tv Bloomberg Markets Asia Bloomberg December 13, 2022 9:00pm-11:00pm EST
morning in hong kong and singapore, 11:00 a.m. in tokyo. this is bloomberg markets. yvonne: our top stories this morning, asian stocks in the green aftercooler inflation in the u.s., a dovish case ahead of the fed's case. the dollar hovering around june lows. a closely watched policy meeting as covid infection spike in beijing. sam bankman-fried denied bail in the bahamas, set to battle expedition after u.s. prosecutors call one of the biggest u.s. -- financial frauds in history. rishaad: is it a blip or do we take it all back, head to 2023? we are looking at what the latest is with ftx at the charges against sam bankman-fried, a day when stocks are following the lead in the -- new york. david: inching closer to that technical bull market on the asia-pacific.
we should be 1% from that, almost academic level. we're a long way away from the peak. it's relative. when you look at inflation, it's much often on expectations on most metrics, marcus ran with that. not forgetting, overlooking the fact we are at 7.1%. we're across equity markets, the dollar is above june levers -- levels. next commodities are seeing upside. within the equity markets we are seeing cyclicals picking up. the china reopening is a key feature of this equity market story. with hong kong adding to the greater china recovery story with the announcements coming yesterday. futures pointing to this continued rally. risk assets in these next two hours or so. yvonne: until we get to the fed. it's no surprise that may be the u.s. epa print may justify that
50 basis points. it's the press conference that is the wildcard. is jay powell going to have to play down these expectations that may be those rate cuts could be coming on 2023 or 2024 as the market prices in? rishaad: we have the hawkish statement which came out in august. jackson hole, that changes the dollar fortune, it is weakening with the same levels as when he made the speech. it's to the upside. we have the uprising of the fed rates. the mild inflation print seeing the dollar take a bit of a hit. the index down below the reach in august when chairman jay powell delivered the message. we have expectation less aggressive. that is the narrative. yvonne: yup. you have the ecb, boe, a lot more happening after the fed, before we wrap up this whole full trading week, before the end of the year. let's bring in our global
economics and policy editor kathleen hays and mark cranfield to walk us through the price action. let's are with you, kathleen. how part of -- power of a signal is the print for the fed? kathleen: there's no doubt that the economy is disinflation a bit. it's this inflating from high levels. when you look at crude goods prices, cars, trucks, furniture, clothes, all of these things are coming down. the supply chains are getting better. there's more efficiency again. inventories are being cut. a lot of people in stores are cutting prices to get these things sold. that is helping, as well. in services, that is where you see a bit our complication. if you look at core services, take-out food and energy, they are still rising. they are 6.8% year-over-year while crude prices are down.
it's not a report that says they have won or that the battle is over. it is a report that you are moving in the right direction. i expect this creates more room for hawks versus doves to debate this or may be to bring them together more in the middle where they can say, yesterday have to keep going, we are not there yet. i agree 100%. this press conference is going to be so important to hear what jay powell thinks and what he says, does he signal, yes we can slow down? this is still way too high? that has been his mantra. i expect that is what it will continue to be. david: kathleen, speaking of a press conference, following reports of the key economic conference in china has postponed, the statistics bureau, on thursday, that is when china releases the monthly activity indicators they have canceled that scheduled briefing for thursday 10:00 a.m. alongside the release of the data.
it's unclear why they have canceled that. we don't want to speculate why that is. we'll get more details. it brings to mind, things are not going to's move -- to be smooth, as far as the inflation story in the u.s., on that point, mark we will talk about china moment. does the inflation report in the u.s., does it make it harder for the powell, what kind of tone does the fed need to strike? mark: no. the headline cpi at 7% is still way too high for the fed's comfort. i don't see jerome powell changing his tune at all. he is been consistent, especially since the jackson hole conference where he said that they need to be aggressive in frontloading their interest rate hikes. they need to get ahead of inflation. i'm sure he will lead the market with the message that 50 basis points will be done today. there will be another to come at
the first meeting of 2023. then, there is a reasonable chance that they will stay with the 5% short term interest rate for some time. right in the way through next year. the market has gotten ahead of itself. he will remind people today that he is determined to get inflation back down towards the 2% area. it will take a while. to get it down from 7% to 2% will not happen overnight. he will need to keep short-term rates high for some period of time. the messaging, will be fairly consistent with that. the market will get a shock. that is partly why equities reverse fairly quickly from the highs yesterday. though they ended up on the day,the rally was short-lived. you will see something like that today. markets will be disappointed. both equities and bonds with what they hear from jerome powell. rishaad: ultimately, to kathleen, it must be ahead scratcher getting a report like
this if you are a fed policymaker. they're constantly thinking about how restrictive they have to get. does it change the narrative? what is going to tell us? kathleen: they have been a -- inspecting inflation to improve. it will probably see more improvement. how much more in improves is the question. let me remind you guys of something. on november 28, john williams said, he is a number three at the fed, the president of the new york fed, he said he expects to get up to restrictive rate and hold it all the way through next year. he said that very clearly. not seeing it starting to come down until 2024. the point he makes is that as inflation comes down, which they expected to do, that means as of the nominal rate comes down, the real rate is going to get more restrictive. that is one reason why the year after next he is saying they can start cutting rates. some huge things can change
between then and now. i think that is his point. we were thinking about the dots and what they would tell us next year, we would get this terminal that shows you we will get to 5% at this meeting, they will get there eventually and that is what they will signal now. it will be interesting to see what we see for 2024. perhaps that will then give us a sense of where they are looking at, for the end of the year, to they go up and start coming down? to they continue to go down next year? there will be an important aspect of this decision and the signals tomorrow. yvonne: mark, big moves when it comes to the dollar. we are at june lows. there is debate about how to fate -- to trade with the strong dollar. is it against gm? mark: one of the interesting things was sweet we have the -- this week as we have the ecb meeting. they may sound more hawkish this week than the fed. inflation is running at 10% in europe. the ecb has more work to do than
