kathleen hays is waiting and watching for us. of focus on inflation, and as i mentioned, the yen. what do you think we will hear from the boj? kathleen: we just had that inflation report from japan showing prices rising at the fastest rate in two years. it is still far from 2% but getting closer and we know that for years and years, the governor has wanted to get the key inflation rate up and keep it there. if you take out fresh food prices, which is bank of japan's key measure, the number was 0.6% year-over-year largely due to rising energy prices. there's a big question -- what kind of message will we get from governor kuroda on his view of inflation? remember how jay powell used to say it was transitory and realized it is no longer that? governor kuroda insists, and he may be right, there is a japanese economy in a very different place from the u.s. economy -- in fact, he told parliament he does not think inflation will reach two point -- 2% in a stable manner so stimulus must continue. stepping back, i think what people are wa

kathleen hays is here with more.hat stood out to you. >> we are looking at how aggressive the fed is. the most aggressive rate high school forecast from wall street. jay powell admitted that with perfect hindsight we could have admitted we are getting it wrong. they know what they have gotten it wrong. let's go to the dots. seven rate hikes this year. that will take the key rate up to 1.875%. jim bullard dissented. i guess he is open to that as well. 2023, four more rate hikes. the consensus peaks at 2.75%. the neutral right from the fed is 2.4%. people say traditionally when you get the key right above the neutral right you are setting the stage for recession. jay powell says, look, we will do whatever to curb inflation that yes he did also open the door to a 50 basis point rate hike let's listen. >> every meeting is alive reading. we will be looking at evolving conditions. if we conclude it would be appropriate to move more quickly to remove accommodation, then, we will do so. i cannot be specific about it but that

let's get more on all of the top stories with our kathleen hays, su keenan. chair powell backed a 25 basis point rate hike the march meeting, but what could lead to a move? kathleen: he said inflation is out of control. he did open the door to a rate hike. what will determine that? what disinflation do. let's listen to the most important thing he said. >> i think it will be appropriate to raise the target range and a couple of weeks, and i'm inclined propose a rate hike. to the extent inflation comes in higher, we will be prepared to move more aggressively by raising by more than 25 basis points. kathleen: meeting or meetings. he didn't just open the door, it seemed like he opened it to more than one. notably, a ranking republican was tough on jay powell, asking him, did the fed make a big mistake? did you blow it on inflation? jay powell said we miss estimate of the time it would take for supply chains to go away, most economists did, but bottom line, he made it clear they will get inflation back down to where it is now. february expected to come in at 7.8%.

for more on this, we have kathleen hays, plus our emerging market strategist simon flint joins us for a look at the market impact. what impact are we seeing this have on russia? kathleen: we are seeing a financial crisis now in russia. clearly created by these growing financial sanctions. the fact it hit the ruble so very hard. so, russia, putin, and his team noit -- not waiting. today in the early hours of the russian trading day, they doubled it. they are not messing around. that is as the ruble hit a record low. bank of russia saying they are doing this as conditions, financial conditions have drastically changed. that is putting it mildly. so the u.s. itself is not waiting. the eu and u.s. said they were getting ready to put some kind of sanctions, do something against the central bank of russia. the u.s. did. banned all u.s. transactions by individuals, by businesses having anything to do with russia's central bank. remember, russia has a total of about 630 billion foreign reserves in central banks around the world. if they cannot get their hands on those, then how can they -- th

let's get to kathleen hays and garfield reynolds. thleen, what was so shocking about the comments and why didn't he say that a week ago? kathleen: he did start to say it, he's been starting to say it a while. that treasury selloff started on friday when governor chris waller said the data are screening for 50 basis points rate hikes in an interview on cnbc. the only reason he said he didn't vote for it was uncertainty over ukraine. for jay powell to say in his prepared remarks there that the fed was ready to do what he needed to do to fight inflation, and if it means doing a 25 basis hike -- basis point rate hike, they were ready to do that. that's why this is so important. the fed chair is saying this is what he's going to do. the buck stops here, we will stop inflation. he also said the labor market is strong. he is confident the economy can withstand this. they got to stop inflation, they think it is going to go away, but they know they have to act and go faster and higher maybe than they thought before. i think it's also very impo

