christine lagarde says she does not expect a rate increase. increased until the end of the year. we will hear more from the ecb president if and when we get them. inflation is moving in the right direction, she says. euro-dollar down by 0.3%. what would you say if your employer offered you unlimited holiday? we will speak to the ceo of a company that has done just that and it looks to tackle worker burnout. that is next. this is bloomberg. ♪ tom: welcome back to the open. 41 minutes into the european trading day. it is a risk on friday across european markets. future in the u.s. -- futures in the u.s. pointing up. 0.4% is what you're seeing in terms of the stoxx europe 600. gains of 0.5% for the cac 40. basic resources at the top of the list, utilities the only sector in the red at the moment. your euro-dollar is that 113. christine lagarde saying we should not overreact to inflation, and in terms of your u.s. 10 year, up by two basis points, 1.6. 2021 was a blockbuster year for capital markets, but it also exposed the work until you drop cult

christine lagarde walking back a few years around inflation in the rate hike for next year is unlikely indeed. to virgins is what we are seeing -- divergence is what we are seeing. we are looking at the 10 year bond of minus 0.22. sterling is up, gaining about 0.3%. your euro-dollar is gaining by about 0.1%. we are going to check in on how things are breaking down sector by sector. as you can see, you have staples, materials, inflation, technology as well also gaining. in the u.s., pressure on the nasdaq as it yields gained to 1.6 percent and you saw some around the optimism for technology. industrials are a bit of a mixed picture. health care is lower. financials also gaining taking into account the fact that yields are higher. in a fitting financials and a bit of a squeeze on technology. let's check in on some of the individual stocks that we are looking at. st micro, there is a story around the fact that the european commission could be considering allowing some flexibility in terms of state aid for the semiconductor sector within the euro zone. that debate has been fierce amongst e

as the head of the central bank, christine lagarde has had an enormous impact on how the european union and global economy moves forward. i had a conversation with her on how europe is recovering from the global pandemic and the slowdown in the economy. as we now look at the post-covid environment, but would you say is the situation in europe? is europe recovering more rapidly, or not quite as rapidly as you thought from the covid pandemic? ms. lagarde: europe is recovering more rapidly than we had anticipated, and we have significantly upgraded our projections. our projection for this year is +5%, a significant upgrade. +4.6% next year. this year is certainly going faster than we had thought, to the point where we would have recovered to pre-covid-19 levels before the end of the year 2021. we had anticipated it would be early 2022 at best. david: are you worried about the delta variant impacting what you just said, or the so-called mu variant, something now on the horizon? ms. lagarde: it is related. we are in a situation where vaccination matters enormously. on that front, europe has

as head of the bank, chris taylor guard has had immense impact -- christine lagarde has had a tremendousmpact. i had a conversation with her about how europe is recovering from the pandemic and the global slowdown in the economy. as we look at the post-covid environment, what would you say is the situation in europe? is europe recovering rapidly? or not as rapidly as you thought from the covid pandemic? christine: europe is recovering more rapidly than we had anticipated. we have as a result of that significantly upgraded our projections. our projections for this year is plus 5%. it is a significant upgrade. plus 4.6% next year! pre-covid type of growth. this year is going faster than we thought to the point where we will have recovered to pre-covid-19 levels before the end of the year 2021. we had expected it would be early '22 at best. david: are you worried about the delta variant impacting what you have said or the so-called mu variant that is on the horizon? christine: it is very closely related. we used to say that the best policy was an accelerated vaccination rollout. we are stil

christine lagarde will be giving testimony. be listening for what she says before the december meeting. looking at how things are playing on a sector by sector basis. morgan stanley equities team is saying that when you look at 2022, reduce your exposure to u.s. equities. because of where we are in the cycle. let's get down. look at how things are playing out sector by sector. energy was at the top last time. very modest. travel and leisure and technology gaining about 0.3%. the bottom of the list -- basic resources. iron ore is low and brings are also down. that is the way things are looking 30 minutes into the trading day. laura: heineken has agreed to buy south african wine and spirits maker for two point 2 billion euros. the takeover creates a new regional competition. as well as its signature lager. all 10 companies making their debut on beijing's first stock exchange have rallied on the initial day of trading. the new bourse is intended for small and medium-sized enterprises that have long faced difficulty raising capital

