kathleen: i am kathleen hays. top stories this hour. investors are gearing up for another volatile week in the markets as worries over the banking sector persist with haven currencies edging higher in early trading. haidi: minneapolis fed president neel kashkari says recent baked turmoil boosting fears of u.s. recession. kathleen: and credit suisse following an investigation. a quick check on wall street now. another volatile day. the banking crisis continued to dominate. reassuring words from financial regulators in the morning turned a 1% drop in the s&p 500 to a gain of about .6%. green on the screen for stocks into asian trade now. in terms of the bond market and rally, the two-year and ten-year falling in yield. the three-year down to 3.37. the two-year to 3.77. it's a simple argument. investors are convinced the fed cannot even raise rates one more time this year. there will be 100 basis points of rate cuts as we see the banking crisis damage sentiment and hurt lending and leave the economy leaning possibly more closely towards a

kathleen: this is daybreak: asia.arned that the regional bank first citizens bancshares is in advanced talks to acquire svb. our sources say a deal is imminent but no final decision has been made at this time. meanwhile, u.s. authorities are said to consider expanding emergency lending facility to move help republic bank shore up its finances and avoid total collapse. credit suisse facing a possible probe and disciplinary action over how top managers ran the bank in the lead up to its collapse. thanking regulator told a local newspaper that the bank had a cultural problem that translated into a lack of accountability. president marlene says the regulator is exploring options for the proceedings. and israeli prime minister is -- has fired his defense minister for dissenting on a contentious plan to reduce the power of the supreme court. he was dismissed 24-hour's after making a dramatic speech saying the plan is a threat to national security and should be halted. protesters gathered in support while the legislation has

kathleen: what are the next steps?s going to play out, where is the value getting a lot? >> jack's last name means horse. there is an idea that investors want to move on from the sense of looming whatever it was from the government, too big, and this is not in this deal, but the idea that the government has indicated it is ok to move ahead with restructuring. it will incentivize employees. in the history, they have opportunity to cash out over the years. also for the capital markets, it's an iconic company, it's a symbol of fresh capital coming into these companies, new transactions which will help the ipo pipeline. it will take time, but it is a positive signal for the company and the markets. haidi: do they have a choice, was this about unlocking value or about something they had to do to survive? >> it's a bit of both. if the logic -- the narrative was it was too big, this is very helpful to showcase to the broader public that the government is serious about not having too much concentration. it's more the new prime

kathleen: which is why people are waiting for another shoe to drop. the fed vice chair for supervision released his remarks for tomorrow. so you have the top financial bank regulators in washington. he said what happened is a casebook test of mismanagement. it will be interesting to see how much he gets asked about mismanagement and how it was supervised. that will be a big question and he did say it looks like banks to probation and regulation may need -- bank supervision and regulation may need to change. we heard from philip jefferson, a fed governor and look at this chart. stocks doing better, starting to price in a may rate hike. let's look at this bounced back in regional bank stocks. su keenan joins us now. >> we did here that there would be a rescue for -- with first citizens taking over. the completion of bat certainly gave a lift to banks. let's go through some of the charts. what is important to note is that the day began with jitters and the general view is that there are still some

kathleen: what has been the response from binance? annabelle: we got a statement from the company website in the last half hour or so and what we are hearing is this action from the cftc is both unexpected and disappointing. they say they don't agree with the characterization of the issues alleged in the complaint and are going to be giving a full response in due course. they outline that initial response, including they say they have included best in class technology and are committed to transparency. they say cooperation with regulars and enforcement. they say they have been working with the cftc for two years and binance holds the highest number of licenses and registrations globally. haidi: do we see the likely outcome of this, seeing this is just the latest in regulatory action against binance and crypto? annabelle: we need to consider what the cftc can actually enforce. it means they can't really bring criminal charges against firms or seek jail time for individuals. but what we can expect or may happen would be some sort of fin

kathleen: we started to hear some of the questions which kathleen alluded to.ed tougher regulation as these three key banking officials indicate or do we simply need better oversight? the senators came out with some very tough questions. why didn't you catch this sooner? the big questions coming from republicans. you are telling us you need to fix the problem when you missed it, the tone of some of the tougher questions. we need better supervision. that was another type of comment they were getting. the house financial services committee is run by republicans. you could have a much harsher tone as some of the issues came up in the senate hearing that could be echoed again in this house hearing is things about esg. are these banks misdirected, focusing on issues like esg rather than paying attention to fundamentals, banking hundreds and practices, likely to be criticism and dustup between democrats and republicans on the 20 change under the trump administration which reduced some of the scrutiny on these regional banks. stay tuned. >> stay tuned for the next ins