the fed. the euro is probably on an uptrend, going a bit higher into your end. that is a negative across the dollar board. we are seeing major change and people are sinking to the u.s. dollar whether you look at the yen, the chinese yuan or other currencies. that has peaked it is a question of who takes the lead. in the near term it may be the euro, helped by what happens with the ecb meeting, possibly even the pound. the ecb and the bank of england will be hiking rates this week. david: mark, that takes us into the china story on the yuan and equity market. this reopening is not going to be smooth. cancellations, postponements of key meetings, is a time to fade this china rally? mark: you have to be prepared for a bumpy recovery. the potential upside for china is great, considering how far chinese equities have a fallen
over the past 18 months. people expect a big rebound. if bloomberg economics are saying, we could get to 6% growth in china next year. if we get something like that, china equities are undervalued on a global basis. people will continue to think there is a decent chance of a catch-up play. it will be bumpy but china equities still look reasonable on a global basis. rishaad: mark, thank you. mark canfield there, and joined by kathleen hays. let's get to this, judge in the bahamas have a denied sam bankman-fried's bail. let's walk through these charges. this may not be such a huge one given the conditions of the prison he is going to as well. >> that is a good way and on his decision. talking about the charges you have to break it down. there is the civil ones on the
criminal wants kicking off with the criminal wants. we had u.s. prosecutors unsealing the indictment on tuesday. there are eight criminal counts of fraud included in this in what is been called one of the biggest cases of fraud in america, including wire fraud, conspiracy to commit services, fraud and others. the other part is from the sec saying that sam bankman-fried conspired to take $1.8 billion from investors and that he concealed risks and the relationship with --. you have the cftc which is suing sam bankman-fried, for violations of federal commodities laws, saying that basically sam bankman-fried or the group took loans and use them to do things like buy property and make donations to politicians. yvonne: everyone has been pretty shocked at how quickly they are really responding to this at warp speed. it shows us a lot of evidence
against him. annabelle: it indicates that to us. this was put together one month after ftx filed for bankruptcy. yes, that does say that they were able to accumulate a lot of details in a short amount of time through subpoenas, witness testimonies. another part is that there is pressure as well to act swiftly. that is what we are hearing from the legal committee. the indictment was light on the details as well. rishaad: we are watching this one. thank you so much. we will move to some of the first word news headlines. taking a look at china's military extending his biggest daily sort of bombers in at least two years. the strategic bombers were among 26 warplanes that the islands defense ministry says it detected early tuesday three chinese naval vessels were spotted off a weekend visit to taiwan from the ruling party. opec reducing estimates for the
amount of crude that will be need to be pumped in the coming months, anticipating its 30 members will need to provide an average of 29 million barrels a day in the first quarter next year, slightly more than november. the latest numbers following 11% slum in crude prices on concerns of week consumption. china says it is ready to build better ties with south korea, a key u.s. ally and microchip producer. the top diplomats from beijing and so had a virtual meeting as washington's campaign -- seoul had a virtual meeting. the u.s. has been pressuring south korea to comply with its export controls. china challenge the u.s. to chip curbs and the wto. that is look at the first word headlines. yvonne: still ahead, asia standford university says the fed needs to raise rates, john taylor to 6% to beat inflation. the professor of economics at joins us later on this hour. china seeing covert inflation --
infections pickup -- covid infections pickup. we speak to the university of toronto about the way out of covid zero. this is bloomberg. ♪ ♪♪ what will you do? will you make something better? create something new? our dell technologies advisors can provide you with the tools and expertise you need to bring out the innovator in you.
fundamentals in terms of consumption, investment, everything will come to a stop, because of the current fast rising infections. yvonne: helen calling it early about the -- that china will have to x out of covid zero. we want to brief you on what we heard from the last few minutes about this and the national bureau of statistics postponing that. briefing. after the data released tomorrow. the data set to release but the briefing postponed due to a work arrangement. rishaad: the council -- the surgeon covid cases could be related to that. it comes off the back of the latest research from bloomberg intelligence suggesting the country needs to get its vaccination campaign into overdrive. that is designed to meet beijing's coverage rates by the end of january. this is a tall order. david: 90 million shots.
to the point in economics we were speaking with city, they told us that the most important economic indicators the vaccination rate for the next few months. this is where china is at the end of november. this is where he has to be at the end of next month. the rate has to go the four-week average in november was 45,000 a day. this is bloomberg intelligence that dropped, 93 million every day including weekends in the chinese -- upcoming chinese new year. this rate has to go to this. 1.5 million every day. the u.s. had a peak of its vaccination rollout campaign which was $4.5 million. it's doable but it highlights that the challenge of getting this up to where it is needed to get to those targets by the end of january. rishaad: this professor joins
us, thank you so much for joining us. can they do it? are the vaccines -- to they have the efficacy to keep covid at bay? >> i think it is too early to see that. there's still so many data coming through, which has not been peer-reviewed. as long as the emi -- admissions we have, the studies in shanghai show that a very low rate of hospitalization and death in china. it signals that, for example, the vaccine, if you get three doses, it could be good enough. another thing that we need to move away from this, looking at
infections because of the vaccine -- of the vaccine doesn't prevent infections. it's for the mrna vaccine. we need to look more and hospitalization. yvonne: it looks like how china's reporting these cases as well. the vaccine targets, 90% target therefore the elderly, above the age of 80. is that feasible without any sort of mandate that the government has to set? >> i think everything in china could be feasible. if you look at how effective the system can be mobilized against the virus, against the blocking. the way that we need to look at how this will transform from the central level two the provincial
one and municipal one, if you look at the covid policy, this policy implementation is closely linked to people's positions. which is the way you need to use a different than the way you promote vaccine. for example. we need to look at how to break it down for different populations are different timelines. we need to use a vaccine passport, to encourage people to have vaccines. also the public is important, which is likely. it depends how it is done. david: professor, on the public health front, this hospital capacity, does china have enough to cope with the spike of cases these next few weeks?
