only what conditions would it take for the e.c.b. to begin to make a move. for the euro to go down and then the conditions as they are to stay where they are or improve further and people are expecting inflation to rise further it's already at one point four percent not that far away from the e.c.b. level that it's intending and also growth in the euro zone has been improving steadily in fact and it's heating up quite nicely so why should rates remain at zero and billions continuously poured into the market every month billy batson from for the thank you very much. and that's it from me and the business team here in berlin i'll have an update for you in the next hour before you go out of world markets and the performance at this hour thanks for watching. some. furnishings can be a lot more than just functional. playing with. european style. the form of the be. obliged concert every weekend oblivion concert. the big. take. with the wonderful stories that make the game so special. they are all true. stories. and probably the best smile objects. motion to. go.

the e.c.b. has about 500 million euros. it does not signal the yuan replacing the dollar in terms of choice. vonnie: which is one you are most watching this year, is it the federal reserve balance sheet or should they be watching others? >> it is all about the e.c.b. it is going to halt its bond purchases in september, i think. it could extend. i think the inflationary outlook will be robust enough. it is still main driver of pumping money into the global economy. it looks like the market is accepting fact that bond buying will be over. yields are rising for same reason that the euro is on a bit of a terry. because the economic outlook is better, the inflation outlook is better. that is alug the central bank to move towards policy normalization, which is a good thing. vonnie: if we are to see something like a taper tantrum? would we so it in spreads? where would that occur? >> in recent years, it has been something of a widow-making trade. it has been the most mispriced market in the world. but the german yield has failed t

who's standing by in france but only as expected the e.c.b. left its stimulus program in place it keeps pumping money into the economy how was the market reacting to all those names. of the market reacted first rather benignly it took it in its stride because one realize that the recent surge of the euro might not be the right time to announce that the e.c.b. was even perhaps adding well to the fire and saying that at some time rates would rise and the quantitative easing that is the bond buying the pumping of billions into the economy would stop or would start coming to an end so that was not a surprise but a very good driver these comments were apart from the comments that you posted he also said that. if he beat was comfortable with the current level of the euro and that it didn't target certain foreign exchange targets and that led the market to believe well it's a dollar they don't really care or they don't care to stress that they care and so the market now is speculating against the european central bank whereas the breaking point when

yeah the e.c.b. is on everybody's minds the markets are flat in europe and i think the european central bank meeting on thursday is one of the main reasons for that it's going to be a very important one considering the minutes of the last meeting the one in december people assume that the e.c.b. is looking at a way to tighten monetary policy earlier what does that mean perhaps raise rates earlier and go back with khan wanted to easing earlier it's not just said and done yet but people will be watching very carefully what mario draghi says this coming thursday in order to get any hint of that sort of thing it's possible that the e.c.b. will wait until the next meeting but people are very anxious about what is coming and that's an important topic for the market today but it also big changes that a diligent buzz image runs the france talking strange there where you are what can you tell us. that's right the new c.e.o. ted of i'm of who's been in the office and so january first is going to have his first

as the euro rich just its strongest level against the dollar in three years today the e.c.b. said it is not planning to hike rates anytime this year european companies are getting increasingly worried that their products will get more expensive abroad boss druggy remains unimpressed here's what the president of the european central bank has to say he said the recent volatility in exchange rates represents a source of uncertainty which requires monitoring and not much more since mid december the euro has gained six percent against the us dollar hitting one twenty five two today which is the highest level since the end of two thousand and fourteen that rally is based on investor expectations that the city plans higher interest rates soon but these to be remains unphased it has also left its stimulus programs in place there i asked our man at the frankfurt stock exchange how the market is reacting to these news. the market reacted first rather benignly it took it in its stride because one realized that the recent surge of the euro might be the right time to announce that the e.c

