the month of mehr, before other resources that will actually provide economy, will serve viewers to register in the system as soon as possible. for this purpose, the central bank of the central bank of the central bankuld strongly help and support qarz al-hasneh, this year, in fact , the national banks of tejarat refah, development cooperative bank and qarz al-hasneh mehr of iran as the bank responsible for this. indeed, we introduced and communicated and through the system of ministry of cooperatives respectable applicants will be introduced to receive facilities, and now if necessary, it is difficult for sahabhi intelligence organizations to pay the facilities this year and the coordination regarding the science of checking the ability of qarz al-hasaneh is actually the clauses of the budget law of each year 1402 the child and the approval of the budget law that we should not give money and credit in the council and based on that we can understand that at the beginning of may , we notified our banking network of the explanation , and we quickly communicated it with our own hands to the banking network that existed at the beginning of the work. possible correspondence banks meetings were held and s

of the banks, they also demand it, and it is more than what the employees of the other banks receive . it is shown that the number of the central bank it is important to ask the central bank of centralk's papers. we went and followed up on the matter. i say that the central bank has released its own loans to its employees in order to collect the roof of the banking network . mr. farzin, this information will be published soon . we will publish it . there is no problem. let me tell you, because the game is very repetitive , the employees of the central bank are not allowed to take a loan. the language of the sada and sima news agency is that in less than 20% of the flood-prone areas in the south of kerman province , watershed management projects have been implemented. watershed management projects in these areas, in addition to feeding the underground water tables, have protected the downstream villages and the city of kerman from floods . in the year 1400, the president, on the sidelines of his visit to the flooded areas of kerman province, ordered the implementation of watershed management projects in critical areas. in the month of february, 1400 aid workers who put their hearts i

the central bank is guilty if it does not publish the information on the facilities paid to its employees . the letter was signed by the chairman of the economic commission, the following week, the central bank of the central bank , in recent days, the spokesperson of the economic commissions of the 90th parliament, separately warned the central bank that should information facilities paid to publish its employees, until this moment, all the banking network except the central bank have published this information electronically, the right of priority for joint stock companies that have increased capital can use this service . from now on, all the capital increase of the capital market can be done electronically by the shareholders, and it was exactly like a purchase with the ease of online purchase of the company's capital lessons. at present , five companies are using their mother's increase in the form of some of them using this system. shareholders they can use this system from their own pre-emptive rights to be present in the capital increase of companies. well, as you know, today mr. president traveled to east azerbaijan . mr. raisi's speech in public began . he invites you to watch the speech. may the pres

the process to fill its cash inaudible. ., , ., ., inaudible. the european central bank revised _ inaudible. the european central bank revised some _ inaudible. the european central bank revised some of— inaudible. the european central bank revised some ofs and said that the economy is shrinking ever so slightly. what can we expect them to do? i slightly. what can we expect them to do?— them to do? i believe if you look at it. — them to do? i believe if you look at it, although - them to do? i believe if you look at it, although it - them to do? i believe if you look at it, although it is - look at it, although it is becoming tighter, the cpi is elevated and if you look at current guidance it seems to us there is still an interest rate hike trajectory.— hike trajectory. another potential— hike trajectory. another potential hike. - hike trajectory. another potential hike. china i hike trajectory. another| potential hike. china has hike trajectory. another i potential hike. china has a bunch of data coming up, what will you be focused on? this cominu will you be focused on? this coming thursday _ will you be focused on? this coming thursday we - will you be focused on? this coming thursday we will- will you be focused on? ti 3 coming thur

the european central bank revised _ balance. the european central bank revised some _ balance. the european central bank revised some of- balance. the european central bank revised some ofank revised some of its figures last friday and it said its economy is shrinking ever so slightly. what can we expect them to do with their interest rates? i them to do with their interest rates? , , ., ., ., ~' them to do with their interest rates? , , ., . rates? i believe if you look at the euros. — rates? i believe if you look at the euros, even _ rates? i believe if you look at the euros, even though - rates? i believe if you look at the euros, even though we i rates? i believe if you look at i the euros, even though we start to see a slack in economic data however, cbi still elevated. if you look at the current guidance shares seems to there is still a pepp and the interest rate hike for the potentially another gash. china has a bunch — potentially another gash. china has a bunch of _ potentially another gash. china has a bunch of data _ potentially another gash. china has a bunch of data coming - potentially another gash. china | has a bunch of data coming out. what is it you ar

