20 Burst results for "BOE"
Bitcoin Magazine Podcast
"boe" Discussed on Bitcoin Magazine Podcast
"Also is aimed at keeping the government involved in supplying money as consumers shift to card payments backed by companies and not the government. And that last part is talking about Libra. Remember Facebook launching their Libra coin or the pilot program for their libre coin, that's really what lit the fire under the central banks to start down the CBDC road. I don't even know what's going on with Libra anymore. I don't know if it's been canceled or anything like that. But it's almost like they're so far behind. It's been fully canceled. Holy canceled. Yeah, they rebranded and then canceled. Yeah, so I mean, these guys are still pursuing a CBDC when the main impetus is now no longer a threat. So anyway, let's continue on the next one. Hey, real quick. First, it was first it was blockchain not Bitcoin, CBDC, not Bitcoin, smart contract platform, not Bitcoin, and now we're talking about CBDCs, not Bitcoin. So I mean, I think that I think earlier meant to say DLC. So we're just filing through the objections as people slowly one at a time realize it's Bitcoin, is it Bitcoin is it? Yeah, it's the arguments keep getting knocked down. So let's go to the next slide. Continuing on with some of these things here. So the remarks brush aside criticism from the House of lords economic affairs committee, which said CBDC is a solution in search of a problem, and could lead to further financial exclusion or for vulnerable households who depend on physical cash. So I think we don't hear a lot about these dissenting voices. But look, this is the House of lords economic affairs committee, and they said this is a solution in search of a problem. So that needs to get wider wider publicity. In the consultation paper due to be published Tuesday, which is what Casey was writing about here. So the BOE and the treasury will call for opinions and evidence on whether they should build what has officially been termed a digital pound. They haven't made a decision on whether to move forward with the project, but the work is building the case for action, a separate working paper will also attempt to assuage worries that a proposed CBDC could pose a risk to financial stability by sucking money out of the banking system. The BOE also said holders will be will not be able to earn interest on their digital coins and there will be a limit on how many they can initially buy. So, I mean, it's very interesting they're saying this is a problem or a solution in search of a problem. They're talking about consultations. They're talking about experimentation and looking if we should build this and stuff and then they also hit on sucking money out of the banking system, which it will, because it's replacing commercial banks. So any comments up to this point, CK or should we Q on rolling? I mean, they're committed to doing it, and they're also committing that it's going to suck. So I'm not too worried.
WTOP
"boe" Discussed on WTOP
"Available and we have quite a bit in our sheds. And of course our dedicated employees are ready to roll. That same system spawning deadly tornadoes down south, CBS Elise Preston is in farmerville, Louisiana. They're kind of going through the rubble here, picking up a few sentimental items. We saw them pick up baby clothes and pictures and high school cheerleading uniforms. So they're just trying to put all of that together, but the mother said, I don't even know where to go from here. At least two people a mother and her young son have died. The Federal Reserve delivered one final major interest rate hike this year, a half percentage point increase to fight inflation, just in time for Christmas. The move snapped a streak of four straight three quarter percentage point hikes, although the fed indicated in its forecast that it plans to keep raising rates into 2023 by upwards of another three quarters of a percent in order to bring down stubbornly high inflation. At CBS Jason Brooks reporting. Today, Pope Francis said he'd like people to spend less on gifts this holiday season and more on donations to Ukraine. CBS Sabina castle Franco is in Rome. Pope Francis has made another appeal for the people of Ukraine on his general audience. To spend less on Christmas celebrations and gifts this year and send the difference to Ukrainians, suffering hardships due to the Russian invasion. North Dakota governor Doug burgum has banned all government employees from using TikTok on any state owned devices. He joined several other Republican governors who have done the same, citing the platform cybersecurity risk. And company holiday parties are back, but they look a little different this year. CBS Allison keyes explains. People are dressing up after two years of clinking glasses over Zoom, but they're more intimate with some companies even picking spas and yes, even pickleball, still more than 57% of businesses are planning in person holiday celebrations. So you might want to get those shoes shined. It's a big step back to normalcy from 2020. On Wall Street, the Dow lost 142 points today. This is CBS News. This hour's newscast is presented by rocket mortgage. When you need cash out of
