we have commentary from the head of the reserve bank suggesting it is unclear when the bank will look to raise rates, focused on the fundamentals of the data. that is the aussie dollar now, lower by 0.7%, $.74 per u.s. dollar. let's get the bloomberg business flash. laura: a rise helped boost profits in the third quarter, the london-based profit rose to $1.8 billion, beating forecasts. loan provision were double analyst estimates. >> as we look forward every hundred basis points of improvement on a four-year basis, this was over $1 billion. laura: singapore's top central banker says he is watching for signs of accelerating inflation, and is ready to act, underscoring how policymakers are focusing attention on rising prices. he spoke to us exclusively. >> we know it cannot last forever. how long it lasts is hard to say . the longer they last, the risk of inflation becomes entrenched, and expectations build up. that is a big unknown, and a risk factor. laura: raising $8.4 billion in an ipo that could come the biggest ever by an ev company. they plan to sell one her 35 million shares. at

stay with us, -- on the hot seat as investors bet on the reserve bank about straley a dropping its ultraovish policy. kathleen hays is here with a preview. what are we expecting? >> as you are just saying, three big central bank meetings this week. the reserve bank of australia, looking at inflation and how to respond. the drama started when the reserve bank of australia last week, there key inflation gauge popped into their 2% target at 2.1% year-over-year. traders saw the three year yield target, they were surpassing it, pushing it higher. the reserve bank of australia did not push back to buy more bonds. that is why it spiked to well over 1%. it has come back down, but the bet is that today, still low. -- will say look, we are dropping the yield curve control target. we are seeing inflation rise. they are also betting there may be a signal of a pledge to not hike rates until 2024 when inflation is in the sustainable target. phil has been insisting he wants sustainability and he wants to see regis -- who wages rising because wages need to rise to keep inflation in the band where he wan

we're going to hear more from the reserve bank of australia later today. we will hear more about the growth and inflation outlook. the markets already pricing in three rate increases for 2022. the rba is not quite at that point, although it did walk back some of its language on tuesday's meeting signaling it might be willing to move earlier than 2024. markets seeing a number of pressures including a rapidly improving vaccination rate which suggests maybe the recovery is going to be faster. shery: there was a reason why markets were pricing and faster action from central banks. inflation expectations soaring as oil prices continue to gain ground. opec-plus now rejecting the white house demands for more supply. perhaps inflation concerns will not go anywhere. it seems to be on the hands of president biden whether or not he wants to dip into the strategic reserve. paul: it might be a bit of good news on the trade front with china. xi jinping saying that china is open to talks on the industrial subsidies that it gives to state firms. this has been a long issue

today, we will talk to the vice president of san francisco's federal reserve bank. we will highlight some young san francisco student known as tree schoolers. it's a great story about their efforts to help save our planet. first, this headline caught our attention. thousands of northern california teachers and school staff are still unvaccinated for covid. the question is, how and why? joining us to talk more about her reporting on this issue, jill tucker, education reporter for the san francisco chronicle. thank you for joining us. >> my pleasure. kristen: what percentage of california school teachers remain unvaccinated? >> it really depends on the school district. across the state, as of early october, it was still about 10% of the teachers, out of 325,000 teachers, so, 32,000 teachers were still unvaccinated less than a month ago. in each district, the rate varies of unvaccinated staff, anywhere from 2% up to 25% of teachers and other staff that work in school districts. kristen: does that mirror the regions in california that are and are not getting vaccinated?

but interest rates are only dictated by the reserve bank.re are other reports, and they have been increasing their bond markets. in across the funding increases, we still have 20% to 30% of funding from offshore. in the funds go up, it does impact through into the price of money in australia and new zealand, but not signs from the reserve bank today. rishaad: -- david: it looks like, based on what you are saying, your margins will freeze. how much do you think your cost of funding will go up two or three quarters? ross: members are getting a squeeze. probably, less impact on our bank than a couple of the other majors. mainly because we have it very strong business bank. in a slightly smaller mortgage than some of the others. but you have certainly seen our ability to reprice the deposits and they have become very limited, so there has been a contraction. for the last year, there were five basis points of contraction, that has to do with our funding and markets business . the core bank stayed flat the last six months, but the pressure is on.

