very different tune here than christine lagarde.e have to be thoughtful about not getting too confident that the latest sticky inflation is an indication we are going forward and can't get to confidence she says on the other side basically, that it's necessarily definitive in terms of what they should do. the lack of urgency, there we go, the projection that inflation will continue to come down is going to materialize, that we don't have to be urgent. it's a continuation, and now they're all singing from the same hymn book of the backtracking of okay, we're moving into a rate cut. they're not saying that they're not going to be cutting rates. they're saying they don't have to be urgent about it, and they don't have to be immediate about it. i think there was less of that than say what we're hearing from europe and the ecb. just because, you know, europe is on the mind with the christine lagarde headlines, if you look at the gap between u.s. and europe gdp that does tell the story of the u.s. consumer consuming and the european consu

here is the ecb president, christine lagarde.e three key ecb interest rates unchanged. the incoming information has broadly confirmed our previous assessment of the medium-term inflation outlook. inflation has continued to fall led by lower food and goods price inflation. most measures of underlying inflation are easing, wage growth is gradually moderating, and firms are absorbing part of the rising labor costs in their profits. financing conditions remained restrictive and our past interest rate increases continue to weigh on demand which is helping to push down inflation. domestic price pressures are strong and are keeping services price inflation high. we are determined to ensure that inflation returns to our 2% medium-term target in a timely manner. we consider that the key ecb interest rates are at levels that are making a substantial contribution to the ongoing disinflation process. our future decisions will ensure that our policy rates will stay sufficiently restrictive for as long as necessary. if our updated assessment o

and european the monetary institution, represented by the head of the central bank, christina lagarde such creativity. lagarde poured cold water on the us-backed proposal to use frozen russian assets amounting to more than 260 billion euros. the move from freezing assets to confiscating them to disposing of them is something that needs to be viewed with great caution, lagarthe said, warning that it could disrupt international order. which you want to protect, which you would like to russia respected. the robbery of russia would not be such an urgent task for europe if europe itself were not robbed by the united states. on this occasion, even the undisputed leader of the american clientele on the continent, fondern, shows displeasure. they say that the outflow of european capital, mainly to north america, amounts to 300 billion euros annually. disorder. however, this concern about her own people is pre-election in nature. new leaders are needed, the breath of the big european elections is getting closer, the right eurosceptics claim victory in nine countries, and in another nine they s

today, the expectation is that christine lagarde will telegraph a june cut. the focus in the press conference very much on the path beyond that and the divergence between the ecb and the fed. think about it. if you get trump in the white house, that could stoke u.s. inflation and leave the euro area in a tight spot. kriti: all right, lizzy burden in frankfurt. thank you for bringing us that crucial context. she will be live for the ecb policy decision at 1:15 p.m. u.k. time, followed by what christine lagarde has to say in that news conference just a half-hour later. we will be speaking to evelyn herrmann later in the show. that conversation coming up in just about 15 minutes time. a lot to digest there, not in terms of european policy but what the ripple effects are further currency as well. we are keeping an eye on the treasury yield and what that means for the fx story but also brent crude, $90 per barrel off of some of the job little tensions. we go there next. stick with us. this is bloomberg. ♪ kriti: the u.s. believes major strikes by iran could happen

. —— lagarde.overning council decided today to keep the three key ecb interest rates unchanged. the incoming information has broadly confirmed our previous assessment of the medium—term inflation outlook. inflation has continued to fall, led by lower food and goods price inflation. most measures of underlying inflation are easing. wage growth is gradually moderating, and firms are absorbing part of the rise in labour costs, in their profits. that was christine lagarde. tomasz wieladek is chief european economist at asset management firm t rowe price. we spoke before this announcement and no great surprise, what we are looking at closely as the detail, the comments, the forecast about what may happen next. what do you read into this?— read into this? well, i think today the ave read into this? well, i think today they gave a _ read into this? well, i think today they gave a little _ read into this? well, i think today they gave a little bit _ read into this? well, i think today they gave a little bi

christine lagarde said the ecb will cut rates soon barring surprises.t's steadily moving toward its target, adding that officials just need to build a bit more confidence before cutting rates. sara eisen asked the ecb president as well whether three rate cut this year is a reasonable expectation. >> i wouldn't comment on that because if you had asked me two or three months ago, i would be expecting more than three. and i think we're better off than our central bank perspective, of course, looking at what they anticipate because they're big boys -- too many boys, but they're big boys. they run their models, they observe things, take risks, assess, you know, term premium, but we have to be deta-dependent. we have to look at our own work, and we're very steady and focused on what we are seeing, and we'll play judgment at the end of the day day. what is produced has to be taken into account on our part with the help of the governors. >> she says the ecb is not set on cutting first. >> we are data-dependent. our data came down in march. we have had a little

