in terms of this treasury tightening the purse - this treasury tightening the purse strings. _ this treasury tightening the purse strings. i— this treasury tightening the purse strings, i think absolutely and i think— strings, i think absolutely and i think obviously the testing has gotten — think obviously the testing has gotten £2 billion and that's a huge sum to— gotten £2 billion and that's a huge sum to find in the country and it could _ sum to find in the country and it could not— sum to find in the country and it could not go on obviously indefinitely in the way that it was. but obviously we see from the story about _ but obviously we see from the story about student loans the treasury is always _ about student loans the treasury is always the — about student loans the treasury is always the lookout ways to just shave _ always the lookout ways to just shave a — always the lookout ways to just shave a little bit off here and here and there — shave a little bit off here and here and there and you can expect that to continue over the next few months and years— continu

department of treasury. secretary yellen has a long and distinguished career in economics and public service. she is the only person to have served as a head of the white house national economic council under president bill clinton. the 15th chair of the federal reserve nominate bid president barack obama and president biden's secretary of treasury. as secretary of the treasury, she has over seen critical part of president biden's american rescue plan, including the $65.1 billion fiscal recovery fund for all cities and expansion of the children's tax credit resulting in a 35 to 40% drop in child poverty in america over the course of 2021. she has also been instrumental in safeguarding full faith and credit of the united states treasury. so central to our nation's global leadership. mayors, please welcome a friend of america's cities and exemplar of a life devoted to public service, secretary of the treasury, janet yellen. [ applause ] >> thank you. thank you so much. thank you for supporting me. there's been

we are going to hear from the undersecretary of the treasury for domestic finance. meta- meta- circuitry, please proceed with your testimony. thank you. >> chairman brown, ranking member and other members of the committee, thank you for the opportunity to testify this morning on the stable coin report by the president's working group on financial markets. the pwg is chaired by the secretary of the treasury and federal reserve board and the cftc. it was formed by the presidential executive order in responsea to the 1987 stock market crash and regularly produces reports on financial market issues which may include recommended legislative changes. for the stable report, the pwg was joined by the fdic and occ. stable coins are part of an emerging set of digital assets activities and services that could have profound implications for the u.s. financial system and economy. the distinguishing feature as compared to other digital access is that they are designed to maintain a stable value relative toes the reference, often the u. dollar. stable coins have grown rapidly from

it appears that rishi sunak— the treasury. it appears that rishi sunak is— the treasury. it appears that rishi sunak is not prepared to sign off on the prime _ sunak is not prepared to sign off on the prime minister's target forgetting waiting lists down unless they are _ forgetting waiting lists down unless they are much tougher and much tighter— they are much tougher and much tighter and they are not going to cost too — tighter and they are not going to cost too much because how do you get down? _ cost too much because how do you get down? at— cost too much because how do you get down? at 6— cost too much because how do you get down? at 6 million procedure with an awful— down? at 6 million procedure with an awful lot _ down? at 6 million procedure with an awful lot of— down? at 6 million procedure with an awful lot of money and not a lot of new staff — awful lot of money and not a lot of new staff and new equipments. rishi sunak— new staff and new equipments. rishi sunak is— new staff and new equipments. rishi sunak is not convinced that this plan _ su

treasuries won't open for another hour. treasuries were fairly steady in the u.s. but what we are seeing in asia right now with the bonds and with the currencies suggests that probably there will be more of a risk off day in equities. the other assets to watch will be the ruble. we are seeing also some indication that there could be emerging market contagion. you have the rand, the turkish lira down sharply this morning. and treasuries are going to be interesting to watch because we have a flatter yield curve. there is a suggestion that investors are concerned about a further slowdown in growth and increasing inflation and that is where the treasury markets are torn between those. it is going to be an interesting day. at this point it looks like the risk off sentiment will continue. vonnie: the euro weaker by more than 1% and it is early in the trading week for that to be happening. you mentioned the lira down 1.7 percent. there could be big moves in currency markets. the ruble will get whacked more than it has been already. what can the russian economy with stand