that goes to show how important wages data has become for the reserve bank. lowe months to bring wages growth higher, and that is why he wants to keep interest rates at record lows for some time. if the number is strong, it will definitely embolden rate holes, but the reserve bank will probably wait for some more quarters, maybe two quarters or more, because it has said it wants to see inflation substantively within the target. just one quarter of data is not going to be enough to move the needle, but it will definitely point to the fact that the market is right on this one. shery: our economics reporter with insights into the wage numbers. don't miss the fourth annual bloomberg new economy forum happening here in singapore, we will share discussions among world leaders on topics ranging from finance, trade and climate, cities and health. this is bloomberg. ♪ shery: just minutes away in the start of trading in tokyo. sophie: we are watching local media reporting the government may shorten quarantine for business travelers that have the johnson & johnson vacci

morgan, where we think that they're in violation of, of their bank holding company charter. the federal reserve requires bank holding companies like j. p. morgan not to own physical energy assets, and we've exposed a scandal where j. p. morgan, in fact, does control about a dozen power plants and even a monopoly utility called el paso electric. so the bat has been asleep at the switch on an awful lot of things and work for from greater accountability and greater regulation over our energy market. right. i mean, that seems to be a great focus of the efforts. i mean, you can't build an economy like you can't build a house if everybody building the house has a separate yardstick, a separate measuring tool to try to figure out how to build that house. you can't have an economy if you've got everybody in the regulatory agencies applying different standards of the law. right? so there, there is clearly in a reinterpret taishan of, of statutory law going on by various regulators who have taken upon themselves to interpret the law. and we know this is happening on wall street for years because they com

you saw the reserve bank of australia.had an interest rate yield curve control target which they let go on friday. you saw the two year rates skyrocket there. they are all getting ready because inflation is high and we are getting a little bit back to normal. they are getting ready to start moves. it will be a question of how hard lego and went winter they feel they have to go. i do not think stockmarkets will have a big influence on that. kailey: does it not matter where the inflation is coming from? we have had a lot of commodities related inflation. on the wage front we saw the employment cost index on friday. is that the kind of inflation central bankers have to pay attention to? michael: it is the kind of inflation central bankers have to pay more attention to. the question is does that kind of inflation continue? do we see a series of wage gains for workers versus a one-off as they try to get people back to work? it does not look like there is a wage price spiral developing but that is what the fed and other central

host: our next guest thomas hoenig has served as the federal reserve bank of kansas city and is a distinguishedenior fellow at george mason university. welcome back to washington journal. guest: glad to be back. thank you for inviting me. host: we can start out picking up on the comments of the new covid variant. after the news came out on that, it was not good news on black friday, it was a bad day for the markets.

it may be a distant memory soon, according to federal reserve bank minneapolis president neel kashkariof course, he is a dove. we will hear from him. this is bloomberg. ♪ matt: this is bloomberg markets. i'm matt miller. inflation has hit a high, but federal reserve bank of minneapolis president neel kashkari says the economy shouldn't overreact to inflationary pressures that will be temporary. kathleen hays spoke with him earlier. neel: no one is making light of that at all. we shouldn't overreact to what is likely to be a temporary factor. if it is a supply-side and it is supply chains that are disruptive because of the pandemic, barring some in of a new wave or strain of the virus, those supply chains should work themselves out, some taking longer than others. on the demand side -- which others have argued this is a demand shock -- we know the path of the fiscal stimulus. it provides a one-time boost and then tapers off and it itself becomes a drag on the economy. unless congress passes a massive new spending package that is not paid for, there is nothing i'm seeing in these fundame

that months schedule will be released by the federal reserve bank of new york prior to our december meeting. if the economy evolves broadly, as expected, we judge that similar reductions in the pace of net asset purchases will likely be appropriate each month. implying increases in security holdings would cease by the beginning of next year. asset purchases does not imply a signal regarding interest rate policy. we understand our actions affect many across the country. we will do everything we can to achieve our stability goal. i look forward to your questions. >> markets anticipate you will raise rates once or twice next year. are they wrong? >> we try to focus on what we can control, which is how to communicate in this uncertain world and how policy will evolve so the focus is on tapering asset purchases. it is time to taper because the economy has achieved further progress towards our goals. we do not think it is time to raise interest rates. the baseline expectation is that shortages will persist into next year and elevate inflation. as the pandemic supplies, job rates will move back up