of sanctions, which were introduced very quickly and competently, the team of the government and the central bank worked, i remind you. it was the financial sector of the central bank that took the brunt of the blow, the central bankromptly reacted by sharply increasing the rate at the beginning of last year, then it began to gradually decrease now at the level of 7.5% and now, according to german gref , the government has four main priorities , the government’s priorities are four , it is obvious that we see in the current year's budget from most likely. uh, we'll see a three-year budget. uh hmm for the next 3 increase in spending on national defense and security, the second position, which is declared by the president and the government , is the reduction of social inequality. this will obviously require an increase in the resource base , primarily of the federal budget, but also of regional budgets. the third task is the development of new infrastructure. and the fourth is import substitution and technological development. the main task now, according to german gref, is to launch a completely new industrial policy that will give the industry the multiplier effect will create new jobs. this is in particular the

central bank employees will be published. the governor of the central bank said that in the continuation of publishing information on the payment facilities of the banking network to their employees, information about loans received by central bank employees will also be published soon. central direction of gathering bam has published the bank network to his employees, he has not published his own loan to his employees, we will publish it, there is no problem , but let me tell you about the central bank, because the game is very repetitive, the employees of the central bank are not allowed to borrow from anywhere , tesco keyboard language, 3200 tomans, phase 11 south pars has been installed in its position in the persian gulf by the efforts of iran's oil industry experts . according to the announcement of the ministry of petroleum, 14 wells have been drilled in this phase , the number of which is supposed to reach 27 wells . millions of cubic meters of gas are being killed the killing of a 17-year-old teenager by the french police sparked protests in parts of the country. in paris and the suburbs, the clashes turned violent . in different regions of france, people demanded the launch of the no to police violence movement. the french police killed a 17-year-old teenager near

today, it is fully backed by the central bank and a pound is always worth a pound on the same applies to the digital form of a central bank currency. i form of a central bank curren . ~ ., ., ., currency. i know there are a lot of forums _ currency. i know there are a lot of forums going - currency. i know there are a lot of forums going on - currency. i know there are a lot of forums going on at. currency. i know there are a | lot of forums going on at the moment, a lot of conversations going on amongst the people that you know about how this might work. what there has been prioritised in terms of a possible design? through the diuital possible design? through the digital pound _ possible design? through the digital pound foundation, - possible design? through the digital pound foundation, we | digital pound foundation, we can see there are a whole variety of challenges and explorations with regard to a well—designed digital pound looks like, and we have two make sure that it is very well thought through, and understandably, the public are concerned in regards to what this means, the pregnancy, for example, the bank of england made it absolutely clear the

central banks are coming with much stronger response that what wasn't is -- than what wasn't is abated. with the bank of canada, central banks of australia, this is the new normal. guy: roland, let's just think about central banks from another perspective. which is the most important centrals? is ecb, bank of england, for the chinese central bank? if we see significant stimulus out of the chinese computer they want to go there economy and a significant the faster pace, particularly if they lean more heavily on the consumer, isn't that going to be positive for european companies? roland: well, european equities are strongly correlated with what is going on in the u.s. the fed is important, bank of england and ecb also. what is happening in china is very important for european equities. europe has very strong exposure to china. and we are starting to see some slowdown in the u.s. growth and the question of recession, timing of recession is coming. clearly the market is trying to look more east, trying to see if good news come back from china. it was good news at the beginning of the year. that is running out of steam. but with the news we got, it brings more fuel to the bull because tomorrow from china. alix: and you always want to bet on hope. do i just bet on european lux

of elvira nabiullina, the head of the central bank, also sounds like the topic of the report of the head of the central bank of the russian economic development sector; she spoke today before the senators. the head of the central bankegan his speech with an assessment of the macroeconomic situation. in general , according to her, the economy has adapted and first of all, thanks to business, the trends are pleasing, but low inflation is needed, it is precisely this that is the key to long-term investments and comfortable inflation rates and are correct. dooley called the anchor in the russian economy touched on the head of the central bank and the topic of financial risks, their timely relief is absolutely necessary according to elvira nabiullina, but at the same time, the central bank is somewhat worried about the situation now with ours with the help of our world. we are limiting the pace of issuing mortgages with a low down payment so that mortgages do not grow from a balanced level. they are at the expense that we are overloading people with a debt load that they are not able to bear and so that it does not simply result. as housing prices rise, retail lending is recovering, but growth should not outstrip citize

the details of the payment facilities will be published to the employees of the central bank. to his employees, the information about the loans received by central bank employees will be published soon. the game is very repetitive central bank employees are not allowed to borrow from anywhere except you from the central bank and the prime minister of china predicted 5% economic growth for this country until the end of 2023. lichi said that china's economic growth in the second quarter of the year compared to it will increase in the first quarter of the year. li jian added that the government will take more practical and effective measures to strengthen domestic demand and activate the market. supporting coordinated development and expanding interaction with the world are among the measures that the government has on its agenda. thank you for your company. good time and god bless you . how old is mr. mustafa shamal and why did you come here greetings to all people, i was 16 years old when i left iran by a fake letter handwritten by mujahideen on behalf of my brother. and they sent me your brother's trousers, send this letter so that we can bring you to the organization , why did i do this, the truth of man, when i saw maqsod