treasury secretary stephen newton for saying this week that a weaker dollar helps us straight the e.c.b. president responded that global leaders had a strong standing agreement to refrain from competitive devaluations. all right let's talk about this with our correspondent on wall street yes is this all talk or is there serious concern about the currencies. it certainly is incredible what happens on the currency markets these days and we can really wonder what influence does the head of the treasury with his top really have on the currency yes it did have an impact but on the other side isn't it more on the monetary side meaning the federal reserve what really drives the dollar higher or lower and by now monetary policy in the us for quite some time is by far not as excessive as we see it with the e.c.b. in europe and a lot of economists actually believe that specially with the techs with form here in the united states a lot of money could flow back to the united states so that could strengthen the dollar and also if we might see more interest rate increase there within this year some a

well even though investors have been asking for a long time that this monetary policy of the e.c.b. is changing they are not really happy with the immediate effects because whenever we have a very strong euro we usually see also shares here at the blue chip index dax falling because many companies here do a lot of their money with exports and with a strong euro those products on the other side of the world for example in the united states get more expensive and then not anymore that attractive so that's why investors are actually for the moment not so happy with this quote in frankfurt thank you so much for this. expect to find doom and gloom at this year's detroit auto show think again twenty seventeen may have been a difficult year for us in the us to do ending sales especially when handling german brands still reeling from the diesel gate scandal but. the phenomena found out twenty eighteen promises to be a good year for the industry. the automobile industry is all about salesmanship some people want to buy the feeling of independence and getting away from it all of us want speed

in related news e.c.b. president mario draghi credited with saving the euro zone economy in july of two thousand and twelve when he pledged to do quote unquote whatever it takes to preserve the euro will be stepping down at the end of may when his eight year term ends. the united kingdom's hotel sector received a thirty five percent increase in investment last year totaling five billion pounds more than fifty percent of that five billion came from foreign investors as the u.k.'s would tell just you saw an increase in travelers including more tourists to the u.k. than ever before. and on that topic we are joined by president founder of straw mark a global business development firm henry ford which gallery thank you for being here you're welcome ok so how has the hotel sector done in the past in the last year or so and put it in perspective given to related things like food service industry yes the hotel industry has just taken off and it will continue to do so particularly over the last two years and what yo

in related news e.c.b. president mario draghi credited with saving the euro zone economy in july of two thousand and twelve when he pledged to do quote unquote whatever it takes to preserve the euro will be stepping down at the end of may when his eight year term ends. the united kingdom's hotel sector received a thirty five percent increase in investment last year totaling five billion pounds more than fifty percent of that five billion came from foreign investors as the u.k.'s hotel industry saw an increase in travelers including more tourists to the u.k. than ever before. and on that topic we are joined by president founder of straw mark a global business development firm henry ford which hilary thank you for being here you're welcome ok so how has the hotel sector done in the past in the last year or so and put it in perspective given to related things like food service industry yes the hotel industry has just taken off and it will continue to do so particularly over the last two years and what you're f

the way the e.c.b. acts the way it buys bonds and the way it talks about interest rates that's a very central point here to everyone in the market that's a very thin line there for him to balance on but before all eyes are on moderate drug all eyes are on the new c.e.o. of don't you betty. yes that's right his name is taylor of vimal and he comes from a big bank cooper finds punkin unique where he was c.e.o. and now he's an independent c.e.o. who profiles frank was a subsidiary of unit credit and your brother had a terrible year last year the proposed merger with london failed to see you had to go because of insider investigation against him and now people will be looking to tear vironment today when he steps in front of the microphone at the reception of the bowser for the very first time but projects as you mentioning what things he isn't mentioning perhaps and above all more than what he says how he says it what kind of a type of person is he what kind of a character does he have in contrast to the o