Bloomberg Radio New York
"boe" Discussed on Bloomberg Radio New York
"That will be part of what they do in December, but it will be a big part of February's forecast round. But I think they didn't carry on hiking at least in the very near term. What's the Bloomberg economics team's view on the terminal rate from the BOE and the time frame? Do we start getting rates coming down in early 2024? Yeah, so that's a long projection. Yeah, so I think in the near term, we've got more rate hikes in the forecast. So we've got rates peaking at 4.25%. I think to be honest, the risk may be that they peak a little bit lower than that. If you take into account one, that's as I mentioned the fiscal side, but also just the narrative that's coming from the bank. You had a very dovish speech from speech from sylvana torero Friday. I know she is the dove. On the committee, but I think they're beginning to move to this world where they're thinking about the quantum of tightening that they've put into the system. It acts with a lag. They know that. And the economy, for instance, and purposes we think is already in recession. So we think a peak of 4.25%, as you mentioned there, Tom, I think, come 2024, it's likely that just on base effects alone, you get a pretty big drop in inflation because of just the energy stuff falls out of the CPI numbers. So we think that cuts that will give the bank room to start cutting in 2024 if the outlook requires it and we think the outlook probably will require it. So we think cuts in early 24. Okay, so that's actually for the bank. For more sort of ordinary folk, though, a lot of time spent thinking about strikes, right? Nurses striking for the first time in a 106 years. And you mentioned those half a million people who think of dropped out of the labor force and there's a lot of kind of labor market turbulence, isn't there? How should we think about strikes which could well go beyond kind of nurses could it teach us a lot of other things? Economically, surely that makes this picture worse. Yeah, absolutely. These things, I mean, I would say that the 500,000 people dropping out the labor market is a really big shock that seems the economy. And it's not talked about that much. You've got everything, everything is focused around the energy, energy crisis, and obviously the turbulence that followed the mini budget. I mean, on the strikes themselves, they will obviously have an impact. Particularly in the nurses, as you mentioned, the teachers. One thing I'd add is just to say on we've had to train strikes as well. Yes. I mean, if you look back at past examples of when we've had strikes in the UK, they have had a material impact on the economy. I think particularly I'm just focusing on the trains here, but the world has changed and the world of work has changed. So the impact there is probably not quite as big as it once was because world of working from home and things like that. But the fact is that this is just yet another headwind and the supply shock that's hitting the economy at a time when inflation is very high. Okay, Dan, thanks so much for being with us. Yeah, I think it's really there is a big debate about those half a million workers and where they've gone is it people retiring early? Is it through illness and so on. But anyway, we'll get you back on another day to talk about that. Dan, thanks so much for being with us, bring back senior UK economist Dan Hansen. This is Bloomberg. Markets, headlines and breaking news 24 hours a day. Dot com, the Bloomberg business app. Quick take. This is a Bloomberg business flash. 9 45 here in the City
Bloomberg Radio New York
"boe" Discussed on Bloomberg Radio New York