jonathan: problems in europe, christine lagarde, the president of the european central bank.wicz, jonathan ferro together with matt miller. the trouble in europe, euro-dollar down to 1.2084. german bond yields are lower off of new restrictions in austria, back in lockdown, germany could be following. yields are lower on treasuries by six or seven basis points. that's a firmer curve. your two year yield and six basis points to about 44, 45 basis points this morning. lisa: how much is this the fed will be able to remain on hold because of europe and oil prices and perhaps some sort of additional wave in the united states, hard to parse through the logic. jonathan: equity futures negative one third on the russell. small caps are down 1.4%. let's get over to our stoxx editor dave wilson for the performance not just this morning but on the year. dave: i took a run through the 11 major industry groups in the s&p 500 and something that jumped out at me is the contrast between real estate and utility. these are two groups you tend to think move together because they are interest rate

christine lagarde says conditions for rate hikes will not be met into next year.oday, eurozone unemployment data shows that the labor market has already recovered. the overall economy not far behind. we have just seen the polish central bank raising rates by 75 basis points. nobody expected that. they are leaning in on reasonably aggressive inflation they are seeing in that country. lufthansa flying high. determine carrier delivering surprise profit driven by superstrong cargo and a passenger revival. with billions of dollars being pledged in the energy transition , the most ironic story of the day is that a wind turbine maker is down hard. this as shortages and high steel costs hit its bottom line. let's talk about where we are for the markets, where we are with equities. equities our bid once again. we are up 0.2%. we have cleared for 80 on the stoxx 600. huge line in the sand, fresh record. got material stocks, the miners at the top of the market, the energy stocks at the bottom of the market. why? brent down by 2.74 percent. that leads me to the other ironic s

christine lagarde pushing back against a rate hike in 2022. she says such expectations are inconsistent with the ecb analysis. she did not call it wrong, reflecting an agreement that doing so could backfire. the ecb will face crucial policy decisions in december, when new forecasts become available. >> in our forward guidance on interest rates, we have clearly articulated the preconditions that need to be satisfied before rates will start to rise. and despite the current inflation surge, the outlook over the medium-term remain subdued. and thus, these preconditions are very unlikely to be satisfied next year. vonnie: opec-plus meets thursday, as they weigh u.s. demands for more oil. the white house is worried that inflation caused by high energy prices could derail its agenda. u.s. diplomatic pressure has been supported, but key cartel members say they should stick to the current plan of adding 400,000 barrels a day of supply each month. india has made its biggest cut to fuel taxes to boost consumption and keep inflation low, coming after the

and european central bank chief christine lagarde told investors this week, euro rates were "very unlikelyat bank of england govenor andrew bailey had to say. this was a very close call, we have got much higher inflation than we would want to see. the causes of it, quite a few of them, are global, quite a few are to do with bottlenecks and the world economy affecting us. which actually, rising interest rates went directly salt ash thatis rates went directly salt ash that is the question — but the reason why i made this statement was because we have to keep a very close watch obviously on what could be the consequences of these price pressures on what could cause inflation to be more sustained and much more difficult. we are in a world of interest rates. they may not fall and rising abound, but want to be clear, we're not going to see some very sharp return to the world that we can just about remember before the natural crisis of a certain age. dan kemp is chief investment officer at morningstar investment management here in london. good morning, thank you for joining me. this decision by t

christine lagarde will be speaking today. thank you for your time. andrea: thank you very much.rancine: thank you so much, maria tadeo in frankfurt within an important interview with andrea enria. coming up, bitcoin jumps past $68,000 the first time. we talk cryptos next. this is bloomberg. ♪ francine: welcome back to the open, 24 minutes into the trading day. a bit of pressure easing off with the stocks flat, but a little green, the dax getting 0.1%. bitcoin jumping past $68,000 for the first time, part of a wider recent rally in the cryptocurrency sector which sees $3 trillion in value. joining us is our bitcoin watcher, eddie van der walt. i love speaking bitcoin with you, you always have a different angle. what is sending bitcoin to a record? eddie: you can really feel it, it is palpable, the excitement is back in bitcoin. there was a sense in the middle of the year that it was tapering out, heading for another crash. that is no longer the case. it is always hard to put a pin in what is driving bitcoin prices, but over the weekend when elon musk started tweeting about sellin