of the issues we fall into in terms of the central banks is assuming that every single central bank has the same reaction function and dynamic. if you look at the action taken last week out of the central bankse know and talk about the bank of england and s&p and n norges, they all did hike and with all different views of where they end up, the s&p was gradual. they went for 25 basis points. some of the market had hoped for a 50 basis point hike. the picture was muted. they pretty much had 2% inflation which is a dream for other central bankers. ecb still indicating hawkishness. annette spoke to sendcentral bar and they indicated more hikes after july the cpi is at a 5% handle. we don't need to talk about the bank of england. the situation there is a lot more intense namely because other cpi is so high as you have been flagging, a lot of concern about higher interest rates and what it means for borrow onning. >> in the uk case, there are some extenuating circumstances that don't inflict the eurozone or the united states there is a degree of brexit with the large number of labor shortages. the uk government and governments around the world are in a difficult position because if they want to p

relationship finance of the government and the central bank, only the government was removed from the central bank. at the beginning of the year, according to the budget law, the central bank was alone and you removed the government alone. about 60 praises had to be injected into the society, which fortunately, with the coordination we did with the government , this was achieved with injection and tried to define the target for the growth of liquidity in the current year by formulating dehbandi packages to curb inflation by reforming the banking system and managing inflationary expectations, improving financial policies and holding 25% of the way for liquidity growth this year. hopefully, we have a monthly growth rate of 25% we publish reports continuously from elbow bar sed and radio at madinah airport to welcome pilgrims who have traveled from southeast asia to the wild land. mohammad shahid rah. my name is mohammad shahid reza. i am from indonesia and serve indonesian pilgrims. which has the largest number of pilgrims, hossein with 229,000 people, nearly 90% of the population is muslim, the largest islamic country in terms of population, its nature is beautiful and its

central bank currency will also doing the currency will also be doing the same thing . what the bank of same thing. what the bank of england and other central banks same thing. what the bank of englebeenid other central banks same thing. what the bank of englebeen worried central because question i because question mark, before i let you i would let you go, you see, i would raise with this. so raise issue with this. so economists-etceteraj economists and etcetera are saving— economists and etcetera are sawing-easn- economists and etcetera are sawing-easn is- economists and etcetera are saying, cash is in saying, yes, it's cash is in ieeiine— saying, yes, it's cash is in eeeiine. i— saying, yes, it's cash is in decline. i would argue that's ner— decline. i would argue that's ner eeease— decline. i would argue that's not because in— decline. i would argue that's not because in often cases, persenai— not because in often cases, personal choice— not because in often cases, personal choice .- not because in often cases, personal choice . it's because personal choice. it's because we've been forced in that eireerien. — we've been forced in that direction. to— we've been forced in that direction. to me, this all feels iike— direction. to me, this all feels iike see—

of the digital ruble will be for everyone. this is probably, you see the central bank can only be mined by the central bank yes well, right here the issue of such security is also this platform is provided by the central bank, but it should, ofon. here we warn you. and from investing in cryptocurrencies with us, trying to earn money there, without understanding how , that is, yes, i fix there is nothing that you bought, and it will definitely not grow. and maybe even fall, and sometimes, it can fall twice. yes, you can imagine if you are ready to endure it is clear that this is not a loss that you fix? yes, here you have there conditionally speaking, there is one bitcoin. it costs 20.000. if it is currently worth 10,000, it is not a loss. that is, just as long as you have this coin. well, i show how a coin, well, in electronic form. yes, on a flash drive you have it written in your wallet, that is, until you sold it, by 10 you would not be so fixed. it's still not pleasant enough. yes, you have this uh, an asset worth 20,000 or 10, however from the tenth year. we observed, well, there, well, a dozen exactly large graphs of large crypto-exchanges, and just a month ago, this whole story. it's one of the largest in the us the s

banks sent a proposal to the central bank to provide credit holidays for victims of terrorist acts of hostilities , sabotage and other such circumstances. tell me, please, what is the position of the central bank . on this initiative, we know that the central bankt a letter to the banks and gave some recommendations. what recommendations are we talking about, and the second question is also on the latest news. it is known that one of the banks introduced a fairly substantial commission for crediting dollars, up to 50% of the amount of credits goes there. and how does a bank like the bank of russia feel about this, does it think that regulation is necessary? yes, if some strong large commissions are introduced and the third question, clarifying what you have already said. so you noted that now the share of exports for which rass. entered in rubles is 41% could you clarify. e. how much is the share of imports, which are calculated in rubles or in friendly currencies? thanks a lot. thanks that regarding the first question. in principle, our policy is that, uh, credit holidays are provided in such cases. you know, we came up with an initiative so that people of independence of the situation have the opportunity to receive credit holidays. once ther