"On Bloomberg television and radio. I'm David Weston. There's a lot of news going on and it's follow the bouncing ball at least for me on equities here is pretty good to explain what's going on in the markets and how they're reacting to all that news. Well, we did have a rally on our hands It's kind of faded here and I think a lot of this is going to be in consequence to the dollar. I remember a big conversation in the equity market right now. Stateside is simply this idea that how sustainable is this bull market. You are starting to see a little bit of buying here. You have saw it on Monday on Tuesday. This is by the way, we're poised for the best week at the moment, going all the way back to July. You can see that's how strong the rally has been. A lot of it has been coming from better than expected earnings, the exception, of course, being Tesla, which is where you're seeing some of the pain right now in the market. Okay, we got to talk about UK. What's going on with the UK? How are they reacting to all the chaos? The political chaos. Right. Well, there is a little bit that was priced in. This kind of resignation announcement was a long time coming. And a lot of people are kind of breathing a cyber relief when you look at the FX markets or the guilt market. So you do see the cable rate of the pound versus the dollar at one 12. So a little bit stronger here, which by the way, is weakening the dollar that weakness in the dollar likely helping the stock market as well earlier in the session as well. In the bond market, what it does interestingly is create a little bit of a bid for UK bonds, which was not the case. So those soaring UK guilt yields that we've been seeing for the past couple of weeks, that reversing a little bit today. Yeah, it's interesting. It's come down something. It's still up since before she took over as prime minister. It is, but you know, some of that is the BOE, so you have to kind of see whether the next person in charge will perhaps put it all under control. Thanks so much for creating good too. You can catch pretty again at 1 p.m. Eastern
Bloomberg Radio New York
"boe" Discussed on Bloomberg Radio New York
"Flash the action today again focused on the UK ahead of that statement by Jeremy hunt later on he's expected to unveil more measures from the medium term fiscal plan that will be fully detailed on the 31st of October with the OBR forecast that according to statement from the treasury this morning ahead of that, the pound 8 tenths of 1% stronger now one 1257 slightly, pairing the gains that we saw earlier on in trading, but still up significantly on the day. This is the Bloomberg dollar spot index is two tenths of 1% weaker so that's having an impact as well on other currencies the Euro is currently trading at 97 37 against the dollar of this as we have seen the BOE rate hike pricing by markets falling to the lowest sense the mini budget traders are pairing their wagers on where the BOE will cease in a key rate peaking at 5.36% by May of next year the current implied rate under WRP to be IRP function on the terminal this morning shows a hundred basis point rise being priced in for the next meeting of the Bank of England on the 3rd of November, but we are seeing that the future projections of hikes being paired ahead of the announcement. By the Chancellor later, looking ahead towards the start of European trading later, the FTSE 100s two according to the future is a tenth of 1% weaker, the Euro stock 50 features are tens of 1% weaker as well. S&P I mean, these though on Wall Street are still positive there of 8 tenths of 1% NASDAQ features are 9 tenths of 1% higher in both of those markets saw a big sell off on Friday, the S&P finished down 2.4% and that's continued on into trading and Asia today, the MSCI Pacific index down by 9 tenths of 1% across the European bond space. We are seeing a rally this morning yields on the ten year bunt are down four and a half basis points to two spot 29 to 2.3% now. In fact, whereas the Italian ten year BCP is down 5 basis points as well to four spot 73. Of course we will be watching the issue for guilt markets as they open up with just been hearing from Valerie title that she's expecting the possibility of a relief rally on girls markets this morning, the ten year gilt yield finished on Friday at fort spot 33 13 basis points higher. That's your Bloomberg radio business flash. Now here's the Ann garons with more on what's going on around the world, we are. Steven
Bloomberg Radio New York
"boe" Discussed on Bloomberg Radio New York