>> it is a matter about the publications. right now lots of people will go to the hospital's for infection. 95% of the infections should stay home. you can see people are buying all the drugs and some people using drugs that will cause liver damage. it can be dealt by the current capacity. but we need to see a smarter way to deal with it. rishaad: professor, ultimately is the subtext now that china is going towards herd immunity? they have no other choice if they continue down this path. >> exactly. from what we are doing, the research in china, where they
have a big database, we look at the previous infection plus vaccines which had higher and more longer protection for the hospitalization and death. eventually, china will move into that stage. i think to move there should be clearly planned. right now it is chaotic, because of the different policies in different places. yvonne: thank you so much. . xiaolin wei professor and chair of global health policy at the university of toronto. plenty more ahead. this is bloomberg. ♪
yvonne: we are talking about vaccination rates in china, we are hearing news from the mainland. china is offering the second covid booster shot for some people. they will be offering the second booster for the elderly and high-risk people as well. so they can reach the targets. in undertaking. -- an undertaking. rishaad: cryptocurrency exchange, binance making headlines. it's been hit by large, outflows of late. the -- the company is mounting out of binance, $3.7 billion. a spokesperson said there working on publishing reserves, saying its capital structure is debt-free all in response to the outflows and assuring people that their user assets of the exchange are back. assurance binance after what we have seen, $3.7 billion of
outflows. david: this was the point that the chair was making earlier. 60 minutes back when he said it was to improve reserves. one-to-one, hopefully that does back sentiments and shores of, and stops these flows. yvonne: he is trying to play himself as the white knight. then again they're dealing with wobbles, given what the ftx collapse has had led to. the latest. rishaad: on that, turn offering a second booster for the elderly people. yvonne: we have plenty more ahead. this is bloomberg. ♪ it's official, america. xfinity mobile is the fastest mobile service. and gives you unmatched savings with the best price for two lines of unlimited. only $30 a line per month. that means you could save hundreds a year over t-mobile, at&t and verizon. the fastest mobile service and major savings?
deceleration's in a number of items. >> everything the fed has been doing as difficult that is has been for the markets, inflation data has shown it's going in the right direction. >> is not just the magnitude of the moves, is the speed. >> investors didn't think inflation was going to come down as fast as economists were forecasting. now it is coming down faster. >> what went up fast as coming down fast. >> i don't think the data released influence the dot. because they were submitted but also because the fed never takes a cue from a single report. >> it's not the end. this is not the time to get complacent. there's a lot more to do. yvonne: our bloomberg tv guests reacting to the latest inflation data out of the u.s. let's bring our global economics and policy editor, kathleen hays a special guest. kathleen: we are joined by john taylor, the author of the taylor role, served as under secretary
treasury for international affairs. today we've got you here so put on the economist hat and let's start by looking at inflation, where is inflation compared to where it was, is it anywhere near low enough or getting low enough for the fed to say, oh we can do 50, 75, we can slow down? >> it is not low enough. the target is to percent. it's well above 2%. the fact that the fed is saying to do 50 rather than 75 is baked into the markets. they might have to later. that's the question. there's a celebration while inflation is down a bit, but not nearly at the level the fed has indicated it needs to be. that's going to be on their minds going forward. kathleen: a couple of things to put forward on the table, one of them is the taylor role, people apply it literally. my understanding is that he would say the taylor rule suggests that the funds rate has to be at least 6%.
we're expecting to hear from the fed in terms of the dots, how restrictive they will have to get. is something more like 5%? are they going to fall short? >> yes. they have fallen short for a while. it's not new. they'll catch up. my best guess we could have extra guest news on and -- extra good news on inflation. they will have to they have to raise a bit, it will be 5% or 6% before we are done. if it's done in a deliberative way, a way markets understand, this is the advantage of a ruler strategy which is part of the federal reserve's provocations -- probably for asians. -- proclamations. kathleen: you can still engineer soft landing, a lot of people are still concerned because they see the fed watching on
inflation and wanting to come down but they've got in i looking in the other -- an eye, looking at the other direction, not to be too contractionary on the economy. >> there's always a debate. the fear is still with the inflation rate above 2%. it will not come down as much as people hope. we could be good. but in the meantime, it's safer, it's thinking about history. that is the idea. if it's done in a way people understand, and needed have this effect. wages will have to come down a bit more than anticipated to be. prices as well. that is the key. that is the ability of the fed to make this change. kathleen: another rule of thumb that has come down from the past few decades is you are not going to get this kind of inflation down, until you bring the federal funds rate well above the inflation rate. is that a metric you think we need to see as well? >> it could be. we don't know yet.
the hope is that the inflation rate will come down a bit, so that it is easier to get the funds rate above the inflation rate. it's not above it now. the inflation rate is 7%. i think it is hopeful that it will come down. the main thing is we have to contain the inflation. to contain inflation means having a monetary policy that is appropriate, preventing the wage price spiraling, that is a danger people should be concerned about. we can avoid that if the fed takes the actions. they will begin to do that tomorrow or the next day. we will see how that works. yvonne: it is a big communication problem for jay powell. 7% inflation print can let the dollar dropping substantially. how difficult should jay powell be open to even saying a 25 basis point in february is
possible? should he break that up in the press conference or does that loosen financial conditions further? >> i don't think you should bring that up. it's hard to tell. i if it's 50 basis points, if this decision, don't lead on to 25 or 75 or another 50. it depends. the idea of monetary policy depends on what is happening to inflation, what is happened to the economy. we hope we don't have another downturn. we can avoid that if the fed says, look, if inflation picks up, we will take action. then it will occur in a smoother way. that's the way it should happen. kathleen: is it appropriate for the fed to slow down the pace of rate hikes? the argument seems to be, because it lacks monetary policy, let's get to a certain level and positive to make sure we are on the right -- pause to make sure we are on the right path? if they pause now or slow down
and then pause to quickly, are they doing it at a time not seeing when they get down the road, i guess we should not have slow down when we did we should have made sure we stayed on an aggressive path, not the markets knowing we are not done and stress that point? >> that is the way to think about it. we can learn from history, the fed got well behind the curve in the 70's. except the ways, and it didn't work out. we didn't want to have that situation rate increase has been over a shorter period of time, maybe 18 months, seven years. we can do this. if the fed is determined, as the people are supportive of the fed and if they realize this is the best way to get inflation down. it is not by waiting in dillydallying but by taking action.