juliette: let's bring in our global economics and policy editor kathleen hays and garfield reynolds in sydney. kathleen, give us your thoughts on what we are seeing. kathleen: if the federal reserve says it's going to hike rates, it easily sees at least one 50-point base hike -- base rating hike -- jim bullard of the st. louis fed spoke exclusively with bloomberg tv today and remember a month ago, he was one of the first guys are even longer to say we might have to do a 50-basis-point rate hike. he has been worried about inflation, feared the fed was not moving fast enough. here is what he said. >> what you have to do is move the policy rate up discreetly a fair amount, not to be too disruptive, but i think a fear basis point moves would definitely be in the mix, and then get to a level that we can be neutral on, and from there, we can decide if we want to be restrictive and put further downward pressure on inflation, but right now, we are putting upward pressure on inflation. kathleen: the san francisco fed president, who has been a very dovish fomc member, also spoke out today. look

aggressive monetary policy stance even as the federal reserve is set to keep raising rates to kathleen hays with more. the boj intervening twice with bond purchases already in the first trading session of the week. can we assume the boj is not backing down anytime soon? kathleen: i think that the sense is it is going to it a lot more than this to get governor kuroda to drop his dance. he said it after the last boj meeting. not going to start removing stimulus even if inflation jumps and only because other central banks are raising rates. the fed getting ready to raise rates aggressively. that is why we are seeing these moves that were in play already getting more extreme. let's take a look at the yen. down 7% in march. it fell to nearly a seven-year low overnight or yesterday of 125.09. this long-term trend, it has been in place since 1990. technically that is the kind of signal a lot of traders would say butter keep selling yen. what is the boj do? they bought them in the morning session and people did not stop selling. they had to come in later in the day, early afternoon tokyo time. they

kathleen hays as well.ur global policy entered, and garfield reynolds, a correspondent for bloomberg. right, coming up, the latest on commodities, watching the moves in oil, and certainly it is an oil price headed in the southerly direction. we will ask why. we will also look at the restart of nickel trading in london. motto these are in focus. more d -- commodities and focused, more details next. -- commodities in focus. haslinda: green across the board here in asia. the csi 300 index struggling to maintain those gains. up by about one and a half percent. currently a just 3/10 of 1%. russia kick start the process of paying $117 million in interest on dollar bonds today pick the government says old debt will be serviced. it will be paid in rubles to russia's invasion of ukraine. don't -- don't allow dollar settlements could catherine boxster joins us. catherine tells us how the sections are impacting credit sanctions and how -- how the sanctions are impacting credit. >> there are 100 million coming through

. >> and good evening from bloomberg's world headquarters in new york, i'm kathleen hays. u.s. stocks rebound while the treasury well deepens and the treasury digest the fed chairs possible 50 basis point rate hike. >> crash investigators reveal the pilots failed to respond to radio calls as they boeing 37 -- 737 nosedive. it's the countries's worst air disaster in almost 30 years. >> the omicron ba.2 subvariant take hold in the u.s. causing more than one third of covid cases last week. >> let's get a quick check on wall street. how about this? stocks as inflation hedge. the new narrative as people try to explain why the s&p 500 is up in the past six days as the federal reserve suggests they can go on their most aggressive rate hike path in years. you can see the s&p 500 gained just over a point. the s&p 500 futures are closing a little bit weaker, perhaps some doubt. the nasdaq gained 10%, the s&p led by just -- consumer discretionary. and speaking of tech, look at the golden dragon index. it is up again nearly 8%. alibaba got the ball rolling. they up to their share buyback p

kathleen hays is here with more. cross the treasury, what is fueling that concern? powell seems pretty confident. kathleen: as we would expect, he did also in his press conference , if we had hindsight we would do better on inflation. here is what we thought. i think he's genuinely confident there is enough momentum in the economy that these rate hikes you are seeing being laid out in front of you, six hikes expected this year, that it won't be a problem for the economy. on another level, not just what you are seeing on the 2022 line, it actually shows there are people on the fomc who expect some 50 basis point rate hikes. that can be more aggressive. 2.75%. the fed considers a neutral rate at 2.4%. as one guest just told us, empirically when the terminal rate is below that rate, it signals recessions. jay powell says the labor market is strong, unfilled positions, he is not worried. a lot of people seized on the aftermath of the press conference, the fed sees gdp coming down from about 2.8% this year to 2.2% in 2024,