because that was kathleen hays there. also dive into any of the securities of the bloomberg functions we talk about. plus, join in on the conversation. you can send us instant messages during the shows. this is for terminal describe -- terminal subscribers only. this is bloomberg. is it not introducing the new sleep number climate360 smart bed. the only smart bed in the world that actively cools, warms and effortlessly responds to both of you. our smart sleepers get 28 minutes more restful sleep per night. proven quality sleep. only from sleep number. ♪ at morgan stanley, we see the world with the wonder of new eyes, ♪ helping you discover untapped possibilities and relentlessly working with you to make them real. ♪ because grit and vision working in lockstep ♪ puts you on the path to your full potential. ♪ >> here is a quick check of the latest business flash headlines. credit suisse is losing several senior executives. our sources say the head of the japan equity esteem is leaving. documents seen by bloomberg show the h

kathleen hays there. you can turn to bloomberg tli .unanimous decision, no change at the boj. vonnie quinn with the first word news. >> the federal reserve is assembling a new crypto focused team to help ensure it is on top of developments in the asset class. the vice chair will help bolster the fed's oversight abilities as the central bank works on crypto guidance. u.s. bank regulators have taken an aggressive posture on digital assets is the collapse of ftx. u.s. lawmakers have accused norfolk southern of lacking transparency following the chemical spill in ohio. its ceo saved a grueling after hours -- after another one of its trains derailed in alabama. >> i want to begin by expressing how deeply sorry i am for the impact this three ailment has had on the residence of east palestine and the surrounding communities. i'm determined to make this right. >> a new york judge has ordered jp morgan to turn over more records from the ceo to the u.s. virgin islands. the orders related to a lawsuit accusing the bank of facilitating jeffrey epst

kathleen: i don't know if we are, but the market is.he fact is that people are wondering where this goes. if you look at the bloomberg terminal, people are expecting only -- people had thought it would be 4.9%. now people same 4.7%. you can see how the differential has changed between how hawkish the fed will be and how hawkish the ecb will be. the fed is still supposed to have with 50 more-basis-point rate hikes this year. it's not just the credit and financial instability, it's the numbers. recession fears are growing in terms of what we are seeing. the empire state manufacturing gauge for the new york area, for the new york fed, it fell from -0.4 percent of the month before, to -24 percent. it's only one part of the country. even sales came down because unexpected. people would say it is not just financial instability. may be the fed has finally broken something and maybe it is time for them to cause. we have a good six month or so before we find out if they will cut rates regularly are. haidi: bloomberg's finance team, sally bakewel

of course, kathleen.di: coming up next, we take a look at funding access for underrepresented groups that fell in 2022. that was even before the current banking turmoil and the collapse of svb. a key proponent when it comes to funding businesses by people of color, minorities, and female startups. we get a little bit more on the systemic challenges ahead facing small minority business owners in this current environment. this is bloomberg. this is bloomberg. ♪o worry about things like changing tax rates or filing returns. avalarahhh ahhh the new chase ink business premier card is made for people like sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans for you. oh, genius! for more breakthroughs like that... ...i need a breakthrough card... like ours! with 2.5% cash back on purchases of $5,000 or more... plus unlimited 2% cash back on all other purchases! and with greater spending potential, sam can keep making smart ideas... ...a brilliant rea

haidi: kathleen hays.hauling many regulatory bodies in the biggest bureaucratic revamp in decades, part of a broader push for economic sufficiency in the face of u.s. efforts. stephen engle joins us now with the latest from the national people's congress. what do we know? >> it's probably in response to pressure beijing is feeling with export controls led by the biden administration on advanced technology and bifurcation of the relationship. it seems as though leadership is taking the gloves off, this is been a combative national people's congress so far. they're playing to a domestic audience in large part because most people in the united states are not going to be digesting the words word by word. lang with fire on taiwan. fed policies. export controls. these moves to revamp the regulatory bodies is in direct response to what i believe leadership sees as the new normal, the united states will continue its aggressive approach towards china and china must adapt quickly, forcefully, and in a pragmatic way.

kathleen talked about communication from jay powell. what he says about financial sector stability will be the most closely tracked comments. in markets, the expectation is we will get the 25 basis point hike. we see yields whip sword but move higher for the short end of the curve. the aussie three and kiwi two-year. japanese yen and focus because we did see the greenback strengthening the most against the yen. bank of america saying yield differentials will come and focus. also, the yen is losing its safe haven status go, which we did see above that 2000 level. we do have that sense of calm coming into the equities market, we have new zealand online, aussie futures pointing to gains. keeping an eye on the bitcoin space, above the 28,000 level, but the question is, is this a sense of calming or is it the calm before the storm? haidi: annabelle with that set up as we get into the day before the fed decision trading in asia. let's get you the first word headlines. japanese prime minister has made his first visit to kyiv since russia's inv

