deputy treasury secretary. it is a tough time for governments worldwide to try to calculate what to do next as the situation in ukraine overnight, for many governments, escalates, and that war intensifies. crude, $111.25. it is called an energy carveout. this is bloomberg. ♪ ♪ chair powell: i would be recommending and supporting a one quarter of 1% increase at our march meeting. if we see inflation behaving in ways not consistent with that, we are prepared to raise by more than that amount in a meeting or meetings. jonathan: chairman powell on the path ahead. it is payrolls friday. the number about 12 minutes away. futures down 0.9% on the s&p, the nasdaq down 0.8%. yields lower by five basis points, 1.78 70% on tens. crude, $111. tom: you mentioned it to the deputy secretary, and it is still a shock to hear that. that is where we are. all of these numbers on the bloomberg are a shock. jonathan: the effort to try and insulate the energy market, with these unintended consequences of all of this, you are at a poi

treasury does policy. >> you do have the ability through treasury because you're the implementers to influence how treasury is going to end this . i have talked had discussions, have you talk to treasury about this? >> i think you do. you're the wimplementer of this andyou're the ones who triggerwhether they're going to be audits of individuals with this . this is not a laughing matter . we have locked in a lot of economic development. a lot of tax base because of this rule. >> i am very familiar and i have offered to sit with you anytime after this hearing. i will make the afternoon available and canceled meetings, i'll bringing our people . we don't influence treasury and tax policy. that is the exclusive arena of treasury tax administrative agency that follows the law. you will get my as i think we said here non-commissioner help because i can make comments as the non-commissioner . i cannot make those comments as commissioner. i think you do understand. i think everybody should be treated fairly and that the core of any residency issue is the bona fides of the residency and i'm f

how treasury is going to enact this. >> have you talked to the people at treasury? >> i have had discussions and do you have the-- i don't have the ability to influence treasury. >> i think you do. you're the ones who trigger whether there will be audits with people. this is not a laughing matter. we have lost a lot of economic development, a lot of tax base because of this rule. >> i am very familiar and i have offered to sit with you at any time after this hearing, i have-- i'll make the afternoon available, i'll cancel meetings and bring in our people, but we don't influence treasury on tax policy. that's the exclusive arena of treasury. we are a tax administration agency that follows the law. you will get my-- as i think i said here, noncommissioner help because i can make comments as a non-commissioner. i cannot make those comments as a commissioner. i think you do understand. i think everybody should be treated fairly and at the core of any residency issue is the bona fides of the residency and i'm familiar with people who abuse that relationship, and we have

house treasury or how they are going today next this i talked to treasury have you. [inaudible]. >> i think you do and you're the one to trigger whether there will be this with individuals with this, we have. [inaudible]. a lot of tax base to be because of this rule. >> i am very familiar and i have offered to sit with you anytime out of his hearing i will make the afternoon available cancel meetings on regular people but we do not influence treasury policy, that is exclusive it arraignment of the treasury and past agency that follows the law and you will get and as i think i said here, on commissioner, because i can to make comments in it as a non- commissioner but i cannot make those comes as a commissioner and thank you when you understand and i think that everybody should be treated fairly at the core is a bona fide of the residency and i am familiar with those who abuse that relationship and we have similar situations going on with respect to puerto rico and 700 situation between the seas coming from california, thoroughly familiar with the people who arguing th

department of treasury. so where do we stand?and with unsecured foreign obligations of severstal amounting to roughly 16% of all of that debt outstanding. basically, if there was a default and foreign creditors had to seize the underlying assets, the offshore assets only amount to 16% of those bonds outstanding, so to creditors one this company to default? they work with this company to prevent a default, and severstal basically appealed to creditors yesterday, saying please go to citigroup and force them to accept the payment so you guys can get paid so we can avoid this default. pretty unprecedented. tom: does the united states say to jane fraser, no, you can't do that? damian: we are making this up as we go along, and so on my. i really don't have an answer for that. tom: full-scale amateur hour. amateurs. saas our -- sassower, grizzled pro. does this intimate the hague -- does this end up in the hague? what does that mean, what i just said? damian: this is not about the hague. this is about the new york convention. companies

this is a classic cautionary treasury budget— is a classic cautionary treasury budget that we have seent that we have seen because we know there is a cost of living crisis — know there is a cost of living crisis and _ know there is a cost of living crisis and inflation is increasing and some — crisis and inflation is increasing and some of the numbers from the budget— and some of the numbers from the budget of— and some of the numbers from the budget of responsibility, which sets out the _ budget of responsibility, which sets out the economic picture for the next _ out the economic picture for the next couple of years are truly terrifying _ next couple of years are truly terrifying and in a worst—case scenario, they suggest that today inflation — scenario, they suggest that today inflation could hit 10% and could be sustained _ inflation could hit 10% and could be sustained for quite some period of time, _ sustained for quite some period of time, if— sustained for quite some period of time, if the — sustained for quite some period of time, if the energy crisis continues and is _ time, i