kathleen hays are global economics and policy editor.ck check of the latest business flash headlines. rusal cannot access aluminum, adding pressure on the giant to find new suppliers. according to bloomberg sources, they have not been able to get stuff from cleans land aluminum in which it owns it when he percent stake. but it is operated by rio tinto. german band exports of the racial material -- a crucial material to russia a week ago. credit suisse is cutting exposure and russia according to an internal memo. this was bank is helping clients as get -- exit holdings. the bank was asked by u.s. lawmakers about sections compliance about reports that the bank asked investors to destroy information about dealings with wealthy clients. lots more to come here on bloomberg. daybreak: asia, i should say. this is bloomberg. ♪ as a small business owner, your bottom line is always top of mind. so start saving with comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. w

kathleen hays has more on this. here in the u.s. gasoline is becoming more expensive. nobody will want to spend anymore. kathleen: it's a double edged sword. we've been talking about this, i love this chart on inflation breaking in the u.s.. we can see they've hit the tenure inflation breakeven, a record high. oil prices are up, they could go even higher to $200 a barrel. at the same time it's interesting because yield curves are flattening. the yield curve is actually coming down because of the fact that stagflation, growth and inflation at the same time, and you see the recession of 1990, 2001 and 2008, those red bars, were all preceded by a doubling in oil prices. some people say what we are seeing right now is like the 1970's in the u.s., the oil embargo. the slowdown and then inflation that caused the big rate hike. it's a double whammy in terms of the effect on recession. if the fed starts raising rates, it could really be a problem, and not just a problem with the u.s.. europe will be hardest hit by the surgeon oil prices and

kathleen hays is here with the preview. w are expecting a 25 basis point hike, but some thinking it could be larger. kathleen: betting it won't be, but some think it might be. the consumer price index coming in at the highest since 1990 on top of the cpi which saw its biggest increase, biggest annual increase for about 40 years. at this point, bloomberg economics, one argument they are making is when the markets are pricing in seven hikes, one at every meeting. what we are going to get a sense of from the policy statement, the dot plot, just how worried are they that inflation? why am i showing you expectations? this is what the fed is worried about. the longer inflation stays high, the more risk you have that expectations become embedded and inflation becomes embedded. but they are saying is, there is a sense from the fed that they see inflation coming back down in the next year or so, if inflations are anchored, you will probably get five rate hike this year, maybe six. but, if they are unanchored, that could support this

juliette: let's bring in our global equities editor kathleen hays. another day of them amended bond purchases by the boj, and comments by top government officials. kathleen: everyone is watching this, because for so long, the yen was steady. the jgb was very steady. ever since the federal reserve made that hawkish pivot, the first rate hike, aggressive moves. the yen has weakened. this is raising some questions about the governors and game. we're not going to remove stimulus. what we have today is two top officials saying they must monitor the weaker yen to check is not becoming negative. it makes it harder to buy stuff. he hopes the boj will continue to -- the minister is saying concrete monetary policy measures are up to the boj. the pressure we are seeing on the yen, this chart, the dollar is broken. we may see traders continuing to push the yen weaker. the fact that they are doing the bond purchase, responding to this. the immediate steps, first of all, the yen is oversold. citigroup points out that change this, fundamentally, the boj has to chang

bloomberg economics and policy editor kathleen hays is here. numbers are probably going to be not bad. we will get to it in a minute what is interesting about china and inflation in the oil price spike is that they are at a crossroads. they has to booth -- they have to boost growth by adding stimulus, but oil prices spiking, doesn't that challenge your ability to do that? china says we are insulated this because we have high levels of domestic energy supplies and long contracts that protect us. very strong ties to russia in case you hadn't noticed. if we need discounts, help on that front, they are surely going to give it to us and we go into this with our consumer price index and key inflation measures looking pretty good. so, that is why they don't seem to be worried on the surface. but again, rising oil prices in and of themselves are going to make it harder for them to get by with less stimulus. they are going to need more to hit the 5.5 percent gdp forecast, very aggressive barclays figures the global oil price spike could got 0.3% to 0.5%

kathleen hays joins us. what is the inversion telling us. >> if it goes back to inversion and gets more inversion between the two year note and the 10 year bond yield, the odds of a recession move higher. here is the link between recession and inverted yield curve, historically. you see the curve inverted in death of 89, it takes a couple of years off and then there is a lag in 90 and 91. april 2000 and version followed by the 2001 recession and november 2000 six inversion as you work your way to the right, two years ahead, even though there has not been a recession since 1950, it was not proceeded by a yield curve. there have been injustices -- instances where the yield curve happened and there was not a recession. there is some hope. why are people so worried? the fed has signaled aggressive rate hikes, market surprising in at least 200 basis points of rate hikes in march. through december this would imply six more rate hikes and at least 150 point rate hike. that is why people are concerned, especially af