in related news e.c.b. president mario draghi credited with saving the euro zone economy in july of two thousand and twelve when he pledged to do quote unquote whatever it takes to preserve the euro will be stepping down at the end of may when his eight year term ends. the united kingdom's hotel sector received a thirty five percent increase in investment last year totaling five billion pounds more than fifty percent of that five billion came from foreign investors as the u.k.'s hotel industry saw an increase in travelers including more tourists to the u.k. than ever before. and on that topic we are joined by president founder of straw mark a global business development firm henry ford which hillary thank you for being here you're welcome ok so how has the hotel sector done in the past in the last year or so and put it in perspective given to related things like food service industry yes the hotel industry has just taken off and it will continue to do so particularly over the last two years and what you're

that there is speculation that we are already seeing maybe a change of the monetary policy off the e.c.b. happening this year remember that during the financial crisis since then we have interest rates here at a level of zero percent and also that the e.c.b. is buying every man's billions of a government bond investor think that this could change because a paper was released from the latest e.c.b. meeting and when you read this paper very carefully you can think that maybe already starting with fall this year this borne purchasing program off the e.c. be a court a stop so yeah that's the main reason and yeah it's going to be very interesting if this is really going to happen at the end ok well if it's if it's going to happen i mean i then know that there's always two sides to every story consumers i'm sure will love a strong euro but in terms of that solid euro is it actually a good thing or about. well certainly for investors is not a good thing i mean today it looks a little bit different i guess you can see it as shares here are at the moment are but in the last days they were really

with this very strong economical situation here in europe why is the e.c.b. is not changing their monetary policy when you talk about the born purchasing program about higher interest rates so yeah that's why they are not that excited at least kristoff so conditions are improving in spain and france but how is investors judgment on italy after all the euro zone's third largest economy. well italy in fact is giving investors quite some headache here at the moment we remember that there are going to be elections at the beginning of march it is already clear at this point that those elections are going to be very difficult it could be even there more difficult than we're seeing right now in germany to form a new government and also the political party that is right now in number one in italy is a party that is very anti european very critical of the migration politics of italy's so investors feel that with forming a new government that this could take very long and that this could be harming a little bit the economy of italy ten your friend for thank you. fox wa

where i am that we might be seeing already if this year a change of them on the cherry policy of the e.c.b right now we still have zero percent interest rates here in the euro zone this is most likely not going to change at least until two thousand and nineteen but many investors are thinking that we could see a complete stop of the bond purchasing program that was already cut down now from january to a storm sixty billion euros a month to just thirty billion euros a month this has really been giving the u. . all quite a boost here at the stock market morning now a strong currency a solid currency represents as you mentioned also a solid economy but i know that there's always two sides to every call in what's the downside of a strong euro well even though investors have been asking for a long time that is monetary policy off the e.c.b. is changing they are not really happy with the immediate effects because whatever we have a very strong euro we usually see also shares here at the blue chip index stocks falling because many companies here do lots of their money with exports and with a stro

yeah the e.c.b. is on everybody's minds the markets are flat in europe and i think the european central bank meeting on thursday is one of the main reasons for that it's going to be a very important one considering the minutes of the last meeting the one in december people assume that the e.c.b. is looking at a way to tighten monetary policy earlier what does that mean perhaps raise rates earlier and go back with khan wanted to easing earlier it's not just said and done yet but people will be watching very carefully what mario draghi says this coming thursday in order to get any hint of that sort of thing it's possible that the e.c.b. will wait until the next meeting but people are very anxious about what is coming and that's an important topic for the market today but it also big changes ahead of those who buzzwords runs the frankfurt stalking strange there where you are what can you tell us. that's right the new c.e.o. ted of imo has been in the office since the january first is going to have his f

it was the e.c.b. in europe and a lot of economists actually believe that especially with the tax reform here in the united states a lot of money could flow back to the united states so that could strengthen the dollar and also if we might see more interest rate increase there was in this here some also by the way donald trump said that the government should stop talking about the dollar and in the long time at least the president believes the donga to the dollar will get stronger again ensconced in new york thank you very much. and before we go a quick look at the latest driverless bus was now arriving in scandinavia. it may be slow but this could be the future of mobility transportation this driverless bus is making one of its first journeys in stockholm much to the excitement of some locals. expect expecting it to be a little bit bumpy like it should be a head start like jump start but it was really smooth i'm impressed computers tend to do less hours and human so if we could get more robust traffic