"Economic strategy to boost growth. It's hugely humiliating and now we hear that Quartet has had to rush back from the IMF meeting in Washington to deal with this situation and really it smacks of 2011 when the Greek finance minister had to come back from the G 20 to deal with the sovereign debt crisis. Of course quartets allies are shunning that comparison. But really, it seems like finally quasi quantang is going to have to listen to financial markets. You heard from the former BOE governor Mark Carney in Washington yesterday saying that markets will punish policy areas. Now the question really is, how much more of Liz trus budget can actually survive? Yeah, but I love the drama of this because in the end of the day, this is about a Machiavelli move by Liz truss to literally gut her Chancellor's policy in absentia. So the debate, the bookies will have a number out on court tank surviving, but can trust survived. Do you think she did enough with the back bench the 1922 committee, those people, the dark suits in the background? Do you think she's done enough to survive herself? Well, remember, the Conservative Party is the most successful political party for a reason because it can shed its skin like a snake to stay in power. It wouldn't take much to change its rules to be able to change leader. But whoever would be the next leader would have an even more diluted mandate than Liz truss and it would almost certainly force a snap election. Still though, the times, the Financial Times are reporting that there are plots behind the scenes to replace trust with Rishi sunak and penny mordant. Well, there you go. Another battle line is drawn. We'll see you in just under ten minutes. Don't go away. Don't go and get a coffee. You've got more work to do. We'll get together in about ten minutes. Lizzie Byrd nightside the Bank of England. It's going to be a long day for her. They're going to leave you with a live shot of the City of London. Cable traits are one 13, 21, of course, Sterling had a
Bloomberg Radio New York
"boe" Discussed on Bloomberg Radio New York
"You know, that is a big risk to China, big risk to growth. The property bubble bursting there. Yes. Yes. Well, when you have the domestic issue, secondly, you have what is happening to the currency in terms of weakening and it's not so much what the implication in terms of infrastructure inflation is the implication in terms of competitiveness. But then the other important point, of course, is that when we look at the western world, when it was any downturn, China has been playing a role of a locomotive at some point, it was even the only real locomotive for the world economy. That's not going to happen now. So the concern that you have is that when you have had when we will be, let's say, in the latest stage of this, hopefully shallow recession, then the question is, okay, where is the recovery going to come from? So John is not local motive. Now, on the other hand, I want to insist there's also elements of hope or if the confidence that we could have and that is related to, of course, the huge investments that are necessary in the context of the energy transition. So that should be account a bit of account balance. You have checked at the fact that China is not a locomotive should a little more. That's something I'll just say the office that is values for global. Well, it is very briefly looping it back to here in the UK. Your expectations for the BOE on November the third. Well, that's the continue I came, of course, because of the effects of carbon that the UK is having. They go 1%, do you think? That looks aggressive. I would say less that one person is correct, I think. But and then, of course, I'm interested in any communication that's already in terms of how it has been handled and what should be done. But in the moment they are kind of creating local currency in terms of what our positions for pension funds for the average and so on there is a lot that needs to be done there to bring back some comfort. William thank you so much for being with us. William to build a chief economist of BNP Paribas, so 1% rate rise for the Bank of England is too aggressive, but look, the bank and the government seem to be at loggerheads, so who is going to move first and what happens with the pension fund in the UK, those remain huge questions Tom for markets. And for the moment, yields are moving lower. So bonds and guilt are being bought, that will be some relief to the BOE and the government just how long this will be sustained, of course, is the key question. Bonds yields down by 17 basis points at the long end of the guilt the 30 year accounting trading at four 64. So there's money flowing into these guilt markets. It is the penultimate day before the BOE ends
Bloomberg Radio New York
"boe" Discussed on Bloomberg Radio New York