let's get to kathleen hays. what is expected for the u.s. cpi report? kathleen: this one is particularly backward looking when you think what has happened to oil prices. it is expected to be another outsized gain. the media forecast from our bloomberg survey, 7.9%, the highest since january of 1982. every month we say it is the highest since 1982. it just keeps getting higher -- getting earlier and 1982. it could come even higher. russia invaded ukraine on february 24. there were only four days left in the month. brent crude hit $140 a barrel on march 6. very little if any of that will be reflected in this already very high number. people are talking about the cpi year-over-year peaking at 8% to 9% in march and april. bloomberg economics thinks it could go as high as 10%. record food prices, surging energy prices, gasoline hit a record, unprecedented $4.25 already. that hurts consumers. the fed will look at this inflation number and say we will go ahead with the 25 basis point rate hike. they will keep the door open to more, but they will say amidst what

our global economics and policy editor kathleen hays joins us with more. enator joe manchin opposing this? kathleen: he's joining what has been a block of opposition among republicans in the senate. on the senate banking saying they oppose her. joe manchin a powerful senate democrat from west virginia with a 50-50 division in the senate. you have to have all democrats on board to get her through and allow biden to appoint her as the next vice chair. if you lose even one, it means you probably don't get her confirmed, because republicans are completely opposed to her. susan collins, moderate republican from maine. another republican democrats look to when they are hoping to break a tie, and they hope for one person on their side. they hope she joins them. on this issue, she made it clear she thinks there are too many gaps in her experience. her experience beside having been on the board of governors, deputy secretary of the treasury appointed by barack obama, she's been an advocate of the federal reserve, looking at the impacts of climate change on banks ris

kathleen hays joins us with more. why is senator joe manchin opposing this nomination? en: joe manchin is a very powerful democratic senator. sara bloom raskin is a former fed governor who is now nominated to be the vice chair of supervision, meaning she would oversee bank regulation. she has publicly supported that the fed should consider the impact of climate change, what it means for a mixed islands sheet and how it comes into regulation. joe manchin, from west virginia, and energy producing state, in favor of oil and gas and coal drilling, he is joining a group of republican senators that say they will not vote to confirm her. because the senate has this 50-50 division, you lose one democrat, you have lost the vote. senator pat toomey is a republican who is the ranking member of the senate banking committee. he was on balance of power with david westin today when the news broke of joe manchin's opposition to raskin. david asked him, what does this mean? does this mean she will not get nominated, or confirmed i should say. here is what senator joe manchin said. >> it

our global economics and policy editor kathleen hays is here.t are we expecting from the jobs report? does it change anything from the fed? >> it may underscore something from the fed. who can get more aggressive with the rate hike prediction? three banks all see 50 basis point rate hikes in may and june. citigroup sees 50 basis point hikes in june through september. they believe this is something the economy is strong enough to take. today we saw a big consumer spending report. it's all the spending. everything you by. it looks like maybe this surging inflation is starting to affect the consumer and a couple of ways. spending was down 0.4% in february. up 1.5% in january. part of it is the inflation adjustment. the other part might be prices are up so much, people aren't buying so much. what are we looking for in the jobs report? payrolls are seen rising 490,000. still a strong report even though it has pulled back a bit. the range of estimates, there's a lot of big question marks. the unemployment rate is expected to fall to 3.7%. that's the l

let's get in and talk to our global economics and policy editor kathleen hays. s been signaling monetary easing to shore up growth. it is an inflation problem, but why is the pboc interest rate cut to eating up this moment right now, given what i just said to you about inflation? kathleen: there is a confluence of events right now china and that is what is happening. you're just talking about what's happened to the china dragons, to the regulatory changes in the u.s.. boom, you hate your stock market. you got the shutdown of changing, seven half-billion people. it's a technology hub. it is going to slow down production. the last thing china needs when they want to hit a five-and-a-half percent growth rate, which most people said they probably cannot, and on top of that we're showing you this big, big slump in lending in china. that came out at the end of the week last -- just friday. the indicator for whole organ lending as part of the aggregation lender. for the first time, speaking of aggregate financing it went from four trillion yuan to 4.1 trillion. less tha