kathleen: i like to add on. been doubts about the banking system and the ecb has been pushing for 50 basis point hikes and winning, if they have high inflation, there are some doubts where it seems like something at this point, two days before they meet that this is not something that will slow them down, they will look at much going on. >> history is littered with central banks making the last hike being the wrong one. so many times we have seen the fed and central banks making a height and having to reverse it. haslinda: there are risks other than the fed as well. >> china data is important. we will get retail sales. a lot of people want to believe that china reopening has legs. if the china economy can get back to something like normal growth, that will help asia and the world. china data is something to be watching very closely to see if there is any traction. haslinda: finally, some reaction , perhaps it is not broken as people have suggested. >> let's have a look at what we have. it has a race all of its g

it goes to what kathleen was pointing out earlier.ybe it is not of dentist to the fed's confidence but maybe it is a reminder they need to be mindful of financial stability as well as fighting the good fight against inflation. do you think the priority has shifted going into the next few meetings? >> i think it has certainly given them pause no pun intended. they have to keep the making system stable. it is now surfaced here in the last few days but it has been brewing for a while. these banks sitting on low yielding bonds and depositors wanting more yield on their money so they are going elsewhere. the fed i think with the facility from the fed and fbi see on sunday have ring fenced this pretty good. that was reflected in the market today and market activity recovering quite a bit, regional bank stocks. we will see what we get over the next week. it looks like stable for now. we said in our notes we sent over the weekend and there is a lot of forecasts on what they will do next week but we still think they will raise a quarter-point.

kathleen: it would be great. bloomberg economics, no matter what investors are looking for, yen bulls, bond bears, they say he is not going to do anything. he would not want to do anything that gets in the way of incoming governors' path of determining the pace of normalization and when it starts and where it begins. no change in negative rates, no change in your car control, keep buying bonds to prevent the 10 year jgb yield from rising. there is also a lot of uncertainty about inflation. yes, it is above 4% year-over-year and we have wages, which negotiations going on, so far so good, particularly wage hikes from companies. a lot of questions from smaller companies. at this point, it would perhaps be imprudent to that and. at the top, really purring officials -- ruling party officials saying that removing extraordinary stimulus right now would be disruptive to markets. so a little bit of pressure coming from the political side in tokyo, as well. haidi: our global economics and policy editor kathleen hays in new

david: kathleen, we don't know what we don't know, right? kathleen: truly. is a lot of that going into this. many moving parts. potentially, where should we look for potential surprises? kathleen: coming out of this, people are saying is not so much what they do, it is what they say. when the headline start flashing that is what people are going to want to see. what are the signaling? what carmen reinhart says they should do? are they going to show that they will reduce their gdp forecast, because they are uncertain of credit tightening, and less credit being extended could do. are they going to change their inflation forecast, since inflation is high? that is the first question. they've had an important phrase in the policy statements at the last several meetings, the fed talks about ongoing increases in interest rates. will they go ahead and hike and say that more will come, but will they take it out of the statement. finally, doves, the economic advisor of obama, he is the new chicago fed bank president. partly because he was skeptical of inflation gettin

kathleen: indeed.rde certainly implied that in her remarks after they did the 50 basis point hike to 3.0%. no one would have been surprised had they sat back and say we will do 25 because there is financial turmoil. instead christine lagarde and her team are pushing back past that. they are watching what is going on with the banks. they are ready to step in if they have to. christine lagarde says european banks, in her remit, don't have the same kind of problems like svb. >> in europe we have strong supervision. we have strong capital and we have solid liquidity positions. and as the vice president said, exposures are not concentrated and based on the work that has been conducted by the ssm, we don't have a similar occurrence as the one that occurred in california, for instance. kathleen: important for christine lagarde to make that clear. she is referring to the vice president of the ecb, saying there are some banks that are vulnerable, however under their region he thinks they are resilient. in terms

haidi: over global central banks correspondent, kathleen hays in new york.hinese markets may come under pressure again, following the unveiling of a conservative growth target. traders are also watching fed chair jay powell's congress testimony on tuesday. let's get more from our mliv contributor garfield reynolds. one of the reactions, as steve mentioned, is that it will be a fall. how are markets going to interpret that report? garfield: the biggest problem for markets is the upside of growth later on. that does not help them right now. there were strong expectations going in that there would be a more aggressive approach, what might be seen as a more markets-friendly approach. instead you have got this measured set up. you don't have much in the way of stimulus coming. you also have the increase in defense spending that emphasizes both how strongly everything is being placed on the control of the current regime. it also emphasizes the potential for tensions with the u.s.. so none of that looks particularly promising for market that had gotten very excited