"And heart failure therapies. I'm Brian shook. And I'm Brian Curtis in Hong Kong. Let's check this hour's top business stories and the markets. The UK Chancellor of the exchequer quasi quartan said it's the Bank of England that will be responsible if markets suffer more volatility. As after the BOE said that its bond buying program would end on Friday. In Washington, quartan told Sky News that any turmoil would be a matter for the governor. Markets have been in a tailspin since quarantine presented a $45 billion package of unfunded fiscal stimulus. Back on September 23rd. The Biden administration is considering a complete ban on Russian aluminum. This would be in response to Russia's military escalation in Ukraine. Aluminum has been shielded from sanctions due to its importance in everything from automobiles to iPhones. Taiwan's economic affairs minister Wang Mei Hu, has downplayed the impact of new U.S. chip curves on the Taiwan economy. He urged investors to stay calm and believe in TSMC's resilience. Wong said that the government sees only minimal implications for Taiwan. Applied Materials, the biggest maker of chip equipment slashed its forecast for the fourth quarter, it warned that those new export regulations from the United States will hurt its sales to China. It said the rules would reduce sales by about 400 million in the fourth quarter. The stock edged down about 1.3% in after hours. Let's check the markets mostly selling here in the Asia Pacific, the nikkei down about a half a percent. The Hangzhou index is off one full percentage point. The CSI 300 trading down about 8 tenths of 1%. The pound has traded down on that quasi Quartet comment one ten 83 against the dollar and the yield on the ten year treasury 3.91%. Global news, 24 hours a day and on Bloomberg quicktake in Hong Kong, I'm Brian Curtis. This is Bloomberg. This is Bloomberg law with June grosso from Bloomberg radio. An entire
CNBC's Fast Money
"boe" Discussed on CNBC's Fast Money
"Welcome back to past morning another check on how stocks close out the day the Dow managing to squeeze out a small gain breaking a four day losing streak. The S&P and NASDAQ, though, not so lucky, both notching a 5th day of losses. The S&P dropping a little more than a half a percent while the NASDAQ fell more than 1% hitting its lowest levels since July 2020. A couple of names to highlight here, JPMorgan falling almost 3% today. One O one 96, closing in on that $100 share Mark ahead of earnings, the stock is down 10% in the last week. And Netflix, one of the worst performers on the S&P shares dropping almost 7% today, it is down almost 11% in the last week. Karen, which one do you want? The last week, like just these last two days or 5 days worth of because if there's another three days to the weights, let me go with JPMorgan. So JPMorgan now just over a hundred is it slightly less than 1.5 tangible book value, not book value, tangible book value, which is a lower number, but that's sort of a really interesting benchmark that it hasn't passed below in a very long time. I think any kind of banking crisis, of course, makes banks trade poorly. But I'm long of staying long for earnings. I think, as I've said for a while and been wrong, for sure. Although I still love Jamie, that's true, but clearly. Yes. But I just think the valuation here represents a lot of bad things that aren't happening. Yeah, Dan. Where did book trough in the financial crisis? And I get it. It was a total. I would say, lower, closer to one, is probably or something like that. I get all the things in a freefall and it's been telling you the story of the whole year. And we've been talking about on the desk. It's led to the downside. It's led its peers, it's led to the S&P. It's down 35% of the year. It's making a new 52 week low. Nearly a year nearly a year and a half low. And so again, I mean, I have no idea what they're going to say based on his commentary to CNBC yesterday. I can't imagine the outlook is going to be particularly good. So this is one that's not great and just real quickly on the Netflix. It feels kind of binary. The stock is literally traded in this really tight range for two months, massively outperforming the NASDAQ. If they have a shred of good news to say, that thing's filling in that gap. It's going up 50 bucks in a straight line. But if they were to guide down and we're not focused on subs. I mean, this commentary is not going to be a bad subs. They've changed the conversation to add supported in password sharing and things like that. All right. Coming up. The chip dip continues. That means hitting
CNBC's Fast Money
"boe" Discussed on CNBC's Fast Money
