elections in may the indian finance ministry is believed to have been putting pressure on the reserve bank of india to make a cut this is the first time the r.b.i. has done so in seventeen months the rate the r.b.i. lends to commercial banks is going down by point two five percentage points to six point two five percent it's intended to boost economic activity and the bank is now forecasting a slight to pick up in growth in india between this year and next the decrease has surprised the majority of analysts and investors the bank raised rates twice last year but this latest move comes just two months after its new head considered an ally to render a modi was appointed to be seen as good news for borrowers but would do nothing to settle fears about inflation. when for more let's bring in new poor to she is a writer for the indian finance news website quartz and she joins us by going to be with us the first of all i mean why the rate cuts now or is it only linked to the upcoming election. well not really. sure of course in our interim or the government is going to be very happy with this dec

chairman powell, when you served as governor overseeing the reserve banks, you sent the reserve banks an annual letter, so just in candidates from a range of labor and community groups. do youou thinky -- why think it is it years of gestures have -- you seditionsr have -- suggestions have been ignored and why the selection of class b sectors have not been selected? chairman powell: we have made progress. i think we have 24 community interest, 24 groups, i think six other reserve banks have a person from labor on the board, so we've made progress there. i i think that also our record on diversity for the dnc directors is an excellent one either record i am proud of. we have made strides there. >> chicago, for one, i think has been a leader in that regard. the chicago fed has one of the most diverse boards and as i understand it, it is the only reserve bank to have one director from a labor background, one from an academic background, and one director from a community organization on its board. two women who happened to be african-american and one latino comprise that diversity in chica

a call to for an interest rate cuts today they got it and a sudden change of heart to the reserve bank of india has lowered its key interest rates down twenty five basis points giving the indian prime minister the stimulus he needs ahead of the upcoming election. also coming up another. a blow to airbus this superjumbo australian carrier pantos council's a large eighty eighty order raising more questions over the future of the world's biggest jetliner. and the young lass opium poppies keep bringing in cash despite the government's crackdown on drugs. hello and welcome to d.w. business asia i want to get jones in berlin good to have you with us so we're starting with india where the country's reserve bank surprised everyone by cutting its key interest rates down twenty five basis points to six point two percent the move is seen as a bid to bolster up india's flailing economy and today's rate cut is also welcome news for prime minister narendra modi his government wants to boost lending and lift growth as it faces elections in may the indian finance minister is believed to have been putt

i've also been involved in the selection of reserve bank directors really since i joined the board in 2012, and i'm -- i think that we've made very substantial progress there and i'm proud of the progress we've made if you look at the numbers over the last five, six, seven years, the number of -- the diversity among b & c directors is actually higher than the numbers that you read from that report >> let me interrupt you for one second and that's very true of chicago. then when you look at dallas, it's the direct opposite >> of the b & c directors we have, 70% are diverse in one dimension or another and 25% are african-american and these numbers have come way up from where they were seven or eight years ago. if i can just say a second on the rooney rule, we're way past the rooney rule. i've been involved in eight select processes for reserve bank and in every case we've had multiple diverse candidates, racially diverse, gender diverse, all kinds of diversity. and the reserve banks hire a national search firm anyway, sorry. >> we can talk later my time is up. >> the lady's time is expi

. —— our despite falling inflation which touched to .1% last month, the reserve bank of india should should resist the temptation —— 2.1%. if we look at the fiscal deficit, the gap between government expenditure and revenue, that has widened in this financial year. and even the government outlook for borrowing in the coming financial year, the money that it borrows, that has risen substantially. so for those reasons it is believed the reserve bank of india should wait until april when the next policy decision takes place and then cut rates. but, on the other hand, another group of experts believe that this is the opportune time for the reserve bank of india to cut rates because inflation is at an 18 month low. even if you look at india's economic growth, it has reached a tipping point because small and medium—sized businesses are struggling. so a rate cut would give a boost to india's economic forecast going ahead. even the government in new delhi will watch the outcome of the meeting closely. it comesjust a the outcome of the meeting closely. it comes just a few months ahead of the