haidi: kathleen hays there.entral banks, we are hearing from the rbnz at the moment, really looking at the comments when it comes to their deep commitment to bringing inflation down. their chief economist paul conway making these comments in his speech, that they are determined to get inflation back to target edging firms not to push up profit margins that express reassurances when it comes to new zealand's banking system, saying it is very well-capitalized. the path back to low inflation involves output losses according to the chief economist. rbnz really being at the forefront of the global tightening cycle. we have heard before that the reserve bank of new zealand expressing that confidence that banks under supervision have sound liquidity and funding positions, and they operate different business models >> inflation remains too high, and the labor market continues to be tight. we no longer state that we anticipate ongoing rate increases will be appropriate to quell inflation. if we need to raise rates higher

our policy editor kathleen hays that joins us with the latest. as i said, what is the fed going to do with this huge complication in terms of the banking sector and still elevated inflation? kathleen: think how -- think if you are a fed official, think about friday, what happens svb, what the markets did. yesterday we got the big news, headline from nomura that they think that the fed will cut to offset the financial volatility and follow. -- fallout. blackrock says they will do 25 because inflation is a bad problem. you run through them again. on the headline, the monthly came down. energy prices were a big part of this. they go up and down, they do not give us a trend. on the monthly number, it went up. what happened was, sometimes he focus more on the month, or the year-over-year. the year-over-year went down on both counts. but not very far. you've got components here, like airfares, auto insurance that are moving higher. those are the things that drive services. you have rent to rise. it started. to slow down but it is expected to stay high

kathleen hays is here. . there are risks in both a fed pause and a rate hike so what are we expecting? >> it does seem -- it is worse than anxiety. the banking fears, the crisis seems to have eased a bit does seem to have shifted what people are expecting. in terms of markets and what they are pricing in, it is not the usual over the last year rate hike. maybe they will do 75. they are pretty sure now the fed is going to hike or the door is open to them. they are not sure how aggressive it is going to be. the latest read from our bloomberg terminal is they are pricing in a 20 basis point hike. not everybody is convinced they are going to do the 25. that is the start. the terminal rate is another question. from the last survey it was at 5.1 on the consensus. the funds rate is that cointreau and three quarters. you have about -- is at four and three quarters. either they will do 25 and stop or 225's and stop. this is very important. what does the fed do next? do they may be think we should not do the hike right

kathleen: maybe one more hike, 100 basis points by the end of the year. will be interesting to hear what jerome powell signals on that front because the u.s. has farther to go in the inflation fight, but now that we have seen all these bad portfolios at some regional banks across the country, you have to wonder how many banks have that position. yields went up, the price went down on these bonds. it is something the fed has to be wanting to see how it plays out, and also what they find out when they start all of these investigations. meanwhile, they have to fight inflation, so maybe 25 basis point hike, signaling the fight will continue, and watching closely the follow-up from what has happened so far. a pause would not be out of the question. cut seems out of the question. 50 basis points? forget about it. rishaad: kathleen hays thank you. equity markets of the lows of the day. european and u.s. futures to the upside, lending support. much more analysis on the way. this is bloomberg. ♪ keep eating all these chia seeds. i could live to be 100. we work wit

joining us now is sonali basak and kathleen hays. of course we have seen all of this movement around credit suisse. ubs coming in of course also the government regulators and the backstop as well. take a listen to what the regulator had to say. >> we are speaking close it key regulators. most importantly the ones in the u.s. and the u.k. that were deeply involved. you have seen today their support for the solution as well, strong support for the solution in the purpose of financial stability. shery: for our viewers waking up in asia right now, put this into context. how historic where the events of this weekend? sonali: truly historic. this ends a 166 year run for credit suisse. more than that, really. this deal is being done at a value per share that is a 99% decline since 2007 of credit suisse's stock price. ubs is already systemic, becoming a larger bank across the world. this creates a wealth management giant as well as a larger investment bank. they are going to have to slim down the investment bank meaningfully. there are a lot

haidi: bloomberg's global economics and policy editor, kathleen hays. volatility is gripping global markets as it lurches from one crisis to the other. let's bring in our strategist, mark canfield. to kathleen's point, just before, we are in a situation where it is not possible to predict what happens in the days or weeks or months to come. so, is there a way to navigate these volatilities? do you think it gets a bit worse? mark: at the moment, most traders would just want to be in defensive mode. even if as an individual you may feel confident about one thing or the other your risk manager is telling you that it' times, or not you have a strong conviction on anything, on equities, financial institutions will tell traders to get closer and reduce risks. sell something that is on the edge of your portfolio. that is exaggerating all the moves in financial markets. people are moving into the most offensive places like u.s. treasuries. the u.s. dollars catching a bid. gold is strong. despite the fact that it is not a major asset these days, as much as that

