rba kicking off at the first meeting of the year tomorrow. >> even before we get to the rba.e is going to be looking at japan where the boj was forced to come in on friday and by a massive amount of 10 year bonds at a very high price to get yields back under control. haidi: what can they do? >> that is what people will be asking themselves. they move toward a-year-old yield curvel -- a control, asking how much of the market in the control before they leave it completely nonfunctioning. now they have to accelerate purchases to hold down yields. what happens if yields rise again? they're probably happy that treasuries did not rise last week. if they did rise, what does governor kuroda do. that will make for a nervous start in japan. what will the bond market do? how are stocks going to relate to that? a fairly jittery start to japan. lender,or its biggest mitsubishi. take a quick look at the chart. it jumped by the most since november because they expected an unexpected 17% jump in profits. we would expect similar actions in tokyo today. betty: let's move on to china where poli

afx ahead of the rba.losed ahead of its highest level since june of 2016 on monday. but have a look at a commodity space. we have been talking about the demand for haven. have a look at gold, silver. crude prices, a big drop overnight. trying to intel way back a little bit right there. 0.4%. nickel prices, that is the contract traded in shanghai. that is renminbi per metric ton. the chamber in the philippines coming out and saying that, because of these closures and suspensions across those minds in the philippines, that could result in a drop of about half of the country's usual exports figure which, broadly speaking, that is about a 12% of nickel output across the world. 15%ould fall by as much as at one point. lots to consider. we are just waiting for that fx reserve data out of china. could fall below that psychologically important $3 trillion level. lanka's just got sri interest-rate decision coming in. keeping the benchmark standing deposit rate unchanged at 7%. we are still waiting for the fx reserv

from the rba. no surprise.had not heard from the central bank for about two months and they held rates on hold. no fireworks. philip speaking to script. it was always more of a fact-finding mission in terms of having a look at the wording of the segment. all in all, it seemed quite upbeat. did reaffirm its growth and inflation forecast saying we could expect to see gdp growth trending at about 3% over the next couple of years and it expects inflation to pick up to about 2%. theraction in the gb -- in gdp in the third quarter. a lot of this is hinged on the commodity story. really surging. to they are relying on this give the improvement when it comes to growth. almost sort of take two of the commodities on the mining boom in australia. when it comes to the aussie dollar, you spoke earlier about the spike from this statement. job earning going on. the rba says this complicates things, the stronger currency, especially when it comes to the things they are trying to do which is transition away from the reliance on

as usual, the rba has to walk a tightrope.for example, conditions are different than western australia. describe what is going on. seen an emergence of what might be described as a two speed economy in sydney and new south wales, house prices accelerate, housing construction boom going on, household debt increasing to go along with that thanks to the cheap cost of borrowing. you head out west, queensland, prices stagnating, mining investments have slowed as well. to walk that fine line between booming east and a struggling west, you can see the appeal for the rba to sit tight for a while. yvonne: thank you so much. i will take it from there. mario draghi pushing back against those who would overturn the status quo from donald trump calling for an end to what he sees as currency manipulation, to marine le pen calling for a european departure. kathleen hays is here with more. some feel like mario draghi on the back foot here. >> i think he stepped forward and said you are wrong on some things. he was speaking to european parliam

down about a quarter of 1% with those rba minutes.e china uncertainty and also seeing weakness in the domestic front as well. heading lower here. as we leave you here with a gloomy live picture out of hong kong, this is bloomberg. ♪ >> it is 9 a.m. in hong kong, sydney.in this is bloomberg markets asia. hsbc has been poised for more share buybacks and results come few hours. a results dominate aussie earnings. a bump.ets plus, flying high. china's stocks, the most months.e in 18 and they're still cli

