manus: -- dani: alright. go ahead, manus. you. manus: just one of those moments of pause. where are you going to drive growth for the business? you talk about the risks, from inflation and interest rate rises. where are you going to deliver the most growth in this year with that backdrop? tanate: what we saw coming out of q4 is that there is an acceleration in terms of loan growth both in retail and wholesale banking. we also saw that the whole omicron situation, the lockdown that we saw in november, december in europe has not had an impact macro economically or at the company level with our customer base. we are guiding the market towards a 3% to 4% loan growth. we see strong growth in poland and romania, for example, and we see healthy loan growth across the board and all of our franchises. that is where the growth is coming from. the most important things france in terms of driving add additional growth is the fact that we have accumulated an additional .5 million primary customers and that has been the biggest driver in terms of franchise activities for us at the momen

>> he did, manus.tandard chartered said there's a firestorm of speculation going around the fed at the moment. like you mentioned earlier in your show, would have to say our colleagues in washington are reporting today in asia that the fed is certainly not in any hurry to hold an emergency meeting and neither are they fully sold yet on the reason to move back 50 basis points in march. that's despite much stronger than expected inflation that we saw yesterday. markets are jittery, markets are nervous. clearly now, the expectations for an aggressive cycle is being frontloaded. you heard james puller making the point they've got to go a full percentage point -- james bullard making the point they about to go a full percentage point by july. the deutsche bank note saying they are doubling down on the 50 basis point call for march. the fed signaling they will not hold an emergency meeting, do not want to create panic. i don't believe there's any question about which direction interest rates are going. dani:

manus: this is "bloomberg daybreak: europe." i manus cranny. president biden says russia is invading ukraine. talks canceled, and the white house says no summits with putin. a whimper, not a bang, bidens first round of sanctions underwhelmed. the u.s. and allies threaten more if russia does not change course. stocks climb, s&p 500 falls to a technical correction. oil gains and the dollar is unchanged. welcome to the show. in the words of antony blinken, it is a wholesale rejection of diplomacy. the sanctions are live but limited, and they have been taken -- this is the beginning of the beginning of the beginning of the end, that is the essence of where we are in the potential escalation of sanctions and impact on the world. the s&p 500 falls to a correction. the nasdaq is challenged fundamentally by higher interest rates from the federal reserve rather than the specter from the invasion. a target of 5000 on the s&p 500 by the end of the year. the dow drops by seven and rallies by 10. on the rejection of diplomacy, the world is unsure where the

notes dani: i'm dani burger with manus cranny in dubai. manus, the market all about china. looking at the market up 300%. this off the back of pboc easing conditions, manus. all right. well, manus, you're looking at iron ore tumbling as well. beyond china our top story, u.s. authorities are scrutinizing how wall street firms handle block trades. scoreses tell us it's part of a long running probe. joining us is tom metcalfe. tom, what does this mean? tom: yeah, it's a big story. it's one of the sort of pillows of investment banking. it suggests that the s.e.c. and the justice department are taking a close look at how it's run maybe there's perhaps a price manipulation when we're talking at the outsiders involved with that case. manus: tom, good morning. should we be surprised? communication, we've seen this in a number of markets being questioned. so how much of a surprise is it? >> yeah, no. basically this case has been running since 2018. people are pretty surprised because there's so little communication in terms of how progress is being made. so outside there's been a bi

manus: good morning from our middle east headquarters in dubai, i am manus cranny. high-stakes talks. u.s. officials say joe biden has agreed to a summit with vladimir putin as long as russia doesn't invade ukraine. markets take a cue. futures climb on the hopes of the meeting. a forecast from j.p. morgan for nine straight rate hikes from the fed. plus, living with token -- with covid. the queen tests positive. the material escalation of diplomacy has utterly changed the narrative for risk and caused a pause in the risk off narrative, on the potential conflict is going. bonds, equities, oil and currency. i give you the turnaround. this is in the s&p 500. down 1.6% to turning around. down 1.3% to up half of 1%. the bond market, futures dropping in price. charlie evans is saying we need substantial adjustments from the federal reserve. j.p. morgan talking about nine rate hikes. the tenseness in markets, the risk, the crush point between joe biden and vladimir putin having a summit, has caused gold to come off an eight month high. money flowing into the underbelly of g

♪ manus: good morning from dubai. i'm manus cranny. here are the stories that set your agenda.arkets on the edge the u.s. says russia is adding troops along the ukrainian border rejecting claims of a pullback. stocks decline while treasure risk that and yen are big. fed minutes, the fmc says there are probably hikes. plus, a cavalcade of a $750 million buyback. i'll catch up with the c.f.o. to the bruise on commerce bank, this is what we have. a positive net result despite the high one-offs. the net income interest $1.3 billion. the europeans not in the same hiking cycle by any measure as the u.s. expectation, $1.22 billion. you're looking at a net income a very, very comfortable beat nearly three times -- 421 million on the net income for commerce bank. the estimate was for 161. they're sticking to the cost-cutting path in germany. we will catch up with the c.e.o. -- the c.f.o., my apologies. i just prod patina. we'll catch up a little bit later on. breaking news headlines in the past hour and a half have literally shown the fragility of the global market. russian-backed ukrai