rishaad: kathleen hays, are global economics and policy editor.e bill augment in sydney and patrick winters in singapore. we have hsbc slumping by more than 5% in the session in hong kong, and that means these losses are the biggest ones we have seen since october 25 of last year. the price itself not being seen since the beginning of january, so this stock has been falling for three days. it was 5% down, just a shade under that 5% fall back. let's have a look at what is currently making the first word news headlines. with beijing and moscow in the frame come here is vonnie quinn. vonnie: chinese president xi jinping starting a three day vision to rush on his first trips in securing a third term as leader. in an article published in russian and chinese media, xi says is important for lesions between the two nations to remain at a high level. -- for relations between the two nations to remain at a high level. goldman sachs lowers its oil forecast amidst a surge in demand from china. the analysts now see brent reaching $97 a barrel in the second hal

kathleen: everything has shifted dramatically in the u.s. and around the world and that is why it has become a big question for markets and even some governments. let's take a look and go into detail as we start this hour of our shows. the idea here is we were looking for how aggressive will the fed be? but this ominous financial instability just on the horizon is with us and making everyone rethink that. before we get into number, goldman sachs has the easy call. the fed will pause but will pick up with another rate hike or two. they will get to five point way five or 5.5. number a has the tougher one. that could send an alarming signal to the markets but nevertheless, they think in reaction to the need to put a floor under markets, the fed will cut rates in 10 days. they also expected to stop quantitative tightening which makes a lot of sense. why sell bonds and take liquidity out of the system when you need to make sure it stays there. that could make the financial instability worse. lack rock has another aggressive call because most peop

haslinda: thank you so much for that kathleen, of a global economics and policy editor, kathleen haysa will offer easier subsidy access for some chipmakers, giving a handful of its most successful chipmaking companies easier access to subsidies and more control of estate-backed recent, as the u.s. controls on advancing technology forced a major rethink of the sector in china. taiwan semiconductor stocks are up .2% but. there are losses for smic, currently down 0.6%. let's continue the conversation. our next guest says they will stay the course and keep hiking to fight inflation, the fed will. let's bring in the chief economist and head of market research at rhb, sailesh jha. "stay the course." does that mean a50-point hike? sailesh: the fed will stay the course, for 25-basis point hike on thursday, and a peak rate forecasts are unchanged, a peak rate of 5.25% to 5.5%, and no rate cuts this year. basically markets, as you have alluded to, are raising significant cuts in the second half of the year and the early part of the year next year. markets are very much mispriced, particularly f

let's get more on the fed decision and bring in kathleen hays. he highlights. kathleen: let's start with the fact that the fed reserve opted for the 25 basis point rate hike instead of pausing like many suggested they could or should. if you listen to bill dudley, former vice new york fed president and alan blinder, former fed vice chair. they both thought they should pause. they didn't because they are still worried about inflation but kept the door open to at least considering rate hikes. let's listen to what jay powell said. >> if we need to raise rates higher, we will. i think for now, as i have mentioned, we see the likelihood of credit tightening. we know it can has an effect on the macroeconomy, demands, labor market, inflation, and we will be watching to see what that is. kathleen: they are cognizant however this banking crisis plays out that it will impact the economy and therefore on prices. the median dot is still looking for a ceiling of 5.1%. four weeks ago we would've been looking at 5.5% or higher. so there is an acknowledgment that maybe the ter

i'm here today talking with kathleen mcglothlin, who's written an

max reyes, emily graffeo, and kathleen hays, thank you. we have seen u.s. futures perhaps a little bit of a rebound in the asian open. really not a lot given of course that we saw a lot of volatility in the new york session. u.s. stocks, dropping with bank stocks plunging. interestingly we had tech stocks benefiting from the idea that we might see if you were rate hikes and of course we saw that idea being played out in the two-year yield, with it plunging below that for percent level -- 4% level. >> the u.s. will sell up to five nuclear powered submarines to australia in a deal aimed at blunting china's growing assertiveness at sea. the leaders meet in san diego in the august a lien -- alliance. the project is expected to take two decades. >> australia is a proud nonnuclear weapon states, and it's committed to stay that way. these boats will not have any nuclear weapons of any kind on them. each of us standing here today representing the u.s., australia, and great britain is deeply committed to strengthening the nuclear nonproliferation regime. >> the chin

and kathleen, how strong was that small from powell? kathleen: very strong.sts were thinking well, they downshifted from 50 basis points rate hikes in the last meeting in february to 25 basis points. they'll stay on that two more hikes, maybe three and when jay powell came out clearly describing the economy where inflation is still too high, not coming down fast enough. the labor market is still strong and therefore rates may have to go higher than expected and to get there faster. not saying 50 basis-point hikes but raising the point, the possibility they'll say that was a mistake. we didn't know the labor market was going to be so strong when we made that decision. we didn't know inflation was going to level out in some key parts of its factors, dynamics. i think that was the hawkish small? it's not necessarily baked in the cake although two economists i spoke to today. one formerly of our bloomberg economics team said it was almost like powell speaking of'r saying powell vs. reality, reality wins. 50 basis points is now on the table and he expects it at th