completely bankrupt before they tried to before they interfere with the greece with the troika the e.c.b. and the you and the e.c. and before then they were about to close up shop and go away because they were there bankrupt they then got a bunch of banks to reacquire them christine legarde going against your own currency the s.d.r. the special drawing rights yeah special drawing rights he's bankrupt the exact same the feds bankrupt they are a solvent another of your most leverage bank in the history of banks backed by nothing but who should i be errors it takes i'm going to say that's the roll up all the global that into a global special drawing right to bail out all the banks again yes but it's another fee out currency that's going to drive more capital into gold and more capital into because i mean that there were as big as a response to the f.d.r. the f.d.r. just another fiasco r.c.s. can't bail out a fee our currency with another fee our currency and you know what you know what max you know who really gets hurt is the middle class was flushed down while there's millions and millions

currency.let's look at we had e.c.b.wing a awkish knowns, and knowledge that communication on monetary policy may need to change. as a result the euro was higher currencies.g 10 ppi data in the us, that stuff, the tations is lower for cpi report tomorrow. looking at the canadian dollar as well. day pressure for a second after the canadian government canadian unidentified government officials said odds of us withdrawing from n.a.f.t.a. is higher. know if that means the us will pull out or it's a egotiating tactic or what the canadian officials are doing is a tactic. looney is at the weakest level of the year. to travel. ct them against talks. a sixth round in montreal on january 23rdrd. on the commodities front. oil and goal. texas intermediate, flat on the day. gold futures are up modestly. take a look at a five year chart. they s the stuff that trade in london, europe and at hitting $70ink crew a barrel for the first time in three years. there, and a start to the year. those are today's minutes. scarlet: what did you mi

entity of just a few million people compared to three hundred and something million people under the e.c.b. three hundred million people into the u.s. federal reserve went got a first mover advantage whether or not the u.s. central bank whether or not the european central bank will be able to buy shares in apple as swiss the swiss national bank has done swiss national bank owns millions of dollars worth of shares of apple by the way that's part of their portfolio so whether or not the u.s. government could do that without causing hyperinflation i don't think that they could do it like the swiss national bank has done and all of these mad markets whether it's kodak coin or the s. and p. five hundred already hitting near and estimates in the first eight days you know this could be the sort of spiral the vortex the craziness that you know these eight years ago or nine years ago was set in ten years ago back in two thousand and eight when they central bank started going insane is this is finally they're finally getting the inflation that they want but i don't know whether or not it will be out

in october to avoid competitive currency devaluations druggy went on to say several members of the e.c.b. governing council quote expressed concern that this was broader than simply the exchange rate it was about the overall status of international relations right now . in the us aid trump appointee is pushing a major change to the legal process for settling alleged labor law violations peter robb general counsel of the national labor relations board or n.l.r.b. outlined plans to affectively demote the regional directors who resolve about eighty five percent of n.l.r.b. cases by placing them in a new smaller tier of civil servants who could overrule the regional managers the changes expected to tilt the system toward ruling in favor of employers. all right let's head back now to davos with our children for reaction to the president's speech let's get parts thoughts on this as well as those who are in attendance. monella present trump speech was warmly received by a polite audience most of the time was spent on what the president himself describes as being a cheerleader for the united sta