and can see why the treasury is keen to push ahead with this.— can see why the treasury is keen to push ahead with this. and you think this is 'ust push ahead with this. and you think this isjust a — push ahead with this. and you think this isjust a necessary _ push ahead with this. and you think this isjust a necessary move - push ahead with this. and you think this isjust a necessary move for. this is just a necessary move for before he dies perhaps the treasury has got to find ways to raise revenue?— has got to find ways to raise revenue? ~ , ,., , ., ~ revenue? absolutely and i think there's obviously _ revenue? absolutely and i think there's obviously a _ revenue? absolutely and i think there's obviously a difficult - there's obviously a difficult balancing act and speaking to department for education sources this week they help be welcomed by universities because it will help shore up a lot of their concerns about funding in the wake of the coronavirus pandemic. so that will certainly be the hope that some of these institutions will try to attract huge talent from overseas don

department of treasury. secretary yellen has a long and distinguished career in economics and public service. she is the only person to have served as a head of the white house national economic council under president bill clinton, the 15th chair of the federal reserve, nominated by president barack obama, and of course, president biden's secretary of treasury. as secretary of the treasury, she has overseen critical parts of president biden's american rescue plan, including the 65.1 billion fiscal recovery fund for all cities, and expansion of the children's tax credit, resulting in a 35 to 40% drop in child poverty in america over the course of 2021. she has also been instrumental in safeguarding the full faith and credit of the united states treasury, so central to our nation's globally to. mayors, please welcome a friend of america's cities and an exemplar of a life devoted to public service, secretary of the treasury janet yellen. ♪ ♪ ♪ cities, and [applause] >> thank you. thank you so much. . tha

a move into treasuries and the move into gold. talking commodities and the russian invasion of ukraine reverberating across the commodity markets are high prices have already been feeding into record profits are the mining companies. joining us now is mark cutifani, anglo american ceo. they posted their earnings this morning and it was a record. i want to get into the details of the earnings but let me start with the geopolitics of the story. how much of an impact is this going to have on your business? mark: the uncertainty is unhelpful on a global basis, but on the supply side, things are tight and when we get constraints, restrictions, sanctions, that means those that are producing in countries that have relatively open access will do pretty well. it is not something that we are happy to see. we would prefer to see the issues resolved as quickly as they can. tom: what is the ability of the industry to adapt and adjust to these shocks that we are seeing in terms of supply and production? mark: it is becoming more difficult becau

>> the illicit finance issues are of serious concern to treasury. treasury has been leading the work in the financial task force as you mention the issued a report. they are continuing to work on this. as i understand, implementation of standardsmp is not even across jurisdictions. there is concerns of lack of implementation consistency and some and they are working on that -- those issues specifically. i think certainly my colleagues would be happy to follow up with w you if you have additional questions. >> i would like too. what are treasury'' priorities of the next six months to increase that implementation? >> as i mentioned they are leading the financial action. and focus specifically operating in jurisdiction. the digital assets. i understand that will be more details announced in the nextan few weeks. that can also provide or be happy to follow-up with you on that. >> let me close with and chairman of the foreign relations committee and particularly concerned will continue to use this digital currencies to evade sanctions which it weakens on

when the treasury recovery officer left here today and the deputy treasury secretary and i held sessions with you all, county leaders and governors, we heard one word over and over, flexibility. flexibility. over and over, we heard that each city and state has been hurt in its own unique way, as its own significant needs, and needs that flexibility to fix the fiscal health and economic damage covid has wrought. in the spirit of spider-man no way home. with great flexibility comes great responsibility. if you are looking at how the public is looking at us and what we are doing with the american rescue plan, i think they are looking and asking, are we using these resources that have not just the power and flexibility to deal with the immediate crisis, but to deal with learn going challenges you face, people are asking, are we using it to address those top economic challenges? at the top of that list, among the top economic challenges we will deal with in 2022 is the issue of whether we are doing everything to retain workers in essential jobs and to expand the supply of workers needed to me

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

shery: treasury futures holding steady at the moment. we have seen the 10 year yield topping the 1.96 level. many are betting that the 10 year yield will be heading for 3% this year. we are seeing upside after the broad-based rally we saw in the new york session. cyclicals, small caps rallying. the s&p 500 closed near session highs. apple and microsoft, we will continue to see if we see this momentum into the asian session. haidi: let's get more on the rising tide with our chief rates correspondent. when it comes to u.s. treasuries, it could be an interesting asian session. repatriation flows have been part of this. >> it is really concentrating on what's going on with long-term demand for treasuries. the selloff that have come as rate hikes ramp-up and also as yields move back into positive territory in europe and higher elsewhere, the money that is leaving the treasuries market will it come back in? that will tell us about whether treasuries can get toward the 3% yields some talk about perhaps a little bit prematurely seeing as how we