manus: the u.s.reasury market -- zero swiss is ramping higher pushing to the highest level since 2015. in this vortex of uncertainty, we know very little about where we are in the process, whether we are at the end or near an escalation. with that in mind, with the fx swiss portion take the greater portion of defensiveness, or is it treasury? where is the curve where i defend myself? monica: it depends on how the fed will respond with forward guidance but in general i think safe havens -- gold, swiss franc, and there is uncertainty related to the fed. we were expecting a flattening of the curve. manus: do you think that structurally in periods of great uncertainty, and we don't know how long this uncertainty will last, but coming off the highest level since 2015 the flow of money into havens. in great periods of uncertainty, geopolitical risk, to quote mary daly it would have to be a pretty big event to get the fed to shift. the market is still pricing 25 basis points. does this moment of existential

dani, manus. manus: i will pick it up from here. a rough ride for peloton.he company cuts its revenue guidance for the full year. investors focus on speculation on the takeover story. that is next. this is bloomberg. ♪ >> i have been doing this 30 years and i have never seen markets like this. >> our production was a record. >> 12 months that go on this channel. we were reporting the largest loss that the company ever made in its history. >> begin to put the pandemic behind us and we see demand growth is very strong. >> this is a molecule crisis. we are out of everything. i don't care if it is oil, gas, you name it, we are out of it. >> and you can easily see a further tightening market throughout this year. frexit will continue to be a situation. >> what we have seen is extraordinary volatility in the gas markets. >> we need more investments in that to help. >> we saw it towards the end of last year really peaking. >> oil prices, it's always difficult to tell. >> $100 is certainly within the realm of what we could see. longer-term, we think markets rebalanc

manus: ok. >> energy prices -- manus: karen, thank you.have to leave it there. ♪ manus: welcome back to the open. 30 minutes into the start of equity trading. cash equity trading. here are your top stories. president putin recognizes two breakaway republics in the east of ukraine and says russia will deploy us what he calls peacekeeping forces to the region. the white house condemns the move. emmanuel macron decries the brief -- breach of ukraine's sovereignty. the russian ruble slumps. brent crude passes $99 a barrel. stock markets are reassessing all levels of risk. sanctions are coming from the united states and their allies. we don't know what shape and form those will be. the energy complex is ratcheting higher across gas and oil. the stoxx 600 down over 1%. let's show you what is going on. the industry groups underperforming today. autos, banks, and insurers. the only green on this screen are the energy complex within the stoxx 600. that is because the price of oil nearing $100. london energy up 4.25%. the specter of escalation has u

manus? manus: thank you very much, juliette saly in singapore.coming up, the conflict in ukraine could push the s&p down another 6% from last friday's close. about another 3% from here. according to goldman sachs on all out escalation of tensions paid we will discuss that next, plus we are live in doha for the largest gathering of natural gas exporters for their view on the energy markets. this is bloomberg. ♪ manus: it is "daybreak: europe." the commodities sector, oil is ramping higher, as the oil minister of iraq is in doha, saying we don't need to pump anymore oil. they really want to focus on the commodity block. going down the list of commodities, yet to understand the ramifications of an escalation and sanctions risk. wheat, i want to give you fast facts. one month hike. russia produces a quarter of the world's grains, 20% of corn comes from russia. brent trued -- crude. does opec-plus need to do more? iraq is more. what are the risks of sanctions? russia exports 7 million barrels of oil per day. just putting it out there. what is the weap

manus? manus: thank you very much. juliette saly in singapore. hong kong health officials are warning the city is facing a crisis with infections set to top 1500 for the second time in three days. let's get more from stephen engle, who has the latest. how, i suppose, where are we in terms of inflection point on the numbers and the capacity -- what is it like there at the moment? stephen: i have said it before and i will say it again, hong kong is in a pickle because they say they are not going to do a mainland or wuhan style lockdown , that is coming from the chief secretary, the number two official in hong kong after carrie lam, who returned from china visiting a lid officials over the weekend, getting pledges of support for supplies and perhaps rebuilding a new facility for quarantine and isolation. but he also got assurances china is not necessarily pushing hong kong to do a strict lockdown. the problem is hong kong put all of its eggs in the basket of keeping the virus out, and now it is overwhelming the hospital system. there are no more bed

it is manus here. that's dani and manus if case you didn't know. market is overreacting to everything it sees. but is it overreaction or is it just a lack of liquidity? we have this in the g.t.v. chart, volatility in the front end is spiking. likewise the bloomberg volatility for government secures which is in blue is on the rise as well. manus: yeah, and that's moving away from fair value pricing. if there is a depth charge in the bond market. they are in smelling danes of an inversion. and an 18-month side when we typically have it. you are in election fever in the united states of america. so quite a toxic mix. but he's talking about saying us to, he thinks, the rates market, the short end has gone a little bit too far, a little bit too aggressive for him. will they ever get to the five rate hikes? dani? dani: it's definitely a difficult situation. we know the dems are fighting this picture of inflation. let's get to the u.s. market speaking of which we are look agent stocks after outperforming yesterday a relief after we had lines of coming out