ecb president christine lagarde is again pushing back against market bets for a retake in 2022. says such expectations are inconsistent with the ecb's own analysis, but she did not call traders wrong. that reflects an agreement within the governing council, and doing so could backfire. the ecb will face crucial illicit decisions in december when new economic forecast become available. a chinese solar panel -- solar panel maker says the u.s. has detained its goods and concerns of ties to another solar panel maker. the u.s. has banned some solar products made in that region over alleged human rights abuses. the company says it can prove the models used in silicone material meet the u.s. government's requirements. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. ivanka? yvonne: coming up, our exclusive interview with militias finance minister and how he plans to find the country's record budget. this is bloomberg. ♪ yvonne: checking the southeast asian

ecb president christine lagarde pushing back on a rate hike for 2022. says such expectations are inconsistent with the ecb's analysis. it reflected an agreement within the governing council that calling that could backfire. >> enough forward guidance on interest rates. we have clearly articulated the three conditions that need to be satisfied before rates will start to rise. and despite the current inflation surge, the outlook over the medium-term remain subdued. and thus, these three conditions are very unlikely to be satisfied next year. vonnie: opec-plus meets thursday. they will consider u.s. demands for more oriole. the white house is worried inflation could derail its economic agenda. u.s. diplomatic pressure has been supported by japan and india, but key cartel members say they should stick to the current plan of adding 400,000 barrels of supply each month. china seeking to silence online rumors that conflict with taiwan may be imminent. posts have been circulating on social networks about the risk of war. china's call to stockpile food started t

but i think the view that has been expressed by christine lagarde a few days ago is going to dominatethat means you start from a position which is very different from the u.s., with too long a time, and really, you have to seize this opportunity to re-anchor inflation expectations. there are risks related to that strategy. >> guy: peter, always great to talk to you on these big days. thank you for taking time to join us. your bright -- peter praet, former ecb chief economist. protests erupting in europe this weekend is new covid restrictions are put in place. emma hodcroft will be joining us, an epidemiologist. judy dembski will speak to us about how governments are handling this -- judy dempsey will speak to us about how governments are handling this situation. this is bloomberg. tuation. this is bloomberg. guy: protests over the weekend across europe, some of them violent, some of them peaceful, but the message clear. the anti-lockdown protesters have basically had enough, as we see the re-imposition of lockdowns in many places. in the u.k. which has been suffering hi cases througho

christine lagarde says conditions for rate hikes will not be met into next year.at the labor market has already recovered. the overall economy not far behind. we have just seen the polish central bank raising rates by 75 basis points. nobody expected that. they are leaning in on reasonably aggressive inflation they are seeing in that country. lufthansa flying high. determine carrier delivering surprise profit driven by superstrong cargo and a passenger revival. with billions of dollars being pledged in the energy transition , the most ironic story of the day is that a

you had commentary from christine lagarde at this european central bank, also pushing back on market expectations, saying a rate hike from the ecb next year is off the table. the ftse 100 is gaining 0.4%. look ahead to the decision by the boe with the congress split 50-50 on whether they go for a rate hike. cac quarante gaining 0.4%. we can look at the cross asset board to see how things are playing out. yields flattening has changed to yields steepening on the back of the commentary from jay powell. he is looking at inflation continuing in that first and second quarters of 2022, but delinking the taper from the rate hikes. conditions are more stringent before you get the hikes. two year lower 50 basis points. the 10 year, 1.6. the pound in focus ahead of the boe decision. sterling lower by 4% from the highs we saw at the end of may. prude in focus as opec-plus at -- prude in focus as opec-plus at the $80 per barrel. the fed has finally unveiled its much expected tapering of stimulus. as for the timing of the hike, the message from jay powell is be patient. >> it is time to taper bec

merkel was looking for someone new to head the european central bank, she successfully recruited christine lagardethen the head of the european monetary fund. she has had enormous impact as the head of the european central bank, and enormous impact on the way the european and global economy moves forward. i had a conversation with her about how europe is recovering from the global pandemic and the global slowdown in the economy. as we now look at the post-covid environment, what would you say is the situation in europe? is europe recovering more rapidly or not as rapidly as you thought from the covid pandemic? ms. lagarde: actually david, europe is recovering more rapidly than we had anticipated and we have a result of significantly upgraded projection. our projection for this year is plus 5%. that is a significant upgrade, plus 4.6% next year. this year is certainly going faster than we thought to the point where we will have recovered to pre-covid-19 levels before the end of the year. we had anticipated it could be early 2022 at best. it is now going to be 2021. david: are you worried about the