of this week, journalist kathleen maughlin on how and why selling blood plasma has turned into a 20 million dollar business. it watch afterwards every friday at 8 p.m. eastern on c-span. -- watch afterwards every friday at 8 p.m. eastern on c-span. >> c-span is your unfiltered view of government, we are funded by these television companies and more. >> the world has changed, fast reliable internet connection is something no one can live without. speed, reliability, value and choice. it all starts with great internet. >> a front row seat to democracy. >> the ambassador at large for cyberspace and digital policy, you talk about the role of his agency, competition with china and mitigating cyber attacks, during a discussion hosted by the council on foreign relations. -- hosted by the council of foreign relations. >> good afternoon, i am adam siegel, i direct the program here at the council of foreign relations on cyber security. it is great to welcome back ambassador fit. i am not sure we

kathleen hays is here. it is complicated.t is complicated although the behavior of the markets and maybe the fact this was a cpi report that came into strong to say you just want to sit and not worry about inflation, maybe in some sense as you put all this together, this crazy 48 hours, 24 hours, that maybe it is more clear for the fed what they have to do because the cpi was the progress on the year-over-year numbers on the headline, the top, and the court taking up food and energy, actually going down as well. it is the monthly number particular the bottom one, 0.5%, the biggest monthly increase over the past five months, and a son that some key components jerome powell and his colleagues are worried about are not moving in the right direction, and energy prices help these numbers improve, but you have things like services prices that include airfare, medical costs, transportation, car insurance, etc. there are lots of wages involved that are sticky now. so let's distill it down. the white bars are prices. look how far it h

. >> next on the tv's author interview program, "after words" , journalist kathleen mclaughlin lookshow and why selling blood plasma has become a multibilon-dollar business. she is intviewed by olivia gold hill. "after words is a weekly interview program, interviewing top nonfiction authors about their latest wo/ host: thank you so much for joining us. i am here today with kathleen mclaughlin written an incredly important book on the blood industry, which is a huge economy and industry here in the united states. and kathleen, i wondered if you could start by telling us bit about your own personal connection to this. ms. mclaughlin: there's. it is great to be here with you. my interest in the blood plasma dustry began about 20 years ago when i was diagnosed with a rareutoimmune disease and the treatment for that illness is a medication that is mad from aces of human blood plasma. it is called ivi g. most people who have never had to take it have probablyever heard of it. it is made from other people's blood plasma. for about 20 years, i had been having regular infusions of this medica

host: that is kathleen in mississippi.n the issue of covid, covid and its origins came about that -- came up about that hearing last week with dni director, director of national intelligence. senator marco rubio asked her about it last wednesday. [video clip] >> the fbi has concluded what on the origins of covid? >> mr. vice chairman, as the committee knows, the fbi has long assessed, going back to the summer of 2021, that the origin of the pandemic was likely a lab incident in wuhan. >> director, i know there is a difference of opinion among the different agencies, i know energy and fbi has that assessment. what is preventing the other agencies from reaching the same assessment? is it basically the lack of a smoking gun? will we not be able to say that we believe that the lab origins is the likeliest outcome, unless somehow we can provide a smoking gun proof that that is what happened? >> thank you, sir. so you are right. basically, there is a broad consensus in the intelligence community that the outbreak is not the resu

kathleen hays is here. he still emphasizes that it needs to be done right. >> a delicate balancing act trying to keep unstable markets stable and confident in what the fed is going to do. he started by staying with bloomberg television earlier today that it is clear the fed will not hike 50 basis points and they won't cut interest rates either. in fact he is said in favor of the pause the idea is first, do no harm. there is a financial crisis going on and you do not want to upset things. he does say he would add a little caveat and meanwhile he explains why he can also see the case for a 25 basis point hike. >> the case for zero is due no harm. we know the banking system is under stress. why continue to raise rates when the system is under stress. the case for 25 basis points is to say we still have an inflation problem. we can do both. use our liquidity to shore up the confidence. and use monetary policy to bring down inflation. if i was sitting there i would recommend taking a pause but we have to do it i

let's get more from kathleen hays.ve. >> a very widely anticipated and i think it is interesting to see they said inflation has peaked. it is not good enough for a central bank to necessarily start cutting interest rates are not raising them further if it is still so far above target. however you look at it, it is above 7%. there target is two or 3%. the rba is saying they are determined to return the cbi to target. they say immediate inflation expectations are anchored. in terms of further tightening will be needed, it does not get much clearer than that. they will signal that they have to do more interest rates. the consensus among economists that follow this is maybe three more rate hikes at 25 basis points. this will get them further along, the household consumption growth has stalled, they think growth will be below consensus. they took off the hawkish tilt from their last meeting. they are now put in -- putting it back in. it is significant. he has been criticized for moving in one direction and seeming to stop m

