it's the final day today of the mpc. live report out of beijing later. 10 year yields below the one-year high we had on the 10 year. this is all about that lukewarm demand on the 10 year. what does it mean for the 30? it is ecb day. for the first time in a while, the euro is not the focus of christine lagarde today. the focus of the ecb is the language and what it means for the rising bond yields. to discuss all of this this morning is the cohead of public markets at musing niche. she says the fed looks open for the curve to go higher and steeper. i don't think they will raise short-term rates anytime soon. there's an elephant when it comes to the fed on the short-term yields. what do you think remains to be seen in terms of the auction? three years, there was a lot of demand. 10 year, lukewarm. what do you think will happen today? tatjana: on the 30 year. good morning everyone. that's an interesting one to watch. i think it's a bitterly for investors to go into the long and. there will be an enormous investment opportun

rishaad: quickly, the mpc, china's national people's congress kicks off friday. move the bell for you and an investment way? stefan: not too much. china is in a unique position. they had a very general -- genuine niche recovery last year. they are more so in a management of risks type mode talking about the property market and so on. but it is not something that is very pressing in our view. haslinda: stefan hofer, thank you for being with us. let's get the first word news with vonnie quinn. vonnie: u.s. secretary of state antony blinken called the country's dealings with china at the defining test of the century. he laid out a broad policy agenda in his first speech. it is a contrast to the policy under president trump. bblinken cited the importance of re-engaging with the rest of the world. he says the u.s. will compete and confront china as needed. sec. blinken: china is the only country with the power to seriously challenge the stable and open international system. vonnie: united kingdom plans to keep big to help the economy through the pandemic. $90 billion

un update from mpc officials. the chief executive of hong kong is here.fter china passes new rules. we know officials have announced that this proposal is now in front of the delegates at the mpc here today to change election laws around the election of the chief executive. we get more on that later in the show. that line just crossing now. david: ensuring patriots in hong kong. measures must be taken to block what it phrased as -- let's get your first word news now. we have jay powell saying that he would be concerned by disorderly markets but stopped short of concrete action to rein in rising long-term interest rates. he told wall street journal that there's a lot left to do before the economy heals, signaling that no policy tightening is on the horizon. treasuries extended their losses. inflation expectations reaching new session highs. have a look. >> i would be concerned by disorderly conditions in markets or a persistent tightening and financial conditions that threatens the achievements of our goals. i would be concerned if those things were to hap

>> it is interesting the comments out of the mpc, with such a low growth forecast for 2021, is almostmatically impossible to get to 6%. the u.s. possibly growing stronger than that this year. and i think some of the wobbles we are seeing in china's equity markets and maybe asian credit markets are not just driven by the u.s. bond market. it could will be markets interpreted this cautious growth forecast coming out of china as a signal that policy and china will not be providing as much stimulus as markets are keen to see, and are focused on restructuring their economy and making sure their leverage ratios do not continue to grow. so that is a positive i guess for the defensive markets in china such as the bond market. but the growth oriented markets might have been disappointed by that outcome. haslinda: brad, how much worse can it get for the bond market? treasury yields, how high can they go from here? >> no one knows. the bias for now is clearly upward. and it is clear, whether it is secretary yellen or governor powell, a really not providing any comments she suggested will be push

so looking forward, i think the message from the mpc is that they are willing to sacrifice immediate growth for stability. and that includes warnings about property at the price level in the prior months. so i think the direction of credit growth is still likely to be more tepid. and that is going to keep things more rational and the chinese equity market. like you said, the correction that we have seen so far has been fast and pretty deep, particularly in high-growth sectors. and i do think that presents opportunity, even if we are not at the bottom yet. rishaad: if we are not at the bottom yet, i guess you never know when you are at the bottom, that is the beauty of hindsight. but a lot of stocks which were left behind last year have been coming back. of course we have had tech lose its sheen. that brings us to the question of the day. how long will tech lose to these so-called value rotations taking place in various markets globally? the question of the day. ken: sure. i think that rotation is not complete yet. in the short-term because of technical issues, oversold or not, you ma

which of the themes we are expecting to hear from this year's mpc in terms of the year's roadmap willus with the u.s.? >> certainly the five-year plan, the mpc will address these immediate next year plans to get the economy going again. the pandemic, we are expecting measures on consumption there, but for the u.s. it is really the next five or 10 years, that competition to harness the world's most cutting edge technologies, and we are seeing biden continue the trump policy of looking to deny china of certain technologies to make sure that the u.s. retains the edge that it has now, and china meanwhile is pushing back and trying to mobilize a lot of money to develop these computer chips and other ai, these other technologies that are really going to drive the economy over the next decade or two. shery: what can we see in terms of economic goals and targets? >> the main one is just really computer chips. that is the big thing everyone needs, especially as the world is suffering under a shortage. nearly everything these days seems to have a computer chip in it, and for china, and having t