lagarde poured it out. from cold water on the us-backed proposal to use frozen russian assets worth moreeuros. the move from freezing assets to confiscating them to disposing of them is something that needs to be viewed with great caution, lagarthe said, warning that it could involve upsetting the international order that you want to protect, that you want russia to protect. respected moreover, the eu economy is already showing the weakest growth in... the world less than half a percent, and the german economy, which has always been the locomotive of europe, according to the updated imf forecast, will grow by only 2%. at the same time , the imf sharply improved its growth forecast for the russian economy for this year to 3.2%. however, western leaders still have not drawn any conclusions from this economic situation; politics comes first, and calls to pump more and more money into kiev continue, although even the largest western investors are already in ukraine. are drowning from how corrupt the current regime is. arnulf damirau, anglo-german businessman and a former adviser to the glink

lagarde has em phasized that. she emphasized it is a different economy.ade reference to physical policy and the consumer behaved differently. it is important you get a decoupling in europe, bond yields are ham strung by the u.s. if the ecb and bank of england has made similar moves and articulate the differences with europe and the u.s., that gives european bonds better opportunity to decouple and provide stimulus that europe requires with the weak economic growth and low inflation rate. >> daniel, yesterday, we heard from the new york fed president making comments there is no rush to cut rates on top of that, suggesting that if inflation were to increase once again that the central bank should be prepared to hike rates. mentioning the word hike is interesting. we have projections from lagarde that we will see the yield reaching 5% on the ten-year yield. how likely is that given this commentary from the fed? >> it is feasible. we touched 4.7%. it is feasible given the information on the data coming out of the states. we don't see it going further beyond t

that is the brilliant lagarde. brilliant sarah de lagarde.mr dent, director of customer operations at london underground, has said that safety is our top priority and we continue to take every possible measure to learn from any incident. and put in place appropriate improvements. however, our thoughts continue to be with sarah and her family following the devastating incident at high barnet station . incident at high barnet station. well, coming up, it's time for the great british debate this houn the great british debate this hour. and i'm asking, will the police right to threaten with arrest? but first, let's get an update good afternoon. 24 minutes after 5:00. this is gb news. we are the people's channel. i'm nana akua, and it's time now for the great british debate this hour. and i'm were police and i'm asking, were the police right arrest ? now right to threaten, arrest? now the metropolitan police are under fire after an officer was filmed telling a jewish man his presence was antagonising at a pro—palestine march in london. you are qui

christine lagarde insisting the ecb does not take cues from across the atlantic. wall street bank earnings are in focus. jp morgan, citi, wells fargo all set to report today. it is friday. we're ready for the we can but there's plenty to digest the next 24 hours. we look at the futures picture, broadly positive this side of the atlantic. euro stoxx 50 futures higher 0.6%. the ftse 100 seeing green on the screen this morning, higher 0.4%. is that pricing in the full story of the ecb cutting? is that a positive rates story? at the end of the day, the s&p story not seeing as much green on the screen, despite that massive rebound in the u.s. tech space on particular. usually you would see the asian or european traders hop on that trade. they are not this morning trade let's talk about cross assets though because the bond market matters more and more now. now that we have interest rate differentials coming to the forefront, you're looking at 4.57 on the 10-year yield, the fact that we are sustainably above that 4.50 level. is 5% on the horizon? we will dive into that t

haidi: christine lagarde speaking at a press conference after the ecb left rates unchanged.ering more nuance it was really those comments about the fluctuations expected in the inflation outlook that saw the euro hitting those session highs i look at how we are setting up when it comes to you european futures at the moment, positivity with euro stocks futures up half a percent. we expectations from ecp and christine lagarde and dax futures up half a percent they are and continue to watch to see whether we see another day where euro bond renewable stock seeing more gains as well as well as energy stocks in europe as well hitting record highs the highest since 2010 after the report about potentially imminent middle east escalation taking place bell. annabelle: other global developments we are tracking, stxe on breaker and freed will -- sam bankman-fried will appeal his conviction. the 32-year-old filed a notice in federal court two weeks after his sentencing. it is unclear on what grounds he attempts to appeal. the largest u.s. airlines are asking the biden administration to b