at the time, richard was chief of staff to the french finance minister christine lagarde.rd is appealing the ruling, but he submitted his resignation to the board of a wrench in an emergency meeting this wednesday. the board said it would appoint a replacement by the end of january. china has confirmed it will join the u.s., u.k., japan, india, and south korea in releasing oil from their strategic reserves. leaders are hoping to cool high oil prices which have particular to a spike in inflation. prices remained relatively stable on wednesday. brent crude closed at just above $82. investors and analysts are unsure of out the effect these coordinated moves will have been the medium to longer term capital economics. it could prompt opec and other producers to further slow their pumps. those producers have rejected calls from the u.s. and others to boost their output. strategic oil reserves were set up in the wake of the 1970's oil crisis to ensure energy supplies an political or financial crisis. there have been three coordinated releases in the past, but never before as a re

he was very skeptical during the interview about what the ecb president, christine lagarde, is doingding inflation even though he does not have a clear view of whether he is in favor of rising rates. tom: a comparison with bojo. let's get a look at the headlines. >> five people have died in wisconsin after an suv drove into a christmas parade. or than 40 people were injured when the vehicle broke through barricades and sped into the street where the parade was happening. police say a person of interest is in custody. japan is reported to be preparing to release crude from its strategic reserve stockpile as part of a joint effort with the u.s. to rein in soaring prices. the government has determined it can do so legally as long as it taps the supply. the international olympic committee chief said he held a 30 minute video call with missing chinese tennis star where she assured him that she was safe. he said that she told him that she wanted her privacy respected. she disappeared after alleging sexual assault by a former chinese vice premier. u.k. has added key chinese covid vaccines t

restrictions from covid-19, are you concerned about growth and what it means for the dovishness of christine lagarde>> much as francine has chastised me. i've never been subscribed to the idea that the vaccine was going to be some magic shock to the world economy. for me that was the hope rather than a rational expectation based on the analysis of a humanity experience with viruses. the vaccine hasn't proven to be as effective as hoped in terms of reducing transmission. i think it was inevitable that we would have a resumption of a more widespread transmission of the virus. i'm going to leave that for other people to talk about. i think it presents a risk to the growth outlook over the next few month bus what that means for inflation in the short and medium term is muchova more difficult to disentangle. the e.c.b. will use any excuse. francine: i would never chastise you on a tuesday. i would only do it on a wednesday. when you look at the things thaf executive said the problem in the markets is you have a lot of people used to making money because of the central bank dovishness. are you worried whe

kailey: we saw that christine lagarde ab gave a weak attempt at pushing back. we understand that she was advised not to do that. do that would be a we move at this meeting? i was talking to steen jakobsen early this morning. he said central banks are so far behind. kailey: -- have sacked their manager. that happened in the last 30 minutes. the first manager is gone. tom keene failed to show up for work. lisa: causation is not correlation. but we are throwing it out there. should we will -- jonathan: should we wake up tk? up 19 on the s&p. there is a left in this equity market, remarkable. who would have thought that amazon could deliver the earnings they deliver and this market would close friday and another record? bond market yields higher. but it is the front end of the curve. we have more than doubled since the fed last met. lisa: we have seen such a huge pricing in rate hikes. equities continue to go up. nobody seems to care about the potential for rate hikes that gives the federal reserve some license to project that they might be raising rates sooner. to

christine lagarde, ecb president, was talking to european union lawmakers about inflation and where itoes, and when it returns to its target. here's what she had to say. ms. lagarde: if energy prices keep rising and inflation persists, it may remain longer than we currently protect. alix: still sticking to that timeline. "central convergence or divergence? -- central bank convergence or divergence? kevin: the ecb -- markets: the ecb medium is a very long medium. there's no chance really they will be doing anything. a couple of german bank ceos have complained about their rates. they would say that, wouldn't they? as far as these concerns, they want to do nothing as long as possible. the pressure is very much on the fed and really on the bank of england much more. alix: good to actually see you. marcus hath worshiped -- marcus ashworth, thank you very much. let's look at the equity market in the back of the macro data. europe is still accelerating profit upgrades. goldman sachs says it rivers and's value versus the u.s. bank of america -- says it represents value versus the u.s. bank of