manus: welcome to the show.e break, we were talking about what is the most profitable part of the business and it is yours. how are you able to raise prices in this environment in the states? where are you able to raise prices the most and will they stick? good morning. >> the trend i mentioned earlier about trading up is not necessarily consumers drinking more, but drinking better all of the. -- better quality. if you have brand power, the consumer is willing to pay more for your brand. we have been quite aggressive in terms of our price increases. we have had two over the last 12 months and we have another coming the first of april, which is public knowledge. we believe that our brand has the ability to charge a premium. we continue to invest behind our brand. dani: i love this idea that everybody stuck at home has become more picky about what alcohol they drink. do you expect that to reverse as we exit lockdown? are consumer habits going to revert back to what they were pre-pandemic? >> i think that habits ha

manus: we leave it there. for being with us on the russia story. ♪ at xfinity, we live and work in the same neighborhood as you. we're always working to keep you connected to what you love. and now, we're working to bring you the next generation of wifi. it's ultra-fast. faster than a gig. supersonic wifi. only from xfinity. it can power hundreds of devices with three times the bandwidth. so your growing wifi needs will be met. supersonic wifi only from us... xfinity. anna: good morning. welcome to "bloomberg markets: europe." here are your top headlines. optimism returns. u.s. futures stage a partial rebound on prospect of talks with russia. biden warns the risks for ukraine remain high. james bullard says the fed may need to overshoot his estimate of the neutral

manus: former u.s.asury secretary larry summers for the markets, you need to be prepared for a rate hike at every fed meeting. kit juckes is the head of affect strategy at socgen. i don't think the market is prepared for a rate hike every meeting. do you agree? kit: i half agree which is a messy answer. the market needs to adjust upwards its fed fun rate estimate. it has done work pricing and more hikes this year than it was pricing and before so it will not be surprised by a rate hike at the next meeting or the next one. chinese water torture affect. but it still is not really pricing in the kind of rate you would expect if you took three steps back and look at the inflation and strength of the economy. dani: i will take that as a win for team daybreak. you wrote in your latest note that going into the labor market decision, the data was a lottery. we have cpi coming later this week. how unknown is this american economy right now? kit: we know it is really strong. that is known. it is the noise around

manus: let's get into the markets. dani: let's start with asia, gains up .4%, similar to what we're seeing in europe. strong gains in the u.s., some cold water thorn -- strong on the idea of a basis hike. equities outperform. what is on performing the most is what outperform most yesterday, nasdaq futures, down .2%. the u.s. ahead of that cpi reading. manus: let's roll it over, goldman sachs upping their game in terms of where they are, 11,000 is where i'm seeing some of it comes through. you got brent down .2%. what next for oil supply? and bitcoin down by 1.2%. susan collins will become the first black woman to lead the u.s. federal banks 12 districts. let's get to achieve asia correspondent, enda curran. tell me what we know about susan from an economic point of view that could shift the dial on the fed. good morning. enda: good morning. we know in the past she has spoken about the need to increase inflation targets above and beyond 2%. there's been a change in the years since, so it makes that argument a bit redund

manus: let's extrapolate on that.long as there is no further escalation in conflict, are you a buyer of risk? are you a believer in the scott minerd tweet, which is often war leads to short-term vol? is this a buy in opportunity? what do you do? guest: my problem with that comment, i believe in the short-term we do have a bounce because this has not been a surprise. this has been a very well telegraphed attack. that comment implies there is extension in terms of the conflicts, i.e. spending on military or other industries that help the market. what i think in this situation you have is risk reduction. this was a well telegraphed event. market makers and hedge funds were position for this. there is no surprise. the only surprise is the speed of the sanctions, especially from the u.k. dani: saed, you say this is not a surprise, but it was at least a tail risk, right? this was not people's base case scenario. look what happened with russian assets yesterday. was it really something everybody expected yesterday? guest: i

things might get worse manus: manus: in may. thank you very -- and things like get worse in may. manus: to the winter on the backs, the opening ceremony takes place in beijing. some of the world's leaders are taking advantage of the event for their own political powers, some could say. kurumi mori is in the bubble at the chinese capital. what can we expect from the opening ceremony? kurumi: the opening ceremony is happening tonight within a few hours. the shuttles are leaving. it is definitely happening. all eyes are on vladimir putin who will be the highest profile yet at tonight's opening ceremony despite russia being officially banned due to doping. the two are set to meet ahead of the ceremony. it will be their first in person meeting in more than two years. u.k., u.s., australia, canada, among the countries not sending officials. japan also said it will not but earlier in the week, i did see hashimoto, the japan -- so they will still have some representation in beijing. dani: nancy pelosi urged athletes not to risk angering china by talking about its human rights record. how

