rob kaplan says that rate hike would come next year.ll be interesting to hear a discussion between those two. we are going to be waiting for who is in that when people did to camp, who is in the 2023 camp, who says not until 2024. shery: tons of fed speak coming up and you will break it down for us. kathleen hays there. we will get more on the economic outlook for asia later. this as we continue to see this rotation following [inaudible] coming up, we also hear from anthony tan about his experience living his family's business and why he still sees untapped potential in southeast asia. this is bloomberg. ♪ shery: this week, we are focusing on anthony tan. before he founded the ubiquitous southeast asian ride-hailing and delivery app, he could have had it easy. he is the son of a prominent businessman and his grandfather founded one of the largest auto companies, but instead of following in their footsteps, he chose his own path. armed with an mba from harvard, he joined the tech revolution, he cofounded grab, moved to singapore, and tur

jim bullard and rob kaplan, st.ed and dallas fed, they have been big proponents of maybe not, maybe inflation will be higher. jim bullard repeating that again. people going to work will spend a lot more money that will boost inflation. the former new york president bill dudley on bloomberg tv today, exclusive interview, said above all, especially when it comes to tapering, the fed is going to be patient. here is what he said. >> the fed is not going to stop their asset purchases quickly, probably going to continue into the fall. the balance sheet will continue to grow. reserves will continue to grow. then when it finally decides to normalize its balance sheet, the balance sheet it will take a long time to get it back to the reserves we had prior to the pandemic. yvonne: certainly, we will be looking more into that. our global economics and policy editor kathleen hays. let's get the first word news with vonnie quinn in new york. vonnie: the peso rallied after mexico unexpectedly raised rates for the first time since

>> deputy city attorney rob kaplan. i think you can approve this motion. it's probably best just to give that feedback directly and evaluate the process as it comesback . i don't know if it's right for amotion at this point . >> process question then. will we be able to look at the process before it starts to be enacted? i don't know if that's the best for you or not. >> absolutely, i would be happy to come back to the commission and say this is what we're goingback to the board of supervisors with . correct me if i'm wrong, is that your understanding? we need to be able to wait in before we send it back there . >> yes, that would bemy understanding . >> i don't know if isaid that . >> i think the spirit of what i'mlooking for is clear . it's the next meeting, then we can do that. >> is there any other commissionerswho would like to weigh in . >> is that me? what is that? >> go ahead. >> you got some surround sound overthere . obviously this is not a motion but isecond the spirit .it's important that we figure out the b

kathleen: rob kaplan saying we have to treat this like risk management, upside risk, downside risk, but given where inflation is, the chances are that we are going to have to move sooner rather than later. shery: we also heard from ray dalio. what did he say? kathleen: one of the world's most successful hedge fund managers. his concern is that the fed is going to have to move and it's very definitely going to possibly roil the bond market a bit. >> you saw the reaction in the markets when the fed talked about tightening. i don't think they can tighten a lot without having a big negative effect. kathleen: mnuchin said there is no doubt they need to start normalizing policy on rates and bond purchases. question is how quickly they do it and how the effort to control it will affect the markets, haidi. haidi: what are we expected to hear from the fed chair in his testimony? kathleen: we got the prepared testimony. he is speaking on the fed's cobit response and the main takeaway for anybody trying to figure out this inflation question is he said inflation has notably increased in recent mont