different paths being taken by central banks around the world, with the european central bank's christine lagarde reaffirming that the ecb was still on track to cut rates. many people expect the ecb will cut rates injune. now, the timing of the first rate cut here in the united states this cycle has become a subject of much debate from main street to wall street to the campaign trail. the fed had previously signalled it intended to cut rates several times this year from a 23—year high of 5.5%. us stocks fell after mr powell spoke. tensions in the middle east have also been weighing on markets, the conflict in the region has been cited as a risk to recovery for the global economy by the international monetary fund. in its annual report, the imf said growth would remain steady because propped up because of emerging economies like india but high inflation and weak demand in china and europe are major challenges. the bbc�*s economics editor has more from washington, dc. we have got new numbers from the imf, theirforecast for the world economy, and it shares a world economy that is more resilience and

lagarde, that worked on introducing a policy on social spending floors, meaning that in our programs we had to protect education, health care, social support. and that is a policy that is absolutely central in our work. we do believe that medium term fiscal consolidation after years of increased spending and increased debt levels is necessary, otherwise economies will be crippled. i mean, then you have to pay high costs on your services your debt. so we believe that it is a necessity. but we also recognize that it has to be done with more focus on revenue raising. we did a study, it shows that in emerging markets, in developing economies, there can be eight to -- 8% to 9% g.d.p. increase if taxation is put on sound footing. and then of course we want to see quality of spending. definitely, definitely we don't want the price of fiscal consolidation to be borne by the most vulnerable people in society. to the question, i mean, the most important thing we do together with the world bank is to work on more transparency on that so we can see who exactly borrows how much from whom and unde

we've got the perfect guest tomorrow, christine lagarde, will be on this show right after her meetingast week to talk about the global set-up, and of course, what she's going to do next. >> yeah. got ollie rene out. can't wait to hear what lagarde tells you tomorrow. >> she did not change that script in last week's meeting, importantly, given the fed members that have come out, and there's going to be a lot more fed speak this week. they've reiterated the message that they don't need to be in a hurry to cut. >>> we're in a hurry here. let's move on to goldman-sachs this morning. shares are up in the premarket. this beat was a good one, helped by strength in investment banking, trading. let me go through just a quick take on some of the notes that have been released by analysts in the last few moments. jeffries' first take, very strong. specifically, total revenue above consensus, all banking segments were above expectations. wells fargo, mike mayo, aided by strong m&a number one, underwriting complemented by record fixed income currency and commodity financing, second highest equity f

-- heard christine lagarde suggest that is one the first interest-rate will be coming. we have heard more central bankers agreeing with her, mr. villeroy over the weekend saying that oil prices will not get in the way of the ecb lowering rates as well. it would need a lot for people to think that the ecb will not happen in june. but who comes next and how much of a time cap is there between them and a cut from the bank of england or the reserve? that's what traders are trying to gauge. for now, they are giving benefit of the doubt that the ecb won't be too far ahead of the others, but if we see that gap get wider, if the fed goes to the fourth quarter, it could be vulnerable for the euro. it would be the currency most at risk within the g10 group. tom: mliv strategist mark cranfield bringing analysis on a major we for these markets, and of the implications for the euro as we look ahead to that inflation print out of the u.s. the week ahead, earnings front and center, as mark was outlining, u.s. and european earnings. against, 40% of the s&p reporting, about half of the

do not miss our coverage of the ecb decision and christine lagarde's press conference at 2:00 p.m.et with our own silvia. she is excited. i'm excited. it's a big day. >> we were all talking about what to expect from the meeting. cuts are not expected until june, but big announcement later today. >>> chinese factory gate prices are extending into the 18th straight month. there was slugger consumer growth which was weaker than expected and down from the previous month. >>> coming up on the show, $1.7 trillion question. how should regulators make sure s doesn't go the way of credit sus suisse? we'll discuss coming up next. the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! fi

lagarde poured cold water on the us-backed proposal to use frozen russian assets. more than 260 billiondisposing of them is something that needs to be considered with great caution, lagarthe said, warning that this could... and the german economy, which has always been the locomotive of europe, will grow completely according to the updated imf forecast by only 2%. at the same time, your growth forecast the imf sharply improved the russian economy for this year to 3.2%. however, conclusions from... western investors in ukraine stated that corrupt officials in the country's security services and the administration of president vladimir zelensky are trying to extort tens of millions of euros from him. according to damirau, the ukrainian man met him in vienna in december and told him that the lawsuits against his company kosmolot would be dropped if damirau transferred control of half the company to an offshore trust. in this state, ukraine is going to the eu and nato and invariably receives assurance that he will be there someday. will. alexander khristenko, inna koshkina, lead. polish far