at 4:00 p.m., christine lagarde speaks about women in finance. dani: that's right.ill be getting the fed president taking part in a discussion about racism, the economy, hosted by the minneapolis fed. this -- >> president biden brought up taiwan. u.s. commitment to taiwan. the u.s. talked about president biden talked about human rights in hong kong and xinjiang, about china's trade policies. we know from the chinese side that he talked about how china won't tolerate interference in that area. we know that president biden reiterated america's long-standing policy is opposed to independence. that is something president biden said we are hearing from the chinese side and not the american side. >> you make an interesting point. part of what came out of this meeting was not a joint statement. we had statements released from china and from the u.s. looking out what each different party said. is there anything to be gleaned from anything that was conflicting or perhaps of a different tone between china and the u.s.? >> we saw in the lead up to this, the excerpt from the su

i was pretty unimpressed with what christine lagarde presented last week with regards to the market. european stocks at record highs, being pushed along nicely by the banking sector, up 1.5%. a senior high -- a senior finance manager is joining us now. let's talk about what is driving european banks at the moment, both with credit and equity points of view. they are the drivers right now. what do you see happening? how much more is in the tank on both sides? >> good afternoon. as you said, maxine lagarde spoke on the stage. it is very important to deliver. we see a potential in the equity side. the trade being brought back to zero. we saw that u.k. experiments. it will be quite interesting and potentially very conducive. they were very clear. something we look forward to with high expectations. alix: we have deaf part of what we have seen is -- part of what we have seen is higher in the front end. in that environment, what do banks do? >> it is interesting. we don't know what the guidance will be tonight. they need liquidity. so i guess it is a game of push and pull. for the central

christine lagarde's world is different from jay powell? michael: it is a more extreme world.e seeing a rise in cases, but nothing like what is happened in europe. but europe has tended to lead us, that is the scariest part. tom: michael mckee advancing into the 9:00 hour with michael mckee on television. lisa abramowicz has exclusive television. marvin low with us right now, global market strategist at state street. kailey leinz, why don't you lead off. kailey: the market is looking for confirmation of a more quickly moving federal reserve. you think the repricing of those expectations have been overblown given the numbers we are seeing? mavin: today's data confirms we are moving in the right direction. activities accelerating to the fourth quarter. that is no new news. there are hints the job market is good. it does become the interplay between inflation and jobs. we know inflation is more than what they want. there are signs the job market is going to heal itself faster and the second half of next year, rate hikes will be light. having said that we are all your repricing ad

if you like my that gives extra strength to christine lagarde's dovish call and in the market must examineere's not a realistic chance of an interest rate hike. that said, we do have a new german government. we have a different voice in the finance ministry. that could change the groundwork for the ecb going into the next year. guy: it is always a pleasure. thank you very much, jane foley, from rabobank. a bit of corporate news. a new ceo for infineon. he will have his work cut out for him, jochen. this business has been in focus this year, as a key supplier of chips into the auto sector. as a result of which, the chip shortages we have seen this year have been front and center, putting infineon front and center. so we will see how he looks at the business and things about that problem going forward. what are we focusing on? it is thanksgiving. turkeys are a lot more expensive this year. food price inflation is front and center. the macy's parade is back on. take a look at that turkey, he will taste very nice. this is bloomberg. ♪ guy: from london, i'm guy johnson. it is thanksgiving in th

guy: that was ecb president christine lagarde speaking at the european banking congress that took placecranford. b -- in frankfurt. bhanu baweja of ubs is still with us. would you chase euro-dollar down to $1.10? bhanu: no, i wouldn't. there is a big risk that you go through serious lockdowns across europe, and in that case, you will have euro going down. our base case, if we were to avoid that lockdown, i think the event we want to be looking for is a significant pickup in japanese industrial production and german industrial production, and across europe, please is that have really suffered from supply lockdowns, particularly of chips, so i think there could be a tactical rebound of the euro. i don't to get mix a lot of since chasing it lower. medium-term, there are big headwinds building for the euro, not least from ecb's communication challenge, which is going to be huge. inflation on the one side, btp spreads on the other side. there is some real serious medium-term challenges. but i think cyclically, i don't want to be selling the european -- the euro-dollar or european stocks. ali