in october to avoid competitive currency devaluations druggy went on to say several members of the e.c.b. governing council quote expressed concern that this was broader than simply the exchange rate it was about the overall status of international relations right now . in the us aid trump appointee is pushing a major change to the legal process for settling alleged labor law violations peter robb general counsel of the national labor relations board or n.l.r.b. outlined plans to affectively demote the regional directors who result about eighty five percent of n.l.r.b. cases by placing them in a new smaller tier of civil servants who could overrule the regional managers the changes expected to tilt the system toward ruling in favor of employers. all right let's head back now to davos with our children for reaction to the president's speech let's get parts thoughts on this as well as those who are in attendance. monella present trump speech was warmly received by a polite audience most of the time was spent on what the president himself describes as being a cheerleader for the united stat

going to be a new president and people believe it's time for germany a lot of people do they had the e.c.b. and the prime candidate would be the president of the national central bank here the bundesbank in germany and that's un's fight money because so far there's been a dutch person a frenchman and an italian at the head and people believe germany could be in that role now being the largest country in the eurozone as well but yes five months is a controversial figure he's known for propagating a tightening monetary policy sooner rather than later and that of course is a hot political issue it could also be a woman an irish woman the deputy head of the ira central bank is also being named but it could also be a french when the french or the central bank governor also has quite a good reputation all right well we'll know more definitely twenty nineteen twenty but in fiber i just so much for that. u.s. president donald trump has brushed off concerns that new terror if the u.s. is imposed on imported washing machines and solar panels will lead to a trade war both china and south korea said t

will reiterate what he said earlier that he wants a strong dollar the market was up in arms in the e.c.b. at a loss of how to react on the remarks by stephen minutiae in the treasury secretary who indicated the weaker dollar was in u.s. interest no donald trump said that was misquoted he wants a stronger dollar and that took up the dollar and took down the euro and that's to the markets liking and i think there's a wish but probably not a very realistic expectation that donald trump dial back a little on the america first tune he's the cheerleader of has come from his country people know that they fear what he will be saying today on protectionism not helpful they fear away when you've got some front to thank you so much for this . believe it or not not everybody is looking to davos some. people rather watching a bowl rowing from left to right and right to lifts and of course what we're talking about football soccer as some call it that is because the bundesliga never turns to action tonight as i tracked frankfurt host bill rosia linton gladbach now both of these teams they find themselv

entity of just a few million people compared to three hundred and something million people under the e.c.b. three hundred million people into the u.s. federal reserve went got a first mover advantage whether or not the u.s. central bank whether or not the european central bank will be able to buy shares in apple as swiss the swiss national bank has done swiss national bank owns millions of dollars worth of shares of apple by the way that's part of their portfolio so whether or not the u.s. government could do that without causing hyperinflation i don't think that they could do it like the swiss national bank has done and all of these mad markets whether it's kodak coin or the s. and p. five hundred already hitting near and estimates in the first eight days you know this could be the sort of spiral the vortex the craziness that you know these eight years ago or nine years ago was set in ten years ago back in two thousand and eight when they central bank started going insane is this is finally they're finally getting the inflation that they want but i don't know whether or not it will be out

in october to avoid competitive currency devaluations druggy went on to say several members of the e.c.b. governing council quote expressed concern that this was broader than simply the exchange rate it was about the overall status of international relations right now . in the us aid trump appointee is pushing a major change to the legal process for settling alleged labor law violations peter robb general counsel of the national labor relations board or n.l.r.b. outlined plans to affectively demote the regional directors who resolve about eighty five percent of n.l.r.b. cases by placing them in a new smaller tier of civil servants who could overrule the regional managers the changes expected to tilt the system toward ruling in favor of employers. all right let's head back now to davos with our children for reaction to the president's speech let's get parts thoughts on this as well as those who are in attendance. monella present trump speech was warmly received by a polite audience most of the time was spent on what the president himself describes as being a cheerleader for the united sta