code today we had christine lagarde saying they will move to cut so that puts em in the spotlight so if they were to move in june, that would weigh on the currency and some people keep on discussing parity. i have not heard names saying it is coming tomorrow but that is part of the discussion. as i mentioned, it has been vulnerable for a long time because of the rate differential. another one is close to us in canada to the canadian dollar. they have to support the economy and today's data of inflation pointed to they would have to cut. every central bank, even though dollar is not on the mandate and sometimes currency is not on the mandate but they're paying close attention to the dollar and it is getting close to the risk level when it can be detrimental to the other countries. sonali: earlier this week david kelly at j.p. morgan had a don't -- a note on the dollar dynasty linking the u.s. dollar to the rise of the new england patriots and he has called it there would be more headwinds or tailwinds rather to keep the dollar moving higher. how are traders positioned in the currency

well, in other news, european central bank president christine lagarde stated that washington's proposalian assets to finance military assistance to ukraine. are destroying the international legal order, christina kuruma joins us right now with more details. christina, welcome. christina, hello, what amount are we talking about? hello. the states are putting pressure on their allies, trying to convince them to confiscate 260 billion euros from the russian bank. european authorities are cautious in this matter and are inclined to transfer profits from these assets to benefit ukraine. euro in international finance compared to the dollar. many experts are confident that as a result of the confiscation of russian assets, trust in the entire financial system built by western countries may be undermined. let me remind you that we are talking about an amount of about 260 billion euros, which are members of the gs7. union and australia blocked in 2022. in france, 19 billion are frozen. about 200 million in germany, but the majority is controlled by the belgian group euroclear - 191 billion euros

the head of the european central bank, christina lagarde, also spoke about high reputational risks. the hall consists of second-tier countries, the so-called yes. that is, the baltic states, poland, there, the eastern bloc, and germany and france are against it, since this blow will primarily be dealt to them; they are also the main drivers of the european economy. in the meantime, the eu is ready to consider ways to use frozen assets without their complete confiscation, for example, increasing the income from their storage in order to provide additional assistance to ukraine. so the belgian prime minister proposed. issue bonds secured by profits received from frozen assets. the eu is also close to an agreement on the taxation of special tax on income from these assets. the first gathering may begin in july, however, no matter what europe’s decision is, russia will act symmetrically. by and large, now the majority of european companies, which are still directly or indirectly present on the russian market, yes, their assets, they have actually been transferred to russian management.

the data. use of frozen russian assets in favor of kiev and european partners, head ecb christina lagarde such operations involve a violation of international law, that is, those values ​​that the united states so zealously defends, including in the context of the ukrainian conflict. artyom krosulin, anna pogonina, lead. now a short advertisement, we will continue later, stay with us, a lot of things can be confused, but with the choice... in thermal insulation, you can’t go wrong. pinoplex boards provide protection from heat and cold. penoplex - effective thermal insulation. alpha friday - supercake every week on alfabank cards. on friday, april 19th we give 50% cashback on performances, concerts, festivals and other entertainment. only in the alfa poster service in the alfabank application. not just profitable. alpha is profitable to order food from a restaurant, use yandex go, groceries from the store, jandex go, household goods, jandex go, and if you need a courier, also jandex go, jandex go, all deliveries in one application, let’s do it like that, too now skoto, there are other idea

ecb head christina lagarde said that such operations involve violations of international law, that ised states so zealously defends, including in the context of the ukrainian conflict. artyom krosulin, anna pogonina, lead. the fsb today announced a large-scale special operation to seize gray sim cards used by scammers and saboteurs. with their help i activated it. now they definitely have no time for talking, the telephone terrorists lie silently on the floor. fsb officers stormed another underground call center. one of the detainees, a forty-four-year-old resident of st. petersburg, according to the department, provided services for activating sim cards of russian telecom operators to ukrainian terrorist organizations. to combat cybercrimes that are committed using mobile phones. employees of the department for organizing the fight against in connection with the unlawful use of information and communication technologies, the ministry of internal affairs of russia, together with the fsb, carried out a set of measures; 44 defendants were charged with remote theft of funds; as part of t

the president of the european union has already spoken out against central bank christine lagarde.uld be a direct violation of international law. director of the imf. also calls for thought. we are assessing the possible consequences, and, of course, it is extremely important how this news will be perceived in the world. in countries that keep reserves in dollars. let's not forget that this is 11 trillion dollars, and the countries that own it will be watching closely . we believe that no matter what decision is made, first of all it is necessary to think about the consequences. speech, of course, it’s about trust in the american dollar, however, it seems that supporters of support for the ukrainian regime in congress are not too... i would like this celebration to take place throughout the country and be organized on the basis of all branches of the union of theater workers, and so that this event was informal, because really an event, we must rethink ourselves in space, return to the soul - this is incredibly important, no one can teach as the theater can teach. international. du

the head of the european central bank, christina lagarde, also spoke about high reputational risks.the so-called, yes, that is , the baltic states, poland, the eastern bloc, are taking over, and germany and france are opposing, since this blow will primarily be dealt to them. they are also the main drivers of the european economy. in the meantime, the european union is ready to consider ways to use frozen assets without their complete confiscation, for example, to increase income from their injury, which. to provide additionally.