kathleen: there's voices calling for the fed to not wait until 2025 to do a review of the new framework, which were not going to start raising rates until inflation is above 2% and rising, until we reach maximum employment which they never really defined. not preemptive, waiting to see what happened. is that part of the reason we got to this high level inflation we have? >> it may be the reason. there's no question the fed was behind the curve. many people including myself have said that. but the question is, what do you do now? the fed needs to take the action, needs to do it in a gradual way. what i think will happen as a result of this, there will be more emphasis on the fed's reporting, discussing, announcing. the taylor rule in the report, the most report has it there. they have to pay attention. the more they do the better the policy will be. david: john, i am wondering when
we are trying to come up with scenarios, one of the goalposts or landmarks is 2% inflation, long-term targets. if we are entering something new you think the fed needs to rethink that 2% target? is that almost something that might be entering a new stage as well? >> that may be happening. there is talk in the press. that would be a mistake. the 2% target didn't come from the fed. the fed adopted it. it worked well. deviating from that, 3% or 4%, would make people worry. will they track back to what they do with monetary policy? there's always been this discussion, 2% is glued in. we should take very seriously the idea of raising it. it used to be too high. it's a mistake to raise that at
this point. even though there is discussion about doing that. kathleen: once the fed gets to restrictive rate. if it is 5%, 6% or higher, how long will it have to keep it there? what does history tell us? what does your analysis tell us? >> i don't think he needs to be as long as history. because this is a relatively recent thing. say a year and a half, inflation was in high two years ago. that is unlike the 70's, we took almost 12 years before inflation picked up. this is different. this is a situation where if of fed signals doesn't want inflation to be this high, it wants inflation at 2% and will take the action necessary and wages and prices will adjust with relatively costless actions in the economy, that's the hope. i think that can occur if the fed indicates what it is doing, telegraphs as much as possible so it can do it.
kathleen: you are on bloomberg markets asia. the reopening has started. people are upping their forecast for growth. what do you expect to see from china and globally what does this mean for the economy. that is something that ultimately affects fed policy. >> there is no question, the world is different than it was 30 years ago. it is more interconnected. the decisions in europe and china are one of the reasons why the european central bank is behind, because of the fed. it is connected. the fed has a bigger role sometimes in global inflation. and central banks, maybe even the central bank of china, looks at the decisions of the fed. it is the exchange rate, other things that matter and they need to take that into account. i would hope that this becomes a global issue. with respect to europe and china. we don't have a repeat of the terrible situation of high inflation and eventually high employment we had earlier in
history. rishaad: john taylor, thank you very much. professor of economics at stanford university. and kathleen hays. let's shift to first word news. a judge in the bahamas that denying bail for the ftx founder, sabic been freed, ordering him -- sam bankman-fried ordering him to be detained in prison. he is too much of a flight risk to be released. rings have been set for february, one of his lawyers says his client plans to fight. he is facing eight counts in what u.s. attorney called the biggest financial frauds in american history. >> not sophisticated at all. sophisticated perhaps in the way they were able to hide it from people. frankly, right in front of their eyes. this is not sophisticated whatsoever. this is plain old embezzlement. rishaad: china is delaying a
closely watched economic policy meeting after covert inflections -- infection surged -- covid infections surged. it is unclear if these conferences will be rescheduled. the meeting was supposed to be thursday, members of the party, xi jinping and top officials were supposed to be in attendance. argentina superstar messi will get his chance to claim a footballs's prize after masterminding three world cup semifinal victory over croatia. after hit a penalty, helping set up the two other goals to keep his dream alive. at the age of 35, it is likely it will be his last chance. france play morocco later wednesday in the other semifinal to set up the final. that is a look at the first word headlines. yvonne: coming up, elon musk loses his crown as the world's wealthiest person, capping a tumultuous year. the boss of tesla, twitter and spacex.
world's wealthiest individual. he has been replaced by the chairman of luxury giant lvmh. musk has seen his fortune tumble alongside the routes and shares of tesla. su keenan is with us to talk us through this. how much is tesla falling since that peak? su: about 40% since september. shares have been on a rough downward trend in the latest u.s. session they dipped below the half a trillion mark in terms of market cap which is a coveted level. the last time it was at that level in 2020 when the stock was in the other direction on the way up, soaring $550,000 that year. what you see is the acceleration in the selloff. the acceleration beginning last week on news about a temporary suspension of the output at the tesla shanghai factory. shares have been in freefall as david was alluding to, down 40%
since the end of september, compared with a 12% advance in the s&p. what does that do about the rankings? it hit elon musk directly. he has lost his ranking as the richest person. it belongs to are not all know -- bernard arnold -- bernard arnault. most casinos fortune tumble -- musk has seen his fortune tumble. the tesla twitter and space xbox now worth just under $164 billion, half is worth at his peak. that's below our nose, 171 billion that worth. there's been a changing of the guard. again, a lot of focus on tesla and demand issues, but also concern about his extracurricular activities that may also be impacting tesla
stock. yvonne: yeah. extracurricular. i am guessing it is twitter. su: there is concern about how much mental real estate and focus twitter is taking up. let's get back into bloomberg. tesla shares missed out on the big tech bump of the last couple of weeks, mainly because of concern about what is going on at twitter. the hits just keep coming in terms of negative headlines. we have the newer -- new york times ad with the story citing sources that twitter has stopped paying rent on offices in san francisco around the world and is considering not paying several packages to former employees. drastic attempts to cut costs. there was a big comedy show in san francisco with dave chapelle. elon musk was invited on stage. he was booed for several minutes. back to you. rishaad: thanks very much for that. su keenan having a good time with what is happening with elon
musk. let's take a look at apple as it prepares to allow alternative app stores on its iphones and ipads designed to comply with strict european requirements coming in 2024. it's being seen as a departure from the tech giants long-held policies. this is all part of the digital market. we are talking about. it is not something exactly that apple really wanted to happen, they have been warning that if they allow these independents to come in they could produce malware. what was the decision about, how does it move forward? >> well, apple has to comply with a lot. that is of the company does everywhere -- where the company does everywhere. i think this is an encouraging change. it might be an overdue when with the -- one with the european union china free of the apple
platform much in the way that google's android's much freer. many of the cautions apple raises about user privacy and except -- google gives an example of that. you can operate in a freer environment. david: is there potential revenue impact? in terms of where they get the money and how much they charge? commissions is one area to look at. >> absolutely. apple had been fighting companies such as epic games. it has been fighting regulators everywhere to ensure that it keeps that. ultimately, it charges as much as 30% on any in app purchases. it's a big revenue driver. it has very little in terms of marginal cost. apple wants to protect that. now, in terms of google and its android platform, google is able to generate revenue even though it has a freer form. there are possibilities for apps to take root on android. it does signal that apple is not
going to suddenly lose all of the revenue but it is going to be less with more options for users. yvonne: and is this limited to just the eu, could this be replicated to other markets? >> that's right. it's going to start with the eu. if the example is a positive one, we can expect the u.k., the u.s. and regulators in asia, australia has been aggressive in pushing back against apple and google's duopoly on mobile platforms. you can look at south korea, japan has also imposed conditions were -- where they want apple and google to free up the development platform so there can be more options and choices for users. yvonne: all of these apps are happy about it. we saw match, bumble, spotify on this news. vlad, are tokyo tech editor with that scoop. plenty more ahead. this is bloomberg. ♪
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managing directors after revenue from the business surged on volatile markets. analyst estimates show the division is on track to post a most $19 billion in revenue for the year, the second-best performance since 2009. citi promoted 331 employees to the coveted rank. ptm will buyback as much as one $3 million of its own shares after 75% plunge since going public in 2021. the buyback is assigned it is on a clear path to profitability. the a-10 rupee price represent 59% premium before the buyback was raised. gili is keeping workers in it's car factories on-site and sleeping in dormitories to guarantee output. the automakers operating close the loop systems to keep staff separate from the water population is covid infections rise. geely says its brand has filed confidentially for a u.s. ipo. moderna shares surged after amid
stage trial found its experimental personalized cancer vaccine reduced melanoma deaths which combined with the biggest selling drug. the drugmakers plan to move the combined a treatment into final stage studies next year. moderna has been searching for successful applications for mrna beyond its covid 19 vaccine. david: that is part of the bigger story why some of these farm stocks in korea are moving today. it is still about micro. softer cpi which means the equity market is making its fourth approach to potentially a bull market. rishaad: looking at that. of course it could change, when we get the statement out of the federal reserve in a few hours. looking at that and what jay powell has to say, if they digested this less belligerent inflation they've had. is it a blip? that is the deal. what about base effects?