. >> i'm kathleen hays in new york and welcome to daybreak asia.ur top stories this hour, following wall street higher while the treasury selloff deepens. investors react to increasingly hawkish signals from fed officials. investigators revealed chinese to pilots failed to respond to radio calls before their boeing 737 crashed at almost the speed of sound. and investors promised a restructuring plan. urging them not to take aggressive action. >> let's get the start of trading here. we are looking like that selloff with rate markets to continue. we see that 10 year yield in australia. this comes up a little bit, but certainly pretty close to 2.8% is what we are seeing. it is a pretty tepid start in sydney where we are watching whether we can replicate some of those gains. we did hear from the finance minister earlier today, saying that they do expect to see a downside impact from monetary policy on businesses as well as futures looking mildly positive at the moment. >> let's take a look at some of the u.s. markets. the u.s. 10 year treasury bond fut

kathleen hays is here with more.bank of japan at winning this battle to maintain yield curve control? we keep talking about how sustainable this policy is when the fed is looking to aggressively tighten. >> so far, so good. the governor duggan his heels at the last boj meeting saying there is no need to move stimulus. they do not have to change anything because other central banks are raising rates. this is where they are. at the beginning of the week the boj announced a three day want to purchase operation. the 10 year yield, capped at 0.25% when you look to the upside, it was pushing up in getting closer and closer, yen sliding as well. yesterday was day two, and the boj did two things to make this more dramatic. they did larger bond purchases, longer yield tenor. they came in earlier than expected, and the yield pushed up to 0.253% just going over the top. it closed around 0.221%. they did have success at least for the day. the yen surged a full percent against the dollar. as word got out that the governor was mee

kathleen hays is here to explain.rate hike from the boe but a dovish one. >> is because of how it was presented. let's look at what the bank of england did. at 25 basis point hike. they have done three in a row. it was in line. inflation is the driver. it has been surging over the last year up to 5.5% year-over-year. a 30 year high. what's interesting is the outlook for the economy and inflation in particular. how would the bank of england portray it so we can get a sense of how aggressive their next rate hike would be. people have been pricing in a 50 point hike in june. they have said the warren ukraine has caused supply chain disruptions it could get worse. they went on to say the inflation spike means a squeeze on people's incomes is going to be materially larger. it's going to cause more inflation, but that's going to eat into people spending. when the bank of england governor said that a rate hike in the future might be appropriate instead of saying it is likely as he has in the past, traders completely priced o

. >> good evening from new york, i'm kathleen hays. president biden calls from removal from the g20. haidi: u.s. stocks rise and treasury and oil sliding as investors wait economic resilience. china is set to sign its first security deal in the pacific. the s&p 500 gaining 1.5% today. all 11 sectors were higher. led by big tech, nvidia which told investors it's going to use its cash to boost growth. not to buyback shares. it was the biggest gain or for the s&p 500. you can see the positive sentiment spilling over into futures today. the grain is on the screen. a smaller plus was a drop in the price of oil. about $2.50. now you can see in the market that it is falling more in the futures market. another 1.2%. what's going to happen between joe biden and the eu when it comes to further sanctions for russia? will the europeans get on board? the margin requirements have been raised for brent crude again. another 19% after dutch 32% increase earlier in the month. that's creating a lot of volatility hitting the oil market. as for treasuries,

our global economics and policy editor kathleen hays is here with more on the second day of his testimony to congress. what things stood out to you today? kathleen: it is interesting, on day one and day two, the senate banking committee and the house financial services committee heard testimony from the fed chair, and it touched on the same things. jay powell's goal is to say, we know inflation is out of control and we have to get back under control. we will start hiking rates. today he stressed that yes, there is many uncertainties about how ukraine will affect all the things you just mentioned, we are aware of it and we will move carefully. he was asked about the impact of ukraine on inflation -- number one problem for the u.s. right now, it seems. he said it could affect growth. growth in the sense of it being a negative impact. that it increases costs for consumers and businesses. also important that there was a lot of questions asked about the international and financial ramifications of what the u.s. has done so far with sanctions and more against russia. for example, many questions