according to christina lagarde, their confiscation carries high reputational risks.der. which you defend and want to be respected in russia and others countries, one has to wonder about the availability of these assets. i have seen four different schemes or proposals to get around what many other lawyers consider to be a very serious legal obstacle. this could be interpreted as a violation of the international legal order. christina lagarte pointed out another risk: the weaker position of the euro in international finance compared to the dollar. many experts are confident that as a result of the confiscation of russian assets, confidence in everything. financial system built by western countries, may be undermined. let me remind you that we are talking about an amount of about 260 billion euros, which are members of the g7, the european union and australia. blocked in 2022 . in france, 19 billion are frozen. about 200 million in germany, but the majority is controlled by the belgian group euroclear - 191 billion euros. washington adheres to the idea of ​​complete con

and president lagarde has made it extremely clear, barring disaster like and energy price spike theyl cut in june and most u.s. investors ignore the global bond market but you should not do that and why that's also bullish, when she cuts before the fed, which has never happened before, the euro is likely to be very, under pressure. could hit parity. then that sets the stage for the fed to cut because that is very deflationary. commodities are priced in dollars. so nobody is focusing on the ecb and europe, which is fine for equities but not good for bonds. >> okay that is absolutely a fascinating side window look at this. that's why we bring people like jay on, you guys. you need to hear that kind of thing. it makes sense. the dollar is right now stronger against all major currencies. the euro a buck six it takes. it is going lower and lower. let's talk about what investments you would make if the s&p is indeed going to hit 57 plus? >> anything interest sensitive. even today you saw with the investment banks also very cyclical companies. the investment banking the most cyclical of all

christine lagarde also suggesting she is comfortable, not pushing back on the idea that june is bakedt. here is what is happening, progress being made given the run-up during the pandemic, where it stalls out, i want to zero in on the yellow line of u.s. inflation versus headline inflation versus the white lines of the u.k. and light blue of eurozone and you can see divergence. headline the u.s. inflation edging higher, u.k. edging blower three point 2% above forecast yesterday marginally. does not seem like andrew bailey is concerned, but 3.5% and the fact that it seems to have stalled. below targets for the central bank on all of these, but you can see divergence in terms of headline numbers feeding into what we're hearing, let's have a look at oil because the energy component is in the mix in terms of inflation, looking at nine with inventories building up highest level since june. relationship between inventories and prices playing out with a 3% drop. markets today is next, this isob ♪ ♪ >> good morning, welcome. a lot to talk about. great keying news on whether earningsar

before that, don't miss our interview with ecb president christine lagarde at 9:00 a.m. >>> let's lookday ahead and bring in david katz. david, good morning. i'll jump into it. looking at futures lower right now. what is your "wex" word of the day? >> unsettled. a number of uncertainties that the market is dealing with. whether israel and iran or interest earnings season. this causes the market to be uncomfortable. you have the downside over the short term. >> what do you expect from jay powell this afternoon? a lot of anticipation about the rate cut path. the market is sold off on the higher than expected retail number which gave investors a feeling the rate cuts were pushed further out. >> we don't think he will say anything that significant new. we think he will talk about the fed ultimately lowering rates, but not in a hurry and looking at data as it comes in. we feel it gets pushed out a little bit. that coupled with the good economy leaves us upbeat about the stocks for the year. we expect volatility along the way. >> your upbeat about stocks. i'm not saying it sayis a big report

meanwhile, christine lagarde refrained from speculating much beyond their perspective move in june. >> we will continue to follow data-dependent and meeting by meeting approach to determine the appropriate level and duration of restriction, and we are not pre-committing to a particular rate path. >> the recent data has not materially changed my outlook, but they do highlight uncertainties related to timing and the need for patients, recognizing that disinflation may continue to be uneven. this also implies that less easing of policy this year than previously thought may be warranted. haslinda: for more, we are joined by the head of apac ishares investment strategy at black rock in hong kong. so much for 2020 for being the year for disinflation. it looks like disinflation is dead. the narrative has suddenly changed, has an? "well, suddenly and not so suddenly. yes, where we are in terms of inflation numbers, growth, and particularly on the expectation for rate cuts has shifted dramatically. if you think about january, if you are an asset allocator, you predicated your entire applicatio