david: they will tell us as much. we could be headed for this constipation of good news. yvonne: is that the right word? rishaad: cornucopia. david: i took your digestion there. yvonne: no. take a look at how these equity markets are doing. continuing on this rally, gains out of taiwan punching at 1% higher. also the dollar story continuing to hold onto the losses we saw, post cpi. the u.s. as well. positioning into the fed will be interesting today as well. the press conference, yeah, anything could happen. this is bloomberg. ♪
yvonne: it's almost 11:00 a.m.. haslinda: welcome to bloomberg markets asia. rishaad: let's have a look at our top stories, asian equities in the green, aftercooler u.s. inflation, really boosted the dovish case ahead of the federal reserve's policy decision. the dollar hovering around june the lows. sam bankman-fried behind bars in the bahamas and what u.s. prosecutors call one of the biggest financial -- financial frauds in history. speak to the founder and chairman of india's landmark cars about their downsized ipo and what they plan to do with the money. just a bit of breaking news from the financial times. this has to do with the yangtze memory. this is a company that they are looking at closely and what they're are suggesting is there going to have on a trade blacklist. looking at this company, having
a look at what it does and it is one which manufacturers that distribute memory products, integrated data, anyway, they create flash memory chip designers. they say this is part of what is the broader picture of the united states trying to deny the chinese access to high-tech and high end to semiconductors and this is just one of the many steps that they are taking. haslinda: that is right. the u.s. upping the ante when it comes to the u.s., china cold war. if you can call it that. in the markets we are seeing gains in asian stocks and bonds and dragging the gains in the u.s. on the back of the softer cpi print. their expectations the fed will move 50, given those softer numbers. here in mind, on the messaging from powell, will it still be hawkish given services remain tight. there has been no budget in terms of the services data from
the october print. in terms of the benchmarks in asia, gains for taiwan, south korea, japan, suggesting there is appetite for risk assets in the dollar flats, lifting some of the asian currencies. the dollar closed at a six month low. it's down about 10% since the multiyear highs in september. commodities getting a lift from the softer dollar from the lower yield. we are seeing that in the bond market in asia. rishaad: well, we have a lot of new surrounding thailand as we get to the bank. how it is doing, as far as the region, the bond market is unchanged, against this backdrop with -- the world bank has been saying bere -- the severe headwinds are expected to recover next year. they have up their economic forecast. this year saying the economy is
moving faster than the 2.9% they were looking at june. it's next year they see growth at 3.6%. that's down from .7 percentage points. from the world banks june forecast as well. it's major drivers of growth. investment growth also projected to accelerate. there is a lingering negative outlook and that is -- that is expected to close in 2024. they're looking at growth rates of 3%. that the observed over the past decade. that's a look at highland, the headwinds they are -- thailand, the headwinds they are facing. we have inflation in the u.s. which has been our focus. the latest sign that could have peaked, the federal reserve chair, jay powell's key moderation. the head wine -- the fed has more work to do. kathleen hays is our global economics and policy editor.
what do we get from the federal reserve later wednesday? 50 looks like it is baked in. kathleen: it does. there is progress on inflation. if you have been sick, you're in the hospital, maybe you're still there they have given you medicine and they can say we can reduce your medication a bit because you are making progress, but you are not well yet. we have to keep giving you the medication. it's always a question if your doctors are making the right decision. in this case because the cpi is improving, down to 7.1%, it was 7.7% last month. it was at 9.1% four months ago. this hasn't proven. the core cpi year-over-year, taking a food and energy, down 6%, to 6.3. this is all good news. the services price, the core services when you take out food and energy is staying at a fairly high level.
on the month they got down to .6, year-over-year, it is remaining sticky. it's core goods that are just tumbling. apparel, furniture, cars, all kinds of things. it's wonderful to have crude oil coming down bringing gasoline prices down. those are very volatile. they have to put a question mark over that. 50 basis points has to be baked into the cake, because they almost but guaranteed, before they came to the meeting. we will look at it closely, as we look at core services and what powell says about it at the press conference. is he encouraged? is it making good progress? or does he signal that, yes, it still has a ways to go. that is one of the things we expect to come out of it. we will see in terms of what the signal is for future rate increases as we get that from the summary of economic projections which they update every three months. that is where they get there dot plot. does this coalesce around 5%?