b, the federal reserve bank, the bank of england and the bank of japan are also actually one big bank. and they are printing money by the truckload by the trillions. and the catastrophic impacts are impacting countries in different ways. and the policy makers, those countries are reacting in different ways in turkey, the leadership at the side is actually lower interest rates, which was exacerbates the toll taken by all the money printing seemingly almost it's such a stupid thing to do it's. it's almost as if the leadership is trying to wipe out their population, which i haven't had made that their stated case. but this is one of the stupidest things i've ever seen. so they are certainly wiping out the savings and that supposed to be good, apparently for the bottom 99 percent because debt gets wiped away. so they're saying just go into debt. you don't need savings here in el salvador, where we have been, it's all been all about the opposite. what you see here has been genuinely relentless optimism. you see it all along the streets as you're driving around up the coast, across the moun

seven board members around five reserve bank presidents.l have three or four new appointments to the board, okay, after brainard? charles: all doves. >> they will be woke. they will go woke. trust me. yes, you're correct. i will say yes, you're right. so it will be up to jay powell to get a coalition of reserve bank presidents and maybe, one person on the board. but here is what you haven't seen. we haven't seen this in 30 or 40 years, some of these board members may openly dissent and make speeches against the chairman. reagan appointees by the way, stopped paul volcker in his second turn. wayne angell, johnson, robert heller, they were commodity watchers. volcker wanted to keep tightening this is long past the early '80s when volcker did a good job. they wanted to keep tightening and rebelled against him to stop him from doing stuff. charles: he got enough good work eventually they got inflation down and we had a big run ever prosperity. i do want to ask but the strategic petroleum reserve. >> dumbest thing i ever heard. dumb. drill, char

then we'll ask the head of the minneapolis reserve bank neel kashkari for his perspective. plus we're starting to see the seasonal impact on covid cases, lead something states to encourage booster shots for all adults. we'll check in with former f.d.a. commissioner dr. scott gottlieb. and we'll talk with colorado governor jared polis, whose state isiest of wrestling with a new surge of infections. >> one in 48 of every coloradans are infected and contagious with covid-19. >> brennan: finally we'll ask world bank president david malpass about fighting inflation. will wealthy countries fulfill their broken promise to help inpolice officerrished nations to cope with a hotter planet. it's all just ahead on "face the nation." >> brennan: good morning, and welcome to "face the nation." progress in our slow march back to normal seems to be a continuing series of starts and stops, and there's a lot of confusion about where we are headed. most sundays, we start the broadcast with a look at what's going on that you need to know. and today's no exception, but one thing that's differen

, are we think that they're in violation, violation of their bank, just the whole been just a company. they order shipping the federal reserve requires bank holding companies like just safety. morgan, morgan, morgan, not to own physical. all energy that's. that's we've exposed scandal which for j peoples for good. in fact, in fact, up control about it or does it more power and more quiet and more than evil in a monopoly? not, not, not, not, not, not electric, out. the bed is a sleeping switch out an awful lot of how they want. they want and work from greater accountability, great and greater elation or energy mark. right. i mean, that seems to be a great focus of the effort. i mean, i mean, you can't build an economy, you can't build a house, you can't build a half if everybody building the house. the 3rd yardstick, separate measuring tool to try to figure out. but i build that house. you can have an economy. if you've got everybody in the ready ready to get the story and buying different standards and of of the law right, there is clearly and reinterpret taishan per statutory law. going up going up, going up by various regu

and we begin today with this announcement to keep things as they are with the federal reserve bank. yes, president biden is set to nominate federal reserve chairman jerome pal to a 2nd term to lead the central bank. so let's break down exactly where things stand at this point because keep in mind it is the fed policy of printing u. s. currency non stop and without concern for impact of the economy, that may be the biggest single contributor to skyrocketing and inflation, inflation that is not transitory and it is here to stay. so here's the statement from the white house quote, if we want to continue to build on the economics success of this year, we need stability and independence at the federal reserve. and i have full confidence after their trial by fire over the last 20 months. that chairman powers and dr brainer will provide the strong leadership at our country needs. this was a statement from president biden on monday. so let's break down exactly what this means because it means a lot and who better to talk to them? former fed insider, yelled b martino booth. danielle, thanks f

and we begin today with this announcement to keep things as they are with the federal reserve bank. yes, president biden is set to nominate federal, reserved chairman jerome pal, to a 2nd term to lead the central bank. so let's break down exactly where things stand at this point, because keep in mind it is the fen policy of printing u. s. currency nonstop. and without concern for impact of the economy, that may be the biggest.