treasury futures, big movers. we are seeing asian investors this morning flocking towards australian bonds. treasury futures are surging. ukraine is turbocharging the haven demand treasury note -- demand. treasury note futures are serving -- surging. tenure yield notes are climbing. on friday we are seeing the move when it comes to australian and qe bonds. let's -- kiwi bonds. >> and why crude is up 6.7%. the same for brent crude. we are also having a look at natural gas futures. up-and-down 1.2% at the last close. they are higher on the futures market now. palladium is another one rising quite strongly. there is a lot of demand for safe havens. there are a lot of question marks about where the supply for some of these metals, base and higher quality metals will come from if this continues. palladium up 6%. ahead, more on the impacts of sanctions targeting russian banks. we will speak with johns hopkins university professor jeremy farrell. i look at the future for the future of asian economies. the potential spill

it has a presence for keeping treasury securities. that tells you about the potential direction of travel of the various rates in the real economy and the u.s. we're seeing that offloading and that of course has big implications for home owners and their mortgage rates and anyone who is looking to get into the property market at this point in time is probably going to find it quite tricky. some commentary we have seen from contract suisse talking about how it can be for the fed to achieve a soft landing would be to find a way to raise mortgage costs which could filter through to the rest of the economy. francine: non if that filters through the european market open, moves that we're seeing today. it is clear that we're seeing tightening across the world. markets trying to price in. at the same time we look at what's happening in ukraine. where do you want to be invested in now? >> you definitely mentioned those are the two biggest things people are looking at. people wanting to get ahead of some of these rate rises coming through. exp

we will hear from our witnesses under secretary of treasury for domestic finance. please proceed with your testimony.h thank you. >> chairman, ranking member and other members of the committee, thank you for the opportunity to testify this morning on stable coin reports by the president's working group on financial markets. it is chaired by the secretary of treasury and composed of the federal reserve board and the sec and cftc informed by a presidential executive order in response to the 1987 stock market crash and regularly produces reports on financial market issues which may include recommended legislative changes but the stable coin report was joined by the fdic and stable coins are part of an emerging set of digital assets and that could have profound implications of the us financial system and economy. that distinguishing feature of stable coins as compared that they are designed to maintain add value relative to reference asset of the us dollar. stable clinton grown rapidly from the market capitalization of $5 billion at the start of 2022 approximately $175

this move to havens, buying treasuries as we contemplate rising tensions. manus: the equity market is trying to grapple with the cost of any conflict. the fear has no basis in the fx space, as we just heard, they are prepared for that, very little rundown the come from them. but undoubtedly, it is a double punch, the fear of conflict, and also a more activist fed, which mary daly from san francisco try to step back. dani: you have the conflicts playing out, we had larry summers saying the fed to act and paul krugman saying shocking the markets is not what we should head toward. manus: and that's not what emp pair about either. let's get a snapshot of risks. it was literally carnage in the equity and bond markets on thursday into friday. europe is playing catch-up to the u.s. the nasdaq was down. there is a small, anemic and in s&p futures and the broader russell market. we are looking at the real relationships between germany and russia. france and russia. those are the trade risks and a relative sense and also the energy risks. we are also looking at the a

coloretti, you have some experience in treasury. how involved were you in the agency's lawmaking process? ms. coloretti: my role as deputy secretary had housing and urban development was to shake loose when regulations had complex amongst different parts of hud. i have expressed breaking through those logjams on the pathway to regulation. i have a deep appreciation for the role in coordinating the regulatory process, supporting evidence based analysis. i have an appreciation for that and have done that work. >> you mention 12866 and the role with regard to rulemaking. it is more than just coordinating. it is overseeing and often in conflict with the agencies. it is an incredibly important role, sometimes difficult. the administration has proposed modernizing people making process, including changes to cost-benefit analyses. how do you anticipate the administration will change cost-benefit analyses? ms. coloretti: i am very interested in the effort to modernize regulatory review and have reviewed the executive order and an eager to s

treasuries. and it comes to the start of trading, you can call that mildly optimistic. the bigger interest is going on when it comes to the bond market. we are seeing aussie and kiwi bonds continuing to slump on the back of the hotter than inspected u.s. inflation. take a look at the three year in particular jumping as much as 16 basis points this morning. pricing now signaling a 90% that the rba will hike in may. we heard they are saying there's a risk to the labor market from raising rates to early. there is a buffer for the rba to wait and see. given that inflation ratings in australia have been softer than in the u.s.. we are watching crude as well seeing gains when it comes to the oil market. shery: traders are crowding commodities. not surprising will receive the move and asian sovereign yields. the 10 year surpassing the 2% level for the first time since 2019. the two year yield was also above 1.6%. we have already seen a challenging session given the cpi numbers. then we got comments from