'whris moac sthip n nt rba,alora. ll:oomoin i s stoi tsath i iasntsiti abt e miti. ai. binoo r pre urtoavacal ot. atee tbehereer ioty hveom hitcybo opio. spod bnonad t se ndf ais ste al. i mpme y ofisridsndorrwtom woersaabt m. heecd t mo iorntnin whheanndidls e ghpeonorheob arcurlaes ingeyegatnsheou d litg e wehe enespaicar tse atroct eryt o li he ari, g u tohe d, ruleures test afueioifuroois ifurat iof qli t beriin tsegey fialitexriceoi osdad a rll t iesneciomang resoep th its tt e ea tt il rsh en reig a moxtmi tn ton al aas ho:e e lkgna ar s cumliraai - pati hxt. ha y h ae s th ithneyo tes gut:aserdippnt toeearcl 'm t rpse e gafrertyn is uneoe oei- haorch w gtoet --heam cfenc, ' no sprinth wlde ppti ohicoirti. t en c pvi foatn ore sstti noons nl gsu ulbeheinofusce ate ntndeeinhi cotr ibe aoiedy pridt o stes en outn lb ctizi a deral jgen ate. sulmeioitas reblan aoiededal dgwhrud a pridt tm' b. dungheamig psint umwhft aer publferaud rerrg h aaexan gw inan aiheasothe prrie dgtoeaaas ait naru. atou ld uo su th pha daltrp gog aoi jge a mae ud is csiraon nininne gsu, isoi t

we just got a statement of monetary policy for the rba.y chuck the seeingforecast -- we are -- philippines essential bank leaving its key rate a record 3%. it might not stay there for long. inflation racing to a two-year high last month. clearly automating inflation. it has been trending very close to the target rate, or very close to the borrowing rate. getting very close to this pressure of needing to raise rates. let's ask the philippines deputy governor joining us on the phone. the day after they left rates unchanged. deputy governor, how long given the pressure that seems to be building in prices, how long can you keep interest rates steady? >> hello, good evening. the monetary board yesterday --iew the data and the reviewed the data and the conclusion is for now we can leave our policy rates steady. of course, the monetary board reviews the situation every six weeks or so. the decisions have always been very data-dependent, yvonne. based on the inflation outlook, it seems to be still quite manageable in the amended forecasts we have

we had the rba holding on the cash rate at 1.5%. aussie dollar falling, but now reversing losses, up 6.5% this year. we, --look at the key kiwi jumping. , falling on the yuan in the onshore and offshore markets. thanks. we are keeping a close eye on oil, holding around $53 a barrel. of moreoff the back rigs coming online in the u.s. when it comes to the shale industry, and of course we have the report we are looking forward to from the iea which forecasts of build in crude stockpiles. let's get more on this story, daniel hynes is a senior commodity strategist at anz. read on theur ongoing build of inventories in the u.s. and what that means for the broader crude market. look, i think when you go back historically, you tend to see a build at this time of year, so we are not overly concerned about it now. with the build up injuring activity in the u.s., the market is extrapolating that continued build to continue, and i suppose derail some of the good work that the reduction in opec output in particular is doing inventories outside th

a single rba.er, a shot that gets them off to a four nothing league, but later san francisco closes the lead. a young guy trying to make the team, arroyo going with a two run single. the a's win on a bases loaded walk. five - four is the final he. >> you see hockey fights all of the time but not like this. this is minor league hockey. they not only go after this guy on the ice which resulted in ejection, but they take it into the runway and then it gets physical. no referees is -- there. >> europe they leave it on the ice. >> thank you for joining us, good night bang theory... i guess i'm still wondering if emily and i are right for each other. does this have to do with that girl you had coffee with? you mean the strong, sexy angel i can't stop thinking about? who can say? i need to come up with a big idea to make some money. there's no reason you can't. that's easy for you to say. you and sheldon already came up with your superfluid helium model. that's just research. we're never going to make any

aussie dollar spiked after the rba was at a record low. if thethe decision was foreseene economist we asked. it comes as rising commodity prices ease the impact of slower growth. inflation remains below the target and may further overheat the housing market. china's new loans may have hit a record in generate. sources say initial government data shows new lending with near or above the previous monthly record of $364 billion. the credit storage highlights the challenge policymakers face in reducing leverage and deflating access bubbles. global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. you are watching bloomberg. let's get a check of the markets. afternoon trading getting underway in hong kong and china. the hang seng index unchanged. ♪ cory: i'm cory johnson in for caroline hyde. who is in for emily chang, i am still cory johnson, this is "bloomberg technology". 97 tech companies take a stand as san francisco becomes ground zero in president trump's travel ban. plus, we will chat --

that is after rba rates left unchanged. >> what is the takeaway than from philip lowe's decision?it was no surprise. we hadn't heard from the central bank in two months since last year and they held rates up on hold at 1.5% which is already a record. it was always much more of a fact finding mission if you will in terms of really having a look at what the wording of that statement said, and all in all it seemed quite upbeat because the rba actually did reaffirm its growth and inflation forecast, saying to expect gdp growth trending at about 3% over the next couple of years. it actually expects inflation to pick up to around 2% by this year as well after that contraction in gdp in the third quarter. betty: the reserve bank of india surprising global markets when it not only failed to cut its key lending rate as forecast but also signaled the easing cycle may be over. it seemed like it was all based in a rate cut. kathleen: it sure did. but you know what? urjit patel has done this at every meeting since he took over in september as head of the reserve bank of india. 3439 economist t

