesting that has snuck into the fed rhetoric. we're starting to get indications of policymakers. the market is going to be more sensitive. numbers have been very strong, we start to see softness in the data, the market will start to price and the eventual pivot from fed policy. haslinda: one question. it is ab

this could have actual damage in the situation where a major disconnect is between the central bank and the u.k. government. part of what they are addressing here is trying to say that the bank of england's job is maintaining stability and the financial sector related to the banks. one of the most interesting comments he made was leverage in a non-bank world is a slippery concept. he does not want the bank of england to start taking responsibility for something that is happening with insurance companies. he wants to pull back into the responsibility of the banks who took out the leveraged contracts and other people involved in them. his job is to target to get inflation down. inflation is way too high in the u.k. and interest rates need to go up in order to suspend that. the government is not doing its part. it is increasing the fiscal deficit without any clear plan as to how get numbers down in the future. they want to raise spending when they are not making it clear how they intend to finance it. that puts the pressure back onto the u.k. bond market. the bank of england is caught in b

central banks did it. they thought money is cheap. therefore artificially cheap. that stimulates commerce. no it doesn't. it distorts credit markets. hurts commerce. that is what we have seen in recent years. so, the fed, let them say, this is our discount rate. let the markets set the rates. imagine? when you rent an apartment. they they don't have rent controls. we shouldn't have interest rate controls. >> ok. judy. that the great lead in to your expertise. she's one of the worlds true monetary experts. she was nominated by president trump to be on the federal reserve board, which is where she deserved to be. she came in, one vote in the senate. we have met to thank for that for -- mitt romney to thank for that. someday should be the board chairman. when it should be a great one? -- wouldn't she be a great one? playoff of what you forbes just told us -- playoff of what steve forbes told us. >> thank you very much. and i think if you're asking, should the federal reserve have the ability to manipulate the

meeting, and obviously the central bank just wants to follow their development today at the central for the first time since march. did not hire a key bet. it remains at 7.5%. prior to that, for 6 meetings in a row, it was reduced, but today's decision was expected, because even following the results of the last meeting in mid-september. the head of the central bank, elvira nabiullina, said that the cycle of rate cuts is most likely close to completion. now you explains the situation. so yes, annual inflation continues to slow down in august was 14.3%, and according to data on october 21, 12.9. but at the same time, the central bank in its press release mentions two events that have taken place since the last meeting and which may increase inflation, firstly, the authorities. we decided to index housing and communal services tariffs earlier, they will not increase in july next year, but in december the central bank clarifies this, in part, so it slightly worsened the inflation forecast for this year and instead of the 11-13% corridor, it now talks about 12 13. and here is the second

the latter is key because central banks are still struggling with high inflation.ine: you don't see this as a collapse in demand from china or worldwide that opec+ is anticipating? jari: you have seen slowdown that is pretty broad-based, oil prices as part of that have been falling. with the supplied cuts, they are designed to put a floor under that, and will work to push up prices over the coming months. francine: central banks are basically hiking into a recession, into the winter we are we also need to heat ourselves. jari: it's a classic supply shock where you have higher inflation, lower growth, and we think, recession across europe. it is a difficult trade-off for central banks, but they are clear the focus is on inflation. the ecb has a single mandate, price stability, that's why we think these pretty large rate hikes will continue, and we don't see central-bank pivoting around the corner. francine: these u.k. has complications of the round, where do you see the u.k. headed, and is it a warning shot to other countries? jari: the key issue in the u.k. is it h

his level of professionalism, he is a professional banker and he is perfectly aware of how the central bankhould work, i have the banking system of ukraine to work, so you should not expect any problems here, but the key thing is that when we talk, it is not always about the last name what we always say, john, the currency fund, the last name is unimportant. it is important that the policy and institutional independence of the central bank be preserved, this is the key, and here, in fact, we are nothing with you now we can't say, we can just wait and see if there will be more influence and the same office of the president on the activities of the national bank or not, well, the key difference between the national bank of ukraine and the government was in the policy of providing the budget with money, actually. the national bank of ukraine was forced to issue more money instead of borrowing it on international markets or from other countries or in the middle of the country at higher interest rates, so the ministry of finance did not want to to raise interest on bonds and because of this the