the fed will likely have 100 billion redemption caps on treasuries and mortgages, 60 billion treasuries, 40 billion mortgages, and that will be over a three-month period. the fed will see the balance sheet shrink by a trillion dollars in 2022, and another trillion in 2023. jonathan: pause, that was my first thought. one trillion dollars this year and next year? can you give me your case about balance sheet reduction, what you think it will do to this credit market? vishwanath: i would be on the side of less than the numbers that we just heard. caps would also be lower on the balance sheet reduction. the key to focus is with there be any eventual sales, when, and how would that affect? the key point to the transition to the trade markets is, people may underestimate how being the role of the fed has played in the market. one third of outstanding are held on the fed's balance sheet. if this is their highest number, if the fed is not only no longer buying but what i would call supplying negative supply to the market,mbs, the private market, nonprogrammatic, hedging counterparties, the priv

>> you don't buy treasuries for sure no i'd be disinclined to buy, you know, treasuries at all. take a look at back end. started asking steve about the key issuewhich is how does the tightening process unfold? i've been argues strenuously they should focus on active balance sheet management and mortgage port ffolio in p particular likely shelter -- six months of price increases, already baked in the kashgscake because of th those aggregates or measured or calculated got housing prices increasing. 1.25% per month. rents surging. the fed could take steam oust housing market were they to actively shrink back security. and determines a yield curve steepener or flatner what you buy, actionaries should be fine. >> hold that thought a moment. 30-year auction results in difficult setup for a bond auction. bring in rick sante tell w -- santelli with results. >> difficult, 40 years' worth of inflation showing up before it occurs i gave it a d. d as in dog. didn't go well shocking right? 23 billion 30-year bonds what went wrong, yield is 2.34 well ahead where the issue market trading highe

— where the government and the treasury are telling us we can't give _ treasury are telling us we can't give you — treasury are telling us we can't give you money. yet they're writing off 89 _ give you money. yet they're writing off 8.9 billion. it's absolutely staggering, i think questions need to be _ staggering, i think questions need to be answered.— staggering, i think questions need to be answered. which brings me to the leveling — to be answered. which brings me to the leveling op _ to be answered. which brings me to the leveling up story _ to be answered. which brings me to the leveling up story on _ to be answered. which brings me to the leveling up story on a _ to be answered. which brings me to the leveling up story on a couple i to be answered. which brings me to the leveling up story on a couple of| the leveling up story on a couple of papers. let's look at the telegraph. michael goes to unveil leveling up that will become law. it is not that much, is it?— much, is it? know, and 'ust to finish on i much, is it? know, and 'ust to finish on that i much, is it? know, a

taking a look at treasuries. looks like we will see the numbers turnaround what we have previously seen. 1.9892. treasury yields have really been up and down. right now, they continue to fall. jon: we will continue to track the markets. meanwhile, ontario's premier doug ford earlier declared a state of emergency. the government is exercising new powers to end the blockade. let's bring in someone from ctv who has been covering this. this news coming as they were so many concerns about a lasting economic impact for both canada and the u.s. from what is going on. what is happening on the ground right now? >> that is right, the economic impact being felt over the last few days. we have heard from the big three automakers having to cut shifts short. as for what is happening on the ground, for the first five days, we are seeing some progress when it comes to the protesters. behind me is a single lane about the protesters opened up this morning. this is canada-bound traffic. although they opened up this lane as a sign o

treasury index has never posed consecutive negative returns in a row. there is a good chance we are the go flat. rishaad: how do you actually construct a bond portfolio in this environment? is it about wealth preservation more than anything else? >> at the moment, we are looking at the front end of both u.s. treasury and australian government bond yields for some value, even though the central banks would be cost over the year. at the current level, and yields still rise, until fully priced with the hiking rate. the bond should be whole on the front. it is either zero or positive return, very small positive return. when people get investing the 10 year, u.s. treasury around 2%, offering some value that the fed can have once a quarter. but i think the case involving it this year. the question of value and momentum are two different stories. we have the new story this year that the ecb is becoming more confidential. using the inflation target around 2%. into marge, and a good strategy will add to the bearishness. haslinda: what exactly is looking attracti