get a summer job at one of the reserve banks. we don't -- i'm not sure we hire high school students, but we hire college students. we're always looking for the next generation of talent. we always are. everyone is. there are 24,,000 25,000 employees of the fed throughout the country. there are branches and banks everywhere. if you want this to be -- want to check out the fed, you can do that. there are a lot of different hings you can do here. >> we received several questions about how you spend your time off, including one from steve at callum high school in virginia beach. what do you do to unwind when you are not here working? chairman powell: i have a few hobbies. i was -- i have been a road cyclist for a long time. don't get to ride outdoors very much these days. i like to ride my bike. i play music. guitar player. not in band right now but i'm oping to get a fed band going. the vice chair here at the board is actually a singer-songwriter. has a great singing voice. he has c.d.'s and things like that. i'm hoping we can -- th

into this industry looking to support it and then looking and you know many of these banks operate on a full reserve basis whether simply you know receiving interest from the cause it and you know doing banking the way we actually thought it was it was going to be able be really interesting to see if the combination of bitcoin as collateral stable coin. and you know whether central banks can actually whether we can create a competing financial system with some of the smaller nice banks my fear is the central bank can call it how i will certainly look to do everything they can to. prevent a small can be a display we have competition competing jurisdiction and one country. you know cost how light behaves. is competing with another island that wants to do things in a different way but we're just saying not friction in the time by the way before i forget congratulations you know i was looking at the back to the future website i see of guys have put together. something like six hundred fifty million dollars worth the details when i think about they names that get mentioned most often in this space and te

look at this other final headline in terms of gold and central banks and governments salvini proposes seizing control of italy's gold reserves some central bank italy's populist de facto leader matosi seems set a shaky. europe's financial sector upliftment to the core one day after the italian deputy prime minister and leader of the league party called for the elimination of italy central bank and the country's financial regulator concept saying the two institutions should be quote reduced to zero more than changing one or two people reduced to zero or in other words eliminated and that quote fraudsters who inflicted losses on the telly and savers should end up in prison for a long time salvini prompted fresh shocked gasps in brussels and frankfurt when he raised the possibility of seizing italy's massive gold reserves away from the country's central bank he said gold is the property of the people and shouldn't be the property of the central bank and thus it should be shifted to the government not the central banks because member central banks now have independence for their member banks as a genius. absolutely correct going

should we expect to see further industry consolidation if deregulating big banks is a top priority for the federal reserve . it was discussed in the senate banking committee yesterday how the fed has accelerated its merger reviews and appears to be rubberstamping them. bb&t claimed their proposed merger will be approved by september. can you us -- can you assure us that the fed will not rush the process, consult with all affected parties, whole field hearings and focus on the public's interest even if it means rejecting the applications ? the occ released advance notice of proposed rulemaking to modernize the community reinvestment act or cra. the fed and the fdic did not join that release. the contraled to see lori's and said if he could not reach agreement with your agencies the occ would go on its own with cra reform. with that be a good outcome? told different regimes lead .ash a minute on diversity i believe diversity in the federal reserve's leadership including at the reserve banks is crucial because it is hard to stay committed when the leadership lacks an understanding of these communities it com

it. .> thank you so much for that the widening dovishness in monetary policy continues and the reserve bankdia surprised with a rate cut. the bank of england warned the brexit clouds hanging over the u.k. economy could push it into recession. our global economics and policy editor is here with us. huge impact. his first meeting and right there, a cut. >> at think there's two things that are very important. he was appointed by the prime minister's government to replace some of they thought was not generous enough with dividend .ayments we are showing you a picture now. at the same time, there had been a pullback in inflation since while he was in office. he was maintaining tight policy and that is what we are seeing now. that is what was cited as he talked about the reasons for the rate cut, which only 1/4 of the people interviewed by bloomberg were expecting. let's take a look. inflation has moved downward significantly for the next one year. headline inflation is expected to remain contained below or at its target of 4%. this has opened up space for policy action. >> jumping to the bloombe

federal reserve bank of new york which has some warning flashers turned on the fed says that those seven million total or at least three months delinquent on the loans and that's at really high what do you make of it and does it concern you. it concerns me enormously as it does the federal reserve and as it does to everyone not snowed under by these arguments about the so-called recovery have we recovered from two thousand and eight yes but it's been one of the most unbalanced recoveries from a crisis of capitalism we've ever seen the folks at the top have been doing very very well but the mass of people even if they get a job finally get a job with lower income less security fewer benefits and you're seeing the results if it were just the of unpaid of car loans it would be one thing but we're seeing it everywhere credit card debt is high students are unable to pay back the debts they've had to accumulate to pay for college the headlines keep telling us that the mass of people are in very serious economic trouble and the slightest downturn is going to take us over the edge a little bit l