guy: earnings and central banks proved to be an interesting combination. have the bank of canada, we get the ecb tomorrow which is expected to make or deliver a huge rate hike. 75 bits is anticipated. the fastest tightening cycle we've seen for central bank in its history. joining us as the bca reit -- research chief strategist. we've just seen the poc go -- boc. you think we will see the same with the ecb as well? central bank more broadly reaching the limits of how aggressive this frontloading can be? >> i do not think this is going to be repeated in the next sessions of central bank hikes in the euro area the united states. the reason the canadian housing market is starting to buckle down fairly rapidly. we also saw the business survey in canada which is very worrisome where the household that sorely needed. the central bank is starting to see assignments that we could see a really bad outcome in canada. >> so that would make it a bit different than from the ecb. at this point tomorrow what would be a hawkish or dovish surprise for the ecb. >> base case

lean hard when anything the government has not made up its mind what they want to do and when the central bank is still dithering whether to raise interest rates by a smaller or larger amount. we could have the worst of all worlds where the markets push hard, yields go higher, the bank of england nice do a 100 basis point hike in a few weeks and it panics the government into canceling all of its policies announced just a couple weeks ago. it is a very difficult situation. in the near term you would expect to see more pain for the bond market and the bank of england, whether they like it or not, they have to step in. unruly markets is something the central bank cannot allow. they will just have to smooth it out and buy their tongue and say it is part of the mandate they have to do. but in the near term, u.k. assets will have to have a large discount to other major countries because there is too much uncertainty. rishaad: mark, i mean, let's look at western europe as well. headwinds during the winter will only perhaps get stronger. mark: it is quite a bit priced in already. it is not a surprise

the russian central bank has developed new rules. set official dollar and euro rates, he says the project is needed to more accurately reflect the situation on the markets. now the official exchange rates for the dollar, the eurocb, are set based on transactions that take place on the moscow exchange from 10:00 am to 15:30 moscow time. and now it tells you that if there is no data from the moscow exchange, then in order to determine the official exchange rate of the dollar and the euro, it will look at transactions that banks reflect in their statements, and if such data is not available, then the central bank looks at out, exchange trading, while this document of the central bank looks like nothing more than a fallback option, because trading in dollars and euros on the moscow exchange still continues, which means that the central bank sets official rates, as before, moreover, on friday the united states introduced new sanctions against russia and despite the fears of the national clearing center, it was not on the list, which means

investors sensing a potential debit toward central-bank policy. the rbnz remains hawkish amid high inflation and a tight labor market. elon musk revives his 20 take over at the original price, avoiding a costly legal battle and sending shares surging. rishaad: a4 .3% gang on the hang seng, but the question is, who let the bulls out? global rally, and the feeling others are going to follow suit. the rbnz did not play ball. the open daca -- the opec story is in play for david: it might be the turn of the calendar, a first quarter and a reassessment after a few days. we haven't gotten to the point to what those few days means because as of now, we are extending the risk rally across the region. 4.4% of the catch up trade here in hong kong. the dollar, more downside as we speak. against the dm though, the dollar stable right now. we will get to opec in a moment. look at this. in terms of repricing, we have seen it, but the repricing has taken place over the aggregate expectation of how high the fed will actually go. so, there has been a little adjustm

the inflation we are seeing right now at this juncture are not easily solvable by central banks hikingconstraints.— solve supply bottleneck constraints. , , . ., constraints. very difficult to manage- — constraints. very difficult to manage. the _ constraints. very difficult to manage. the central - constraints. very difficult to manage. the central banks| constraints. very difficult to i manage. the central banks do not have the power they would hopeful but in terms of inflation in europe, so many people are trying to predict when it is going to peak or if it has peaked. your thoughts on that? ~ ., it has peaked. your thoughts on that? ~ .. ., , .., it has peaked. your thoughts on that? ~ .. ., , ., that? what we have seen so far is the energy — that? what we have seen so far is the energy component - that? what we have seen so far| is the energy component coming down quite quickly, look at the price of natural gas in europe and also look at the price of oil, but in an environment shaped by supply constraint going beyond the energy market, we are actually expecting persistent core inf

i am thinking of the german central bank. ay which is a key is that changes to the tltro program. there are two reasons why this is happening. the wants to drain excess liquidity on this. european banks sit on 2 trillion euros of this, they are changing the conditions for it. we need to witness technicalities around it. they are changing terms. while the banks may not be happy and this could potentially tale litigation, the pressure is whether they want to take on the central bank. change of intelligence and 75 basis points confirmed. tom: lagarde is not economist draghi. explain the inner politics that are behind her and her press conference and 25 minutes. what does christine lagarde need to juggle within your european continent? maria: she is not a economist by training. that has always been the criticism, she is not technically as mario draghi was. this idea that draghi was the master markets, he could talk are gets into doing anything he wanted. the reality is at this point, you alluded to this in your previous conversati