there is that selloff in treasury. treasuries are already under pressure with the block cells.tty steady session. new york food pushing hard for a third day. the? could be one that continues to bolo. take a look at that energy. this is the weak or slow we were seeing since september of 2020. we saw the big move in the tenure. these are levels we had not seen since 2018. we are watching the yield levels around asia. take a look at some breaking news crossing the bloomberg. we talked a lot about whether these big tech names in china have found a bottom. we saw that they announced this $15 billion share buyback program. alibaba announcing a $25 billion share buyback. that is an 8.9% portion and that reason buyback authorization was for less than that amount in august of 2021. continuing to be hammered by these regulatory concerns. that share price is down about 13% this year. we have seen cells missing estimates in recent times. the cloud business is also starting to ease. all of that has been weighing on that share price. this is the buyback for its shares. >> it cannot hurt. let

and treasury, on the other sativa wall, treasuries deciding what the issue. the issue long, short, in the middle that is what they do. but basically that will have an effect on the yield curve and financial decisions, but those are decisions treasury makes. we want to decide a path for the balance sheet then want to let it go in the background and have the interest rate tool leading to meeting be the active policy tool. i hope that is responsive. sen. moran: and what is the different consequence between altering the balance sheet and altering interest rates? mr. powell: for the yield curve you mean? sen. moran: what happens to the economy as a result of doing one or the other, or is there a reason to -- what is the reason to do them together? mr. powell: we use the tools, when we are using them actively, cutting interest rates and buying longer-term assets, we are trying to provide support for the economy. the interest rates affect shorter-term rates or than longer-term rates. quantitative eating -- quantitative easing affects longer-term rates, and that is i

so, john, while you were the _ treasury. so, john, while you were the boss _ treasury., - treasury. so, john, while you were the boss of bp, you - were the boss of bp, you expanded operations in russia. and you certainly had very close ties to the russian energy sector. in the subsequent years. do you regret that nowadays, looking at the devastation we are seeing unfolding in ukraine? i think context changes _ unfolding in ukraine? i think context changes everything l unfolding in ukraine? i think. context changes everything but while we were doing it, i absolutely didn't object to it. i supported it, absolutely didn't object to it. isupported it, i absolutely didn't object to it. i supported it, i thought it was very important, and the reason it was important was it both brought oil and gas to the world and, at that time, that was the thing that drove the development of the world, right across the board. very important, better standard of living. and of course, it was where there was reciprocity, you know? bp was bringing managerial content, technical content organisat

liang: the illicit finance issues are of serious concern to treasury. treasury has been leading the work in the financial action task force, as you mentioned. they are continuing to work on this. as i understand, implementation of standards >> is not even across >> jurisdictions. there are concerns about lack of implementation, consistency in some and they are working on that, those issues specifically. i think certainly my colleagues would be happy to follow-up with you if you had additional questions. >> i would like to. what are treasury's priorities over the next six months to increase that implementation? sec. liang: they are leading the financial action task force and focused specifically on implementation especially exchanges that are operating in some large jurisdiction. i imagine the broader administration effort, digital assets is ongoing and i understand there will be more details announced in the next few weeks, so that can also provide additional information. again, we would be happy to follow-up with you on that. >> let me close by saying

the treasury. he _ may be he seeks more money from the treasury, he makes it clear he got a good _ treasury revisit it needed — johnson said he would revisit it needed a— johnson said he would revisit it needed. �* ., johnson said he would revisit it needed. . ., ., , ., needed. a final thought, it is all ve well needed. a final thought, it is all very well spending _ needed. a final thought, it is all very well spending on _ needed. a final thought, it is all| very well spending on bolstering needed. a final thought, it is all- very well spending on bolstering the defence and security but it is a time a lot of countries are still paying the cost of the pandemic and taking the economic kit of that. public finances will come under strain and this is not a happy time for chancellors and treasury secretaries around the world but what this government and every government and the west as to adapt and respond to crises over the last couple of years, the challenge here is ben wallace has talked about what he says is a good defence funding settlement, it was not really britain was never a large spe

treasury secretary larry summers. our next guest says the u.s.conomy may decelerate further than anticipated. he is a senior investment strategist at all spring global investments. larry said that even after jay powell got on board with the rate hike, that has definitely made it clear that they are all in favor of a rate hike at each meeting this year. yet the stock market says and people say this, the fed says the economy is going to be fine. so we can buy stocks. >> it seems like the fed is trying to match market expectations as opposed to manage expectations. that's the feeling i got from the press conference and speeches from jay powell. one of the big issues is it marks there growth outlook for this year particularly due to the situation in russia and ukraine. that's probably not the big explanatory variable behind the downshift from 5% growth to 2.5% growth. more of it is probably due to this increase in interest rates, renewable accommodation. it's not just the level of rates, is the rate of change. if they suddenly go 50 basis points here