, buy a one year treasury. lock 1% in. that is lot better than being down 3, 4, 5, 6, or 7%. you could see the portfolio that way. put rest in stocks. charles: eddie your thoughts on that, the sort of standard portfolio? i've been against it in a long time. partly because of demographics. if you make it to 60, a hell after chance to live to 80. as we get older it doesn't serve the investor well. your thoughts on it? >> i agree. there are time periods you have to change. why we're talking about not buying and holding in this environment. what investors need to consider if they're in that situation, increase some cash, have some dry powder to buy the dip that we think is going to materialize in a big way over the next six months. so i don't think this is an environment where you stay stagnant buy and hold. there are a lot of things that could go one way or the other. if you don't have dry powder to be opportunistic, you will miss a lot of opportunity that i think present themselves in the next six months. charles

no drama in the treasury market. yields are down a whole lot more in the market with the swiss stronger and the japanese yen stronger. tom: euro-swiss stronger, correlated with gold. oil down to 90 four dollars on brent crude -- annmarie hordern with us. what are you focused on? annmarie: it is the germans, olaf scholz -- maria: it is the germans, olaf scholz. vladimir putin meeting with him tomorrow for the first time here this is a chancellor who is under huge pressure. domestically, polls continue to drop for him. he is stuck with a gas problem and economic problem. if there are big sanctions on the russian economy, it is germany that will hurt most. tom: help us with our perspective -- we have world war ii, then we have, basically, gorbachev allowing for the epa chief -- repatriation of east germany. right now, how does mr. putin perceive germany 2022? maria: i think that is unclear, and it is unclear because it is new leadership. when it comes to angela merkel, that is someone who grew up in east germany, who sp

the 10-year treasury yield coming up a bit. investors are actually selling the bond that pushes the yield up. sometimes this confuses me. having an up arrow in red, it doesn't make any sense. i guessed bond traders don't know that they are losing money in any case. the bond index coming down a bit. it's a bit of a haven asset. it has been. these two were risk off indicators, risk on indicators even though we have the s&p down a little bit. nymex crude doing nothing right now. 9194 at a high level. president biden is expected to expand sanctions against russia as soon as today with new u.s. penalties hitting additional elites close to putin as well as the builder of the nord stream 2 pipeline. joining us now is the senior politics lecturer from the university of manchester. olga, first let me ask you what you think about the sanctions we know about. how much teeth do they really have? olga: they show two things. that the west is united and coordinated. there is almost a bit of a copy paste happening. but they aren't actually ver

and as we heal’, _ treasury waiting for? and as we hear. it— treasury waiting for? and as we hear. it will— treasury waiting for? and as we hear, it will only exacerbate the problems — hear, it will only exacerbate the problems of so you would think from a value _ problems of so you would think from a value for— problems of so you would think from a value for money perspective, if you're _ a value for money perspective, if you're going to be quite cold about how you _ you're going to be quite cold about how you approach it, you're either going _ how you approach it, you're either going to _ how you approach it, you're either going to spend money now or spend more _ going to spend money now or spend more down — going to spend money now or spend more down the line, so i think it's very— more down the line, so i think it's very strange — more down the line, so i think it's very strange that looks like a political _ very strange that looks like a political choice more than anything else _ political choice more than anything else. ., �* ., ., , ., ., else.

you are seeing a bid come into treasuries on the 10 year yield. we did not get that taste of 2% at we thought we might get yesterday. does this conversation look a little bit different tomorrow post cpi? we will wait and see. wti packet a $90 handle after you saw a big draw on inventories data in the u.s. guy: as you talk about the vix coming down to around the 20 handle, people are certainly paying attention to the volatility outlook. are we going to see volatility continuing maybe to suppress a little bit more, or are we going to see more, not less? that is one of the questions the market is asking itself. the vice chair spoke to bloomberg a little earlier. >> this is not an overheating economy. we are still growing below potential. so the idea here is these are inflation dynamics, very unpleasant, not acceptable in many ways, but they are driven by supply constraints, not an overheating economy. that will lead to a more muted cycle in the end. but until we get there, we will see a lot of volatility. guy: mr. hildebrand. let's get another take o

a real risk off move into treasuries. more liquidity coming in, let's take the conversation to my guest, we are in shock territory in excess of $100. monica: the ramifications obviously will be on inflation, this will inflate through europe , wiurther pressure on the ecb that's got to face this dilemma with the risk off second round effect. we could see oil prices stay above 100. energy prices and gas even more so than oil will remain high. we're entering spring when usually demand goes down by one third. but it's going to come at a higher cost for sure. manus: europe bought 3.5 million barrels of rational oil and refined -- russian oil and refined products and 250 moon dollars worth of russian natural gas, titanium, gold, and other commodities. the bill topped more than seven hundred million dollars. vladimir putin literally has europe and the world by the scruff of the neck. what do they need to do in terms of a reaction, monica? in terms of going after vladimir putin. what is it that really would stop this escalation?