at the same time, the director of the banking regulation and analytics department of the central bankexander danilov, said the outflow of money from the population from the bank does not create problems with liquidity, because it is compensated by the money that companies bring in the bank. or i'm talking about the economy all thanks to denis economic review. in the donbass, russian anti-aircraft gunners immediately shot down a whole group of ukrainian drones. the tor complex eliminated the goals of protective seconds on the account of only this one crew more than 15 shock and reconnaissance drones shot down over the past few days. thor is a highly mobile, extremely effective system capable of destroying aircraft , cruise missiles and guided bombs. including targets flying at speeds up to 700 m/s, at extremely low altitudes tora automatically tracks about 50 objects. at a distance of 10 m to 15 km. this is the only system in the world that can fire on the move. the uk will again have to choose a prime minister once again, although it was not going to resign, it lasted less than a sala

shery: the philippines central bank governors is the bank may raise its key rate by 50 or 75 basis pointsh us from the sidelines of the imf meetings. >> it is really a question of whether it is 50 or 75. i cannot say what we are doing because i don't know the direction the board will go. kathleen: 75 would be quite a step for the central bank of the philippines. >> yes. the advantage 75 is, it will probably reduce the pressure on the peso. and also, reduce inflation in 18 months or so. but the disadvantage is that the economy is not fully recovered yet. it is recovering from covid and we want the recovery to continue. kathleen: the peso is down 13% this year? >> it is. kathleen: clearly a concern. how big of a driver is that part of it? because your inflation rate is still alive and you have a worry about this economy that is fully recovered, so how much of a factor pushing you toward even a 75 basis point hike is the weakness of the peso? >> let me put it this way. i have been told that if i had been told that the fed -- if i have been told that the fed is no longer raising rates, i woul

even though the us central bank is independent of government, if it's successful in tackling the costit will help president biden when it comes to november's midterm elections in the world's biggest and most influential economy. but for politicians in other parts of the world, that strong us dollar is causing a major headache. it's one of the reasons un agencies and other international economic institutions are downgrading their forecasts for economic growth. the world is facing falling real wages, fiscal tightening, financial turbulence and insufficient coordination. in this context, excessive monetary tightening could bring a period of stagnation and economic instability for many developing countries and no doubt also for some developed ones. so just how does monetary tightening for the us dollar, which is when interest rates go up, make life more difficult for businesses in the rest of the world? here's what it means for a manufacturing business in lincolnshire, in the north—east of england. as most of the products we use are kind of global products, so plastics and aluminium, etc,

today, for the first time since march, the central bank did not change the key rate.tays on level at 7 1/2%. prior to that, it was reduced by six meetings in a row, the central bank writes yes, annual inflation continues to slow down in september it was 13.7% as of october 21, 12.9, but at the same time, the central bank mentions two events that happened after the last meeting in mid-september and which can accelerate inflation, firstly, the authorities decided to index housing and communal services tariffs earlier. they will grow not in july next year, but in december of this year, in part, so the central bank slightly worsened the inflation forecast for this year and instead of the corridor 11-13% he is now talking about 12 13%. the second event, which, according to the central bank, can accelerate the rise in prices, is a partial mobilization. in the next month, the central bank writes that it will restrain demand and, accordingly, prices, but then it may, on the contrary, accelerate inflation. due to the fact that the labor force will decrease and the supply of go

the talk on global yields are certainly dovish on central banks. what about the terms? a: they are changing those terms from the 23rd and they want the banks to stop the arbitration. to do that, they are also reinstating a number of voluntary basis windows for early repayment. as you know, when you change terms retroactively, that could open the way for litigation and legal risks. christine lagarde acknowledged this but she says there is also difficult in the rose that to truax's -- and in her view the move is justified. francine: maria tadeo from brussels fresh off the plane from frankfurt. still with us, we have talked so much this week about global yields that sometimes we lose our voice, still with us is natasha ebtehadj, portfolio manager at columbia threadneedle . when you look at the ecb, is there a concern that the market wants them to be dovish? we are always expecting them to be dovish and that this will not come so we will still see a lot of focus on bonds and equities? natasha: you're completely right. most of this year, we are asking if we are there yet like