but we don't influence treasury policy. that is exclusive partt of treasury.e are attacks administrative agency that follows the law. non- commissioner help because i can make comments as a non- commissioner i cannot make those as a a commissioner. you think everybody should be treated fairly and at the core of any residency issue is a bona fide of the residency. we are similar situations between like the chairwoman are familiar those who argue mindfully with the residency issue and more than willing to sitt with you to give you my 36 your private life but the approach ultimately has to be treasury. >> i understand who has authority over and i would post you that you do have more influence than you think. thank you very much i'll take up on the offer. >> i yield back. >> i have my cell phone. . >> that's chair recognizes mr. murphy. >> i thank you for coming out today. it's obvious there is a herculean effort to get a handle over the pandemic. and as those who have handcuffed not only with the american people in dealing with this. the irs obviously is a point

treasury department. this is bloomberg. ♪ this is bloomberg. ♪ >> the economy is very strong. 2.8% is strong economic growth. we do feel the economy is very strong and well-positioned to withstand tighter monetary policy, and against the backdrop of an extremely tight labor market and high inflation, the committee anticipates that ongoing increases in the target range will be appropriate. every meeting is a live meeting, and we are going to be looking at evolving conditions. really what we are looking for is month by month inflation coming down, and the probability of a recession within the next year is not particularly elevated. we believe our policy is the appropriate one for this forecast and we believe we can bring down inflation. it might take longer than we like but i am confident we can use our tools to bring inflation down. if we do conclude it would be appropriate to move more quickly to remove accommodation, then we will do so. shery: fed chair jerome powell signaling more rate hikes to come and

take a look at what's going to happen with that treasury complex, treasury trade if you will >> yieldsd up a little too far, too quickly, if you will if you look, we're back down toward prior lows. this makes a lot of sense for portfolio managers to add to that as they've moved up 2% on the ten-year treasury up 2.3. this, of course, is the 20-year treasury bond etf tlt this is a way for investors to alleviate some of the equitable volatility prices have pulled back near former lows. i think that overhead for yields is going to prove minimal and it's going to be right to consider buying dips on the recent pullback. >> interesting, mark i hear a lot more chatter that 2.2% ten-year yields is attractive we'll see what happens mark newton of fundstrat thank you, sir. >> thank you. >>> ahead, russistdsa an to default ahead of the deadline. our leslie picker has those details coming up next [sfx: street ambience] ♪ ["fly me to the moon"] ♪ ♪ ♪ imagine a community where millions share ideas and trade stocks, crypto and beyond. to the moon? in other words... etoro.the power of social investing.

the route and treasury deepens. we will speak with kathy jones on whether a recession may be in the future. plus st. louis fed president agrees with tightening monetary policy quickly, saying when it comes to hiking, faster is better. we have an exclusive area. prime minister trudeau announces an agreement that could keep his party in power until 20 to any five. we will discuss the economic impact of the deal. all that and more coming up. jon: let's get a quick look at the major averages. we have some green on the equity screen. all firmly in positive territory. we've seen a willingness on the part of investors to keep nibbling on some of those hard-hit technology stocks. oil pulling back a little bit which might be inviting some investors into the marketplace. financials arguing a second look from investors, but worries in the bond market and fears and what that could mean for the economy, that gets us to the what it's worth charting today. the federal reserve and jay powell is pushing ahead with the idea that ther

it's not something that treasury pursues. when things like this have happened, you have for example leaks like papers and those documents ended up unleashing and exposing individuals involved in shady financial transactions. you may end up having something like that. if an american person is involved, it's not usually the treasury department that handles it if that's falling into law enforcement, the department of justice. >> oh, god. >> and the fbi and what they do is more money laundering, these are against u.s. law so it's a legal procedure that ends uptaking place after that. >> and right back to the doj that won't even prosecute donald trump and that's another conversation. i guess, the last question would be let's say that one of these oligarchs has lots of yachts or property that gets seized in this process, what does the treasury deputy do? do they sell it? does it go into the american coffers? happens to the propertys? >> owe, the seizure of any kind of criminal asset goes to a slush fund for future law enforcement a