it went back to the central bank as the reserve— to the central bank as the eserve si— to the central bank as the reserve of the— to the central bank as the reserve of by— understand that. post covid qe created by me— understand that. post covid qe created by the bank of england was created by the bank of england baio— created by the bank of england was paid directly— created by the bank of england was paid directly to firms in obi— was paid directly to firms in ebii isans— was paid directly to firms in cbil loans and— was paid directly to firms in cbil loans and covid recovery isans— cbil loans and covid recovery isans ani— cbil loans and covid recovery isans and as— cbil loans and covid recovery loans and to households in iarisasn— loans and to households in rarisagn oi— loans and to households in furlough qe funded furlough qe nanose— furlough qe funded furlough qe baniei mose— furlough qe funded furlough qe funded those loans, many of anion— funded those loans, many of anion sr— funded those loans, many of which of course— funded those loans, many of which of course haven't been eesvereo ss— which of course haven't been recovered. so government

it went back to the central bank as the eserve— to the central bank as the eserve oi— to the central bank as the reserve of the— to the central bank as the reserve ofthat. post covid qe created by the bank of england was created by the bank of england neit— created by the bank of england was paid directly— created by the bank of england was paid directly to firms in siii— was paid directly to firms in siii ioens— was paid directly to firms in cbil loans and— was paid directly to firms in cbil loans and covid recovery ioens— cbil loans and covid recovery ioens eni— cbil loans and covid recovery ioens eno io— cbil loans and covid recovery loans and to households in inriongn— loans and to households in inriongn oi— loans and to households in furlough qe funded furlough qe inniei— furlough qe funded furlough qe inniei inose— furlough qe funded furlough qe funded those loans, many of vnisn— funded those loans, many of vnisn oi— funded those loans, many of which of course— funded those loans, many of which of course haven't been resoverei so— which of course haven't been recovered. so government policy viii— recovered. so government policy viin ine— reco

central banks. and it's not from the central banks. and it's new men— from the central banks. and it's men we nann— from the central banks. and it's not just bank of— from the central banks. and it's not just bank ofanea— mediaeval europe apparently declared that— mediaeval europe apparently declared that the true rate of mneneen— declared that the true rate of interest was— declared that the true rate of interest was known only to god . interest was known only to god. i interest was known only to god. n mank— interest was known only to god. n mmw me— interest was known only to god. i think the would— interest was known only to god. i think the would be a proper nam— i think the would be a proper we, a— i think the would be a proper we, a fan— i think the would be a proper rate, a fair rate— i think the would be a proper rate, a fair rate of— i think the would be a proper rate, a fair rate of interest is if rate, a fair rate of interest is m n— rate, a fair rate of interest is m n wee— rate, a fair rate of interest is if it were discovered in the name— if it were discovered in the market like— if it were discovered in the market like most other prices of meet— market like most other prices of maen

of central banks are - but so far so good. we saw a lot of central banks are not i but so far so good. we saw a | lot of central banks are not on the same page we have theholding steady we have the european bank deciding able raise its rates so where do we all stand on this in of inflation?— all stand on this in of inflation? , ., inflation? interesting that the euro ean inflation? interesting that the european bank _ inflation? interesting that the european bank was _ inflation? interesting that the european bank was a - inflation? interesting that the european bank was a little - european bank was a little behind in getting started and raising rates so they are still on that process and inflation has been very stubborn in europe. in the us, inflation is coming and there are signs that inflation expectations are also beginning to ease in the us. so the federal reserve at least for now seems to be comfortable with where plates are. although it is clear that they will be looking very carefully at the july meeting at another rate hike. china's countercyclical, instead of the economy going through a period of strong recovery and not using china is just str

the heads of the european central bank, the bank of england, and the bank of japan, participated in a discussion on combating high inflation, and the economic outlook, at a forum hosted by the european central bank in central portugal. this is about one hour, 25 minutes. >> let me say that as a financial journalist, i started out in foreign exchange. this is pretty much as good as it gets. thank you for having me talking to the big four today. i am excited for this conversation because it is always fun when everybody is in different places and going at different speeds and maybe disagreeing. if you dare to do so today. so, thank you all. i will start with you as the host of the meeting. i am curious where you all are in terms of the policy pass. we have seen a fight against inflation. you have been clear there is more work to do. how much more? [laughter] president laguarde: thank you very much. i will take the opportunity to thank all the contributors that have presented. it has been a rich conference and i thank you. as far as the european central bank is concerned and the euro system at large. we have covered a lot of ground. we have increased our interest rates by no less than 400 basis points in short