are under the auspices of the us federal reserve bank essentially so here again safety points out these nonstop wars we have been at war non stop since two thousand and one nonstop everywhere also you know making this action on the venezuela that she and the other chapter is an ongoing it's another chapter on this and it safety you know mooses who i'm reading under hard money governments fought till they ran out of their own money easy money governments can fight until they completely consume the value of all the money held by their people this is why the century of central banking was the century of total war yeah ok that's exactly right and every single country in the world every social plank of the world is pursuing this money printing and warning as you can't figure out refund a few exceptionally one notable exception russia paid down all their debt they've been buying gold and china's doing china say the same thing but you know. russia is serious and so obviously it's ok for the u.k. to play silly games and wesley prizes and it's interesting that they america would wash their sover

forecast, andted could a more dovish tilt be in the cards for the reserve bank of india? ♪ nejra: welcome to "daybreak europe," just after 6:00 a.m. in london. we are in earnings season for banks. fourth-quarter net income coming in at 1.7 billion euros, the only number crossing the take at the moment. looking at for any information on nonperforming loans. that is including a tax gain of 887 million euros. a little more detail filtering through here. looking ahead to this, we heard from intesa earlier this week, they will keep increasing profits, 85% of profits will be returned to shareholders as dividends. i spoke to the intesa sao paulo ceo, talking about the target for reducing nonperforming loans. anything more on unicredit, we will bring those numbers as we get them. socgen, we brought the headline, shrinking the trading business as they seek 500 million euros of cost cutting. one of the main lines coming through here. cutting 2020 profitability target to 9% to 10% return on tangible equity. those are the main lines. let's hear from the interview, annmarie hordern spo

however it will be interesting to hear about the policy bias is and if there are any signs of the reserve bank monetary policy stands. in other news making business headlines, nissan has confirmed the new x—trail suv will now be made in japan instead of the uk. in a letter to work as it said continued brexit uncertainty is not helping firms to for the future and the environment in the car industry in europe is, quote, changed dramatically, including emissions regulations. us president donald trump has said he sees, quote, a good chance of reaching a deal. speaking on face the nation, he said the date and venue the nation, he said the date and venue of the upcoming second summit with kim jong—un has venue of the upcoming second summit with kimjong—un has been agreed and it's likely to be announced before 01’ it's likely to be announced before or during his state of the union address on tuesday. and the us says it is sending aid to crisis its venezuelan following a request from juan guaido, the opposition leader has declared himself interim president. president nicola smith euro has accused juan

receiving the thumbs-up from the reserve bank of india. the r.b.i.ved no differences or nil their purchases in the haslinda: india's markets have just opened. that is where we will go through what to expect from today's session. any reprieve today? >> actually none. it is going to be the fifth straight day of losses considering things are trending lower by round 40%. there is one stock that's towns out at this point in time and that is yes bank because of the .osses are not as severe the yes bank has had a thumbs-up from the reserve bank of india in terms of its bad loans provisioning and with no divergences. the indian rupee at this point in time is looking at a little bit of strengthening against the u.s. dollar. , yes, thank you agam. to r.b.i. gave a thumbs-up the activities, saying ultimately that there is no divergence in terms of how they were provisioning things, and what the norms were at the central bank. let's have a look at what has been going on with the markets in recent days. oil marketing sector, how is it doing today? agam: it is act

the central reserve bank first back the dates of the next hike.