treasury futures are retreating at the open in asia on the back of u.s.y contracts advancing, traders positioning for the expected rate hike this week. in new zealand, equity features negative, the kiwi could climb above recent high, eco data expected to bolster the expectation for rbnz to become even more hawkish. s&p futures pretty positive, while we are also seeing treasury futures retreating at the open as well after losing 1.5% last week. our next guest from ubs recently downgraded agent equities, saying near term risk reward as deteriorated. joining us now is adrian zuercher. rate you have you with us as always. when you look at the prism of inflationary pressures, commodities and oil, who are the winners and who are you rebalancing away from when it comes to asia? >> in general, we are less positive on equities, higher inflation will have an impact on earnings growth. the supply shock we have seen on the commodity side will weigh on global growth and of course impact asia growth. we are shifting a bit more. with idiosyncratic factors at play. we up

treasury selloff, reaching historic levels. the 20 year auction really attracting a lot of bidders to come in and pick up this option for the cheapest level in about a year. we saw the 20 year sale and that led the treasury rally in the long end. we are seeing some stabilization when it comes to asian sovereign training at the moment. australian 10-year is holding pretty steady at just over 2.7 percent at the moment. we are seeing a similar picture when it comes to new zealand. 10-year gilts also trading at 0.466 at the moment. we also see the currency side, and low-price action when it comes to these commodities like the aussie and the kiwi dollars as well. kathleen: let us bring in the portfolio manager at matthews asia. i am thinking about bonds and what i want to ask you and it is this. the two year yield was up 145 basis points. it was a huge move over the course of the quarter. you could not see anything like that unless you go back to 1984. something the fed has done, they are saying that they might do seven more. or eig

so it's clearly not the case that this treasury and thisj chancellor aren'ti willing to step in.at he'sjust had - the pandemic, still borrowing. a huge amount, and the national debt is a lot, lot higher- than it was, and he is a very focused on the fact - that he needs to try and get that under control. look, of course, i think- we all wish there was more money available to help with the cost of living. i we know that particularly these energy prices and food price - increases are going to cause real hardship, and sadly it's| only going to get worse over the course of the year. - but no government can totally insulate all of us from these . global energy prices. it's something that - unfortunately is making all of us poorer. they can do what they can, but there isn't this sort - | of endless pot of money to say, ok, energy prices are going up, we are basically going to take j the entire hit to the taxpayer. sadly it isn't realistic. no one's saying that, but i think the two things i would say is, you know, i don't think we're out of the crisis yet. i think the cost of living cris

the tricky thing then is, if you're in the treasury, you think, you funded a tax cut and it does noty, it cost you money, but it does not really get you anywhere politically. and you have given away what might have been your big election giveaway, so you already promised that income tax cut in the elections, so what are you going to promise next? voters do notjust go, oh, thank you so much for what you have already promised me, it is what is next, what is next? and of course, don't forget, rishi sunak has got a next—door neighbour who is quite fond of getting him to write big checks for big projects, the grand ideas... and there is a philosophical difference now, it would appear. so, a rishi sunak budget and there are going to be people in the tory party who might quietly have a little bit of schadenfreude, might be quite happy that sort of rishi sunak image might have taken a little bit of a knock. maybe even some people in number 10. because it was a rishi sunak budget, this was not a borisjohnson budget and we are in relationship, probably a more traditional number io — numberii r

to speak to the treasury, this is not the biggest _ the treasury, this is not the biggest fiscal eventve a better idea exactly of what the global energy price exactly of what the global energy brice out — exactly of what the global energy price out looks like and by then, they— price out looks like and by then, they may— price out looks like and by then, they may be some changes and so, they may be some changes and so, they will— they may be some changes and so, they will be — they may be some changes and so, they will be over the signal and they— they will be over the signal and they may— they will be over the signal and they may be able to start easing off a little _ they may be able to start easing off a little bit _ they may be able to start easing off a little bit then but certainly, it looks _ a little bit then but certainly, it looks like — a little bit then but certainly, it looks like whatever mitigations there _ looks like whatever mitigations there are, it's going to be a pretty painful— there are, it's going to be a pretty painful in— there are, it's going to be a pretty pa

debt. 10-year treasury yield rising seven basis points to 1.9183%. oil down almost 10%, decimated. there's been some incredible moves to the upside recently, so still at an eye-poppingly high level. you can see bitcoin up almost 10% as well, 42,280 599 dollars after the executive order giving some much needed regulation to the industry. something, i i today that also shows the return of investor -- something that caught my eye today that also shows the return of investor appetite for risk. $90 billion for what could be one of the largest bond offerings ever, selling $30 billion worth in an 11 tranche sale, the longest duration being 40 years. definitely a risk on situation in the equities market. we are seeing that bid for other assets as well but you can tell investors are looking for places to put their cash and they see at&t and discovery as a safe place to do that. for more insight on the credit market that has been before this shaken by russia's war, let's bring in winnie cisar, who provides analysis of credit risk as global head of credit strategy for creditsights, an award-w