the european central bank. - 396 in 2024. so that view there from the european central bank. let's - the european central bank. let's talk to ralph, who is the global head of rate research at the bank of paris. what did you make of what she had to say that? because we are starting to get different views on how sticky inflation is and how central banks will respond to it.— will respond to it. yes, we are at an interesting _ will respond to it. yes, we are at an interesting turning _ will respond to it. yes, we are at an interesting turning point - will respond to it. yes, we are at an interesting turning point and l will respond to it. yes, we are at i an interesting turning point and you already highlighted three contrasting decisions this week. no real surprise from ecb, i would say. they told us a few months back that they were likely to raise rates in three consecutive months, this is the second run of those, they have pretty much committed to raising inflation rates again injuly, so as we have seen, there is no real surprise there, but we are obviously nearing the end of thatjourney in europe as well and what some market participants were hoping for today is some signal as to whet

the central bank of oil markets. that said, if you really want to be the central bank of oil markets, you should avoid keeping a on their toes. they would like to continue to be the central bankoil markets. coming up, ubs continues to overtake. we will discuss that next. this is bloomberg. ♪ >> we have a new date for when ubs might be completing its acquisition of credit suisse. that would be as early as june 12 according to the bank early this morning. let's get into this with russell ward. june 12. walk me through the significance of that. >> this seems to be good news for anyone who is concerned there were delays in this process. we know the bank wanted to complete this by the end of may. they have now bound themselves to republican statement saying that it would be at the earliest one week from now. remember, this is also completing the completion of the deal. this is something that will take a long long time. >> to that exact point, russell, there was a story out over the weekend about a delayed second-quarter quarter results. is that just a factor if that is indeed what happened was to mark >> absolutely. that is what they are saying. ubs is scheduled to show earnings b

the key cpi print in the u.s. and we're looking at a lot of central banks including the australian central bank, including the canadian central bank and potentially the bank offter that surprisingly hot labor print we got earlier this morning. what is to say the u.s. is not facing the same inflation dynamic that the u.k. is or australia or canada? >> where some of the key differences are so far on the u.s. versus the others and be tickly the u.k. is clearly on labor market. when you get wage prints around the 7% level in the u.k., this is an economy that doesn't -- that hasn't grown for the last year. the labor market is still surprisingly strong and the wage workers are clawing back on pay rises. chair powell has been telling us the last couple of months there were certain elements of the u.k. and u.s. economy that so far are different. it doesn't mean they will continue but it's unusual you say things slow from just under 6% to below 4.5%. not consistent with inflation but to move down without any rising wage growth means the inflationary pressures are different in the u.s. than the u.k. they have more rigid wage setting procedures. the u.s. has inflation

of financial institutions that are in the central bank, which is supervised and supervised by the central bank is regulated by the central bank. here, within the framework of this registry, companies must register in order to prove their economic model, as it were, the business model where they put their funds, if it is a broker broker dealer, then a microfinance bank dealer organizations, no questions, well, everything is legal . we are talking about the fact that if there is mass advertising, then this is a professional activity. so, you must be registered in the register of central bank. these organizations will be allowed to attract the mass media of citizens; the rest will, er, from this. well, protected, that is, it will be me e legislative field. i know they proposed to create a system of price indicators in russia. here's how it will help. uh business, including the financial market invasion of the country. a you know, we have a very good financial infrastructure, a national payment card system, a fast payment system. uh, the exchanges are working efficiently. uh, rating companies and when we are in the fourteenth year. we started this work, we were told everything. why we have here all abroad foreign. so all services, all infrastructures are created. you don't have to invent anything. why do they use their americans, europeans, and so on and so forth showed back. several years have shown that in fact it does not work, that everyone who wanted to all left. eh, and accordingly , it’s good that we then created our own financial independent sovereign i

be the responsibility of primarily be the responsibility ei eenirei— primarily be the responsibility of central banks— primarily be the responsibility of central banks , rather than, of central bankssist the government's plan to tackle iniieiien — government's plan to tackle inflation is— government's plan to tackle inflation is the— government's plan to tackle inflation is the right one. but wnei— inflation is the right one. but we wen.— inflation is the right one. but what plan, what— inflation is the right one. but what plan, what plan have they actually because the actually got? because all the action seems to be taken by the bank of england over which the government no control . government has no control. indeed. i mean, they can sort of enenge— indeed. i mean, they can sort of enenge iie— indeed. i mean, they can sort of change its mandate and things, but change its mandate and things, in new— change its mandate and things, in new een-i— change its mandate and things, but they don't have direct eenirei— but they don't have direct eenirei .— but they don't have direct control , which- but they don't have direct control , which many people would control, which many people woul