central bank is meeting as we speak the euro zone economy has posted strong growth recently but to the e.c.b. as been reluctant to slow down its stimulus program so well mario draghi have wanted to surprise us for investors today let's ask our financial correspondent standing by in france for the really what kind of monetary policy decision are we looking at . i think a decision that leaves everything as it is no monetary policy surprises in the implementation or in the exact designation of when something will happen and to what degree it will happen but people are hoping fervently for some indication of when that news will come and perhaps a small hint of what kind of direction it's going in will quantitative easing all this bond buying all this pouring of money into the market and into the economy actually stop in september or is there still an option to continue or is that option off the table there'll be more news at one forty five with an official statement and then mario draghi will address journalists questions the two thirty and one of the questions surely will also be the strong eur

the european central bank is meeting the euro zone economy has posted strong growth recently but the e.c.b. has been reluctant to slow down its stimulus program as investors watch insides into the next steps towards us on monetary policy the euro continued to rally the single currency reaching its highest level since late twenty's seventeen. now for the latest let's cross over now to our financial correspondent or anybody in frankfurt or any that you see the meeting also coincides with fresh economic data from germany. yes and it's stellar not least of course also due to the generous policy of the european central bank with zero interest rates and pouring trillions into the economy germany one of the people benefiting one of the countries benefiting i should say and the business confidence here in germany again at a record high interestingly though the current situation being judged much better than the look ahead to the next half year but the german consumer also confident at the highest level that indicator by j.f.k. has been since the year two thousand and one stable jobs rising incomes

entity just a few million people compared to three hundred and something million people under the e.c.b. three hundred million people in the u.s. federal reserve went got a first mover advantage whether or not the u.s. central bank whether or not the european central bank will be able to buy shares in apple as swiss the swiss national bank has done swiss national bank owns millions of dollars worth of shares of apple by the way that's part of their portfolio so whether or not the u.s. government could do that without causing hyperinflation i don't think that they could do it like the swiss national bank has done and all of these mad markets whether it's kodak coin or the s. and p. five hundred already hitting near and estimates in the first eight days you know this could be the sort of spiral the vortex the craziness that you know these eight years ago or nine years ago was set in ten years ago back in two thousand and eight when these central banks started going insane is this is finally they're finally getting the inflation that they want but i don't know whether or not it will be out

entity of just a few million people compared to three hundred and something million people under the e.c.b. three hundred million people into the u.s. federal reserve went got a first mover advantage whether or not the u.s. central bank whether or not the european central bank will be able to buy shares in apple as swiss the swiss national bank has done swiss national bank owns millions of dollars worth of shares of apple by the way that's part of their portfolio so whether or not the u.s. government could do that without causing hyperinflation i don't think that they could do it like the swiss national bank has done and all of these mad markets whether it's kodak coin or the s. and p. five hundred already hitting near and estimates in the first eight days you know this could be the sort of spiral the vortex the craziness that you know these eight years ago or nine years ago was set in ten years ago back in two thousand and eight when they central bank started going insane is this is finally they're finally getting the inflation that they want but i don't know whether or not it will be out

completely bankrupt before they tried to before they interfere with the greece with the troika the e.c.b. . and then the you and the e.c. and before then they were about to close up shop and go away because they were there bankrupt they then got a bunch of banks to reacquire them christine legarde going to get your own currency the s.d.r. the special drawing rights yeah special drawing rights on his back rub the exact same defense bankrupt they are a solvent another if the most leverage bank in the history of banks backed by nothing but who should i be errors it takes i understand that that's the roll up all the global that into a global special drawing right to bail out all the banks again yes but it's another fee out currency that's going to drive more capital into gold and more capital into bitcoin i mean that the worse because it is a response to the s.t.r. the s.c.r. is just another fiasco r.c.s. can't bail out a fee our currency with another fee our currency and you know what you know what banks you know who really gets hurt is the middle class was flushed down while there's millio