if lagarde and the board open the door or keep the door open to the expectation that the ecb will cut three times this year and we have the fed may be cutting just once, that should undermine the euro. although it could also cause volatility because there are some who argue that rate cuts are appropriate for europe in a way that they are not appropriate for the u.s.. in fact, rate cuts would stimulate the u.s. economy and be good news for the euro. a very muddled picture. volatility is the one thing i can promise you across assets. paul: it's been an action-packed day in asia. garfield reynolds leads our markets live asia coverage and news desk editor joe thesis there. let's get to our first guest, chief investment advisor at bnp paribas. out of the gate, i have to ask you if you have recalculated your expectations when it comes to the fed? when is the first rate cut going to happen? are we going to get a bit less than we were expecting? >> yeah. of course. yesterday's harder than expected u.s. cpi challenged the view of our base case that we were going to see three cups this year. th

. >> christine lagarde said it, the u.s.r consumes. >> chinese consumer saves. >> they save a lot. >> they have a 30% savings rate but, again, and j.b. hunt spoke to this, as well. the fact they're the big trucking and logistics company. it's different in different categories. they cited, for instance, furniture as a soft spot which we know and have seen that in the inflation data. demand is overall for big and bulky products remains mixed, soft demand in furniture and stable demand in appliances and exercise equipment. overall we are modestly encouraged by our pipeline and we continue to see new brands with our team. the weak spot is pricing and that's what hurt recent earnings and have seen it with shipping prices. >> meantime, what this all means for the stock market remains an open question. bob diamond is here from atlas merchant capital and joins us for a discussion. welcome back. sara is right. it is lumpy but if you go 30,000 feet can you make broad calls about where the economy is and where it's going right now? >>

>> actually, christine lagarde was asked about this and her answer was ambiguous. is needed considering conditions in the euro zone. the only thing which would make them think twice about decoupling from the fed would be if we hadn't issue with interest rates. they could argue at this point in time that even if cutting faster than the fed could trigger a further depreciation of the euro, it would be ok for inflation. the root source of the resilience in prices we have in europe now is not on the upside. it's domestic. the price of manufactured goods which are massively important continues to go in the right direction. we could probably take currency depreciation without having too much inflationary pressure. that is the usual conduit and in the current configuration, there is not enough concern on the effects side to stay the hand of the ecb if they think they want to cut, they will and i don't think they will wait for the fed. they have to make the decision in june ahead of the fed so it will be a leap of faith for them. lisa: you make a broader point about curren

our colleagueswill speak to ecb president christine lagarde from washington this afternoon.hat is a conversation you do not want to miss. it is happening at 14:00 cet. >>> the imf spring meetings kickoff in washington, d.c. the key meetings are wednesday to friday with creditentral ban convening on the rate path expectations. we get the imf latest economic outlook later today as well. >>> and microsoft has announced plans to invest $1.5 billion in g42 in abu dhabi. this deal comes after g42 said it would strip chinese hardware from the operations in favor of products from the united states. >>> the u.s. is set to award samsung $6.4 billion in grants to skcale up the plants in texa. intel and tsmc secured grants from the white house as well. >>> and tesla will cut more than 10% of its global work force as the electric carmaker deals with the slowdown in ev demand. that is according to the internal memo sent to employees seen by cnbc. shares in the carmaker closed 5% lower on the news and have continued to decline in pre-market trade today. a lot of focus will be on tesla toda

whether this is only a reserve for the future; the chairman of the european central bank, christina lagardef international law. the imf director also calls for thinking. "we are assessing the possible consequences, and of course, it is extremely important how this news will be received in the world, in the countries that keep reserves in dollars. let's not forget that this is 11 trillion dollars, and the countries that hold them own, will carefully observe what is happening. we believe that no matter what decision is made, first of all it is necessary to think about the consequences. we are, of course, talking about trust in the american dollar, however, supporters of support for the ukrainian regime in congress do not seem to be too worried about this, and biden has already promised to sign." soul, this is incredibly important, no one can teach as he will teach theater. dubai international airport returns to normal flight reception and departure hours after the collapse due to the coronavirus. record rainfall. the administration says all operations have been restored to 70%, but while peop

which is interesting because today we got an assurance from the european central bank, christine lagardethat they will move as soon as june. sonali: michael mckee, thank you for the data with a dose of reality. we have a federal reserve economist and chief economist at new century advisors joining us now. also to react to the flurry of the data we have seen in the last couple of days. and how you think ahead to the pce. when you look at what happened in consumer prices, producer prices, how does that factor into how the fed is able to move moving forward? >> in all likelihood, they will see a better pce month over month. there's a lot of dark matter that goes into those pce numbers. we really don't have a good read on it. at the end of the day, there are sticky places in inflation. they are going to be focused on that. they looked under the hood and there are problems. having office because ppi and motor vehicle insurance prices are less then cpi does not change the fundamental story that they are not in a sustainable 2% kind of place, or even moving towards it. sonali: it begs the quest