the central bank tightened the signal if it met at the next meetings in april. rates, now the new wording of the central bank allows for the possibility of an increase following the results of previous meetings of the central bankn that, despite the fact that the annual inflation in the country is slowing down, he does not reduce the rate, because the growth figures seem to be optimistic. prices are actually explained by the effect of last year's high base. now there is no need for such explanations, annual inflation in the country has accelerated in april, it was two and three tenths of a percent on june 5, two and six tenths more medium-term horizon increased the likelihood that price increases will accelerate this may happen. due to the new sanctions due to the fact that the budget deficit will increase, which has already exceeded the plan for this whole year, in addition, the central bank sees a significant shortage of labor due to its productivity. this imbalance may well lag wage growth, too, my colleague, the business news anchor, could accelerate price growth. marina pimenova today at a press conference of the head of the central bank, elvira nabiullina asked about the connection between inflation and p

central bank? the question mark was that the employees of the central bank, who i only have for information , are much higher than what can be received. why am i doing the attached legal assignments of this work because the body of the central bank itself is contaminated in this matter because it is contaminated and they receive facilities that sometimes they can no longer monitor the ribbons . the problem can be solved here. centralk and banks we will follow up on this big facility, god willing, it will come to fruition. in the last three years, the exploitation of the country's religious lands has increased more than 6 times. the deputy minister of agriculture of the ministry of agricultural jihad, announcing this, said that the plan to jump production in the drylands in more than it has been implemented from 17,000 villages and 400,000 farmers have been supported by the religion of work. holding a thanksgiving mirror for harvesting wheat from 350,000 hectares of farms covered by the production jump plan in lorestan tarikeh setara with the cooperation of the executive headquarters of the command of hazrat imam rahmatullah alaihi. in agricultural jihad in 22 provinces the country is running, but we started with about 670 thousand hectares a year and this year we reached about 4 million 200 thousand agricultural experts through the engineering system organization with the help of the executive headquarters, we use

central bankers all morning at the ecb central banking forum in portugal. joining us now for the latest is yannis stournaras, the bank of greece governor. we had a lovely panel with the head of central banks of a rate hike in july and september? gov. stournaras: [laughter] if the baseline develops as we think, then perhaps, yes, in july, we will have a hike. september is too far away. we cannot say what we will have. guy: we will talk about that in just a moment. governor, do you think the greek economy needs more rate hikes? gov. stournaras: we take the european average, we do not say if germany or greece, we target the inflation rate of the euro zone, not of any single country. alix: sure, but if the -- gov. stournaras: sorry, can you repeat? alix: if the ecb does go to 4%, what does that do to the greek economy? gov. stournaras: the greek economy as you know has an inflation rate that is lower than the eurozone average. it is 4%. it is higher than the 2% that we want. as you know, we target medium-term inflation. we do not want inflation to fall to 2% tomorrow. we have been hit by a series of supply-side -- we have been tightening for more than a year now. it is the biggest tightening

the central bank signaled that it might start as early as next month. shery: would you say 50 basis points is an appropriate reduction? >> i figure for the central bank, we are respectful of the economy of the central bankt, this kind of voting is very common. when the monetary policy is turning around and different members of the board have their own assessments for how fast they can go. shery: minister mario mar -- mario marcel, thank you so much for your time today while he is -- you are speaking to investors in new york. let's see how the broader markets are trading. anabelle: stick with the central bank theme, of course the focus in the session so far has been on the moves in the japanese yen. taking a look at this chart that weakness that we are continuing to see in the currency, sliding back to the 145 level. what is interesting, this chart issuing the one-month implied volatility, that has been diversion away from the weakness -- diverging away from the weakness. it tells us that traders are not too concerned about the weakness we have seen in the young, even though we had the likes of the top currency chief in japan saying they would react appropriately to respond to any aggressive one-sided mo