. >> kathleen hicks along with the joint chief of staff briefed on the defense budget request. they called the president's proposal the largest defense budget to date. this is have hour. good, thank you, sabrina. and think you all for joining us today. to brief you on president biden's defense budget request. at 840 $2 billion this is the largest defense budget request in nominal terms that the united states has ever put forward. thanks to relentless focus and senior leader attention over the last year it's also the most strategy aligned jet in history consistent with the 2022 national defense strategy and the national security strategy. nowhere is it more pronounced than the seriousness of which the budget treats the competition with the people's republic of china this budget delivers forces that are the most lethal, resilient, survivable responsive in the world it is a force to defeat threats today and tomorrow even as the threats themselves advance. our f 124 is it increase. in all president biden is increasing dod's topline by about $100 billion over fy 22 to implement with

. >> asked on book tv, journalist kathleen mclaughlin shows why sellinblood plasma has turned into a bilon dollar industry. she is interviewed by olivia ld hill. at "after words" is a weekly interview program interviewing nonfiction authors about their latest work. i'm here today talking with kathleen mcglothlin, who's written an incredibly important and deeply repted book othe blood industry, which is kind of this aost dystopian seeming world. but it's a huge economy and industry here in the united states. and kathleen, i wondered if you could start by telling us a bit about your own personal connection to this industry? of course. so it's really nice to be here with you. my interest inhe blood plasma industry began about 20 years ago when i was diagnosed with a rare autoimmune disease, and the treatment for that illness is a medication that is made from pieces of human blood plasma. so it's called intravenous human immuno globin or ivig for short. i think most people who've never had to take it have never heard of it. maybe it's not a common drug, but it is made from other people's

let's get more with our editor kathleen hays. lot of fed speak to digest today. >> it seems to me that one messages developing as it seems the banking crisis -- they're coalescing around the theme that banks are strong and we still have inflation fighting to do. susan collins spoke today, she said banks are strong but she is looking for more rate hikes. >> i currently anticipate some modest additional policy tightening then holding through the end of the year. i will be carefully watching a range of indicators including data on inflation, spending, labor markets, and financial conditions. >> president collins made it clear three more 25 basis point rate hikes is what she sees this year. no cuts. she thinks tighter lending standards to offset the need for how many rate hikes there are going to be. the richmond fed representative said he can see inflation is still high but he is waiting to see the impact of the right height. speaking again today agreed inflation is still too high and it is too soon to engage the impact -- to gauge

kathleen hays is here. is that we know the fed maybe pausing. >> it depends on their inflation because their inflation continues to rise. they believe it is going to be temporary and start coming back down. they went to had with this 25 basis point i took 4.2 5%. this is the highest since 2008. that was the great financial crisis. another landmark reached here. it is the 11th straight increase. it follows hikes at the fed. central bank around the world say they have to fight inflation and they all continue to tell us that they are watching very closely. the hawks ruled here. and the boe led by andrew bailey in this interview said they have to do more, they will. let's listen to a governor bailey said. he said he thinks inflation is going to peek and this is important, this is an anomaly. i think it will come back down. he said the will avoid recession. and that they are continuing to look past the turmoil. they assume they will be on good footing and by all accounts, they are. the most important thing is in

psychological assistance to victims of torture and human rights violations from kazakhstan the pentagon kathleen and the rulers want to uh take away the power on the shoulders of women a great burden falls on all women and girls are a source of strength for the public and when women speak out against and authoritarianism then they can create democrats democratic change and when women fight for rights, their voice is heard all over the world, it's true , studies show that the participation of women in peaceful victories makes it more likely to achieve an agreement and a more sustainable peace when we support the role women in order to stop conflicts before they start to reduce schools from conflicts so today we want to congratulate women who are fighting for rights while they themselves are the targets of this violence who withstood in the face of extreme cruelty that are fighting for dignity for freedom not only for oneself but also for others, the ability to understand understand what is happening affects the decisions that are made, women talk about the possibility of equality in the workplace

also thank you to kathleen hays. let's get to su keenan. >> we start with world bank president who says a global recession is still not off the table. the lender is reviewing its global growth forecast following china's lifting of the covid lockdown. he told bloomberg the last of investment -- lack of investment in economies is a concern. >> the latest we have seen is advanced economy growth expectations had gone up late last year. as the u.s. and china in particular as china lifted the embargo, the lockdown. as we are looking at it now, the growth is slow but positive in advanced economies but in developing countries, not much investment taking place. that i think is the big challenge. >> china and russia have reached a long-term deal to develop key nuclear technology. is part of a series of agreements that were signed during xi jinping's visit to moscow. the u.s. has raised over what it says beijing's ambitions to strengthen its weapons arsenal. china evergrande group has announced its restructuring plan. the devel