your highest priority and that the fed has made several proposals that would reduce bank capital and liquidity reserves. board governor brainard voted against these proposals noting that the fed's proposal would reduce high quality liquid assets held by large banks about $70 billion. the fdic originally opposed the fed's leverage proposal as it would reduce bank capital by more than 120 billion. the fed is also looking at making stress testing more transparent which could undermine the purpose of the test and former fed chair fisher has called these regulatory efforts, quote, something i find extremely worse, quote, unquote. so, chairman powell, please explain. will easing big bank capital and liquidity requirements as the treasury department has proposed and your agency appears to be following through with not undermine safeguards that are carefully built up the last decade to protect the economy and which made the u.s. framework the gold standard that others around the world follow should we expect to see further industry consolidation if deregulating big banks is a top priority by the federal reserv

india, i believe it was yesterday, reserve bank cut, and australia, bank of australia, reserve bank ofalia shifted its rate to neutral. one analyst had four rate hikes. he said the u.s. economy otherwise solid. he is worried about global economies. >> you look at what the risks are, i think global risks are probably the most significant ones and that will be i at least will be looking at over the course of the next six months, how does that evolve >> here's the numbers, carl. boe went down by 0.5% to 1.2% for 2019 eurozone went down by more than a half point, 0.6 to 1.3 and federal reserve, this is back in december, cut theirs by two-tenths the question is will they cut more i talked to janet yellen and she highlighted global risk as a major factor for the u.s jon? >> thank you, steve. >>> markets are set to close in europe seema mody joins us with today's action. >> jon, strong reaction in the equity market. the number of economic metrics for manufacturing to exports which have come in softer than expected the past couple of months, european stocks snapping a seven day win streak toda

i think our understanding of demand for reserves, whenever the banks have more reserves than if they need, reserves are abundant. the question is, how much of that amount is actually going to weneeded in the end, after adjust to our gradual decrease. our understanding of the distribution and how much has -- we need has moved up. and then there would be a buffer on top of that, and we want to have a buffer, because we want to be operating in that reserve regime. close to that point of scarcity, you wind up having these big ongoing interventions in the market. we don't want the fed to have a large presence in the markets. in managing the federal funds te, we want it to be a bit above for that reserve. there is no playbook. the only way you can figure it out is by serving people and marketing intelligence and approaching that point quite carefully. [nerblet] mr. powell: we don't have a precise understanding. the estimates are fairly uncertain, if you think that the evel of demand for reserves is here, it is somewhere in this range. if banks want toll use reserves for good and sufficient

repatriation to move a total of six hundred seventy four tons of gold from france and from a federal reserve bank of new york city now number three is italy with sixty seven point nine percent they note that the metal is really a form of reserve for safety and that it gives them protection against fluctuations against the dollar number four is france which has sold a little of its gold over the past several years and by far right national front party leader has led the push to either retrieve the entire amount of gold from foreign nations or not sell any at all the number five is russia at seventeen point six percent now they've been the largest buyer of gold over the past six years and they'd be china in twenty teen but it looks like gold is really important for a lot of these countries to diversify against the u.s. dollars. absolutely. what a troubling circumstance you've got gold you've got money should be able to get it seems to me correspondent sara bond to thank you so much for a look at end of the sarah pre-dated bar. so if block chain is the best thing since sliced bread where will it be

reserves has risen over the past year. our understanding of demands -- the banks have more reserves than they need. reserves are still quite abundant. the question is how much of that amount is actually going to be needed in the end after the first adjust to our very gradual decrease. our understanding of the distribution of the reserves and how much we will need has moved up over the past year. and there would be a buffer on top of that. and we would want to be -- we want to have a buffer, as i mentioned, because we want to be operating in an abundant reserve regime. where we operate through our ministers rates. if you operate too close to that point of scarcity, you wind up having these big ongoing interventions in the market. we don't want the fed to have a large, ongoing presence in the market around this. rather, in managing the federal funds rate, we want it to be a bit above the equilibrium demand for what the reserve is. there is no playbook. no one really knows. the only way you can figure it out is by surveying people and market intelligence and ultimately approaching that point quite car

we've heard from the reserve bank in new zealand that it could lead tour the dovish side. at's going on? mark: yeah, they're all just falling into line here. it's amazing. since the u.s. federal reserve said they're ready to take a pause, you're just hearing one central bank after another lining up in the same direction. today, new zealand specifically said under certain conditions in terms of banks in new zealand, they could be tempted into a rate cut. obviously not the key. down a bit today. governor low speaking to parliament and saying he's not too sure about the economic forecast for growth, which the iba put out themselves. they sound as though australia may be revising downwards their growth outlook for this year. that's another one. of course, we've got the ecb coming up quite soon. you may hear from mario draghi today. one major central bank after another is lining up to take a slightly dovish stance. that's one of the reasons you've seen bond markets due well across the world. it's helping equities to some degree, as well. matt: mark, thanks for joining us. mark c