is there any chance we get a spread of. -- of dots? that will make people realize that may be this is not just, oh boy we are banding together and we know exactly what we will do? there is a debate. we may see some of that too. haslinda: still uncertainty. that is why investors remain cautious. what else is on the feds screen besides inflation? kathleen: the labor market is still very tight. we will hear questions about wages and the possibility that even as inflation over all comes down, because there is a tight labor market, because the fed has not seen his rate hikes cut that much into final -- seen rate hikes cut that much into final demand. supply chains are one thing and commodity prices are another thing. the fact that there are not as many people who want to take some of the jobs, that is the kind of thing that has continued to show wages rising. again, when we look at this
chart, 5%, will that be enough? the signal for many people seem to be saying that although we just spoke the john taylor, author of the taylor rule, stanford university professor, one-time a contender for fed chair, john thinks yes, something like 6% or higher is going to be appropriate. it's going to be needed to make inflation go down. he seemed optimistic that the fed can do it. that they can be resolute, clear in their communication. the markets will absorb it well, and they're going to get there. he said, yes it is far too high and it is a serious problem. they have to deal with that now. haslinda: 6% is way higher than what market is pricing in. kathleen hays, thank you so much for that. let's bring in a peck head of state income at state street global advisors. when you take a look at the bond market, is pricing in a less -- less hawkish fed. inflation remained sticky. what messaging from powell is
appropriate at this point? >> i would think that given the data that you just described and also the market expectations that have been priced in, to manage the market expectations well, saying that they will see -- watch the data closely but all close -- equally seeing that they are not going to produce what the market is concerned about, having the recession risk. the messaging will be key, apart from just delivering the expected rate hike this week. haslinda: given what you have just said, are we expecting the messaging to be negative for stocks and bonds, positive for the dollar? >> i would think that the fed would want to at least create a calm market environment. going along with the things, the inflation numbers moderating, they're recalibrating the magnitude of rate hikes. i think the markets should take it well.
i don't think the fed wants to surprise the market at this juncture. they -- there is uncertainty. that could cause the market to go into a downward spiral. rishaad: when we look at what the fed has been doing in terms of monetary policy, we had this big program of quantitative tightening underway, how is that affecting fixed income sovereign debt in the u.s.? >> i guess the quantity tightening would be negative for the bond market. if the fed were to reduce buybacks and so on. generally, given the cycle of the economy, that would lead to a rise in a bond yield environment. we have seen that happen this year so far. going forward, the market should be looking at what should be coming in the next few months, next six to 12 months. the growth numbs at we are
seeing are beginning to show signs of slowdown. even with the quantitative tightening, the market is not going to be too much of a concern, as a look forward to the fed meeting, and they pivot to a different strategy. rishaad: it affects liquidity in some ways. how do you look at sovereign debt? how were you positioned with treasuries? do you expect yields to rise again, as we saw to levels, months ago looked enticing? >> in terms of the levels, recent rise in volumes have made it attractive. from our point of view, we think the rates market, especially the treasuries, would look like a attractive proposition for investors. liquidity, we have seen the
issue in the u.k. a few months back. on sovereign bonds i'd, we are seeing -- side, we are seeing there has not been an issue. on local currency bonds in asia, there are markets where liquidity could be more challenging. basically we are able to get the trade's done. and i don't think that will impact on investors confidence in this respect. haslinda: how about high-yield bonds? given the uncertainty that global growth and the environment, high-yield bonds do not look that attractive, is that a fair assumption? >> yeah. in general, higher interest rates level will create financing burden for a number of companies. for high-yield companies, especially now. there may be some funding challenges that they could be facing. from that point of view, funding is one aspect.
the others the macro fundamental side. you are expecting a bit of slowdown. therefore it could be challenging for a credit environment. high-yield performance will remain a challenge in the coming months. rishaad: very quickly, a few months ago, everybody was a dollar bull, not everyone is a dollar bear. when you get that herd mentality, do you think with the fx being hard to predict, people could be sideswiped? >> i think fx is highly volatile. on the herd mentality. this year people will mostly -- were mostly dollar bulls. towards the end of the year, people are slowing down rate hikes. the dollar may be weakening. that, while that is the general market expectations, that can --
there can still be surprises. policymakers make decisions that are not investor friendly. you could get surprises for the currency markets at any point. haslinda: thanks so much. . rishaad: kheng siang ng, there. let's change to what is happening with regards to the first word news. but to join vonnie quinn. annabelle: thank you. vonnie: after covid infection surged in beijing, sources tell bloomberg it is uncertain when the central economic were conference will reschedule for the meeting. it was supposed to begin on thursday, usually attended by the president. members of the bureau and other top officials. chinese military has sent its biggest daily bombers into the taiwan strait in at least two
years. the strategic bombers were among the 29 warplanes at the islands defense ministry. they detected already tuesday. three chinese naval vessels were spotted. it followed a weekend visit the taiwan by a senior member of japan's ruling party. china says it is ready to build better ties with south korea. a key u.s. ally and microchip producer. the top diplomats from beijing and a sole had a meeting this week as washington's campaign to curb china's access to advanced semiconductor technology ramps up. the u.s. has pressured south korea to comply with its export controls. argentina superstar captain messi will get his chance to claim football's biggest prize this after masterminding a victory over croatia. messi hit a penalty to open the scoring and helped offset the other two goals. at age 35, it is probably likely to be his last chance. france play morocco later
wednesday and the other semifinal. global news 24 hours a day on air and on bloomberg quicktake, powered by 2700 journalists and analysts in more than 120 countries around the world. i'm vonnie quinn. this is bloomberg. haslinda: still had this hour, our exclusive interview with landmark cars chairman, as it prepares for a downsized ipo targeting fundraising of around $67 million. plus china's conundrum the rollback of curves may boost economic curves but a spike in cases is forcing a rethink of government plans for key meetings. details later this hour. keep it here with us. this is bloomberg. ♪
>> stems from absolute concentration of control from the hands of a small group of grossly inexperienced non-sophisticated individuals. >> appears to have all the hallmarks of bernie made off bank together named sam beckman freed. >> this is the antithesis. >> failed to implement virtually any of the systems are controls that are necessary for a company entrusted with other people's money or assets. >> justice seems to be in process which is welcomed by those in the crypto industry. >> as more information comes to light, there will be a chance of more people under the microscope. >> this is not a sophisticated -- this is embezzlement. rishaad: john ray there, the ftx ceo, weighing in on the company's collapse and the arrest of sam bankman-fried. this is what is going on in the crypto world.