yields on the shorter end of treasuries jumping to multi-year highs. it's happening faster than longer term yields, fueling a debate about whether the bond marking is about to signal a recession. joining us, brian deese from the white house. great to have you back on the show welcome. >> happy to be here. >> so you're an economist. you follow the yield curve fed chair powell played it down yesterday. are you worried about recession signals? >> well, when we look at the strength of the economy, we try to look at indicators across the board. and i think one of the striking things about the economy right now is the resilience of the american consumer and demand we're seeing that in data over the course of the month, and so we continue to believe that we have got a resilient economy with a very strong labor market and with a consumer that is continuing to sustain and has continued to sustain through a number of shocks and changes as we have come through this recovery so that's our assessment as we sit today. obviously, there are risks and uncertainties loo

_ out money on the further scheme and the treasury is in the bottomless pit. the treasury is in theut more can be done and to mitigate this criticism and there could _ mitigate this criticism and there could be — mitigate this criticism and there could be a — mitigate this criticism and there could be a tonsil at the met council tax cut _ could be a tonsil at the met council tax cut it — —— council — — council tax —— council tax cut. -- council tax cut. we will see what ha--ens -- council tax cut. we will see what happens of — -- council tax cut. we will see what happens of the _ -- council tax cut. we will see what happens of the front _ -- council tax cut. we will see what happens of the front page _ -- council tax cut. we will see what happens of the front page of - -- council tax cut. we will see what happens of the front page of the - happens of the front page of the daily mail now. mail — william: i�*ll end royal era of �*never explain�*. referring to the pr approach of the royal family which is referring to the pr approach of the royalfamily which is never complained never ex

although not directly linked to the treasury secretaryof monetary policy.t stocks those shares gained heavily on some fresh optimism that legislators at the federal level are making some progress on a federal legalization effort for marijuana cannabis products. that made big gains for till ray and others yesterday it's following a 14% gain, so keep an eye on that industry and also watching what's happening with some of the electric vehicle makers out there the one headlining is the big electric vehicle maker out of china. it came out with an earnings report, a quarterly report generally okay the loss per share was in line with estimates revenues were actually better than expected, but its current quarter revenue and delivery forecast fell shy of estimates that's the reason why those shares are weaker, down by about 4% for those u.s. listed shares in premarket trade nickel has got a bit of positive momentum after this week's news it confirmed it's building its first electric vehicle commercial truck but others that are relatively kind of calm and trading tod

treasury curve and burning? >> we are watching treasury futures right now, the trading session given that we have the to go the inverting briefly for the first time since 2019 and this follows the inverting yesterday for the first time since 2006. all this coming at a time or are seeing u.s. stocks gaining around a fourth session in new york, futures are under a little bit of pressure in the early session in asia. we are seeing a rebound to $106 a barrel after it fell in the new york session. given the expectations, we could see a cease-fire of those ukraine negotiations. haidi: that adds to the cautious optimism, china since it will cut back on some military operations near the capital of kyiv -- russia says it will cut back on some military operations near the capital of kyiv. president biden is taking a wait and see approach. >> i do not read anything into it until i see what their actions are. we are going to continue to keep strong sanctions and keep providing the ukrainian military with their capacity to d

treasury marker. -- market. where people relying on? >> equity prices are up. he thinks 50 at the next meeting and 50 in the meeting after that, then 50 again and again. >> we also did colby smith over the weekend. >> they need higher rates. higher than they think. that is the bottom line from citigroup. nothing controversial about it. this is what they're saying. to -- to constrain was happening at the moment, you need to get rates higher. if you are going to go 50 at the next meeting, why would you not do it again and again? >> which is back to our question, how can stocks remain so resilient? >> that's the show this week, isn't it? equities down. >> friday, really? >> down about .25%. -- 0.25%. >> for all the wrong reasons, not necessarily because people are optimistic about a resolution of the conflict, but because amid all this, china is shutting down parts of shanghai we will get to that later separately in the show. we have a list of guests. can they tell us how concerned the fed is about that curve? you did see it invert, for the first time going back t

just read the treasury department sanctions review or the u.n. reports on sanctions compliance we know that many crypto exchanges and wallets are not collecting information about the identities of their customers, are not screening their platforms for illicit activity and are not reporting sanctions violations heck, this is how north korea has been able to move money around and finance its illegal missile programs here is the thing, the whole point of crypto is that it allows someone to conduct financial transactions without having to go through the traditional banking system or traditional financial intermediaries right now millions of transactions are taking place that are completely unregulated with no one verifying who gets what and that means that while sanctions can make it very difficult for russian companies, political leaders and billionaires to move money around in the traditional financial system, there is another shadow unregulated world that they can turn to. crypto poses a variety of threats to financial stability, to investor prote