treasury. one more call from banks that this will surpass 2% quickly. have a 3% call for u.s. 10 year. investors are trying to grapple with global monetary policy tightening, and what it means for the broader markets. tom: the geopolitical story of the moment, president biden says the controversial nord stream 2 between russia and germany would be stop -- he was clear about it -- if moscow invades ukraine. we are joined by european correspondent, maria tadeo, in brussels. these comments came with all of olaf schultz in d.c. standing beside biden, he did not push back. what is your take away? maria: the point is this was a diplomatic trip to change perceptions around germany. the german tip the medic body has been under huge pressure for three weeks, and they are accused of being soft on russia. olaf scholz had a clear message, he spoke in ways, and did a major interview with prime time tv to make it clear germany is a reliable partner. germany is working to avoid a war, working closely with the united states, and stands behind nato. on the nord stream 2

but we start off with this the ten-year treasury yield spiking above 1.93 that's the highest since december 2019. the move coming on the back of a better than expected jobs report adding 467,000 new jobs in january. that kind of growth could prompt the fed to be more aggressive, so thinks the market the market now pricing in six rate hikes through next february, but check out the reaction in the market today tech stocks rallied. amazon, big driver, adding more than 13% on the back of its quarterly results. we're halfway through earnings season we've heard from all the tech titans and given today's action where yields in tack actually rallied together, is this market signaling that it has made peace with fed tightening and the worst of the volatility is behind us? pete, what do you say? >> that's a tough question because we're just starting into this earnings season and we're already looking ahead. when you look at the majors in terms of who's reported so far from the tech industry, we've heard pretty much great earnings from the megacap names microsoft, that was outstanding. look at apple.

treasury wine looking to see, treasury conditions could improve. the company has been hit hard by the ban on australian wine. we will be speaking to the ceo of airbnb. the online marketplace beating the street on demand. we will get his thoughts on travel trends amid the growing surge. >> is day two of the airshow and we are getting ready to welcome the tropical weather. coming up, we are talking about how honeywell is getting impacted by supply-chain disruptions. boeing had said if russia invades ukraine, we could see a shortage of titanium. keep it here with us. this is bloomberg. ♪ shery: airbnb pete revenue and profit estimates in the fourth quarter, bucking a resurgent wave of covid-19 infections and heading into this year stronger than before the pandemic. let's ring in emily chang to a standing by with the company's ceo. emily: airbnb in many respects doing better than it was before the pandemic. the ceo is with us now. why do you think this is? how is airbnb beating its own record and even before we were in a global pandemic? brian: the r

the 10-year treasury has background off -- no, it's not. back again, 2% yield on the 10-year treasury. not good for the nasdaq. the price of gold still at 1830, not doing much. bitcoin right now is down to $43,000 a coin. oil, haven't checked that yet this morning, $90 a barrel. nat gas, where's that? up or down? ooh, down significantly, below $4. the average price for a gallon of regular gasoline keeps going up one cent a day, you're now at $3.48. $4.68, the average for folks in the formerly golden state. >>> the white house message to americans who may become stuck in ukraine, you're on your own. roll tape. >> -- happens to americans if they do get stranded in ukraine? >> so what people should understand is that the united states does not typically do mass evacuations. what we're encouraging american citizens to do is depart now, obviously. stuart: okay. retired four-star general jack keane will join us on that subject later next hour. >>> that is a no. joe rogan turning down rumble's $100 million offer to move his podcast. has rogan been