look at what the wording of that statement said, and all in all it seemed quite upbeat because the rbay did reaffirm its growth and inflation forecast, saying to expect gdp growth trending at about 3% over the next couple of years. they expect inflation to pick up to around 2% by this year as well after that contraction in gdp in the third quarter. >> the reserve bank of india surprising global markets when it not only failed to cut its key lending rate as forecast but also signaled the easing cycle may be over. it seemed like it was all based in a rate cut. >> it sure did. but you know what? urjit patel has done this at every meeting since he took over in september as head of the reserve bank of india. 3439 economist told bloomberg, in fact we were talking about it yesterday, slamdunk, we don't have any doubt about this. instead the rbi held a key rate at 6.25%, a two-year low, then in its policy statement, it signaled the biggest surprise of all, the easing cycle may be over. who would have thought. here's what they said. the committee decided to change the stance from accommodative

the rba reminded us -- 30 -- matt: 32 minutes into trading.not as strong as are used to seeing on the continent. here is a breakdown of the stock six hundred in the industry groups. material is the biggest gainer. if you break that out, it is the diversified mining and metals company doing the best. glencore. bhp billiton. continue to rise because of supply tightness in south africa -- in south america. strong bid on friday and to come through again on ,onday and see that bid resume strong proof -- strong performances coming through there. the pound is reasonably well bit against the euro this warning. the greek prime minister alexis tsipras has lashed out once again at the imf saying it is playing a potential poker game. the auditors have insisted on legislation that would trigger further budget cuts. european union officials has set a deadline of february the 20th for greece to complete this review of its latest bailout. let us get the latest from athens. and our guest is still with us. let us talk about this and figure out what is going on.

the rba governor warns australia about wages and household credit. also like to see a stronger aussie dollar. we will be live across the shanghai, beyond from singapore, beijing to new york and l.a. we start in hong kong. at thekamaruddin looking markets, a subdued end to what has been otherwise a good week. sophie: cautious friday, directionless trading for asian markets, which may come to a head next week when trump and janet yellen are to deliver keynote speeches, but today, a andpatches of green otherwise i read today. hong kong could be a lead indicator if asian equities are reading for a pullback, the hang seng falling by .3%, staying below the five month high, and the h-share rally has tapered this month. in hong kong, aia shares gaining falling it's earnings report. on the mainland, shanghai but shares.25%, gaining and shenzhen, and the nikkei 225 predictably falling as stephen mnuchin's comments per dollar losses. also fallingurers today, but the likes of toshiba climbing over 8%. that helping the topix trade water today. we also have a surg

how much airplay will that get when the rba meets this week?e are also coming down to the open in japan and korea. the yen's might not bode well for the next few days. we could be seeing a little boost here for some stocks. what a wild day for the bond markets in japan. to .01%lds back down after they bought bonds in the secondary market. what are we looking out for on wall street this week? betty: we just got through the big jobs report on friday. we will look for more economic data later this week. earnings are likely to push the markets around. a look at what is ahead for wall street. su keenan is here. su: a lot of mixed data in the jobs report. 220 7000 jobs were added which exceeded expectations. also, the biggest job growth jump in a few months. unemployment picked up to 4.8%. wage growth lagged. stillwed that there is problems in the labor markets. there is still room to get to their targets. there is no reason to raise rates. that impacts the dollar. if we look at the bloomberg 4620, it shows this season of the weakening dollar. the bl