the e.c.b. -- this is all the ay back to 2011. growth stories. 2017, you saw a bit of a contraction in the saudi economy. then we cross it with brent crude. a good chunk of economic activity comes from crude exports. i want to get into what you just said about private investment. we have an antecorruption probe that looks like it is being wound down. quite a few have been worried this probe, even if they are trying to make it transparent is sending the wrong signals how they go about their business. you're saying they are doing the right thing trying to close this up and make things clearer. >> i think it is going to take time. the short-term from my perspective is negative. i'm not suggesting bad long-term. i think it is good long-term but short-term brings uncertainty. i don't think that the end of the probe means that the sentments in the business community will recover very quickly. why? because even those who are outside the -- are worried what is the next step. we don't know. we don't have clarity. it would be wave two, wave fleesm i think

we have had two people from the e.c.b. come out and sounding more hawkish than i have in the past.ems that this is concerted, something the ecb is preparing the market for. it is a slow, steady process, but they are moving towards their goal of policy normalization. i think a rate hike in 2018 is too much to expect, but 2019 is definitely in play. >> german chancellor angela merkel has spent months trying to put a governing coalition together. it appears she may be making progress with an announcement that negotiations with the social democrats will go past the first round. >> there is not a lot of details in the agreement. it is just a preliminary deal, but what we can glean is the new german government, if it does come together, is there is an intention they will respond to president trump's america first agenda. i say that because in the agreement, they talk about strengthening the e.u., spending more money on the e.u. the talk about the tax cuts in the u.s. and that they need to do something about the corporate tax rate within the e.u. as a whole. in terms of where we go, this

we're going to have a very different e.c.b.. probably the e.c.b.e there is -- but at some point you see them, you will hear them talking more hawkish. tom: do you buy airbus debt? have you been able to be ob tune isk before this emirates trade? what do you do with airbus? >> we are a multiasset firm. we are buying equities, not debt, equities of industrial companies linked to capex. defense, infrastructure. boeing or s like airbus are some some of the companies we have been buying. tom: this is what we like to do atsur sur. a conversation with someone making news. john levy will join us. can the chief operating officer of airbus. an important transaction for airbus. they do business this morning th emirates of the unite emirates republic. stay with us. from london, this is bloomberg. ♪ >> this is bloomberg "surveillance." let's get the bloomberg business flash. rupert murdoch has settled phone hacking claims with four celebrityity. no news on how much newscorp will pay over algailingses that journalists and those working for them hacked their voice

the e.c.b. perhaps changing outlook on monetary policy going forward. right.t's repricing of europe, what kind of effect have on the treasury market? how does that change a value proposition of u.s. debt on the short end and the long end? i think it does. for instance, over the past months, a lot of bund investors have sold at pickup of 200 basis points, and that has then making them more attractive. and lessens the buying of treasuries. that s no doubt there's a global connection yields. of there's a large disparity between them. move together during periods of central bank tightening and we're eginning to see that now almost on a global basis. >> speaking of connections, scarlet alluded to, you made the oprah connection connection in your investment outlook that's out. and you made some jokes about men in general. you said, i could go on and on. i won't. i don't dare. to have provocative attention-grabbing jokes at times. i'm curious why you waded one.this >> well, because i think relevant.cal and and it needs to be brought to the surface. in a rather

treasury secretary steven nugent for saying this week that a weaker dollar helped us trade the e.c.b. president responded that global leaders had a longstanding agreement to refrain from competitive devaluations. and we stay at the world economic forum because donald trump has arrived in davos as a spectacle and it's all about america first the president's visit comes amid announcements of new chair of set by the u.s. government that have been heavily criticized mostly between the lines of other davos speakers in his first day at the world economic forum trump held several bilateral talks behind closed doors. the big moment has arrived donald trump is in davos mr america first himself and what's mostly been an assembly of multilateralist the elephants in the room have names like trade wars and punitive tariffs expressions that stand for the u.s. is in a word pivot in contrast to european appeals to look beyond borders but that's not a unified stance the british have a tight rope to walk they have to sell themselves as a country open for business despite brags that impending free trade