treasury market. up to two and a quarter percent quite soon. changing the narrative on the bond market. the question is whether you explode higher on the risk. 6.4 rate hikes. jp morgan are brave, they are shorting inflation on the five-year. they might be calling the peak. dani: sometimes you have to be brave. markets who may have been brave pricing in the ecb, the fed pulling back because of the start of the war, they were caught off sides. we are seven basis points near the peak of when the ecb had the hawkish pivot. say they are on the same path as december and february, despite the material change. this is yet again another repricing. manus: absolutely. quick snapshot of risks. lack of development in diplomacy. the heat out of the relief on whether the rally in european equity markets in two years. brent down 8%. gold has come back from the $2000 mark level. gold at 1983. oil down. abating a moment because of no progression at the moment of europe's closing its doors to russian oil. the full of gases -- the flow of gas is there. the renewe

it was all about the treasury space.e saw yields job and the curve flattening, talking about the 530 really dropping to the lowest level since 2018. >> we are seeing asian equity futures sword. -- soaring. it feels like fed chair struck the balance reassuring on the outlook for the economy. this is what we are seeing when it comes to new zealand. trading is underway. the economy bounced in the fourth quarter according to the latest numbers in the final three months of 2021 from the contraction and lockdown in auckland. gdp is rising 3% from the third quarter. we are seeing upside sentiment when it comes to equities trading. the 10 year yield is steady. sidney futures are pointing to a strong start to the open this thursday. this is a session we will be watching when it comes to australian bonds given they have tended to follow the price moves we have seen in treasury. when it comes to the rest of the space we are watching in asia with the lower dollar we are seeing the yen hitting a six year low on the back of the fed mo

in terms of the equity watch and what is happening in the bond market, too big treasury auctions todaytarting with the two-year, where it seemed like the tone was fairly bearish, probably not a surprise and a market where there hasn't been a lot of upside for treasuries right now. as we go through the five-year auction at 1:00 eastern, a couple more encouraging signs. a ratio experts watch closely is better than what we have seen with other auctions. we will have two wait and see whether or not there will be institutional investors who want to step up in a big way in subsequent auctions in the treasury market. matt: we saw the fives, tens inversion happen last week. we will continue to watch those curves, those inversions. let's switch to geopolitics, not that it has nothing to do with the bond market. president biden has come back to washington after wrapping up three days of high profile meetings in europe and after a fiery speech over the weekend that everyone has been talking about. joining us is daniel hamilton, senior fellow at the sais foreign poly institute at johns hopkins and

i'll also say treasuries in yerl longer term treasuries were way oversold they have been basically goinging that is a little bit of an easing of that move just makes sense right now given how far they have traveled >> 2.46 on the ten-we're tesla, best performer on the s&p, also helping out the nasdaq, up 8% on news the company is considering another stock split. tesla last split its shares in august, 2020 with us now, oppenheimer senior research analyst colin rush. it shouldn't impact the stock this much, should it, colin, to have a stock split or maybe yes because of the whole moves into etfs and index funds and potentially the dow? >> i'm not sure what it is i think it implies a bullish stance from the company that things are going well that they would consider this. the company has had a long history of trying to make the stock accessible to a wider range of investors including retail investors this is in like with what we have seen them do in the past to try to make the stock more easably ownable for some smaller investors and really make that broad investor pool available to the com

rettig: that would be a policy call for treasury. treasury handles tax policy. we follow the law. mr. hosford: i look forward to contacting treasury to follow up on that. i want solutions now. we cannot wait. my constituents are struggling to get by as it is and, yes, we have a lot of priorities, but this is one that must be addressed. mr. rettig: i'm confident the deputy secretary will meet with you. mr. hosford: i hope he will. i appreciate his leadership as well. now, turning back to the tax filing season, as my colleagues have talked about, i have two just questions i want to get on the record. one, is there someone at i.r.s. my staff can call with respect to the delays in the direct deposit issue that we're hearing about? and how is the department dividing up its resources to address the 2020 tax return backlog while also processing the incoming 2021 claims? mr. rettig: i think your staff has my cell phone and our leg affairs folks, they can reach out directly to them. also, we have friday briefings every friday at 2:00 p.m. with ken corbin who can get the direct responses fo

the yield on the 10 year treasury all the way up to 2. 37%.e further up from 4%. now this. earlier this morning ukrainian president zelenskyy addressed the italian parliament, described a distraction of mariupol and other cities and asked his audience how they would feel if rome were destroyed. this man knows how to get to an audience. he seemed exasperated. the russians are conducting a campaign of terror killing civilians and demolishing whole cities. where is the game changing military help that he needs? they are getting, because the drones but the white house said no to planes or a no fly zone. the ukrainians cannot be allowed to lose. larry putin's military is not performing well, there are food riots in moscow and he arrested two kgb men who were sent before the invasion, supposed to bribe officials to let the russians in but they kept the money and kept the russians out. the russians can't be allowed to win in the ukrainians can't be allowed to lose. president biden makes -- meet european and nato borders this week. the ball is in his