"There have been a lot of underlying shocks, decisions, for example, OPEX, unfortunate, very unfortunate. And I think unwise decision to reduce oil production. So there have been shocks and shocks relating to Russia, Russia's war against Ukraine and other policy shocks. While there is some concern about liquidity in the markets, I don't think we've seen anything that rises to the level of a serious concern. Another big headline from secretary Yellen, she said it was in the best interest of the United States to have a market value exchange rate. IE, don't expect us to intervene in that foreign exchange market anytime soon. It was in response to a question I asked about emerging markets having to step in, Japan having to step in because the dollar is so strong, she said it reflects the market fundamentals. Melissa my biggest takeaway for investors and traders and I'd love to hear what the gang thanks is that there's a bit of a disconnect. If you were expecting the treasury or the fed to step in here, like we're seeing in the UK and in Japan and in other countries, you know, she's not flashing the alarm bells about the economy about the market functioning about the strength of the dollar and even the UK when it comes to the spillover effects to the U.S.. Yeah. It's amazing, I don't know if it's amazing, but it's interesting. That's sort of the monolithic front that treasury and the fed is presenting to the American people when it comes to fighting inflation. So Sarah, thank you so much for bringing us that interview. Fascinating stuff. I don't know. So the dollar will remain high. We're going to keep going at it. And there's no problems. Dollar went high as a dog was hired, by the way, I bet the vix goes higher. And by the way, this is a great Dan brought this up north column, explains thesis, but it's great for small caps. But I'll just get back to Yellen. First of all, Yellen has been around forever. And I mean this in a positive way. It's complimentary. She's actually seen so many different crises and administrations and her discussion though about fiscal policy. Let's not forget she's part of the administration now. And what we're seeing around the world are administrations that are going through political cycles that do not like what's happening with monetary policy. And I think we're given ground in this country too. And again, our central banks independent, but the administration is not independent. They have some goals out there. I'll just say one more thing about where this reminds me though when I look at European sovereign debt yields. And we heard the ECB point out today that they can issue debt and they can issue debt to aid higher yielding economies. And those that are hit more by energy issues. But again, it's the ECB looking to monetize what they have that are structural issues. So Italian yields are not terribly far off where they were in the worst of the sovereign crisis. And so reminding what Peter said, what we all know. This went from a public a private market crisis in the great financial crisis, where it was all shifted on the public balance sheets. And we've just been kicking it down the road. And central banks have forced UK pension funds into this, by the way. All pension funds have to fund liabilities, and they're pushed out the risk curve. They have no choice. And that's what every against sophisticated investor that we rely on in this world has been forced to do. We were just talking the other day about hedges and now traditional hedges have not worked. Think about pension funds that use bonds as the ballast in their allocations. And what a bond is done. Fixed income. Remember that? What's that name? What do they do? This really feels like they're going to stick their finger in that hole to plug that and then they're going to have to do this. And then they're going to run out of fingers soon enough. And given all the uncertainty about the global economy, I just think that, again, you know, I don't think we're on the precipice of anything like it doesn't feel like O 7, like that sort of magnitude. But the fed is going to have to stop QT very soon. I mean, it's just very simple because financial conditions are going to get to a point where it really does run the risk of pushing some of these situations over the edge. And if we're waiting for some sort of credit event, that would be the thing. So that's what they'll do after the November 2nd meeting. I suspect at some point later in this year. Doesn't that set us up for a rally, which wouldn't be vicious cycle of it. Here's things harder for the fed. Here's the good news about this week with all the money center banks reporting at the end of the week. They're trading very poorly here into it, right? And those outlooks are not going to be great. We spent half the show talking about what Jamie Dimon had to say yesterday. So the lower we go into that is the likelihood that we probably rally out of it because maybe some of the estimates have come down enough and this is what we saw in July with the Q two earnings that came down enough where they weren't so bad. We kind of rally out into it. Yeah, I mean, I just think it's tough to trade the market setting up for a pivot of either QT or monetary policy. I think that adds fuel to the fire and emboldens a fed to continue along the path that they're currently on.