tom, does central bank joes jay powell stones to stay course? >> yeah.e in the game obviously, all of them are talking in tune seems to me. and very, very hawkish, i think they are going i don't know if stay the course but certainly going off everybody expected them to go off how long they stay, the sad part of this, this market is now completely fed driven in some sense people allocating capital all concern is bureaucrats in d.c. price controls credit markets he opposed to what severs country best so sad now with full focus of object sex with capital markets some bureaucrats, what they see the as opposed to real economic -- >> one in 10 chance a 1% jump november meeting that was a zero into this rather more than five minutes ago now one in 10% chance a full percentage point jump from fed. dagen: jurnl has an article saying stocks move in lockstep rate he increases show no mercy correlations come to highest since march 2020 that is the only thing, that matters, is what the federal reserve -- well, as you said, bureaucrats, too what they might do i write

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in these minutes, the central bank is making a decision on the rate, the news is being monitored fromcorrespondent maria kudryavtseva, she is now in touch with us. well, what's the news there? dmitry good afternoon, today we are working at the building of the central bank on neglin and literally in these seconds. we are waiting for a decision on the key rate. well, before the meeting of the board of directors, we interviewed experts and economists. what decision are they waiting for? from the key rate, most of them agree that the central bank will take a break today and leave the key rate unchanged, that is, at the level of 7.5%. the main reason is about the innovative factors that many people are talking about now, i remind you that earlier at the meeting in september, the central bank. for the sixth time this year, the key rate has been lowered by 50 basis points to 7.5%. and i will note that now they are just coming at these moments, and the news that the key, and the key rate has remained at the level 7.5%, that is, as the economists said. in the meantime , the bank of russia leav

should the fed pivot and change its hawkish stance, slowing the rate of hikes, or shoo the central bank continue on its path with i have is steve tanly, chief economist at amherst, and ed yardani good to have both of you with us if this was football, there would be a lot of armchair quarterbacks, right? but i have to start with you, steven what do you think the fed is getting ride >> well, they fell way behind and let inflation get out of control. unfortunate they don't have the luxury of looking around the corner and hope things will slow down i think they have towring inflation out of the system. that means finishing the job as chairman powell and others have indicated. >> all right ed, is there anything that you think the fed is getting right >> back in all of 2020, when think decided to prioritize getting -- and not worry too much about inflation >> i think what the fed is not paying attention to it's quantitative tightening so when you look at the whole package of monetary tightening they have already done quite a bit in early november, but then pause and just see how this plays ou

dmitry morokov the central bank takes a pause for reflection at today's meeting .g time, the regulator left the key rate unchanged. it remains at the level of 7.5% , let me remind you that before that the bank of russia lowered the rate six times in a row after a record high of 20% set in february, according to experts who anticipated today's decision of the central bank, the regulator needs time to assess all the factors affecting the economy, both internal and external on the one hand. annual inflation gradually slows down in september the growth rate of consumer prices, on the other hand, inflationary expectations of the business population is at an increased level compared to the summer months. in the base scenario. the bank of russia predicts that by the end year inflation will be 12-13% next year. it can drop to 5-7. well, by 2024, return to the target level of 4%. and current inflationary pressures remain subdued by some acceleration in price increases. breve in comparison with august is primarily due to one-off factors, the increase in car insurance rates a

if the governor of the central bank is listening... dare say he's very interested that such a senior minister is saying that. so that's on the record and that's interesting. quickly, let's move on to another of your key areas of responsibility — that is trying to deliver food security for lebanon at a time, again, of catastrophic crisis. you were 70% reliant on ukraine for your wheat supplies. you had the terrible explosion in your port in 2020, which destroyed your major grain silos. you have promised that new silos will be built in your role as one of the chiefs of food security in lebanon. where are those new silos? it's more than two years since the port explosion. where are they? yes, that's true. lebanon lacks emergency reserves of grains because we lost the silos in beirut port explosion. and that, again, is a perfect demonstration, stephen, of the mismanagement of previous lebanese governments. and i say that not to put the blame on them and lift the blame on us, but there is no country in the world that puts all its national r