the weaker data out of europe suggests you will get a more dovish response from the ecb and christine lagarde compared to what is now increasing conversation around potentially a faster taper from the fed and potentially rate increases that markets are pricing in as soon as june. the euro is at its weakest in terms of the 14 week rsi, relative strength index, dipping below 30 for the fourth time since 2008. let's check in on the markets in terms of class assets. you are seeing a little bit of weakness across the asian session. the ms guy index is now .5%. there is renewed concern about chinese technology. stocks listed in hong kong. the euro-dollar currently at 112. there is no single currency versus what is happening within the u.s. dollar where you saw strength overnight. i flagged that story for you. pressure down .9% on brent, below the $80 a barrel despite this commentary coming out of opec-plus, trying to push back on these plans to reserve releases by the u.s. and others. iron ore rallying more than 9%. close to 9%, building on the gains we saw yesterday. optimism around potential easi

do you believe christine lagarde that these inflationary pressures are temporary, and how are you dealingthem? >> let's be realistic. structural challenges of the european banking sector remains. we have lower rates. it is very clear. it is tough to say that we can also expect the growth to slow down next year. we remain positive, constricted, but we know that yes [indiscernible] after what we experienced in 2020. inflation is a big debate, let's face it. i think when we know a little bit more midyear whether it is a one-off or if it is a cycle with an increase of wages, which could fuel future price increases. it is too early to say, but i think it could be there for some time. >> you expect inflation to tuck in the middle of next year? frederic: i think we will know a little bit better if it is a structural increase, or if it is just a one-off following the exit of the lockdowns. let's wait. i think inflation could be there for some time. >> is this what your clients are concerned about, inflation pressure? frederic: certainly. there is the issue of the supply chain, for example, the se

europe, according to christine lagarde, that is not a problem here, certainly not in the meeting terme medium-term. kriti gupta is looking at the rally. kriti: the question is, do you pick value or growth as a hedge for that? that is the tug-of-war in the market the last couple of months, and a lot of the outperformance has been in the markets. where else do you get your iphones, where us --where else do you get your tech? another big part of this, last month, this acceleration in the growth part. a lot of it has to do with the ev boom. that is owing to be some thing to keep in mind. the other thing is just how large companies are. how many of them are trading above their 200 day moving average because the larger the company, the more easily they can absorb those costs, the more easily you can actually say, hold on a second, this is an hitting my bottom line. that is being reflected in the market. the s&p 500, 73% of those companies trading above the 200 day moving average. that gets smaller as the company gets smaller as well. the russell 2000 up only 55%. once again, the bigger the

the european central bank president christine lagarde says the central bank should not tighten monetaryy too soon despite inflation. in frankfurt lagarde said she did not anticipate an increase in interest rates. euro area prices are rising the fastest pace since 2008. bitcoin has now fallen almost 20% from its record in two weeks. the largest cryptocurrency is hovering around $57,000. some analysts say a sharp pullback is normal after prices rose 40% in october. there is also a crypto crackdown in china and new u.s. reporting procedures have hurt. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am laura wright. this is bloomberg. ♪ >> what looks like a very interesting and somewhat exotic effort to literally mind new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations. lisa: that was hillary clinton throwing some shade on bitcoin, on crypto assets in general, adding fuel t

like now we are getting some pushback from christine lagarde saying we do not see the conditions fore hike to be met next year. tom keene, the italian 10 year yield, highs 1.20. we've got another move on the italian 10 year yield to lower, and a bit of pushback from president lagarde after some people asked questions about last week, perhaps not pushing back enough. >> you got the german 10 year yield. rated, it has gone to -0.10. almost a positive. germany sitting right on support right now. jonathan: the german 10 year, -19 basis point as you've indicated. let's bring in the chief international strategist at deutsche bank. let's start with the federal reserve. >> looks like a boring one. i think the federal reserve has done an outstanding job in pre-signaling to market that, one, we will get a taper and two, that the taper should end by the middle of the year. that means probably that able to $10 billion per month of tapering on treasuries. then we will talk a little about about the rate story. there will be pushback in terms of getting first the taper. too early to talk about rate

part of the reason why is the pushback we are getting from the likes of ecb president christine lagarde, but also the australian central bank coming out and saying we will give up yield curve control, but don't expect us to hike rates anytime soon. jonathan: full coverage, special programming, the fed decides on tv and radio, a little later this afternoon. what do we knew when they moved back to new york city? tom: the special welcome is to suggest they go below 59th street. i think that is a good idea. lisa: have you taken the advice? jonathan: to your favorite mcdonald's? tom: drop down into deepest lower manhattan, like the 30's. jonathan: murray hill is what you suggest for david stubbs. let's ask what david thinks of that, global head of macro at j.p. morgan. this talk about this market. the fed decides a little bit later. what are you looking for? david: for the record, i used to live in murray hill. jonathan: i that you did. [laughter] david: we are expecting the fed to fulfill market expectations. tapering $50 billion a month. probably pushing back significantly on the fact that