the e rba rd' wos,pon er0 arag atheemrac nvti i 19. werehear oinvaon anth iwhweeeto exinthcuenrus o pay eurwereotut ofou. fr t tnt tm surdegeso uces tha inntnay serahi res e saedomni, sht rks key m, rs avfu fthndondee athee sndogher, shld to shld, c degnewods hornd hor ectffia a tensf r rts d tistinhetrts wldev nine trp keredeianoneto eahac d rrizth eraneoe cae a e moat ptyy'l. exrintio druio esarthids ate ed to era, becae a t rtofnnatn. d tsenpcent me t d n oy eda sttestndean gaze nd ficeear,omne o llace e stutnachlees reilthpay,ndest isrede aevy rn wereheemrac rt 'al fhtororngamie fhtorrinajuic fo. fhtormmraonefm. fhtorheeah-re vaese vead btlanquit a qli. fhtorheivg ge wereisna ojo crti. he eradiry oprtittonnat b w ne tprrizeurseve poti twiagn. beuswereheemrac pay,'l,ndovg foar wwi ce teity to rubca. will kemaernvtmts inomni bldg d wi bld new be ll wereheemrac rt 'al a iwexpt b reur cstin, will be ineaofoongt r nk acuntoece o and weusfit t e enda, [alae] am doct cae amhe ugerf beanmmras who rencuncunt. i'a moatecsechl ncs d me aa il

we have one of the 26 economists surveyed thinking the rba will move next tuesday.cap, the trade balance for us still yet in december a very impressive 3.5 billion surplus. back to you. betty: let's get to the first word news with courtney collins. courtney: the longtime front runner for the french presidency is under increasing pressure to --hdraw as concerned growth as concerns grow about his employing family members. call three months out from the election find support is draining away. he denied giving his wife and children nonexistent jobs. iran has confirmed it is carrying out a missile test at the weekend and warned the world not to meddle in its affairs. the defense minister said iran had no aim to defend itself. and would neither seek permission or allow others to interfere. the launches the first of a medic test of the trump administration -- diplomatic test of the trump administration. shares in mead johnson nutrition climbed as much as 21% in after-hours trading with record -- with making a bid. the offer values the babyhood maker at $60.7 million. -- bi

it should be positive, the rba being on hold. i would assume the aussie dollar goes up.aidi: when it comes to this trump reflation trade is seen wavering. even though the dow has hit record closes, the highest since 1987, when we saw the crash. are we setting up for something like that if trump does not follow through? kumar: every time the stock market hits a new high in the last four or five years, you get corrections, somewhere between 5-10%. there are a few times where it is greater, 20%. it is an uptrend. the second thing i think is that earnings have beat estimates in the last few weeks, corporate earnings. if trump delivers something on corporate taxes, fiscal reform, infrastructure spending, anything, the fed does not need to be where they are. the dual mandate of the fed is already achieved. unemployment is 1.7 percent, inflation slightly above 2%. haidi: so if trump announces anything, that will be it for potentially rate hikes. kumar: i think so. before november 8, every time we walked into the door, we thought about two or three rate hikes, the fed delivered

speaking of the timing of central banks, the rba is one mystery. but so is the fed.view will be live from singapore with the fed president. that is a couple minutes from now. we will be very curious to hear what just to say. so much confusion and guessing on where we are in terms of the march meeting and whether we are going to see a rate hike. have to see how the asian markets are shaping up so far this morning. rakuten and some other big shares we are following. sophie: the equities rally is losing steam in asia. we are seeing the yen pickup straight best strength. above 113. let's take a look at how equity markets are shaping up. nikkei 225 is up about .05%. is now in the green following a morning primarily lower here. take a look at what is moving on index. one group has supplanted fairfax media. fairfax announced its latest profit numbers today. we do have fletcher, a building player, down 7%. we do have the likes of fortescue, woodside, and will work also reporting in australia. the kospi up .02%. it is expended the game we saw on tuesday. 2015makes trading aro

let's look at the aussi dollar, falling ahead of the rba rate decision on tuesday. the central bank is expected to keep the key rate at 1.5%. anna: a host of central banks still to give us their decisions this week. let's get up to date on the u.s. president trump has been criticized by brother publican criticized by -- both republican and democratic lawmakers. reporter: with donald trump's latest words on russia, the question of moral equivalency is prevalent. not.people would hope mr. trump says yes. >> we have got a lot of killers. you think our country is so innocent? reporter: that was an excerpt from a fox news interview. the reaction from both sides of the aisle was passionate push back. house majority leader mitch mcconnell said the u.s. is not the same as russia. marco rubio of florida tweeted, when has a democratic political activist been poisoned by the gop, harkening back to the poisoning of the ukrainian president? and liz cheney tweeted that moral equivalence is deeply troubling and wrong. mike pence did come to the aid of mr. trump. >> love, president