kathleen hays is here with more. the fed president, an exclusive conversation with bloomberg television, he is on board with 50 basis points. >> if needed. that is the key. look at inflation now. it is hard to believe at some point the fed will not go for that 50-basis point rate hike. he did tell bloomberg television earlier that, again, depending on what the economy is signaling , before the may meeting, and when they get here, he is on board with the 50 basis point hike. let's listen. >> i am open to it. we will make the decision when we get to the meeting in may, how strong is the economy still look in terms of its ability to take rate increases, and how high is inflation persisting? i am looking at both of those and we will make our call in may. >> he thinks there is a real chance that rates will need to go above the neutral rate to curb inflation, considered to be 2.4% now, the key rate is around 02.5%. the president of the kansas city fed was at the economic club of new york speaking virtually and said yes, sh

. >> and good evening from bloomberg's world headquarters in new york, i'm kathleen hays. u.s.while the treasury well deepens and the treasury digest the fed chairs possible 50 basis point rate hike. >> crash investigators reveal the pilo

. >> good evening from new york, i'm kathleen hays.iden calls from removal from the g20. haidi: u.s. stocks rise and treasury and oil sliding

kathleen hays is here with more. i was talking about this earlier, there has been a -- there has not been a recession without the inversion of the curve. the question is how long it takes. >> also, the fact that it has proceeded recession so many times. there is a recession since 1950, there was a curve inversion before that. that is why people are watching this so closely. there are a lot of different versions of the yield curve but this is been the classic signal that fed officials watch. when you can see from the chart, what you see is that in march of 1989 there was an inversion. april 2000, inversion, it was only about six months but it was a recession. november of 2006, recession. that is what followed it. if we go back further in time, we would see some instances of the yield curve and burning and not causing recession. what is different now is how much of the fed is expected to hike rates to get inflation down. right now the markets are pricing in more than 200 basis points of fed rate hikes over six meetings

i am kathleen hays in new york.t for a steady open as aussie and qe bonds come under pressure. ukraine says any peace deal with russia

i am kathleen hays in new york.sian stocks set for a steady open as aussie and qe bonds come under pressure. ukraine says any peace deal with russia would need a referendum, while moscow refocuses its military campaign. the u.s. warns of cyberattacks. a plane crash in china baffles specialists. haidi: we are seeing a slow and steady start when it comes to equities trading, but of course, the pricing action has been in the bond markets. u.s. rates were hammered on monday, one of the worst days for treasuries in a decade as the fed decided to put 50 basis points back on the table, putting a re-think and repricing across the curve. we are seeing that reaction when it comes to the australia kiwi stocks, the 10-year yield climbing as much as 13 basis points, and a 14-basis point rise in the 13 year yield the. -- yield. new zealand is coming in and suggesting that consumers are growing pessimistic about the environment. australia's consumer reading, the lowest since back to 2020, as well. in terms of the equities, we are

bloomberg's policy editor kathleen hays here with the preview. at are we expecting from the job report? does it change anything from the fed, or reinforce the path they are on? kathleen: the latter is what we expect. people are exciting a recession -- people are expecting a recession. listen to this. as for aggressive rate hikes, goldman, j.p. morgan, morgan stanley 650 basis point rate hikes at the may and june meetings. there are four meetings after that. that is when you get 25 basis points in each meeting. then finishing the year off with two 25 basis point moves. that is pretty aggressive. the jobs report, this is what it is expected to show. the economy is in good shape and ready to at least withstand part of this. let's look at the forecast. we've got the payrolls forecast, the consensus forecast, up 490,000. half of a million jobs is good in this economy. it is always hard to pin this number down. that is what makes it exciting. march unemployment is more unbreakable, falling 3.7% from 3.8% in february. that would show a tight labor market

i am kathleen hays.r top stories, asian markets are set for a rally and growing efforts between -- as growing efforts towards a diplomatic resolution boosts. moscow demands the surrender of a ukrainian port city. and a monetary policy split between pboc and the rest of the world. kathleen: korea and the asian region, south korea's first 20 day exports for the month of march were up 10.1% year-over-year, a slow down from that 13.1% reported in february. there were concerns that given the situation with ukraine and what he has done to supply chain, currency and commodity, we would see a slowdown and that is what we see. at the same time, imports for the first 20 days of march have risen substantially. 18.9% year-over-year in march. no surprise that the trade deficit has widened quite a bit. it looks $2 billion u.s. up from 1.67 in the previous month and imports are still rising. part of that is the cost of imported oil and other commodities. let's see if this is -- let's see what this does. the kospi is st