manus: and we have a selloff in china. people are concerned that regulators have made it clear they are not done with regulation yet in the tech space. what is the shift so far in this story? >> something for investors to watch for sure. the tech sector in general has been battered this year for a number of reasons. a shift in federal reserve policy. also the idea of the tech sector is not necessarily basking in the same glow it had been over the last few years. what we have seen from the earnings season, investors are paying more attention to the fundamentals and trying to differentiate which tech company has more going for them. the idea of sustainability moving forward. which ones are more of a flash in the pan. there is a differentiation between the big tech companies and big tech and profitless tech sector and i think that will continue. investors will be more discerning and that will serve to introduce more volatility and two-way rest in -- two-way risk into these equity markets. manus: what will drive the markets to

manus: yeah, maria.utin made it very clear who would benefit from russian -- of course, a tip of the head to viktor orban in terms of hungary and their energy needs. great reporting, maria. now, the oil markets are steady, but at the seven-year high. this is ahead of the opec-plus meeting today. the plan is to modify, but the big question is whether the alliance can actually deliver on the targets. let's get to our commodities team leader paul wallace. what do we need to understand about opec and opec-plus in terms of their capacity to deliver? paul: hi. well, the market is expecting a very straightforward and quick meeting today. i think the 23 nation group will ratify a production increase of 400,000 barrels a day. as you said, a key question is just how much of that opec-plus can actually add to the market. at the moment, it is under producing. it's over complying. and in recent months, it has only hit about 60% of its targets. the market will be watching very closely today to see what, if anything op

guy: the ubs cfo speaking to manus cranny. manus cranny joins us from zurich.left what it heard from ralph hamers and ubs. is this as good as it gets? manus: i think he will push further. i think given the new targets he is delivering on profitability and cost income it is closing the gap. look at last year's numbers. look at some of the b.i. they have run the numbers with the profitability target of around 18% payout in a cost income ratio targeting 73. this could evolve into a bank that has rates around 75% and that is when you begin to play large with wall street and you go head-to-head as the dividend equivalent. it is interesting when you talked about the markets beat on the fomc. fixed income rates and commodities. it was about rotation on the institutional side. preparing for inflation is a risk to the outlook and has caused inflation. i think i am buying the robo manager and upping the game. it is very much trying to define what his arrow will be at ubs. kailey: what does he have to say about how inflation is impacting risk appetite for clients? manus:

manu: there is significant bipartisan discussion to impose sanctions on russia.he debate has been between the democrats and administration concerned about pre-invasion sanctions. republicans have wide tompose them preemptively and go after the nord stream 2 pipeline. some sanctions will go in preinvasion, some would kick in after any invasion. what both sides are saying, they are getting closer to a deal. what they are saying is these will be crippling sanctions. the leader of the effort said this will be the mother of all sanctions. in a lot of ways, they are trying to deter russia from going forward. we expect that to be proposed in the coming days. it will be interesting to see where the republicans were concerned they're going to far about sending troops europe, where they come down as well some liberals were concerned. this could lead to further conflict by beefed up ellijay presence as well as beefed up sanctions. yamiche: nancy, we have 30 seconds left, i want to come to you. on thursday, as in biden did and as a top leader of isis killed during a raid car

manus cranny will get us a ceo interview shortly. ubs posting the most solid beat and announcing a $5 billion share back, doubling it for 2022, and updating their targets for wealth and digital. we will get more on that interview this hour. airbus gaining 1.75%. boeing has a megadeal with qantas for carriers. this is seen as a loss for boeing, for that freight deal. the eyewear maker has come out with a $1.5 million buyback in terms of shares. there shares are currently getting 2% across europe. francine, you have come back from italy with chocolates and goods, so we are on a sugar high. it is good to have you back in studio. francine: i was looking at the numbers. i know you are the expert on what this means, but pre-pandemic it is 3 billion trips these six days, which is incredible. you forget the sheer size of china. tom: normally it is the biggest example of human mass migration on the planet, bar none. restrictions are in place across china, that number will be reduced. a lot of people staying home, not being back with their fam

ariane de vogue, manu raju, thank you. we'll be right back. ll prescrip? reduces inflflammation? check out this vrbo. oh man. michael, they're your cousins. ♪ ( "right where i belong" by the muppets) ♪ ♪ look at me ♪ c'mon. ♪ here i am ♪ ♪ right where i belong ♪ ♪ i see that fa coming back to me ♪ ♪ like an old familiar song ♪ ♪ ♪ what better place could anyone be? ♪ ♪ 'cause you're here with me ♪ ♪ it's all i've been looking for ♪ ♪ and so much more ♪ ♪ and now i'm here ♪ ♪ now you're here ♪ ♪ nothin' can go wrong ♪ ♪ 'cause i am here right where i belong! ♪ ♪ ♪ and now i'm here ♪ ♪ now you're here ♪ ♪ nothin' can go wrong ♪ ♪ 'cause i am right where i belong! ♪ ♪ (car honks) he used to have gum problems. now, he uses therabreath healthy gums oral rinse with clinically-proven ingredients and his gum problems have vanished. (crowd applauding) therabreath, it's a better mouthwash. at walmart, target and other fine stores. with less moderate-to-severe eczema, why hide your skin if you can help heal your skin from within? dupixent helps keep you one step ahead of eczema with clearer