sayingyou have the rba you cannot argue it should be this strong. you for the setup for the asian open. we do have something breaking live on the strike situation. the union in chile saying the talks with ehp have failed, saying the company retains an intransigent position. that is interesting given we were looking ahead of the talks to see whether the situation could be resolved. we have earnings after the local market close. we will be speaking with the c.e.o. that is something we will be raising with him, whether the strike is going to continue playing out for the big miner. compromise have spurred prices of the base metal -- copper prices have spurred prices of the base metal. the rally does not look like it will weaken anytime soon. dr. copper is in the house. >> we have investors calling for the return of dr. copper, nicknamed because it is seen as a global barometer of global economic health. citigroup sees the metal rallying towards $7,000. but look at the chart -- let's look at the chart. you are going to see how it has eased over a few yea

something to watch, the rba's testimony to lawmakers. that's it. i'm haslinda amin.echnology" this is "bloomberg technology." i'm cory johnson. hewlett-packard enterprise out with results for their school first quarter -- fiscal first-quarter. 10.5% fall in revenue. sluggish demand for, i don't know, servers, storage, software, services. crawford del prete, idc. tell me something happy about hewlett-packard. crawford: there are some bright spots. when you get under the covers, they made an acquisition a number of years ago, that's up there a strong. strong double-digit's. -- strong double digits. there was a conversation we had earlier questioning the relevance of hp. i believe it will be relevant long-term. the way people think about infrastructure will change. they bought aruba. when you have two or three devices per person coming into an enterprise, you have to upgrade your wi-fi. you have to do that all around the world. aruba is showing nice -- over 20% growth. the problem is they have these legacy products as well that, in some cases they are divesting, in some

the rba governor talking about interest rate hikes by the end of the year.hange in direction for the rba. that change in inflationary pressure is moving central banks in the opposite direction to the one they have an for the last two years. shery: what happened with japan today? exports missing estimates by a lot. forget, those were also seasonally adjusted. sometimes that impact the numbers. i was quite surprised. the gdp figures for q4 were quite strong. the pmi data you have in getting from japan has been quite strong as well. overall i think it is a little surprising you are getting that weakness there. generally speaking, world tree growth is showing good size of picking up. japan is normally a good beneficiary of better trade growth. shery: that means they will recover. this was just the month, the next month we could see a pickup. mark: that is more than likely. shery: the japanese yen seems as though confusing. will there be a u.s. strength the story? goust do not know where to with analysts because they are so divided. mark: look at the 10 year yiel

we have more rba aircraft in 2017 then we had in 2016. that would be the effect on us. >> senator, we would have a $1.5 billion math problem to make up. it would impact 60 new starts. we would have to directly -- the only place we could go for money is our readiness accounts. it would be flying hours, facilities accounts. much like the rest of the service, we would stop flying in the summer, backlog the depots, further delay any modernization of our infrastructure. the thing we are trying to stop or figure out would impact the most. authorizedof us, you an increase. that would not be funded. we would be starting that hollow .orce revisit when i joined the u.s. army, we were coming out of that. we would be starting back down that precipice. >> i know that -- i think i've heard everyone on this subcommittee and everyone on the armed services committee say that we can't let that happen. shame on us if we don't take action to address it. general wilson, i was distressed to read in your testimony that pilot retention has declined for five stra

rba governor philip lowe says solid performance in australia's labor market is allowing lizzie makerske. he said he would like to see the economy grow more quickly, adding a slight pickup and wage growth would help meet inflation targets. >> if the unemployment rate is high and rising, it would be .ossible for policy to pursue it today, we have been satisfied that labor markets are heading in the right direction, if not as quickly as we would like. haslinda: the boe governor is not providing any specific guidance on rates beyond february inflation reports. in testy exchanges, mark carney said rate hikes could be faster or slower than the market expects. mark carney also expressed frustration about criticism of the boe policy response to the brexit referendum. in terms of the financial stability risks around the referendum, the bank did take some serious steps to mitigate those. if we had not done that, there would've been macro economic consequences, and it is important we did it. i think that we just have to accept that we are never going to get -- says he: john williams you should e

it should be positive for the australian economy, and the rba being on hold, that should be positive.is today. was speaking on daybreak australia early on. up next, a two-year slump, running through the numbers. this is bloomberg. ♪ betty: this is daybreak asia. i am betty liu. yvonne: a quick check on the latest business flash headlines. launched a new range of phones including a redesign of nokia 3310. it was a major text to revive nokia's glory days -- major push to revive nokia's glory days. they are releasing to others. -- two others. the three and five will be released separately. right, such a flashback. some of the world's biggest telecom companies are joining .orces for a faster move to 5g at the world congress in barcelona, they signed the standard for the next generation. they are hoping that will accelerate the rollout of the new technology in 2019. intel andven rivals qualcomm will join the efforts. yvonne: the damages spill from diesels -- from volkswagen diesel emissions scandal is more. there was an agreement to resolve consumer claims in the u.s. operating profits ros