let's bring in jodi schneider and kathleen hays. the higher level talks also did not result in compromise or progress. >> they didn't. these were the first high-level talks between russia and ukraine held in turkey. they left after 90 minutes with neither side feeling that they had made any progress. in the ukraine side, they came with clear demands that russia withdraw troops, that there be an immediate cease-fire, and that there be an improvement in humanitarian situation in the cities in ukraine. the russian side said they never thought about cease-fire, that is not why they were attending the talks. beside making little progress, the differences did not seem to change much. in addition to that, russia has been hit with a real exodus of foreign firms and foreign personnel from russia. today, we saw goldman sachs saying it is not doing business in the country. consumer giants like mcdonald's and starbucks saying they will not operate in russia. russia is starting to think about ways to retaliate against those companies. may be tak

kathleen hays is here with more. the ecb surprise policy decision.e the odds the cpi report could pursue fed to a bigger rate hike? >> let me start with this, given what we have seen today in the chinese stock market, in asian markets, the u.s. market, this is one of the biggest thank you have to keep in mind when you think about inflation and the u.s. and how the fed will or will not respond to it. there is uncertainty around the ukraine war. there is risk off sentiment. that is why the fed will not get more aggressive, even though 7.9% year-over-year in february -- and expected to move higher because of the fact that the invasion of ukraine by russia happened at the end of last month. none of that big rise in brent crude to $139 a barrel is reflected. it will be reflected in may push it up to 10% year-over-year, but the fed expects that. in terms of what the fed will do , most say 25 basis points. he camped surprise the markets. he has them expecting that. -- he can't surprise the markets. he has them expecting that. the ukraine war. inflation will

i am kathleen hays. haidi stroud-watts, age's major markets have just a bit of her trade. opec+ is set for a weaker start as the global really stumbles, treasuries bounce from record losses but commodity prices experience fresh inflation worries. president biden adds to europe starting further sanctions on my scalp -- moscow. tencent embraces stricter controls after reporting is slower quarterly growth. kathleen: let's take a look at the opening of japan injury and markets, pretty quick drive, the nikkei225 done more than 1%, the topics down just under 1%. this is breaking a seven consecutive trading session again -- gain. the pullback in the u.s. stock market, the s&p 500 at been up the last five trading sessions. bonds rallied, and at the very least maybe japanese investors are taking a chance to take some profits. the dollar yen unchanged, at its lowest level since 2016. a six-year low, and again the japanese bond, look at that now looking a bit lower there, perhaps because the bond market in the u.s.

haidi: kathleen hays. let's get you to su keenan with the first word headlines.tarting with taiwan's central bank, raising the key interest rate by the most since 2007. 25 basis points to contain rising inflation. taiwan's first rate hike since 2011. the first time it changed rates since early 2020. it made a cut at the start of the pandemic. indonesians central-bank health policy at expected, with the last cut back in february. president biden and xi set to hold their first call since russia's invasion of ukraine friday. officials struggled to discern china's position on the war. there are concerns china can help moscow evade sanctions or provide weapons. also discussing competition between china and the u.s. the u.s. warning vladimir putin will threaten to use nuclear weapons if russia's invasion of ukraine drags on. officials say the war is threatening moscow's military manpower and weapons arsenal. he could use the threat to project russian strength. the kremlin repeated reports of major progress and cease-fire talks with ukraine, blaming kyiv for slowing neg

i'm kathleen hays. haidi: i'm haidi stroud-watts in sydney.r markets have just open for trade. asian stocks set for steady open. oil prices in focus. investors eyeing the resilience of the world economy. president biden wants russia booted out of the d 20 as the u.s. and allies war in moscow against using chemical weapons. the white house strikes a deal to help europe pay for gas imports from russia. the agreement set to be announced later on friday. kathleen: let's take a look at what's going on in the markets in japan and korea. japan opening higher on the nikkei and topics after the s&p 500 closed up 1.5% and the nasdaq gained 2% in the u.s.. dollar-yen. 122.28. it's continuing to fall. this seems to be much more of a yen stories in a dollars story even though the dollar is stronger against many g10 currencies, or at least holding its own. the concern grows that japan's economy is going to be hit by surging energy prices, all kinds of things. the war in ukraine. what does it mean for exporters and manufacturers? the bank of japan saying, we