tom: allianz ceo speaking to manus cranny. get the bloomberg business flash. >> edf has announced measures to bolster finances as earnings are slashed. the company needs to sell 2.5 billion euros of stock, dispose of assets and offer investors dividends instead of cash. macquarie group aside to consider buying a controlling stake in gas. sources tell us the deal could bump the asset up more than $10 million. -- $10 billion. they want to focus on a low carbon future. a massive cargo ship carrying thousands of vehicles burned. it is adrift after 22 crew members were successfully evacuated. in n-terminal email says there were almost 4000 vehicles aboard the ship. that is your bloomberg business flash. francine: what an incredible story. tom and i were discussing in the break. 4000 cars, including porches and audis. it is a friday disco kind of feel. would you get an email saying i'm sorry your car is stuck in the ocean. tom: there was someone tweeting about it because his porsche spider, he was watching it burn on the cargo ship.

manus: you know her. i think she is going to be unrelenting in her view that inflation is elevated but not enduring. she has to communicate patients rather than panic. the underbelly is worried about long-term inflation expectations. that is rolling over. yes you have the backdrop of highest inflation ever, but the core of inflation is coming down. the breakevens are rolling over. she will claim that that side of the macroeconomic equation, but it is eight tussle between the market and the ecb. the ecb says no rate hikes until 2023, but the market is begging for a hike. they are pricing in 25 basis points to the end of the year. tom: to what extent where the hawks among the ecb be pushing as well -- to what extent will the hawks among the ecb be pushing as well? the whole team bringing to the for the key themes that are shaping the markets and assets across the space here. thank you, manus cranny, lizzy burden, and kristine aquino. francine: a full earnings outlook. coming up, shell beats fourth-quarter e

manu raju, alex burns and mj lee.a surprise to many people on the hill. kevin mccarthy has not stood up for liz cheney in any way, but still he's stepping in to a -- what's going to be a pretty bloody primary for trump effectively. >> he's been pushed very hard by the very conservative house freedom caucus that is very close to donald trump. as we've seen since january 6th and aftermath when mccarthy criticized donald trump, he has walked away from that criticism completely and moved closer and closer to the trump wing of that party because that is what dominates the house republican conference. trump supporters. that's what's different than the senate republican conference which has a much more diverse set of members when it comes to fealty towards donald trump. mitch mcconnell said last year in the statement about liz cheney, called her a leader of deep convictions and the courage to act on them. calling her an important leader in our party. that was before she joined the select committee. after she voted to impeach

. >> manu raju on capitol hill has been following.ocratic senators, of course, but some conversations with republican senators. i wonder in the midst of this and we heard public comments on who various lawmakers' favorites are is a front-runner emerging? >> reporter: it's still unclear because only one man makes that decision, that's joe biden. we do know there are a number of judges on joe biden's short list. some of them who have confirmed by the united states senate. like ketanji brown jackson who was confirmed to the u.s. court of appeals with dc last summer. three republicans vote in favor of her nomination to the lower court. also, michelle chields, a district judge from south carolina and pushed hard by jim clyburn but support from some republicans, lindsay graham pushing for her nomination. tim scott, south carolina republican, sounds open to her if nominated but unclear if that's exactly where joe biden will go but what we do know is we're getting closer to crunch time. he's expected to make an announcement before the end of

cnn's manu raju is live on the hill with more on this. manu, what are they going to be ironing out today when they meet? >> reporter: well, chuck grassley is a ranking republican on the committee who's attending this meeting, said that he's going to be courteous and listen to the president's discussion, whatever the president wants to say. when we tried to talk last night, grassley said he has no agenda going in, other than wanting to listen to what the president has to say and dick durbin trying to convey a sense of bipartisanship, overseeing this hearing. he said he reached out to republicans, a handful of republicans who he believes could potentially vote for the eventual nomination. he wanted to make clear they'll have time to review this nominee. it's still unclear how many will come down in favor of the president biden's pick but you are hearing some criticism from republicans about exactly how biden has come down and said that he would nominate the first black woman justice ever to serve on the supreme court. a number of republican

cnn's manu raju is live on capitol hill for more on this. manu, what are you learning? >> reporter: yeah, the top leaders in the biden administration are on capitol hill right now to meet with senators, behind closed doors in the classified setting. antony blinken, lloyd austin, the defense secretary, will hains, the director of national intelligence and joint chiefs of staff, millie briefed about the isis raid as well. members of the senate learn more details about the raid that led to the killing of the isis leader. now, this briefing which is designed to be about the situation in ukraine and russia comes at a key time on capitol hill because they're still trying to sort out exactly how to move forward with the package of sanctions to be imposed on russia. the question among senators is exactly when is the right time to move forward, whether or not the situation is evolving within russia and ukraine, whether or not russia pulls back from the potential invasion and that could potentially impact how and when senators decide to introduce their measure, but kate, they are