bitcoin approaching 18,000. some of these are returning after being knocked off their pedestal, because we also have the judge in the bahamas denying bail for sam beckman freed after this protracted extraction -- a after this protracted extraction. what other charges are he dashes he facing? >> when you look at the terminal proceedings we had the u.s. indictment unsealed on tuesday, eight counts of fraud within that, including wire services, fraud, there's also the civil ones that are coming up the regulators as well. we had the sec saying that sam bankman-fried said he carried out a multiyear -- taking out $1.8 billion from investors. they are looking at the violations of federal commodities laws in particular on the properties purchased with funds or loans from -- and the political donations as well. haslinda: we've heard from them,
that he will fight against the extradition to the u.s.. what do we know? >> that is right. that is what is shaping up for. that could give us the potential to see all of these hearings drag out over a course of a long time. the extradition battles can take years in some instances. what is important to note is the structure of the u.s. bahamas extradition treaty. it has a double criminality requirement. it means that lawyers can pass through extremely closely to distinguish between the two nations definition of a crime. going back to what, that came from the u.s. indictment, -- what came from the u.s. indictment, it was light, the reason was that the lack of details could give u.s. prosecutors some flexibility's in terms of the extradition rules. rishaad: thank you so much for that. haslinda: now, the cofounder and
executive chairman told us that sam bankman-fried's arrest is the positive time for the crypto world. >> the reputational impact has been affected because sam was such a prolific figure. i think today, especially with the news of the arrest, many people in our industry are cheering it on. the thing about ftx was that people were doubting the industry, as opposed to the fact that we were talking about one incredible con man. the biggest financial fraud, combined in one package, that is best ugly -- basically what ftx was. people were confused because they didn't understand what was going on. people thought it was crypto is an industry, but clearly it is not, but that is what people were afraid of. there's going to be fallout particularly in the west. i was in japan. even in korea.
while there is a chilling the industry is moving forward. hong kong, tomorrow it is going to be listing its first bitcoin and sofia e costa -- ethereum, etf's. it is a tale of two worlds were -- for how people feel at the moment. david: how important is it for the reputation into your point of the industry that investors get their money back. >> it looks unlikely that investors are going to be able to get their money back given everything we know so far. the creditors will be the ones first in line. people are already writing it off anyway. one of the silver linings of the industry is that everything is moving towards centralization, with what is happened with some of the news around binance and other exchanges. it's proving that they are able
to withstand custom most girls, that they are doing the right -- customer withdrawals, that they are doing the right thing. coinbase, kracken, gemini, they are all fine. that's battle testing the industry. the other one is awareness of self custody. people are keeping money in exchanges when they need it but taking it out for self custody or giving it to trusted third parties. it's an opportunity, again, goldman sachs has gone out and said, this is a good time to get into the industry, let's look at acquiring an asset purchases. you have other saying we're not sure about this industry. you see in industry -- you see that there is strength in the market. this is an important lesson for the industry. we need to be aware that the lack of regulations in these countries have led to ftx.
haslinda: let's do a quick check of the latest business flash headlines. apple is slowing alternative app stores on its iphones and ipads in the coming months, response to eu laws taking effect in 2024 aiming to level the playing field for third-party developers. regulators accused apple and google of wielding too much power as gatekeepers of the biggest mobile app stores. elon musk has been displaced as the world's richest person by
the chairman of the luxury giant lvhg. musk has seen his fortune tumble by $100 billion since january. the tesla, twitter and space xbox -- space x boss, has a fallen net worth. rishaad: let's take a look at what is going on in terms of these markets. we've got the hang seng up here. up by .4 -- .4%. japan and nikkei will be returning to the fray in a short while. more on the way, this is bloomberg. ♪
shanghai. coming up morgan stanley says investor position is still low amid the nations economic reopened. they are suggesting we can see double-digit gains in equities because of the earnings story to come about. they are predicting double-digit gains of 3223. about 19%. all of this being supported by the reopening from covid and also the support policy they are providing to the real estate side of things as well. traders are returning from lunch. haslinda: we are seeing gains for the nikki to 25 on the back to the softer than expected cpi print which may mean that the fed dials back the pace of fed -- of rate increases. the yen getting a lift from expectations that fed will slow
down its rate increases from here. we shall see. rishaad: indeed. decision coming up at 3:00 in the morning hong kong and singapore time. the other side of it is china and how it is dealing with covid. it is said to postpone this week's key policy meeting at the central economic conference due to the covid spike hitting the capital. statistics p or briefing is also canceled. our chief asia correspondent is here. they are not counting covid cases as they were before. >> that's the news today that they are not going to be counting the asymptomatic cases anymore. it is too difficult. now that they have dropped the testing requirements. the number of symptomatic cases, yesterday they had 2249 cases
only when they were averaging 20,000 plus over the last week before that. essentially they are not going to be releasing the numbers that are accurate in beijing and shanghai and all across china because anecdotally, as well as empirical evidence shows that there is a massive spike of cases in china, whether it is lines to get medicine which is running short on the shelves to reduce fevers or the fever clinics on sunday. one particular one in beijing saw 16 times increase in the number of patients. hospitals are seeing an inundation of patients, but the government is not going to be releasing the numbers because it's too hard to track now that they are not testing. dare i say the casualty is going to be the central economic work conference which was due to begin tomorrow. we were supposed to get some sort of guidance. it is behind closed doors, but there could be a statement essentially setting economic priorities for 2023.