the bank of england unchanged that near 0 european central bank unchanged, that near 0 federal reserve bank of america unchanged, that near 0. that's the latest that moves, or lack of lives by these 3 major central banks, that some would argue, control the global economy for the most part because they have the greatest reach. they've got the greatest military strength, the greatest influence post world war 2. and they all are talking about raising rates at some point, the future as they've been saying that for 20 years. but the baseline fact is that you cannot taper a ponzi scheme, right? the money printing is the base layer for this huge permit scheme. that now is spilling over into the hyper inflationary collapse of the.

and we begin today with this announcement to keep things as they are with the federal reserve bank. yes, president biden is set to nominate federal reserve chairman jerome pal to a 2nd term to lead the central bank. so let's break down exactly where things stand at this point because keep in mind it is the fed policy of printing u. s. currency non stop and without concern for impact of the economy, that may be the biggest single contributor to skyrocketing in inflation, inflation that is not transitory and it is here to stay. so here's the statement from the white house quote, if we want to continue to build on the economics success of this year, we need stability and independence at the federal reserve. and i have full confidence after their trial by fire over the last 20 months. that chairman powers and dr brainer will provide the strong leadership that our country needs. this was a statement from president biden on monday. so let's break down exactly what this means because it means a lot and who better to talk to them. former fed insider danielle dee martino booth . daniel, thank

he was also previously president and chief executive officer of the federal reserve bank of kansas cityl be? it’s nomination will be? it's difficult _ nomination will be? it's difficult to _ nomination will be? it's difficult to know - nomination will be? it�*s difficult to know given the amount of time that has elapsed, but the still favoured party of those two isjerome powell, and that is most likely the outcome, but as you said in your earlier comments, there is still a contender in that, and as you think about this, both jerome powell and lael brainard, from a monetary policy point of view are not that different from one another at all, both would be reasonably accommodating of monetary policy, slow to withdraw the stimulus that the federal reserve has put in where i think the difference has come is in the regulatory side, wherejerome powell is seen by most as being more prone financial industry or less regulatory impositions on the financial industry, especially wall street whereas lael brainard would be less accommodating if you will, for the banking and finance regulatory framewo

aaron heslehurst has been speaking to the former governor of the reserve bank of india, raghuram rajan? i'm saying transitory could be quite long, given the state of supply chains across the world, but once it's long enough, it becomes more permanent because people expect higher inflation. given that they expect higher inflation they ask for a higher wages, sean's wage bill goes up and he has to pass it on to higher prices and that becomes a spiral which become self—sustaining regardless of the initial cost which was a supply chain snafus and high demand. so what is that time period? that is the trillion dollar question. i think it's basically when people get used to higher inflation. they have spent ten years without worrying about inflation after the global financial crisis, it's been very low but over the past few months they have seen everything go up including your starbucks coffee. president biden and his administration say the current price rises are all down to the pandemic. do you agree with that? yes, certainly it's how we are reacting to the pandemic that is exacerbating the

bank of england unchanged that near 0, near a p and central bank, unchanged at near 0 federal reserve bank of america unchanged at near 0. that's the latest moves, or lack of lives by these 3 major central banks that some would argue, control the global economy for the most part because they have the greatest reach. they've got the greatest military strength, the greatest influence post world war 2. and they all are talking about raising rates at some point, the future as they've been saying that for 20 years. but the baseline fact is that you cannot taper a ponzi scheme, right? the money printing is the base layer for this huge permit scheme. that now is spilling over into a hyper inflationary collapse of the viet monies against assets and particularly against big coin. but we're at, we're now in the crack up boom phase. that was articulated by economist hyman minsky. and this is exactly why mar germany where people are fleeing the fee of money into assets like stocks for the time being as an escape and the, the result very quickly. now, as we've been predicting now for at least 5 or 6 ye

matt: when do we get central-bank digital coin from the federal reserve? has already happened. $130 billion now tracking the dollar. what the fed will do, what the government will do. they will regulate it like they do banks. white mess up this awesome technology? in crypto dollars you can transact 24/7 and earn interest like euro dollars. it is just like how the euro-dollar got started. matt: i got excited for a second because when i saw the story about amazon trying to throw out visa credit cards, i thought why don't they have their own point? then we can just buy and sell stuff on amazon with amazon crypto. is that going to happen? are we going to start seeing big companies make their own crypto? mike: what is happened with visa and mastercard is unique. they are not gravitating towards stable coins because it is a much easier way to transact. using bitcoin in crypto to buy things does not make sense to me , but is helping facilitate the dollar which is still the world's best way to transact and transmit. you just do not want to hold it long-term becaus