it was my predecessor, lard guard, that -- lagarde, that worked on introducing a policy on social spending floors, meaning that in our programs we had to protect education, health care, social support. and that is a policy that is absolutely central in our work. we do believe that medium term fiscal consolidation after years of increased spending and increased debt levels is necessary, otherwise economies will be crippled. i mean, then you have to pay high costs on your services your debt. so we believe that it is a necessity. but we also recognize that it has to be done with more focus on revenue raising. we did a study, it shows that in emerging markets, in developing economies, there can be eight to -- 8% to 9% g.d.p. increase if taxation is put on sound footing. and then of course we want to see quality of spending. definitely, definitely we don't want the price of fiscal consolidation to be borne by the most vulnerable people in society. to the question, i mean, the most important thing we do together with the world bank is to work on more transparency on that so we can see who exactl

the position of the head of the european central bank, lagarde , is clear: the us plan to transfer russian according to the financial times, such comments indicate a transatlantic rift. located in the usa only. about $5 billion of russian assets in belgium alone 210 billion are frozen and the problems that confiscation will cause are not comparable for brussels and washington. the zelensky regime adopted a tough new mobilization law at the request of its western handlers. diplomatic source tas in brussels said today that only if losses in iisu are made up in manpower will nato countries be ready to supply kiev with new weapons. however, among the residents of ukraine there are no longer those who are ready to sacrifice themselves voluntarily; leaflets like these are being distributed throughout the country on how to resist to employees of territorial recruitment centers, this is what it looks like in practice: in uzhgorod, a crowd of women put up stiff resistance to a representative of the tcc and fought off a man who was about to be dragged away by force from the military registration and

the narrative from christine lagarde was emphatic.the news conference and said our disinflation is different to their disinflation. perhaps i am overdoing the flavor but -- flare. annmarie: unfortunately last three months have not been supportive of that case would priya misra biz bumpy -- is bumpy. is that a blip or a bump or now going to be a trend? that is what we want from susan collins. lisa: they don't seem ready to abandon the. that normalizing the policy means bringing the rates down and is needed at some point today. apple looking to boost sales within of max featuring in-house processors designed for artificial intelligence. every model will be updated after sales fell 27%. apple climbing over 4% yesterday, the single -- biggest single day gain in months. this raises a question, is this signaling or something actually going to fuel sales? it is not the macs that are going to drive anything. it is just a suggestion of ai. annmarie: they are weaving ai into products unlike weaving them into fancy products like the robot we are

to confiscating them to disposing of them is something that needs to be viewed with great caution, lagardead to disruption. a popular order that you want to protect, that you would like russia to respect. the robbery of russia would not be such an urgent task for europe if europe itself were not robbed by the united states, therefore. about this, even the undisputed leader of the american clientele on the continent, fondelein, demonstrates displeasure, they say, every year the outflow of european capital mainly to north america amounts to 300 billion euros. disorder. however, this concern about her own people is pre-election in nature. once they vote for the new european parliament, the anxiety will pass. although the problem will remain. and her name is just fondern. hungarian prime minister orban is rocking the boat. we have the eu leadership with their own big projects, such as the green transition, sustainable development policy, migration, military, sanctions policy, all these projects have failed, the current leadership the european union must go, we need new leaders, the breath of t

fiscal stimulus in their economy one big reason, their consumer doesn't consume as much as christine lagarde ecb president said versus our consumer, there are different reasons. we all experienced inflation together, but disinflation is proving bumpy in different parts and the fed makes policy for the u.s., even though it affects everybody else and we see that in the strong dollar. >> let's dive into mcdonald's. pretty interesting story. the fast food chain misses quarterly estimates as same-store sales fall short, boycotts weighing on the middle east again, increased prices on the middle east, helping revenue, pushing lower income customers away. david palmer, senior managing director, restaurant package food analyst joins us this morning. david has a buy, target of 330. what do we make of it, david, when management says the consumer is price weary? >> it was a sobering quarter for sure. one of the most we heard in quite some time. the industry has definitely flattened out. traffic is negative out there. pricing has been rolling off and things aren't getting better. players are talking abou