central bank set to issue a decision this week we talked about china cutting the short-term rate and the fed decision tomorrow, we hear from the european central bank on thursday and bank of japan on friday ahead of the central bank decisions, let's check the bond market 10-year treasury at 3.72 easing from the level yesterday. still elevated yield on the 2-year treasury at 4.56. wes als also want to look at en and oil. wti off the lowest level since march. this morning, just a bit of a rebound. wti crude trading at 67$67.80 brent is up almost 1.5%. natural gas is up 1.5% this morning. coming up, we speak to francisco blanch and he will talk about the crude crush and why it is just getting started. >>> now is the time to check on the top stories in the corporate world with silvana henao >> good morning. the biden administration is stepping into the efforts to secure a deal in the ongoing west coast port labor dispute. julie su has been speaking to management representatives of the sources tell cnbc that su has a long relationship with both sides and keeping communication open in the push for a final contract >>> softbank is preparing for another round of layoffs the job cuts at the investment arm may impact 30% of the estimated 349 workers. if the cuts go through, they would follow the elimination of 150 jobs at the vision fund and softbank group international back in september. >>> amazon is making a bigger push into a.i. in the bid to help customers find the right product. the company confirming it recently started testing a feature in the shopping app that uses a.i. to summarize reviews on products. the feature provides a brief o overview of what shoppers liked and disliked about the item. i like to read reviews. >> i'm not a review person i buy what i buy a.i. in just about everything. >> exactly >> silvana, thank you. >>> turning back to the fed. it kicks off the latest policy meeting today with the decision out at 2:00 p.m. eastern time tomorrow ahead of that, 60% of traders are betting the centralampaign. more than half say they pick back up in july with the 25 basis point hike those views shared by the ceo of bank of america and ceo of goldman sachs. >> they can't say i'm done because they don't know because they need the next set of data >> i'm not referring to this week i think inflation is stickier. you know, i think in the distribution of outcomes, there is a chance rates go higher. i'm not saying they will go there, but you have to be prepared for that. >> before the fed makes any call on policy, economists are bracing for the key inflation report with the headline cpi figure to dip slightly from last month to a still high 4% joining me with more is jeanna smialek. >> thanks for having me. >> is the market reading the tea leaves right a pause or a skip or could the cpi report change that >> yes, i think it is really interesting to note there is a 25% chance in the market that they actually move interest rates up this month which is very unusual usually we have 100% market

of the government all the central bank, the bank of england. at the last time this happened in the 19705, when the fed, the us central bank, raised interest rates aggressively to bring inflation down, it's actually triggered a recession. so centraldo too much then just like in the early 19805 it could take the economy into recession. it was only a couple of months ago that the forecasting proved, because we were facing a recession this year, but that a couple of months ago the forecast essentially said it would be stagnant but we would not face a recession, so it is pretty delicate and fragile and the central bank will find it really hard to find that interest rate thatjust dampens demand enough but does not tip the economy into recession.— economy into recession. people are sa in: it economy into recession. people are saying it could _ economy into recession. people are saying it could go — economy into recession. people are saying it could go to _ economy into recession. people are saying it could go to 696? _ economy into recession. people are saying it could go to 696? that - economy into recession. people are saying it could go to 696? that has. saying it could go to 696? that has chanced a saying it could go to 696? that h

but the first thing to say is that loads of other oenrror— to say is that loads of other central banks— to say is that loads of other central banks did exactly the or— central banks did exactly thes what we've got. the question why do we have cost question is why do we have cost push? and one the reasons is, push? and one of the reasons is, of course that we have some shortages in various areas where staff from staff that we used to come from the eu longer come. and those the eu no longer come. and those are where prices are are the areas where prices are rising. all the service rising. it's all the service sectors, whether it's retail, whether it's hospitality, whether it's hospitality, whether tourism. and that's whether it's hospitality, whethrreally tourism. and that's whether it's hospitality, whethrreally the ism. and that's whether it's hospitality, whethrreally the pressure that's whether it's hospitality, whethrreally the pressure should where really the pressure should be of those. so and be to ease some of those. so and it inflationary it is the inflationary expectations have expectations that we have encouraged . stepped very encouraged. we stepped in very late with