slow down rate hikes? the argument seems to be let's slow down and pause. to make sure we are on the right path. on the other hand, if they pause now or slow down and then pause now to quickly, aren't they perhaps doing that at a time not seeing when they get down the road, i guess we should not have
slowed down the we did. we should have made stir -- sure we stayed on the aggressive grab. really stress that point. >> as the way to think about it kathleen. you can learn from history. the fed got will be high the curve -- behind the curve in the 70's. it did not work out. we don't want to have that situation. the invalid -- the inflation rate increase has been over a short. of time, maybe 18 months, not seven or eight years like it was in the 70's. we can do this if the fed is determined, if the people are supportive of the fed, if they realize this is the best way to get inflation down. it's not by waiting and dillydallying. it's by taking action right now. some voices are calling for the fed to not wait until 2025 for the new framework. we are not going to start
raising rates until inflation is above 2% and rising in reaching a maximum employment which they have not defined. not preemptive, waiting to see what happens. is that part of the reason we got to this high level of inflation that we have? >> may be the reason. there's no question the fed was behind the curve and many people including myself have said that. the question is what do you do now? the fed needs to take the action and needs to do it in a gradual announced weight. what i think will happen as a result of this is their be more emphasis on the fed's reporting and discussing and announcing. after the bubble shows a tale in this report. the most recent report has that in there. we need to pay attention to that. the more they do, the better the policy will be. >> we are trying to come up with scenarios for the fed itself. one of the goalposts and
landmarks is 2% inflation long-term target. do think the fed needs to rethink that 2% target. it might be entering a new stage as well. >> there's talk about that in the press. think that might be a mistake. if the fed adopted it i think that deviating from that to 3% or 4% would make people worry what are they doing. with a loose track of what they are supposed to do with monetary policy. there is always a trade-off. 2% is glued in. we should not -- we should take very seriously the idea of raising that. it used to be that it was too high, 1% or 1.5%. i think it's a mistake to raise at this point even though there is discussion about doing that. haslinda: that was professor of
rishaad: that is the scene in mumbai. pollution is worse apparently. it is a very traditionally the -- polluted capital. we are looking at landmark cars now. it is an auto retailer in the luxury brands in india. they have mercedes-benz and honda. the company set a price range of up to 506 rupees a share for its ipo that could raise as much as $67 million. joining us is the chairman son jay. thank you for joining us. before you came on you were telling us that you have not noticed of the weather because you have been so busy with us ipo. what have you been busy with? >> let me start by saying that this is the start of a new
economic boom in india. what we are seeing is that indians are buying more cars, more premium and luxury cars. the mood in the nation is good and it seems that we are in for good times. rishaad: that brings me to the nitty-gritty. how much do you plan to raise through the flotation of your company, and then what are you going to do with the funds that you raise? expand the business, what's the deal? >> yes so far the responsibility for us is to be the first auto retailer that has this dealership chain. all the money we are raising will go to capital and you
mentioned the figure that we are raising which will be in the region around 80 million u.s. dollars. there will be working capital. that is overseen by dpg who came in years back. haslinda: what is the outlook for premium cars? >> india sells around 4 million cars, that's the base at which we are. for a nation of our size, the car ownership is only 2%. out of that, the luxury car segment is around less than 1%. so 35 to 40,000 luxury cars are sold in india. compare that with china that
sold close to 2 million during the same time. we believe that this is something which has have been fasted for a long time we believe this growth will sustain. haslinda: the world is experience a chip shortage has been existing for a while. is that impacting the sales of the cars in india? >> it did for a good part of last year. but also mind you that the figures that we have today are going to be the highest ever for the industry. so we have the highest ever sales and highest ever backorders we had the chips and some other components that were short because of the ukraine more. we will do much more than we
think this year. rishaad: there are a lot of people in this program to have come on to talk about their ev credentials. how is that a part of the business going for you? what is demand like and what are you projecting? >> around 1% of vehicles sold in india are ev, passenger cars. this in 1% of government the mission is to reach for teen or 20% of passenger cars by the year 2030. we have not too many who are making ev's in india. it is there and could be more in the future. locally made eke u.s. is just the beginning of that journey for india. rishaad: during the pandemic it
was a bad time for you. you perhaps looked at things online more than anything else. have you digitized your business? what did you do in terms of further putting things online on your various platforms? >> it was kind of a reality check at landmark. we have a 35 member team that is headed by my son and the chief digital officer joined us. try to get a lot of people to do online looking where we analyze the customer behavior. a lot of stuff has happened that what i can also say that as soon the pandemic has ended, show rooms getting full. people are walking in and
enjoying the car buying experience. it has made our organization leaner and more agile. the customers will do what they do. haslinda: thank you so much for joining us. the chairman at landmark cars. let's check on indian markets have been trading for three minutes. the indian benchmarks are in positive territory. pre-much in line with the rest of the region. optimism that perhaps the fed will reign in terms of rate increases on the back of soft cpi data. we are tracking a stock pay tm that is currently trading higher on the news. it's currently trading down on the news that we are about to delve deeper into. let's get to pay tm's share buyback with the mumbai news editor. it is a buyback.
it is a routine pretty much corporate action so why the controversy? >> i want to begin with pete -- pay tm is a lossmaking company. that's roughly about $2.8 billion, a lossmaking company spending money on repurchasing shares will raise eyebrows. the second reason is that it just raised barely a year ago $1 million via the sale of new shares in its ipo extensively for reasons of growth and expansion. now it has cash. that has raised eyebrows. a buyback at less than the ipo price which was above 2000 rupees rewards pre-ipo investors and employees as noted by a well-known proxy advisory firm iis. they put that out just the day before yesterday for
shareholders. finally if i may add, this is eight hypercompetitive sector, the fin tech sector. it is just about to witness a hailstorm. we just had eight company announced it is reorganizing and aggregating all of his financial services, businesses into one in hopes to list it soon. you would think a competitor like pay tm would be building a war chest if it has seen such a big competitor come into the marketplace. instead, pay tm prefers to repurchase shares. rishaad: ipo has lost about three quarters of its value. last week and they disclosed this proposal for this buyback, the share price shot up. that's not unusual overall, but walk us through all this. >> reason why the share price rallied high last week when the news of the buyback proposal
first hit the market was one a technical reason obviously which is that the number of outstanding shares would reduce and that would improve eps and all of their financial ratios. second, analyst and investors were reading into this a statement of strength from the company that it would exceed expectations with regards to improving operating metrics. that was a second one, hopes that financial performance would be better than anticipated for the second half of this year or next year. that's why we saw the share price move up. we also saw it move out because of the buyback can potentially counter a large sale of shares. in november, there were fears of additional sharer sales taking place in the marketplace and therefore a buyback could potentially counter that. for all these reasons, analysts and investors were somewhat enthused last week. we saw the share rally and in
fact they are expecting more buybacks on this company. rishaad: a so much. our news editor in mumbai. we will take a break but on the others of it, a quick check on what is going on. hong kong heads towards his lunch break. indian markets moving to the upside. the dollar down 2/10 of a 1%. this is bloomberg. ♪
haslinda: a quick check of the latest business flash headlines. we are down a-shares stirred -- surge essar -- combined with merck's biggest selling drug key trued up. the combined treatment is moved into final stage studies next year. moderna has been searching for successful new applications for mrna beyond the covid 19 vaccine. >> cancer is not a death sentence. cancer will be a disease in five to 10 years like diabetes or heart failure that will take drugs to be able to help you live a normal life. that is what excites me. haslinda: citigroup has named 52 people in his trading unit as managing directors after revenue from the business surged on
volatile markets. experts show it is on track to produce $19 billion in revenue for the year, second best performance since 2009. in all, they promoted 331 employees to the coveted rank. rishaad: checking on what is going on market wise. hong kong and just under five minutes. up three quarters of 1%. it is all about inflation and less belligerent reading a price rises and that will inform the federal reserve. don't miss our special coverage of that. catch the fed decides at these times on your screen. times on your screen. no matter what you're up against,