right now all indications, manu talks to him ever day.ing reporters, i'm not even negotiating on build back better and i asked gina mccarthy, have you spoken to manchin? she hasn't spoken to manchin but said conversations between the white house and him are continuing and they are talking about build back better, the elements of they think they can get him on. >> and senator manchin said i've been talking about inflation for a long time. president biden has been talking about inflation for a long time. in this interview with lester holt he gets -- you tell me the word after. lester holt reminds him he once said it would be transitory and the president has a wise crack. >> back in july you said inflation was going to be temporary. i think a lot of americans are wondering what your definition of temporary is. >> well, you are being a wise guy with me a little bit. i understand. that's your job. according to nobel laureates, 14 of them that contacted me and a number of corporate leaders, it ought to be able to taper off as we go through this

manus: our inflation is not like your inflation. that is pretty much what everybody will come on your show and say. i am being slightly tongue-in-cheek. unemployment here is low, but the wage negotiation here in the heart of europe with the unions around me is very different. it is not like america. the power of the wage is very different. it is a structurally different employment market, and that is what maybe gives them a bit of room to breathe. i would say they are getting more and more boxed in. i think in the autumn she said she was not for tapering. this woman is most likely to indicate that she is ready for tightening. jonathan: i think this time around might be more interesting. don't you? lisa: it is not going to be a snooze fest. jonathan: alberto gallo joins us, the head of global credit strategies and algebris. get me up to speed on what you're looking at this morning. alberto: does a lot of questions for madame lagarde. first is if we have reached the right inflation level to be ready for a lift off. the ecb has been tr

manu raju is outfront live on capitol hill. manu, i know you've been talking to democrats on capitol hill tonight. do they think the president is doing enough, doing everything he can when it comes to inflation. >> they simply do not. even though it's unclear what else the administration could do to get a handle on the crisis. but the democrats, the ones up for re-election, particularly in the senate, swing states that could determine the next senate majority they are feeling the pain because voters feel the pain. they hear it going back home. and they make it clear the administration needs to do more and also taking steps themselves to try to push legislation that they believe could help stem the costs and everything raising from gas prices to also basic necessities such as groceries. and in talking to members such as senator mark kelly today he said the administration is not doing enough. >> are you satisfied with the administration's handling of inflation right now? >> no, until -- until it comes down to something that's, yo

manu raju is out front on capitol hill.g it crystal clear that there is still a very large group of republicans where you are in the senate where you spoke to the three senators whotismly are just not going to go there when it comes to trump. >> you're out of office despite having been impeached twice and despite the fact that he presided over losing both chambers of congress while being president for four years he still has a significant hold over the are party given the fact that the base of the republican party. many republicans do not want to get on the other side of donald trump, very similar to what we saw with this president. talking to a number of republicans, some did not want to criticize him, side step the issue, chuck grassley a ranking republican and could potentially be chairman of the judiciary committee in the next cook says there's speculation when asked about comments. others you mentioned. rick scott pointed to his pardons that he gave out while he was governor and said it should be done on a case-by-case

stay tuned, manus is not with me because he got to sit down with the ceo of ubs. we miss him but he has more important things to do this morning. what he has missing out on is the start of the month. made it through january. most of us are happy given the volatility. deutsche bank saying the volatility is caused by market expectations and the fed and leapfrogging over each other. have we gone too far. we have the rba decision this morning. they pushed back against the hawkish and is saying they are ending qe but they espouse patients when it comes to the direction and pace of rates. they had to recalibrate itself. three year on the aussie rates. a drop of eight basis points in the span of one minute. is this a preview of what we will see for the ecb and boe tomorrow? diving into the charts. we have a great one on what euro bore is pricing in. since the fomc, 20 basis points and extra tightening for september 2020 three. that translates into a whipsaw for the markets. have we gone too far? are we about to see investors caught wrongfooted? the equity market -- yeste

into a situation where vladimir putin says something like he did after the visit by a french present. manu him a call, saying that this was not the format to find any kind of solution. and i've been traveling with the chance today. his advisors are being considerably how can i say modest about their expectations? what can be achieved by germany alone, by their chancellor alone in moscow? and the german perspective is that a continuation of talks is already a success in itself. if those gloom and doom predictions don't become reality that already this week, potentially even wednesday, there could be an attack. so there is a search for continuous threads of dialogue using all formats. and while at the same time sending the signal to moscow that yes indeed, if they want talks for real meaningful talks that germany, you're of the west remains committed to sit down and talk about what that could mean as an outcome in the end. as long as there is no crossing of that red line, meaning the territorial integrity of ukraine, being violet violated once again, one has to say, by russia final fast, 20