the reserve bank of india is handing part of its topics to the government. ulist programs ahead of the election. he r.b.i. approved a dividend of about $4 billion. the second straight year the bank has made an advance payment to the administration. the cash will fund billion dollar programs to support rural communities. brazil is banning a suspect the -- they must type be decommissioned and removed by august of 2021. owners can furnish plans for reinforcing and repairing current dams. a dam burst last month, killing 169 people. detailss announced more to link hong kong with macau and create a version of silicon valley. the program will turn the greater bay area into an innovation hub and send shipping trade to make hong kong a global leader in finance. there are 60 million residents and a trillion dollar economy. global news 24 hours a day on air and at tictoc on twitter, powered by more than 2700 100nalists and in more than -- and analysts in more than 120 countries. sophie: japan's economy minister confirmedhat abe has with trump that auto tariffs will not

a new report from the federal reserve bank of new york showed that more than seven million americansre at least three months behind on their car payments. but is this reason to panic? bloomberg opinion columnist brian joins us now. could this blow up and become the next subprime mortgage crisis? >> i don't think so. it doesn't seem like it is going to be this sort of flash point for any sort of big explosion in the markets. there are some risks in the market, as there are with smi sort of subprime borrowers. when it comes down to it, it is a small market. it got a little bit frothy a few years ago, and some of that is coming home to roost now. but seven million people are behind, which is not great, but also the amount of cars that have been bought has increased and the share has gotten larger. so i kopitar think it is that big of a deal. >> one of the reasons you note in your analysis that i thought was interesting was they packaged and spread along? do we know why that isn't happening? securitized, en but many remain on the books of banks or finance companies. some are actually tie

sa our nation's federal debt level surpassed $22 trillion for t the firste and then the federal reserve bank of new york reported that more than 7n mill americans are behind on their car payments by at least 90 days. finally, a new s vey from bank rate.com found that roughly a third of americans have o in savings. joining us now to talk about the implications of all of this for the economy, joe bruce willis is back with us. he's chief economist from rsm. welcome back. >> thank you. >> do any of the numbers make your palms wesweat? >> , the fact that we have got people falling more than 90 days behind on their loans for auto loa does cause some concern. i'm not too worried about the natial debt. ght now that's not a problem. nor should it be our concn. >> but longer term is it going to be an issue for the u.s. espe tally given interest rate environment that we find ourselves in? >> all right, so if we continue in this low interest rate environment it's not going to be concern. we have learned a lot about debt and deficit dynamics over the past 30 years primarily to watching japan. we don't wa

coming up next weekend on the program, federal reserve bank of dallas president and ceo robert kaplan one to tell me there was a slowdown coming. this weekend join me on fox news on "sunday morning futures," i have an exclusive interview with congressman kim jordan and the author of the book "a.i. superpowers." that's 10 a.m. live on sunday morning over on fox news channel. i hope you have a great rest of the weekend, everybody. that'll do it for us. thanks so much for watching, i'll see you again next time. ♪ ♪ ♪ ♪ >> hello, and welcome to the "wall street journal" at large. this week the trump administration moved to ratchet up the pressure on venezuela's regime. on monday steven mnuchin, the treasury secretary, and john bolton, president trump's national security adviser, announced new sanctions against nicolas maduro and what's left of his government. the administration, along with many latin american government, the e.u. and canada, has already withdrawn its official recognition of ma mad

[applause] maria: and joining me right now is federal reserve bank of dallas president and ceo robertsir, thanks so much for joining us this weekend. >> good to talk to you, maria. maria: so we heard the president, just getting started, a boom not seen before, and yet with we know now that the federal reserve is on pause watching for data to dictate next move because of a slowdown that we're seeing in europe and china. so what happened? >> well, 2018 was a year of strong growth in the united states. part of it was aided by sizable fiscal stimulus and also global growth was very strong. and that helped the united states. as we head into '19, fiscal stimulus is waning, and global growth is decelerating, and we've also seen some tightening in financial conditions since october, although it's moderated somewhat in january. so those were all factors that are having an effect on the prospects for '19 and 2020. maria: and i guess the situation in europe is sort of an unknown. we don't know what's happening with brexit, we don't know what's happening in terms of france protests, we don't know