kathleen hays is with us. of fed speak, higher rates then inspected -- expect did. >> fed officials say they think we might have to do a couple more rate hikes. the taste that way, we might have to do more than that. let's start with the fed reserve governor. he said, if we see these hot numbers cooling off, a couple more rate hikes and we could be ready to call it quit for a while. on the other hand if the policy rates come into hot, we might have to raise rates even more. to ensure we are not going to lose momentum, they will put rates in place. we did see inflation is starting to come down. now it is leveling off. raphael bostic saying, we are going to watch the data. the data comes in stronger, i will adjust my policy trajectory. that means he will adjusted up. his and collins is a little more in the boston fed she is saying, we have to watch the numbers and do a whole look at the information we are going to get. we are opening the door to doing more. haslinda: this is also a headache for the ecb? record h

kathleen hays, su keenan, thank you for your perspectives. pierre chartres, investment director of fixed income at m&g investments. it is too early to say it is over, isn't it? pierre: yes, we still need to wait for the dust to settle. the various announcements from the federal reserve and the swiss national bank have put the lines in the sand in the short-term, but we know that with banking crises, it is about confidence and things can move quickly. obviously at some point as fixed income investors, there might be some opportunities, but it is still early days. haslinda: you talked about confidence. madame lagarde injected confidence when she moved 50, saying that the banking sector is stable and resilient enough. what will the fed do? pierre: you are right, and they look at different indicators than the market. they look at inflation, the under nine -- underlying dynamics of inflation and how monetary policy is transmitted. in a way, that is a green light for powell to move 25 basis points next week. we will have to see. i am not sure the f

garfield reynolds and kathleen hays. let's get you to vonnie quinn. >> pakistan's central bank has raised its interest rate to 20% to rein in soaring inflation. the state bank of pakistan monetary policy committee took it to the highest since june of 1997. antony blinken has spoken with russia's foreign minister at the g20 meeting, urging him to push for peace in ukraine. china's foreign minister also met with lavrov in new delhi. >> if china were to engage in lethal support for russia's integration -- aggression, that would be a serious problem. >> china is investing billions of dollars to boost local production of chips. the vice premier sun chunlan government needs to mobilize its resources. 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. >> up next, saira ann malik shares her expectations. this is bloomberg. ♪ go. go air that runs factory. go sensors and software. go find leaks. go fix-

the adults, substitute teacher and head of school, kathleen kooch who was interviewed, cbs affiliate, in nashville in 2090 >> motto is to be known, to be loved, to be prepared, because we feel like this goes together >> police say the shooter was audrey hail. the former scooter of the schschool >> we have writings that pertain to this day. we have a map on how this is going to take place. >> police >> and entire ins den happened in 14 minutes. terrified parents, were seen rushing to the school >> and there was not enough times. ? >> this is the 130th mass shooting in the united states. it is the 89th on a school campus. we're seeing a lot of reaction tonight. senator said, just because you experienced trauma or pain, doesn't give you the right to pass the pain to others >>> san francisco, already one of the expensive cities in the entire world. tens and thousands of families are about to lose something that helps put food on the table every month >>> plus, at this time last year, we were in the middle of a terrible drought. ski resorts cannot dig out fast enough >> and the northern li

get the accolades but it's all the people behind the scenes, my board but especially for parade, kathleen, teresa and james quinn. [applause] and then closing down san francisco to allow us to have that parade, we need the help of a lot of your city agencies, and they do a great job, bill scott, his station, my good friend captain doug and derek and then the man with the boots on the ground, sergeant tobey moore. they do an excellent job for us. [applause] and i want to thank and congratulate our grand marshal, pat uniak, and all the families of the honorary grand marshal. it's definitely a honor but it's also a commitment and as the mayor said all the events with her busy schedule, we can hope that she leads the way and you can follow. but we appreciate it, your wife una and pat is getting all the accolades but we know you'll be helping him out, so we get it pat. as well as all the families of the grand marshals. thank you. [applause] so it is the season to be irish, we invite everybody to be irish come out and celebrate with us. especially the irish from san francisco, those are two gre

this is kathleen in kampala. cats ways informal has. in the division of mccann. we used to visit local stove manufacturers you could still. this is the thanks isn't. okay so this is like the place we're looking for raymond the chassis he's the ceo and hopefully she's expecting it [inaudible] hi [inaudible] yeah [inaudible] meeting here [inaudible] this is. blooming because in you'll find a bit by the maybe i'll be firewood and topical. what if the names so you're talking about a fill the user's charcoal uses [inaudible] but then get a sense of of you can still employs over a hundred and fifty stuff. using locally available materials simple assembly techniques current production is around ten thousand units per month [inaudible] i know [inaudible] yeah [inaudible] i don't [inaudible] yeah. we need your yeah. a traditional claims to love to six to eight weeks. but the stoves can last up to five years longer thanks to this metal. casing. the card a night. what we're looking at here is pretty much? then just a bucket with a hole in it so very [inaudible] in. the real