chief congressional correspondent manu raju, you spoke to the house minority leader, kevin mccarthy.tell you? >> reporter: he is defending that resolution censuring two of his members of his conference adam kinzinger and liz cheney for investigating the january 6 attack and said he had no issue with it. he contended that the language talking about political discourse referred to a separate issue dealing with the notion that there were some people who were subpoenaed by the committee who, in his view, the republican national committee's view had nothing to do with the attack, but that's not what the resolution said, and what the resolution said has gotten a number of other republicans including some in his conference to say that is not the approach republicans should take at this critical juncture as they're trying to unite and trying to win back the house and senate majority in the fall. but nevertheless, mccarthy is aligning himself with trump, aligning himself with the republican national committee even as the republican leader in the senate is taking a decidedly different approach

let's get straight to manu raju. >> reporter: yes. chairman of the congressional black caucus essentially accusing a veteran house republican of putting his hands on her in an altercation that occurred in the capitol. she tweeted this. she said today while i headed, while headed to the house floor for votes, i respectfully asked my colleague, congressman hal rogers of kentucky, to respectfully put on a mask. he then poked my back, demanding i get on the train. when i asked him not to touch me, he responded, kiss my ass. this is the kind of disrespect we have been following for years, indicative of the large he issue we have with gop members helping health and safety mandates to keep us and our save the saf. she said that hal rogers, when you ready to grow up and apologize for your behavior, you know where to find me. just moments ago, members of the congressional black caucus gathered on the steps of the capitol, berating hal rogers for his treatment of congressman joyce beaty, demanding apology, accusing him of assaulting her and mak

manu raju is live at the capitol with more on this.e you hearing today about kevin mccarthy? >> reporter: he still will not talk about what happened january 6 as well as won't talk about what the rnc did, two republicans, adam kinzinger and liz cheney, trying to find what happened on january 6. mcconnell has clear concerns as you played just there. and also other members of the house and senate are dividing about this as well. i just had a chance to catch up with the former vice president mike pence's brother, greg pence. he's a republican from indiana and his brother last week spoke in florida condemning donald trump, essentially saying donald trump was wrong in suggesting the vice president on the day of january 6, 2021 could have overturned the electoral results. pence makes clear he sides with his brother on this issue. >> i'll stand by my brother now and forever, okay? >> it was mostly a peaceful protest. >> reporter: it was a peaceful protest? >> mostly a peaceful protest? >> you don't think it was violence in here? >> there were

. >> manu raju is in capitol hill. mcconnell's comment different than before, he was running away from the question. you managed to track him down on this. is mcconnell speaking behind closed doors as they clash publicly? >> reporter: they're really trying to avoid this topic altogether. even though mitch mcconnell did call out the rnc, he does not want this to be a discussion for the party up to the midterms. he wants to redraw a line in the sand and move forward and relitigate on what biden is doing. kevin mccarthy also thinks they should not focus on this issue, but he doesn't want to separate himself from donald trump, because a lot of his ideals align with donald trump and taking back the house majority. when i asked mcconnell about this, whether it was appropriate for them to say that, he defended the language. >> the resolution last week was a legitimate political test course. the rnc was talking about everybody who knows anybody who broke things and caused damage, those people they said from the very beginning

cnn's manu raju live on the hill. what are you hearing about this crisis from the hill and also, america's role in the conflict for members of congress? >> reporter: one that they're grappling with is how the united states should respond in the case of a russian invasion into ukraine. it's been a debate that has divided the two parties about exactly how to structure sanctions, whether sanctions should go immediately before any invasion or instead, focused strictly until after any invasion to occur down along party lines. republicans pushed for the invasion sanctions to be part of the package. democrats and the administration have been more concerned about that, worried that doing so would take leverage to use against the russian government but nevertheless, still talks around going even if they had not come together under one specific proposal. earlier today, jake sullivan, one of the president's top advisers talked to house lawmakers remotely about what the administration sees as an imminent threat of this russian in

let's get straight to manu raju on capitol hill for us.plit on the republican side about how to handle this nomination. >> reporter: no question about it. senate republican leader mitch mcconnell is counseling his members to take a measured approach to this nomination fight. vet the nominee, make your points, but avoid the blistering and personal attacks and avoid the knockout dragout fight that we have seen in supreme court battles in the past several go-rounds. one big reason why, republicans believe they are winning this battle to take back control of congress in the november midterms and do not want to distract focus away from their message which is the economic message as they go after the biden administration. this is what republican john thune, the number two senate republican, told me yesterday. he said i think it's not going to be the kind of event that will drive people to the polls. we think that the people that are going to determine who the majority is in the house and senate in 2022 are going to be looking at issues like the

let's go to cnn chief congressional correspondent manu raju on the hill.ed to tap into some vintage patriots footage to inspire unity, huh? how was that received? >> reporter: well, the issue, of course, has been about the division over the rnc censure resolution, going after adam kinzinger and liz cheney, and the pushback from a lot of members, mostly on the senate side but some house republicans as well, saying this is not the fight that the party wants at the moment where they're trying to capture control of both chambers of congress. they want to focus on the biden agenda, not party infighting, but kevin mccarthy didn't mention specifically the rnc resolution that censured those two members for their role in investigating the january 6th insurrection, and also included language referring to the events as legitimate political discourse. but earlier today, after that meeting, i did ask the republican leader about the rnc resolution and whether he supports the language. referred to the events of january 6th as a legitimate political discourse. i'm wonderi