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treasury, who heads flock to in times of uncertainty. fives and tens fell on the basis --fell today so you are looking at 41 basis points. how are you looking about the short-term versus long-term trend, which is the fed has to move quickly? kriti: the geopolitical headlines --you can see it in intraday trading. every time a russia headline crosses the wire, you step into the 10 year yield. there is nothing like the usa for haven asset. you should keep in mind going back to 2014 to 2008 with the invasion of georgia, you did not see as much of a rattling in the stock market. you saw a little bit of adept, but the stock market cap marching higher. the bond market, those yields continued to drop so you start to see the long-term effects there. compare that to what you see with the hawkish fed. you see of tug-of-war. romaine: when you come in on monday morning, what will you check for? kriti: oil, wheat, aluminum. taylor: you have to add weight to the board. romaine: kriti gupta, our smartest guests on the program. let's stay on this topic.

on treasuries, went to 14%, 15% in 1980, 1981. i can't believe i am saying all these negative things, but i am just repeating history. these things are possible because they are possible for people serious about their own investments. so what would you do if you had some certainty that might happen ? lisa: what are you doing if you see this as a likely possibility? michael: people will throw out that stocks are an inflation hedge. that is true if you have moderate inflation. if you have large inflation, which we may or may not have, i think you may have a situation where all markets, the tradable markets are affected negatively. look at the history of gold. look at the history of real estate in these periods. go back to the 1970's and 1980's and read the history. all markets are affected. it is a question of where you lose the least money. one of the things the people listening to this forecast would be wise to think about is even though you lose money holding cash, you lose less than if you were long treasuries because when you a

treasuries at some point down that line. i mean, obviously, the sort of logic is buy treasuries as a flight to quality, right? but is it a good time to buy treasuries when you're going to get higher interest rates? if so really this is a very perilous time for investors. be careful. watch the risky assets, the meme stocks, the nfs, the certain spacs. crypto, obviously. they take hits in this type of environment, particularly in rising interest rates. liz: which i want to talk to you about that right now, but i do want to flag our viewers, we are at session lows for the dow jones industrials. this is a new hoe, and you can see from the intraday now with the nasdaq down 2.9% or a loss of 410 points. bitcoin has not been the destination for flight to quality moves here. and we are looking at most of the cryptos dropping pretty dramatically. >> yeah. liz: but there is news with the sec and ripple, correct? >> ripple, and why do we keep talking about this case? if you're worried about crypto regulation, who's going to regulate it

it is a pot of treasuries. you get those treasuries plus warrants on the companies it merges with eventually we hold the cash we get paid the interest we hold the warrants we sell the security when they announce the deal. only hold pre-merger we get the warrants for the upside we compounded in a hedge fund structure in the mid to high teens using leverage we thilnk we will generate mid o high single digits over the long term >> spacs, the stock, mark, many have not ended up very well for investors. this is not buying baskets of the stocks this is the pool of money used prior to doing some kind of a deal a very different thing >> very important. spacs. it is misunderstanding a spac is not a company. it is a pot of money that is used to do an initial public offering draftkings will do well or not do well like amazon or google or other companies have done well or not done well those are companies. a spac is a trust of treasuries. if you sell for that to get the cash back before the deal is c consummated. >> really

now, the 10 year treasury yield, 2%. 2.008% to be precise. gold, 18.30 per ounce, bitcoin is it still at 43,000 yes it is, 43, 500 to be precise, oil $90 a barrel, nat gas 3.93 not doing much actually, the average price for a gallon of regular gasoline is now 3.48 and look at california again, $4.68. ready for some real talk? that's in quotes, "real talk" from hillary clinton? roll tape. >> i think that it is a time for some careful thinking about what wins elections and not just in deep blue districts where a democrat and a liberal democrat or so-called progressive democrat is going to win. stuart: may i suggest that if you want to win an election don't call voters deplorables. new york democrats want her to speak at their convention, yes, we have the story. the oscars are not going to require proof of the jab to actually attend the ceremony. so the hollywood elite can go in , but california school children still need to be masked up, how about that? steve hilton has it, mattress ma c, known for his big super bowl bets putting $4.5 million o

maybe higher quality bonds or treasuries. interestingly, there are a lot of interesting excess return or total return opportunities in the old-fashioned treasury market. jonathan: you were smiling because you know i am going to asks the question. every time i see yields tick higher, i think of you starting to nibble. have you been buying at the long end? what is the strategy there? michael: what we have been doing is adding to the position in the 20 year, but maintaining a big curve flatter. we have not been adding to the ration here. we have been kind of maintaining , even trimming it a little bit, in some parts of the curve, really looking for a better entry point. i don't know where this thing is going to shake out. i don't know how many times the fed is going to hike rates. i don't know when inflation is going to roll over. we are really biding our time, waiting to see more signals that inflation is going to roll over. that is going to be a really important signal. but there's a lot of value in parts of the curve like a 2