coming and we've got an interesting divergence now from the fed and here's how ecb president christine lagardeinflation versus u.s. inflation. >> i don't think that we can, you know, draw conclusions on -- you know, based on an assumption that the two inflations are the same. they are not the same. the xeconomies are into the sam. the fiscal policies are different. we have to focus on what we have jurisdiction for, which is the euro area, taking into account what happens in the rest of the world, but not assuming that what happens in the euro area will be the mirror of what happens in the united states. >> it's relevant she's talking about this in light of yesterday's very strong or hotter cpi report. europe has not seen that hook up. there's a great chart to look at for the major economies as to what's happening with inflation right now. all the way at the bottom that's china. we've got news overnight 00.1% cpi. they're in deflation. the only one of the major lines hooking back up is the u.s. and that's the darker blue one that you can see with a little curve up. europe has come down. uk has

march housing is up at 8:30 and we have sara eisen speaking with christine lagarde. she will have that conversation happening in the 9:00 hour. later today, fed chair jay powell is speaking at the forum in washington at 1:15 p.m. a lot of folks speaking. jay powell is the one where you will hang on every word. >> how many rate cuts should we expect it? when? >> will he tell you anything? i argue he should top telling you anything. >> mary daly said no rush to cut rates at this point. certainly the data states that. >>> house speaker mike johnson plans to split the aid package for israel and ukraine to respond quickly on the attack over the weekend. marjorie taylor greene has threatened to force a vote on deposing the speaker if it has any ukraine aid. she has not decided to proceed with the ouster vote. speaker johnson anticipates the house will vote on the aid bills on friday. >>> the first day of jury selection in the donald trump criminal trial concluded without any jurors seated. trump walked out of the courtroom and calling the trial a scam and criticizing the j

different paths being taken by central banks around the world, with the european central bank's christine lagarde to cut rates. many people expect the ecb will cut rates injune. now, the timing of the first rate cut here in the united states this cycle has become a subject of much debate from main street to wall street to the campaign trail. the fed had previously signaled it intended to cut rates several times this year from a 23—year high of 5.5%. us stocks fell after mr powell spoke. michelle fleury talking there on the picture in the united states but let's go back to paul hollingsworth, chief economist at bnp paribas. we had been talking about interest rates before our line went dead, and the bank of england has been sending out signals that a cut in the cost of borrowing on the horizon and market expectations are changing not least based on that inflation data we have just received today. what are those of us who watch the bank of england closely expecting will now happen with the uk interest rates? i now happen with the uk interest rates? ~ ., now happen with the uk interest rates? ~ . . ,

comments from president lagarde saying we are not fed dependent.w it is the time to diverge. deeming 100 basis points in the fed does absolutely nothing for the rest of the year? they are different stories. if you are going to push this through the market, are we taking the euro-dollar to 105? does that happen with crude rallying another 5%? i think it is too simplistic to say that you can diverge and then talk about the extent of the divergence without understanding a host of issues. lisa: very well said, especially in terms of prices. it is not that big of a problem unless you get a surge in oil prices. become somewhat more difficult. jonathan: a double whammy of crude. how many are we going to hear about in frankfurt, germany? i think that might change pretty quickly. we'll catch up with cameron. we speak to the national security coordinator. john williams joining us, speaking to michael mckee, exclusively, following u.s. retail sales. we will break down that number. if you are just joining us, equity futures point 5%. yields are higher as well.

jonathan: president lagarde says we are not federal reserve dependent.k of greece governor that maybe we can continue to divert. we have heard from guest after guest that you can to a degree. what will set the tone is the commodity market. what happens with crude. what happens with crude i have no idea. we started the session yesterday by discussing a potential response from israel. are we going to get one at what does it look like? are we going to get one? israel says that there will be a response. what will it look like? i've no idea. annmarie: this is the question everyone is asking. jeanette low said that israel wants to retaliate without having to spark a revenge cycle. it's potentially something with cyber, something that goes a little less bombs going off into more delicate, or something like a nuclear facility? i'm struck that iran wants to keep them closed because of security issues. jonathan: let's start with price action in financial markets. brent down .3%. let's talk about earnings. equities just about unchanged on the s&p 500. we have a out

i'll just say it, brats who are protesting when, say, christine lagarde tries to speak at a graduation condi rice tries to speak, or even christine todd whitman one time was canceled from speaking at the graduation. i have to say, you're either the adult running the campus or you're the child that is incapable of controlling students. the students are there to learn. that means all the students are there to learn. not just students who decide this one issue is the most important issue to them, and i certainly understand, if gaza is the most important issue, especially to palestinian students in american. but it goes well beyond that. you can't shut down an entire campus. your right to free speech doesn't mean your right to impinge upon everybody else's free speech and their ability to function in a university setting. >> right. having said that, we're going to continue this conversation after a break with jonathan greenblatt how we look at this amid an uptick in anti-semitism. we'll be right back. (♪♪) (♪♪) oh no. [scratching] with chewy, get flea meds delivered before the itching begi