we just heard from the reserve bank of new zealand and we will hear more about those remarks in a moment. nikkei futures in positive territory. we will have tokyo cpi numbers out a little later on. the middle east is looking higher by 1/10 of 1%. u.s. markets are closed today. they will reopen on friday u.s. time. in terms of what's going on in the u.s., we have been closely watching the fed. it took a hawkish turn according to the minutes of its last meeting. now we have goldman economists raising their expectations around the taper. they see it speeding up. then rates start rising possibly as early as may. then a couple of hikes and september and december as well. yvonne: it is interesting this turn after what we saw this week. it signaled that more fed officials are on board when it comes to the faster taper. we heard from one earlier this week, the san francisco fed president. how do you express this in the markets? we see the yields ticking up. look at what we are seeing on the bloomberg dollar index. we still trading around 16 month highs. we are on track for a fifth week of gains

of the expansion policies that a bunch of barrels that a bunch of central bags in the federal reserve bank of england and others put in place in the last 20 months. inflation has a hit and backs and effects every one, but it actually hits the poor and people on fixed incomes, worst of all. and additionally, inflation makes it difficult for businesses to efficiently profitably offer goods and services to people. it's very serious, it's perfectly predictable unless you're a politician. that if you treat the global economy like a light switch and attempt to turn an offer out, well, even in the face or pandemic, some businesses, some industries will take much longer to recover it and others. and also it's logical that if the supply of money is increased by huge amount is small amount of time. that extra money is going to change the same number of goods and services or the economy originally drive prices up. and all of this is essentially one of the 1st plane taking migrants back to iraq from bell ruse has landed in baghdad. according to the rocky diplomat more than 400 people have officially r

jamie diamond and goldman sachs, those folks are in the and the bank of england and the federal reserve bank are allowed to commit fraud with impunity then don't expect anyone in society to behave within the legal system. while this is kind of within the legal system of california, which is der justifying this, limiting through their moral code and their legal code. in that if you still under a $1000.00 worth of goods, they're not going to prosecute you. so of course it invites that to happen. but the other interesting thing is that, you know, in the united states as, as hyper partisanship that has emerged, you could see how this benefits the california incorporations. this situation. because it's driving out c, v. s is driving out retailers like best buy from those states who is benefiting as the likes of amazon. huge online silicon valley retail giants like e bay. so it's actually benefiting san francisco based tech giant. best buy shares, plunge on margin pressures organized, retail crime, a look at the organized retail crime in the u. s. and how e commerce turned it into a big business.

of the expansion policies that a bunch of barrows that a bunch of central bags in the federal reserve bank of england and others put in place of the last 20 months inflation is a hit backs, invest shabby one, but it actually, it hits the poor and people on fixed incomes, worst of all. and additionally, inflation makes it difficult for businesses to efficiently and properly offer goods and services to people. it's very serious. it's perfectly predictable unless you're a politician, that if you treat the global economy like light switch and attempt to turn an offer on it, well, even in the face or pandemic, some businesses, some industries will take much longer to recover and others. and also it's logical that if the supply of money is increased by a huge amount is small amount of time, that extra money is going to change the same number of goods and services over the economy originally drive prices up. and all of this is essentially economics, 11, there's the headlines for this our stage units when use use shoes coming away in a few moments time. we're back in often. now, with the latest jo

the reserve bank of australia has bowed some would say to market pressure, signaling they are open to raising rates earlier. i have a problem with this guidance. in the words of the rba, conditions may take some time. and get the have abandoned yield curve controls. how close are we to rate hikes? the markets is 175 basis points next year. -- the market says 175 basis points next year. where are you? >> nowhere close. there has been a complete overreaction to the markets in australia. throughout the conference, they stressed time and again it is all about wage growth and there is no wage growth in australia. he talked down concerns about core inflation. he is quite sanguine about the supply chain crunch story. a lot of that can be ironed out as people move from buying goods to buying services. there is a headline that they moved away from yield curve control, but recovery is well underway. they are focusing on getting wage growth. raising interest rates would be counterproductive. there will not be a rate hike until 2023 at the earliest. >> interesting you have april 2024 bonds back o