stephen: the rba is not dovish at all. recent governors being hawkish than anything else. as far as an interest rate drop or interest rate cut in the future, that is off the table. but this reflationary trade is starting to grip the markets again, pushing commodity prices higher. we have had a substantial run in commodity prices. commodity will be louder than what central banks telephone interest rates, even if the u.s. fed does move interest rates. i think the reflationary aspect of the trump trade, that will carry well for the aussie and some emerging market currencies that are exporting commodities also. haidi: where do you see aussie-u.s. ending the year? stephen: what stuck in a range, that one point they have to get isough the 77.50, which presented like death valley the train seven and 77.5. 00 and 77.50.. if we get past that, it is clear sailing up to $80, but that is achievable on the aussie dollar. haidi: i think the upside case, even if trump is a points, he could deliver a small amount of uncertainty, the marke

we have heard from the rba governor, saying it is hard to orgue that the aussi is to strong, given thath trajectory. at what point do you say, enough is enough and you want that currency to come down? >> the value of the australian dollar is set by the market, not by the government, and that is a very important feature of our system. as an open trading economy, it helps the economy adjust to the changes in the australian economy, these oand the world economy. as other factors come into play, people's perception of the strength of the australian economy, the official cash rate, all of these things feed into the market's valuation of the australian dollar. but it is what it is and that is something -- the floating exchange rate is something that as a government, we support as a very important feature of our economic framework. >> minister cormann, you sound kind of resigned to market forces here. on whatreiterate was mentioned, is there a level that you just can't tolerate the strength of that dollar and you will have to do something about that? >> it has been very good for australia to h

philip lowe, the head of the rba testifies.na property prices for people's bank of china withdraws liquidity trying to tamp down the credit boom. on thursday, the bank of korea's seen keeping policy on hold, closely watched as well. betty: indeed. outside of donald trump this week, we are watching the fed again. fomc minutes, putting in context, last week, one of the big events -- cpi a lot stronger than forecast. and so, now the question is, the fomc minutes a little outdated? maybe they are but some key points to watch. how cohesive is the discussion when it comes to fed rate hikes? anything to be coming on board with two or three hikes. what about the impact of donald trump's policies? his plans to affect the economy. how much is that affecting what they are forecasting for the year? and finally, the balance sheet discussion. will they start turning it down? what are they saying about that? dots go on your terminal. let's remind you of the consensus last year. six dots in the middle of that triangle. that is a narrow consens

because we have more rba aircraft in '17 than '16 and that's the way it works and that would be the effect on us. >> thank you. >> senator, we would have a $1.5 billion math problem to make up. it would impact 60 new starts. those -- to meet that math problem, we would have to directly -- the only place we can go for money is our readiness accounts. so flying hours, wss, or facilities -- fsrm accounts. so much like the rest of the service, we would stop flying in the summer, backlog the depots, further delay any modernization having infrastructure on our bases. the thing we're trying to stop or dig our way out of readiness would impact the most. >> thank you all. >> if i could, senator, just to add, for all of us, you authorize an in-strength increase. that would not be funded. and so we would be starting that hallow force revisit that we -- at least when i joined the united states' army, we were coming out of that, and we would be starting back down that precipi precipice. >> well, i know that -- i think i've heard everyone on this subcommittee and everyone on the armed services committee

and thank you to this committee for trying to get us back on our rba recovering last two years. we have made some improvement. to your question about flying hours and what it means, each type model series has a minimum requirement. it's important to understand what that is. and somewhere it's somewhere between 16 and 1 hour per pilot per month. there's an outlier there on c-130s which is about 23 hours what that does is keeps them current in their current capabilities. it does not guarantee they would be proficient or be the a team to get an enemy in a near peer fight. if you're looking for a number, the last time i saw us that good was when the pilots were getting about 25 hour per month. and that would make them current and proficient. what it really means in the end is that we're sending a lot of these -- we will send in a major combat operation we'll send a lot of pilots that don't have the adequate training and there's historical example after historical example when flight time required is not produced and the results in an air fight, both air to ground and air to air. >>