our chief congressional correspondent manu mraju in the middle of it. big difference between house and senate republicans. >> no question about it. house republicans either defending what the rnc did or not taking issue with what the rnc did in referring to the events of the day as legitimate political discourse. they have balked at that and pushed back on that resolution. i had a chance to catch up with kevin mccarthy about this issue and about the fact that this resolution that censured adam kinzinger and liz cheney did mention legitimate political discourse in talking about the actions of this committee and talking about what happened in the run up to january 6th and on january 6th. he made very clear in his view, the rnc did the right thing. >> the rnc resolution last week referred to the events of january 6th as legitimate political discourse. >> that's not correct about what the rnc was talking about. everybody knows, anybody who broke in and caused damage, that was not called for and those people have said from the very beginning should be in jai

. >>> let's go down to cnn's manu raju, who i just spoke with mitch mcconnell.that mitch mcconnell, when he does not want to answer a question or focus on a specific topic, he knows how to pivot. this one, he took on. >> reporter: yeah, he did, and he wanted to make clear he disagreed with this move to censure kinzinger and cheney, and even though those two have become essentially pariahs within the republican party because of their role going after donald trump, because of the fact that they have taken on the former president and joined this investigation, that those members are still part of the republican party. because mcconnell, in his view, believes that winning back the senate, taking back the house as well, will require total republican unity and not party infighting, which is why he strongly disagreed with the censure of these two members. he also made clear that he disagrees with any suggestion that this was any legitimate political discourse, calling it, in my exchange with him just now, quote, a violent insurrection. he did say he did have confidence

can go to agencies that will take the reports, even if they don't involve crimes, is so critical. >> manumuch for your time. we will be right back. liberty♪ pnc bank believes that if a pair of goggles can help your backhand get better then your bank should help you budget even better. virtual wallet® with low cash mode℠ from pnc bank. one way we're making a difference. it's still the eat fresh refresh™ and subway's refreshing everything like the new honey mustard rotisserie-style chicken. it's sweet, it's tangy, it's tender, it never misses. you could say it's the steph curry of footlongs. you could, but i'm not gonna. subway keeps refreshing and refreshing and re... (naj) at fisher investments, our clients know we have their backs. you could, but i'm not gonna. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a b

nonetheless, amanda, this is what he said about january 6th and our manu raju caught up with him. >> running away from manu also. >> yes, he is. >> the rnc resolution last week referred to the events of january 6th as a legitimate political discourse. >> that's not correct. the rnc was talking about everybody knows anybody who broke in and caused damage, said from the very beginning, they should be in jail. what they were talking about is the six rnc members who january 6th has subpoenaed who weren't even here who were in florida that day. >> no, they were not. no, they weren't. what did you think of what he said, amanda? >> well, this is why i think him and mcconnell are on the same page. they want to draw a bright line around the people who physically trespassed the capitol, assaulted police officers and say, you know what, the department of justice can deal with them. meanwhile, the official republican elites, right, who did things like create phony slate of electors, who internally within trump administration pushed to overturn the election results, all kinds of different ways, t

manu raju has the details. >> reporter: the allegations were stunning.g her into oral sex and threatening to blackmail her with nude photos of her to cover up their affair that was nearly four years ago, forcing eric greitens to resign as republicans try to impeach after testimony revealed the startling allegations. now he is trying to revive his political career. joining a crowded gop field filing papers on tuesday, and he stands a real chance of emerging as the gop nominee. and that has republicans, including his primary rivals, very nervous. has he been exonerated? >> absolutely not. it was deplorable, his behavior. it brought shame and disgrace on our state. >> it's not that he's not electable, but we're going to spend $40 million, $50 million, the republican party is, to try and drag him across the finish line. >> he was unfit for office then, and he's unfit for office now. >> reporter: but greitens is employing a trumpian playbook, defiant and dismissive, calling the allegations made up and full of lies. >> none of that was true? >> none of that wa

his coco plans needed he learned about shade from his father orlando's manu, a cocoa farmer who rehabilitated his farm with the support of a dutch and g. o. when he saw his father's farm taking off, he decided to quit his job as a teacher. lot i see a lot of enrollment as well. my flies were to get food to feed the family and a saudi food i. he says when we looked at my son there comes roaring, come for, for the family and running dad. an army. when i try to do to full family, it usually takes a young coco plant 7 years to bear fruit in order to bridge the time until the 1st harvest out a month we seine, initially bought 3 cows. today he has a herd of 17 animals, and he said i would discourage on. i was about to going to fun because some of my colleagues where every life natalie. bye since i started cesar, now improve. i remember to get a letter in come from the coco farm and i'll discuss her too. if i'm so there may be life could get better for me in the near future. back to the cocoa farm, almost coach or choir, examines the right cocoa pots. it's adam of who's and he's 1st harvest. the sci