we have governor kuroda speaking right now.e have jay powell on the session, we have governor bailey and christine lagarde will joining us now percent of what we can hear from the central banks is bloomberg's international course be -- international economics and policy correspondent michael mckee. in some ways the central banks are increasingly on a different pages. michael: that is what makes it interesting. they are all in the same boat, reopening economies after the pandemic shut down. they are dealing with different problems. the ecb has inflation rising on a headline basis but not so much on the core. they want to stimulate because the economies of the eurozone are running at different speeds. the united states, jay powell, we have heard a lot from him. they have a question of how hard they let inflation run. it is higher than they were else but also growth is stronger. he is in a different place. kuroda has a new prime minister who will spend a lot of money on fiscal stimulus, or he says he is, so how does he handle that

but why is governor kuroda still around? he must be doing something right. the boj on the same page as the government. corporate profits have been up which has also helped stocks keep markets calm. he has a very steady hand for markets and investors and he kept government borrowing costs down with the yield curve control you just mentioned which was a replacement to his earlier onto tate of easing. there is a lot of politics there and that is why he is still around. shery: how does he fit into the leadership battle right now? paul: we have the uncertainty over who will become leader. people want to know what the fed is doing. this is not the time for any major change in the trajectory of the boj. i don't think any of these candidates will jump in and say, we want change and we want it now. i think they will see governor kuroda as a steady hand and they will keep him around for the rest of his term. it is after that, after we get out of covid, after we get into a more normal economic water -- the failure at the moment is the reform vaccine czar. in the past,

maybe hirohito kuroda will get some questions about that at the press conference. haidi: kathleen hays. vonnie: thank you. united kingdom is said to be exploring joining the u.s. free-trade agreement between the u.s., mexico, and canada. it is a recognition that the biden administration will not start negotiations on a bilateral ill anytime soon the u.k. is conducting negotiations around the world to replace its prior free trade treaty with the european union. so far, -- president biden is said to be planning to order 500 million pfizer covid vaccine doses to donate abroad. sources tell us negotiations between the white house and manufacturers are continuing. a deal is poised to be unveiled at a virtual vaccine summit. the order would double the number of pfizer shots u.s. has bought for export. however, is not clear when the delivery would shift or how much it would cost. they may decide as soon as wednesday whether to recommend pfizer booster shots. that would set the stage between meetings this week. on friday, an advisory panel rejects the call for boosters for

governor kuroda says they need to continue with easing persistently and watching the economic impactvid closely. uncertainties for the economy are high due to the delta variant. this is the narrative should still -- you think about the fed and the bank of england and the norse bank, those three moving incrementally toward less qe versus this. dani: yeah, this is a different tone than we have heard from other central banks, and also brazil, mexico as well. we are having the covid else a variant a very present and center in the boj, even though the delta variant is present in these regions as well. manus: absolutely, we are trying to get back to some semblance of normality. keep an eye on the yen. dollar-yen hasn't a great deal. let's go back to german politics. thomas, thank you for being with us. we are debating whether olaf scholz or armin lascet has the mandate to claim. olaf scholz says he has the mandate. do you think you should have the first attempt at forming the first coalition? thomas: mandate is a big word with parties that have 75% of german, they will not have voted for t

the boj's governor kuroda said it would pick up to 4% next year with the mandate unlikely to change under a new prime minister area china's national development and reform commission is promised to keep residential electricity and gas prices stable. the authority says it will work to avoid abrupt power cuts while letting prices reasonably reflect market changes. earlier sources that beijing was considering a hike is energy costs for factories to ease the supply crunch. china's power crunch might hurt agricultural processing, triggering a renewed surge in world food prices. the autumn harvest is underway just as shortages in energy hit provinces. the crisis is stoking concerned that china will have a tough time handling those crops along with peanuts. global news, 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries this is bloomberg. yvonne: still ahead, tracing the energy crunch to an obscure chinese law. how harsher punishments for minors could be weighing on outputs. rishaad: next we are going to be speaking

jonathan: 11:00 eastern, chairman powell, governor kuroda, governor bailey, president lagarde all goinglk at a forum. that is the lineup. i will be hosting that panel, too, tom. can you imagine if i got to host that panel? tom keene would be throwing things at me, locking me in the hotel bedroom and telling everybody jon couldn't make it this morning, i'm here. reminiscing, tom? this is bloomberg. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. jonathan: it is wednesday morning. live from new york city, here is the price action. up 20 on the s&p 500. it is a bounce back from yesterday's big day of losses on the s&p come the biggest one-day loss back to make. -- back to may. in the bond market yields turnaround but only little bit.

the key policy panel to watch for is tomorrow afternoon, christine lagarde, powell, bailey, and kuroda. coming up, we will stick with the central bank theme. we will discuss more about the resignation of these two fed chiefs. we had the stock trading scandal. we have questions around health as well. what does this all mean for u.s. monetary policy? we will discuss that next. this is bloomberg. ♪ >> employment is still a bit short of the mark on what i consider to be substantial further progress, but progress continues and i hope it may soon meet that mark. >> i think it is clear that we made potential further progress in achieving our inflation goal and there has been good progress with maximum employment. assuming the economy continues to improve, the moderation in pace and asset purchases will be warranted. manus: some of the fed officials with a hawkish message on the taper plans. comments sent yields spiking a little bit higher. levels we have not seen since 2020. but still the chair, jerome powell, will tell lawmakers the progress and jobs remains short of the central bank's goals

jonathan: i find it interesting whenever talk about governor kuroda anymore. what is normal at the bank of japan? tom: they are not even trading paper over there. can i just point out that the new leader of japan, there's a charming photo of queens, new york years ago of him attending public school 13. that is pretty cool. jonathan: that's she to -- dan alpert joins us now, with what capital managing partner. -- westwood capital managing partner. dan: when you're starting to scream about how the u.s. is going to default on its debt, there might be a subtle dislike of holding debt that people count on for liquidity. normally we ignore defection of the distinction between the debt issued by the treasury and the dollars issued by the fed. as a practical matter, they treat them the same, as fiscally -- the same, especially near the effect of lower bound. some people in the market take notice. not many, but at the end of the day, there are enough out there to really move the market. when the market starts to feed back that and start talking about that being a sign