but i need one on the ecb, christine la guard over weekend saying bitcoin is not a currency -- christine lagardeency. i get paid 100% many bitcoin. to say that is very ignorant, and i think the saddest point was she didn't really give a reason, he just sort of said is it. and i believe she feels this way because she realizes as the president of european central bank that bitcoin has the ability to dismantle the establishment disintermediate government and central banks, and when you don't need the government and central banks, they have less control and less power. charles: we've got to work on getting you out of your shell, to kind of be a little bit more passionate about things and speak directly and not be afraid. in the meantime, thank you so much, and we'll talk to you again real soon. >> thanks, charles. charles: holiday shopping season off to a so-so start, but for investors the big excitement is over how we're spending it. as many of you know, i love this whole buy now, pay later movement, but i'm not alone. i'm going to bring in ava ekos. i grew up with layaway -- [laughter] so i'm intr

certainly they did so immediately following christine lagarde's press conference previously.m the fed's point of view, and i think they are right, it is a long way out, it is at least six months down the road given what they know today. they do not have any incentives to push back strongly against market pricing or confirm it. at this point it is get the taper decision done, communicate they are two separate decisions come and let the markets have at it. tom: frame the immovable force of gross excess savings or access row savings and also the immovable forces, everybody is moving their terminal values to a length any out. put those does go together. michael: part of it is there is this pool of savings. we are just now getting to the point where we will know whether households will be drawing down on that pool of savings. right now government stimulus has faded to the point where the personal savings rate is almost back to pre-pandemic levels. you could see a situation where the saving rate goes below low single digits and we will see if households drop down. if they do that i

interesting to see what the narrative is from christine lagarde. the transitory narrative is still the dominant force in europe. we are not only dealing with that inflation story, we continue to deal with the ongoing emergence of omicron in europe and the continuing surge with delta. all of that coming together to produce another negative market reaction. friday bad, monday better. today we rollover a little bit but we are clearly watching what is happening with jay powell and the impact he is having on u.s. equity markets. the ftse 100 only down .4%. the dax down .9%. we are seeing interesting dynamic developing in terms of how these sessions are going and how we are paying attention to the volatility story. this is the last five days. you can see the gap lower friday. now a new range being established in europe. today a gap lower. we have climbed off the early low and our midsession in terms of the range we have occupied. in terms of what we are watching so carefully. the volatility gauges are important and having an impact across the piece in te

it definitely will help the ecb to take pressure off inflation as well so i do think that christine lagardee to keep a dovish stance. that will contrast with the bank of england so they expect the euro will continue to underperform with the dollar as well as the pound. rishaad: are we in for another winter of lockdowns in europe and does that spread to the u.s. ? we have a debate about further booster shots on top of all this but it is not going away. we know that covid is not going away for a while. how much of this has not been priced in? >> i think the markets are pricing in in terms of measured slowdown in growth in europe. we won't see the lockdowns that we saw at the start of last year or the and of last year. i think economies, households and families are adopting -- adapting a lot better. it makes central banks at the margins stay dovish but it doesn't have risk assets. today's pmi data is worth watching. it is an indication on how sentiment is holding up in europe as well as the u.s., the u.k. and japan. yvonne: thank you so much, syed mansoor mohi-uddin from bank of singapore. you

in terms of the rest of the world, the ecb legal conference on constant -- continuity christine lagardek u.k. time, andrew bailey on the december meeting and the eu competitiveness for ourselves with services topping the agenda. the stoxx 600 up by 2/10 of 1%. the asian equity session finished by a similar margin. cash trading is not open in the united states because it is thanksgiving. we will give you -- we still have the future markets giving you some sense of direction. we have the euro at 1.1221, but it is really a dollar negative story. through the asia session as well , that's taking some of the focus for fx trade this morning and we have the oil price. we talk u.k. france relations and accusations over who is to blame for the death of at least 27 migrants in the channel. this is bloomberg. ♪ anna: welcome back to the program. chinese electric car makers are gaining an edge with local drivers by tailoring cars to domestic needs. they are allowing chinese consumers to live their digital life at home and on the road. for some that means in car karaoke. ♪ >> may that's enough. -- ma