central banks. bitcoin is a person to person electronic cash system. think of them like token the buy. thanks very much. now of course, this is just a problem. crypto currencies are purely digital and we access them in a digital wallet. we can send them anywhere in the world in a flash. if a business accepts it, you can buy goods and services. you can think it's built on the block chain, a decentralized database of transactions that's transparent and secure, but bitcoin can get pretty wild crypto currencies have no controller except the markets. people have made fortunes and lost them, their value can go. 6 way, way, way up. oh, come crushing. oh no. but where does it come from? what does it cost upon it? is it the future of money or the useful has money? it's all. my name is rory challenge, and i want to find out who's my 1st destination, pennsylvania, the u. s. states that is fully embraced crit bitco and he's going to take over the world. it'll have to conquer america, and it's making good progre

with european central bank, it is a problem. they want to begin to drain some of the excess and is starting to look like a subsidy for banks. there are expectations that it could be changed. this is one thing that i am sure many investors will be keeping a close eye on in the press conference. manus: we are certainly keeping and i on that. thank you maria tadeo. despite all those earnings disappointments over the past 40 -- 48 hours, some are still moving higher with tech. one is samsung. >> one of the world's biggest chipmakers. they were a disappointment so we did see that drop. what led that was this decline in the chip division. we did see a drop their of 14%. what is really interesting is when you compare to where it is, those others are cutting their capital spending. samsung on the other hand is still ramping up. it is notable because it is tech heavy. the green you are seeing is being repeated across the scene in asia. they are looking at the function with a higher on the day view. you can see gains being led higher. also

will central banks stop before they destroy the village to save it? >> garfield reynolds is here in sydney. let's get to su keenan with the first word headlines. >> turkey and the u.n. are looking for ways to salvage a to safely export ukrainian grain following moscow's dishes into leave the packed for -- following an attack on the black sea naval fleet. russia said it would suspend the agreement after ships were hit by drones it blamed on ukraine. the extent of the damage is unclear. workers are leaving apple's biggest iphone plant in china after snap covid measures left many of the 200,000 staff facing inadequate living conditions. online posts show local authorities arranging buses to take workers to mandatory isolation. elsewhere, fresh lockdowns have been imposed from wuhan to china's industrial belt on the east coast. beijing is boosting international flights and fast lanes to boost investment. president biden blamed political rhetoric for the attack on house speaker nancy pelosi's husband. he said this includes denial of the 2020 election resul

central banks have the capacity to do that. institutions, central banks, sovereigns. this book, too. what are they? nouriel: for every one of these mega threats, there is a solution. a dystopian future where all of these threats materialize and feed on each other, and it is not just the end of the world economy, and there is a less dystopian future in chapter 12 where we have the policies nationally and internationally with a better outcome. the problem is that both domestic political strengths and geopolitical strengths achieve the best solution. i will give you an example of climate change. domestically, half of the country doesn't get into it. there is a conflict between generation. the young people care about the future, the elderly care less. an international level, if you cut to zero, no we else does it. now because of geopolitics, should cut their admission to zero in 20 years, but we created this problem in the last 200 years. 90% of emissions came from advanced economies. the flow of new emissions coming mostly from china and india. there are quite for elemen

the central bank does not have your back but at the same time if the central bank is what is causingulk of volatility, it means we have a view on what the future looks like. as soon inflation is contained in the central bank will do that as their signal to ease off the monetary tightening. improve liquidity conditions in the market and companies can come roaring back because we are not talking about a problem in the fundamental economy, just the financial economy. david: we know that though. what we do not know is when the inflation story goes away. andy: that's right. so we do not know that. we do know that some of the news has been improving, particularly on the headline cpi level, where we see gasoline prices coming off from primarily. we see lumber getting well back inside of their normal ranges. it is going to take a few months to see a dip -- definitive coat -- conclusion on whether inflation is coming down onto the 2% level. but when we have the uncertainty, the dip will be gone because it is highly likely that wants we have a lot more visibility on a 2% or so inflation rate,

ah, kenny european central bank tackle the continents high inflation without hurting economies already in a downturn. we'll look at today's meeting and europe's slide toward recession. also on our show will visit a pawn shop, and many customers are even bringing their rolex watches to make ends meet. and the new report by the international energy agency predicts that fossil fuel emissions will peak globally in 2025 as consumers of li, higher prices. i'm see from beardsley. welcome to our show. can europe central bank help cool the continents galloping inflation without cooling its economies even further? the key question is, policy makers me today in frankfort. a boring rates are still quite low in the 1000 nation euro's own. and they've only just started rising. and look at this in july for the 1st time after 11 years, the central bank raised interest rates by 50 basis points in september. the high command at to 75 basis points are the same figure is expected from today's e. c. b meeting by comparison, the fed has already raised interest rates by 75 basis points for 3 consecutive time