to the treasury market. we noted the moves. they have risen to a level we have not seen since the bank of japan last intervened. juliette is covering all of the action. the global bond market has begun to unwind again. juliette: certainly. we saw the yield up by some five basis points, now up by four. i level we have not seen since february 10. elsewhere what we have been seeing the cross the australian all. specific movement coming through in the two-year. when it comes to the equity market, we had the huge run coming through. it had been in the red for most of today's session, but we are seeing a turnaround in the afternoon session. you can't forget singapore. this has been the big story. a major reopening of the city state, lifting the stock market, one of the best-performing since october. i want to mention tencent. this is a major story we have been following. they did not announce a share buyback. they announced slowest profit growth on record and this has led to a number of re-ratings. is this going to be a bearish signa

work in illicit finance, started at the central intelligence agency back in 2003, and joined the treasuryepartment in 2009. i was there for eight years in all variety of sanctions related matters and spent a good chunk of the time as chief of staff senior advisor at the office of foreign assets control and treasury, which is the office to implements u.s. economic sanctions and enforces them. host: we expect an announcement from the president today concerning potential sanctions for russian oil. can you walk us through up until this point how that is formed when the white house imposes sanctions on another body? guest: so there's a whole bunch of ways it can happen. it can come top down and come from the white house in terms of trying to figure out options for solving any sort of follow -- foreign policy. or can come from the bottom up depending on where people are seeing issues, issues like organized crime, trafficking, basically at these interagency meetings that the national security council can use to get everybody around the table to discuss options for dealing with problem acts and p

the 10 year treasury yield 1.77%. better, 1921 per ounce, but coin doing better, 44,000, still is. oil doing well. $101 a barrel. natural gas on the upside. the average price for a gallon of regular gas is $3.62 up $0.09 for the week. there is california. $4.84 the average price of regular in the golden state. is the time to slap sanctions on russia's energy sector? one house democrats is absolutely. role tape. >> vladimir putin has taken a lot of body belows but now is the time to punch him in the face, time to impose energy sanctions. stuart: we've not heard that from a democrat before. interesting addition to the debate. just hours from president biden's state of the union message. i should think he should laser reversing course on energy and the economy. the won't. wet -- what does larry kudlow wants to hear? he is here after this. new poligrip power hold and seal. clinically proven to give strongest hold, plus seals out 5x more food particles. fear no food. new poligrip power hold and seal. 2021 was an exciting y

stocks rebound while the treasury well deepens and the treasury digest the fed chairs possible 50 basis point rate hike. >> crash investigators reveal the pilots failed to respond to radio calls as they boeing 37 -- 737 nosedive. it's the countries's worst air disaster in almost 30 years. >> the omicron ba.2 subvariant take hold in the u.s. causing more than one third of covid cases last week. >> let's get a quick check on wall street. how about this? stocks as inflation hedge. the new narrative as people try to explain why the s&p 500 is up in the past six days as the federal reserve suggests they can go on their most aggressive rate hike path in years. you can see the s&p 500 gained just over a point. the s&p 500 futures are closing a little bit weaker, perhaps some doubt. the nasdaq gained 10%, the s&p led by just -- consumer discretionary. and speaking of tech, look at the golden dragon index. it is up again nearly 8%. alibaba got the ball rolling. they up to their share buyback program to $25 billion overnight with china regulator saying some firms are going to have to issue new au

take a look at the treasury space. the 10 year yield down to .45% level. we have seen one key part of the curve. it was a brief inversion in the morning but you can see the recession fears being played out in the bond space. this continues to be watched as we are now trying to price in the expectations of faster, more big rate hikes coming from the federal deserve given these inflationary concerns could this coming at a time when we rca those inflationary concerns being felt across the market. haidi: and certainly in australia that is going to be a big theme as we go into federal budget day. inflationary concerns and the cost of living arising is going to be a main theme we expect the government to hit. will be watching for the consumer names that tend to enough it. -- tend to benefit. continuing to watch extended bond selloff with that inversion we saw in the u.s. the 10 year yield sitting above 2.8%. in new zealand, the equity session is looking flat in the early part of trading. we continue to watch the dollar yen as a big market story tumbling to the s