meeting in beijing. -- mpc meeting in beijing.idi: will be joining us to discuss the decision. shery: a court in myanmar has brought charges. the charges come as the country saw its deadliest date yet. let's get more details from our south government reporter. what are these charges? reporter: she is already one of more than a thousand people detained by the military. she is already facing six years in prison on charges of illegally importing walkie-talkies, and breaching national disaster management law. the new charges are under the telecommunications law, owning a quitting without licenses -- owning up equipment without licenses. and another one on incitement, the 505 be close. we are talking about adding several more years to a potential sentence under the other two charges. shery: what more can we see from the international community at a time we are hearing or perhaps her party could be forming a parallel government? reporter: yeah. we have seen yesterday, shaking up the international apparatus, the foreign ministry announci

let's discuss what the priorities set at the mpc could mean for investors.do have a renewed focus on renewables, energy goals, financial reforms. how do you invest in these themes? christy: i think a large part of it is in the model. basically it involves continuing to advise for investors, foreign investors, foreign companies to continue to invest in china. especially in areas which is the key focus. at the same time, it means that china will increase in terms of its self-sufficiency, especially to technology and innovation. i think we are looking at that. we are looking at more details of that coming up. -- coming out. shery: we are also expecting more details when it comes to hong kong. dozens of opposition figures have been back into custody ahead of their trials on national security charges. . those cases take place at the end of may, meaning they face another three months in jail. our asia government senior reporter ian marlowe is on the line from the city. what is the latest? dn: we had a -- ian: we had a dramatic hearing lasting all week. some of the

i'm just been told actually we have had a tweet from martin hewitt from the mpc c. well. so it certainly seems that the metropolitan police are somewhat on the back foot, criticism from the home secretary and indeed the mayor of london, but as police chiefs has been pointing out to us over the past few hours, they feel that the legislation is confusing and they are being asked in many cases to enforce the unenforceable, especially as the number of covid cases shrinks stop we have just given you the latest uk records for covid, 52 new deaths within 28 days. the british—iranian woman, nazanin zaghari—ratcliffe, who has just completed a five—year prison sentence in tehran, has again appeared in court to face new charges. she's accused of propaganda against iran, including taking part in a demonstration in london 12 years ago. earlier i spoke to nazanin�*s husband, richard ratcliffe, who told me about his conversation with his wife earlier. i have spoken to her this afternoon, yes. and yes, she probably was relieved that the court was over. as you say, she was in court

question is, the market interest rate expectation has become to hawkish, and if so, what should the mpct that? last night we saw from the federal reserve, a balancing act whereby's, the growth outlook was outdated and great guidance remained pretty dovish. wondered when we might see a similar story from the bank of england today. manus: chris, good day to you. let's see whether there glass turns over half full. with your guidance, which is the potential tightening of financial conditions. trade-weighted basis, that was in the february round. is it tightening by the market going into this market. how tight is this for us? chris: it might have an impact on the bank of england's inflation impact. the bank of england medium-term inflation is close to 2%. but if it was to republish its forecast today, which it won't today, but if it was to do so without changing anything else, the rising sterling, and tighter great expectations would weigh on that inflation forecast. you might just wonder whether some npc forecast members might be worried about that. however, we did have some comments at the

haslinda: all eyes on china's mpc meeting. what are economists forecasting in terms of gdp growth?s coming in ahead of the meeting. we will see whether china will be on the target. they will adopt a growth leaving room. beijing, shanghai, and blondell have set their growth targets at above 60%. they don't expect a specific, or even minimum target to be set to avoid sending the wrong single, or even tightening. dbs saying the growth rate should be set in the 5% range, with an emphasis on sustainability and quality of growth. citigroup analysts predicting the target for china will be over 7% for the year. it makes for a positive outlook for chinese stocks. the city raised targets for benchmarks on the mainland by 5%. haslinda: 7%. sophie kamaruddin. goldman sachs plans to add about 100 staff in singapore, taking the headcount to a record. almost all of the new positions will be in technology. our finance editor has more details. what do we know about the hiring plans in singapore? >> finally, some good news for goldman compared to what is going on in the u.s. and high-profile exits.

and while we have said that many times we truly believe it is there, you can see it in the mpc meeting 11 million urban job creation, unemployment 5.5% the target, steady cpi at 3%. we believe in the growing middle-class. right now 400 million middle-class in china, or even 400 million chinese millennials, people born after 1980 -- 1995. and we believe that will be structural in china for 10-20 years and they're still businesses, and we are finding true value there, so we have been selling some of our big caps and holding a bit of cash at the moment which we do not like to do. we are finding opportunities. the selloff has been broad-based but there are some opportunities. haidi: i understand you cannot disclose those positions they are both in the small caps space. is that because you see less of the extreme leadership rotation within small caps at the moment? >> great question. what we are seeing now is, we are long only buy and hold patient capital invest for five years. we are seeing hedge funds really turnaround and go ultra long, ultrashort, volatility is going up. they're not rea