central bank. when you're a second-tier central bank you have the luxury of delivering surprises. i don't think you have the same luxury if you're the chairman of the federal reserve. tom: not only on central banking but also on fires that have gripped the nation in particular the northeast. we are thrilled to bring you our senior vice president he has done weather for bloomberg joins us again on television and radio. when do fire, when does the fumes move on? >> it's going to move on this weekend. we are in the stagnant pattern with upper-level lows in the northeast. we should see a bit of improvement. jonathan: how does this compare to the rest of the world what were going through right now. >> new york city has the worst air quality in the world off the scale for particulate matter floating through the air. jonathan: have you ever seen anything like this in your career? >> no you have to go back to may 19 of 1780 to have anything of any precedents and that was called the dark day wildfire smoke because people to have to use candles at noon. it's been a long time since we've seen something like this. tom: one final question before we move on do you have any ability to say this will be repeated for the summer when you look at canadian whether on all about the fires can this happen again? >> a could happen again. my hope is that this next upper-level low that moves in monday through wednesday is going to bring rain eventually to parts of quÉbec and ontario and help with some of those fires. jonathan: it's wonderful to get your perspective on things. tk some seriously crazy smog in new york city. waking up this morning coming to work you can smell it. tom: oh yeah. and i noticed the dogs, there suffering. we should point out the airlines, i don't have an update right now but incoming flights were challenged. jonathan: some were delayed yesterday for obvious reasons. tom: let's continue on now and we do so with jeffrey you is sitting with all sweeney yesterday. he is senior market strategist it's a quiet period but it's not a quiet period. i'm going to ask a question to start. equities bonds currencies come out of this where is your and go focus? >> my single focus is the residual cuts that the market is intent on pricing heading into next of january. lisa: we talked about the fog as being a metaphor for of a lot of the uncertainty we have it's unfortunate and inconvenient but i wonder how much this lack of can action makes you have that's much more conviction in cass -- cash. the less-expensive not longer having said that there is one dynamic seemingly coming through people not having more cash because of the applications are just so low right now. and the institutional investors that we custody for astarte to push. they are still looking at valuations. it could be a bit more benign then we give it credit for. lisa: in the next half-hour we will speak about the mother of all melt ups. increasing amount of cash is actually being fuel for this mother of all melt ups. it could be coming. >> the fundamental allocation story of the second half of the year can we dare to visage a soft landing? if we get to year and there are still payrolls around 250,000, core pc i think that is a good environment. if that translates to stability and earnings growth this will and cash on the sidelines why not push cash back? jonathan: i feel right now there's two different views either you sit in cash and take five or you go to ai and chase hopes and dreams. is there something in between right now? >> that's the one asset class i have conviction on globally by think it's emerging-market. a lot of interest and right now benefiting from a u.s. story. i think a china stimulus is coming as well. i see credibility in that region. we always know that's the real rate story. that time, there could be ut three if not higher. jonathan: china stimulus, what are you expecting? >> the benchmark from a few years ago that is the baseline. but to really make a difference on the data fed on top of that there needs to be a shift in expectations. there was this fear that things could still go back to where they were a few months ago but that clearly is not the case right now. they're supposed to be a governmental push. they can leverage, they can add that to their balance sheets. de-, d lifting. tom: the last 24 hours has been just extraordinary. how do you treat the ims cautious five-year? do you just instantly say i want to be suspect of that and carry on more optimistic view? >> i think global gdp china's own growth forecast will go back to march when they came up with targets. that was considered conservative at the time especially if we take into account the rebounds coming through but if that is a warning signal i think it's the impetus for governments to spend. tom: the street has this. he's far more optimistic of the domestic chinese experience. he says it will even come over to specific groups is this the mother of all opportunities? >> i wouldn't say it's the mother of all opportunities but given the last three years china has always been an afterthought because of other factors. there is an opportunity there as well but having said that going to the physical story that is something i worry about globally. i just upgraded upward to the u.k. i'm pleased going with the stimulus right now. he saw what happened in turkey before the elections. new stephen pushing through stimulus. to be honest even the debt ceiling be fiscal consolidation should we say was barely anything. so centrala: they didn't make any progress in cutting spending whatsoever. putting this together this is time of media reviews and there were a number of high conviction rates in the first half that were absolutely demolished. what are some of the conviction trades heading into the second half that you're concerned about? i think about the ones you talked about, ai and cash. >> do we want to think is that you do have the innovation story but is there an effect in their? i think that is something to bear in mind. going back to my earlier point about fed cuts need to be priced out. one conviction we have is the narrative about no cuts for major central banks at all. until the second half of next year were as that is not something that is pricing. the consistent inflation and physical is only going to make that worse. we've got quite a few elections coming up as well. that's where bond yields will be even be looking at 10 years at 1.5%. jonathan: that's interesting. looking forward to 18 months of

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of the rest of the world. you independent central you have an independent central bonk— you have an independent central ionk-icwic— you have an independent central bank-leads to- you have an independent central bank leads to lower bank pressure. now you've made a mess of this . we need a complete of this. we need a complete panic— of this. we need a complete noroic .— of this. we need a complete gorooc . yea.— of this. we need a complete parade . yeah, for my money, to parade. yeah, for my money, to my parade. yeah, for my money, to no copinoin— parade. yeah, for my money, to my gopinath isn't— parade. yeah, for my money, to my gopinath isn't the problem. icn-r— my gopinath isn't the problem. icn-i inor— my gopinath isn't the problem. isn't that-bank— my gopinath isn't the problem. isn't that-bank of- my gopinath isn't the problem. isn't that bank of england my gopinath isn't the problem. isiindependent ank of england my gopinath isn't the problem. isiindependent ank othe gland my gopinath isn't the problem. isiindependent ank othe problem is independent mark the problem is independent mark the problem is it is independent mark the problem ic ii-iccn— is independent mark the problem is it been independent is it hasn