treasury secretary janet yellen will join us in her first tv interview since the start of the war inwe'll get earnings results from oracle and rivian. we'll break down rivian's quarter with an ev analyst the ceo of magic leap will tell us about the company's new push to bring augmented reality to enterprise customers, and we will check the charts on one hard-hit blue chip stock, and discuss whether it's starting to look cheap first, under 13 minutes to go here in the trading day. we're now in the "closing bell" market zone. joining us today is high tower chief investment strategist stephanie link we'll kick it off with the broader market here. stocks are lower, pulling back after yesterday's massive rally, but off the worst levels of the day. nasdaq was down more than 2% at the session low. it's down about 1%, and overall, steph, we're still tracking for a negative week. a week that was defined by a lot of wild swings very high oil prices, and then a very sharp pullback. it's hard to figure out where all of these trends go while we still have a war going on in ukraine and a lot of co

treasury and russia itself.s said you have to come to us for approval before you pay, what if they do not make it a certain time period. they said they do not have access to the bond documents they rate. it is madness. last night people were speculating russia was attempting to make payments from a blocked account to jp morgan, jp morgan realize this. it is hard for me to distinguish. i would agree the credit has not hit bondholders accounts yet. i would assume jamie dimon when not have allowed this to go through without first talking to the u.s. treasury. i have to believe the money is on the line. lisa: damian sassower, thank you for taking the time. i want to bring breaking news. the federal reserve governor christopher waller is speaking on a competing network talking about how the fed should favor front running -- frontloading rate hikes 70 50 basis point hike at the next couple of meetings and would like the fed to be much closer to a neutral rate. you are seeing a big move on two year yields as they shoot

while you were the boss of bp. — for the treasury.u were the boss of bp, you expanded _ for the treasury. while you were the | boss of bp, you expanded operations in russia and you certainly had very close ties to the russian energy sector in the subsequent years. do you regret that nowadays looking at the devastation we are seeing unfold in ukraine? i the devastation we are seeing unfold in ukraine? ~' the devastation we are seeing unfold in ukraine? ~ _, . ., , in ukraine? i think context changes everything. — in ukraine? i think context changes everything. but _ in ukraine? i think context changes everything, but while _ in ukraine? i think context changes everything, but while we _ in ukraine? i think context changes everything, but while we were i in ukraine? i think context changes | everything, but while we were doing it, i absolutely did not object to it. i supported it, i absolutely did not object to it. isupported it. ithought it, i absolutely did not object to it. i supported it. i thought it was very important. and the rea

the treasury would argue we see that, crisis. the treasury would argue we see that. we _ crisis. the treasury would argue we see that, we hear you, we - crisis. the treasury would argue we see that, we hear you, we are i crisis. the treasury would argue we | see that, we hear you, we are giving £350 to most households, albeit as part of the inner loan home discount, increase in national insurance but that is to pay for the nhs. they say there are these measures in place. fiend nhs. they say there are these measures in place.— nhs. they say there are these measures in place. and i say you haven't done _ measures in place. and i say you haven't done enough. _ measures in place. and i say you haven't done enough. the i measures in place. and i say you haven't done enough. the price i measures in place. and i say you i haven't done enough. the price rises we are _ haven't done enough. the price rises we are seeing— haven't done enough. the price rises we are seeing are _ haven't done enough. the price rises we are seeing are absolutely - we are seeing are absolutely extraordinary— we

we are watching treasuries, the 10 year yield closing at the 230 three level. we have the two-year extending names after the biggest jump since 1984. we continue to see these fears of a yield curve inversion and what that means in terms of a possible recession. haidi: we are continuing to watch asian markets after president biden ordered a massive oil release from u.s. strategic reserves to reduce dependence on foreign suppliers, what he calls putin's price hike. putin says russia will continue supplying gas to europe, even though the country is demanding the payment in rubles. let's bring in our reporter. great to have you with us. if opec-plus stays on the fire lines, what will be the impact of this latest release in the u.s.? jennifer: the immediate impact as a drop in oil prices, but the expectations of many analysts is the reprieve could be short-lived partly because of that resistance from opec. in addition, the president is trying to get tough on a domestic oil industry he size has the obligation to increase output. he threatened fees for having them sit

you have this buying panic in treasuries you have oil where it is for the wrong reasons.g the low end of the range and see if buyers have conviction and are there. where we stand right now in terms of the s&p 500, we're still, you know, 150 points on the s&p above where we were on thursday so it's really difficult to draw any conclusions about what macro message is being sent except for the fact we're on edge because we're almost waiting for something to break loose with all of this financial stress there the macro message is so interesting because usually when you would see yields fall like this, you would see the dollar fall, but it's the opposite. the dollar has been stronger what's interesting is also european bonds when we talk about the fact the market is taking out a lot of the hiking or the interest rate increases expected from the fed, that's happening but it's also happening in europe wherethy they just started talking about tightening their banks, their companies, exposures and their economic growth that's part of the treasury trade as well. >> they are going t