we have seen earlier this year levels around 2% being thrown around on the two-year treasury with tech stocks in particular which we saw bore the brunt of the earlier selloff in the equity markets. we are heading toward levels that could get past 2%. i think it is a question of what is the trade-off in terms of much further yields could go above earnings yields, whether they will go for equities or bonds. that will be one to watch out for and something we could see as soon of the next couple of weeks. guy: christine lagarde will be talking at the top of the hour and delivering testimony to the european parliament. does she pushback and change the narrative or does she try to push the market up? does she try and push back the idea of the pivot of the ecb is now underway? does she talk about the spread? she is on really dangerous ground here. kayley: that's what we will be watching out for. it's a tendency from the ecb, the aftermath of a big rate decision such as the one we saw last week to add nuance to the messaging and the week after that. that's what we will be watching or how much

you are not seen people come in and buy the dip when it comes to treasuries. that is significant at a time when it is really yields increasing into not inflation expectations, which have been staying constant or going down. jonathan: there is another difference here, is not just the fed but the ecb setting up to do the same. maybe the back end of this year, but that is not what we experienced the last cycle. the ecb set out. lisa: that is why people are looking at the pool of negative yielding bonds. it has gone down to the lowest level since 2015, how much does that change the dynamic of the global bond market? jonathan: and how much is it teams the dynamic of the equity market? good morning on the nasdaq, down a quarter of 1%. yields are breaking higher by three basis points, 18486. higher to the rest of the curve. euro-dollar down to 11424, breaking the other way down 1.5%. 8997. lisa: let's see how long that lasts. slick at what be are looking at today, the trade balance is posed to be the most significant deficit going back to 1991. a lot of good people s

. >> it's actually a common strategy coming from the treasury department for countries where you have situations like this. and so, for example, when we had the crisis in syria, when the crisis there unfolded in 2011, i was director at the nsa at the time and i helped craft those sanctions against the assad regime. it actually did not work here but there are differences between syria and russia. the difference is, the idea is if you target those elites around the leader, right, the cronies, on one hand some of them may be propping that person up financially. either they're doing their business for them, maybe the businesses are actually in their name and not the leader's name, maybe they're forced to contribute in some way or support something, maybe there's a buy ammunition, for example, so some of this financially hit them because it could end up supporting the foreign policy objective, and sometimes it's actually about letting them suffer so much that they go to the leader and say, what are you doing? we're coming at this from a completely different perspective, business perspectiv

much higher than the treasury rate, so that came out on march. buy another 100 basis points a few weeks later. now are they going to move in a similar fashion? francine: talk to me about the ck inflation overshoot. it adds a lot of pressure on the tank of england. does that mean that a second hike is a done deal? ven: i think it is a done deal. there is no question about that. but also the question of a hike by march. i think that is a point of 30 basis points because inflation concerns were deep and if you also look at cold print and the principal measure for bond investors, that is going up as well and that shows that inflationary pressure is not changed at the moment. there is plenty of catchup to do. they are worried about whether the economy can withstand it and i think the u.k. economy is pretty resilient. they need to go sooner than later before inflation expectations get even more entrenched and that drives it even lower. francine: thank you. our bloomberg mliv strategist ven ram joining us. coming up, heineken is about to get more expens

ten-year treasury is 1.87% people are bidding up the prices for the safety of the u.s. government debt. two-year treasury yield 1.576% oil prices on the upside brent crude futures above $100 a barrel closer to $104 that is up 7.5%. same with u.s. benchmark texas intermediate that is 7.5% to the upside natural gas prices, very much a focus, of the energy conversation up 6% right now as well. m precious metal gold prices are well above $1,900 per ounce silver prices up 3.5%. 25$2 $25.40 palladium tradeing up no safe haven in cryptocurrency old developments in ukraine. bitcoin down 6%. ethereum prices down 10% $2,368 in the last trade there red arrows across the world. let's get off to rosanna lockwood in the london newsroom with latest on what is shaping up, rosanna, on what is a negative day for markets >>> that is right, dom early indication for you let's start with asia. the hang seng in hong kong closing down under 3.5%. you must take into account what is happening in hong kong with covid and how it is impacting business s shenzhen down 2% down 8% at one point in japa

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