CNBC's Fast Money
"boe" Discussed on CNBC's Fast Money
"Should we, I mean, are there ways in which this is transmitted not just the knock on effect onto our bond market in our yields? And then secondly, in terms of accidents happening around the world, is the worry that it's not just one accident can happen, but it's a cumulative effect of several accidents, almost at once. Well, in the first question, I think the UK pension situation was sort of enabled by UK banks. And one of the things that the Bank of England did yesterday was set up a temporary facility, and it was called temporary to try to help the banks deal with their LDI clients. The question with the U.S. banks is do pension funds here have similar type structures in order for them to meet their liabilities. And I think that they do. But we'll have to see how banks are now managing that relationship. But it's not clear yet whether it will be a direct spillover as opposed to something indirect. The second question, sort of the broader big picture spillover, it's, yeah, it's just this global unwind of a sovereign bomb bubble that was the biggest financial bubble ever where you go from negative interest rates in zero interest rates to positive interest rates of substance in a very short period of time. And there's no question that people get offsides. I mean, that's the purpose of monetary policy on the easing side. It's to encourage you to borrow, and there are going to be some entities that borrow a lot more than others. And then when you see a very sharp reversal in a very compressed period of time, those that borrow too much, then run into trouble. So that example is a global situation. So then you have the rise in the cost of capital. It filters into economic activity, who gets financing who does not, who's got a better balance sheet, who does not, that all then slows growth at the same time, inflation itself is slowing economic growth, particularly in Europe with the energy situation and so on and so on. Peter, it's Karen, thanks for being on. So can you explain to me the magnitude of the UK problem here and this strategy to address it in three days? Well, the strategy with the Bank of England purposely did a few weeks ago when they stepped in was to buy UK pension funds time that started two weeks ago. So the clock is not just three days. Two weeks ago, they said, we are going to make this temporary. We are going to stop in the middle of October. And then we will remind it again this morning when they said they're adding the linkers as what they're doing and they started this facility yesterday, they told people this morning we're ending this on Friday. So then what Bailey said this afternoon was just a reminder of something that we've already known. And Bailey's saying, we hope that the time we bought you over the past couple of weeks was widely utilized and that you've delevered, you've come up with more collateral. The banks are now going to work with you. So in the following three days, hopefully the situation has been dealt with and there are no major accidents to come by Friday afternoon. So what's your take on the market sell off on these comments, which I mean, theoretically, the deadline was known. And so is there thinking that the BOE was going to extend ultimately and they did it and they're like, you know what? We're out of here. We're done. And the market wasn't expected. I think it was, yeah, I think it was more of just it was a late day thing. The market is on edge anyway because of high rates. But the markets also on edge because of the potential earnings landmine, we are about to enter. So that combined with what's going on with rates, I think, is what sort of dangerous situation that we're now seeing that culminate in that late day sell off. Peter, thanks so much. Peter brook for our bleakly. Thanks so much. Turning now to the big interview of this afternoon. Shortly before the BOE headlines hit, our own Sarah eisen sat down with US Treasury secretary Janet Yellen to discuss her thoughts on the UK's policies. The secretary said she has plans to sit down with the UK finance minister to discuss the strategy. Sarah joins us now from Washington. That should be an interesting meeting, Sarah. Absolutely, Melissa, thank you. My big takeaway from the meeting and from the conversation with Yellen is she's characterizing the U.S. economy as strong despite all the concerns right now that you guys have just been talking about higher interest rates, higher inflation and a slowing global economy. Of course, we touched on what's happening overseas, the fiscal policy decisions in the UK that have hit bonds and the pound as you guys have just been mentoring this intervention by the Bank of England to try to calm things down. Here's what secretary Yellen said about it. I have been watching UK developments quite closely. I have met with the Chancellor courting and I expect to meet with them again. I don't want to comment on UK policy, but I am going to try to understand what the impact of those policies in their rationale is. I pushed her on the point to try to get her to talk more and she did add that her general view right now is that central banks play the lead and fiscal policy should be complimentary, which is a shot at the new British government and its new growth policy which sparked all of this. Now, of course, I also ask secretary Yellen if she was concerned about the broader volatility in the bond market, and whether there was reason to worry about liquidity and financial stability. Listen to what she said.
CNBC's Fast Money
"boe" Discussed on CNBC's Fast Money
"Live at the NASDAQ market side, a full house tonight here at the NASDAQ. Tim Seymour, Karen Feynman, Bono and ice and Dan Nathan. All here on set. And we start off with a big shock to markets courtesy of the Bank of England. The S&P sharply, giving up a gain of nearly a full percent as a Bank of England set a hard deadline to end its intervention this Friday. The NASDAQ said a new two year low in the Dow lost nearly all of a 400 plus point gain to end basically flat the move comes after governor Andrew Bailey urged pension funds to rebalance quickly, saying, quote, my message is you've got three days left now. You've got to get this done. He added quote, the essence of financial stability is that intervention is temporary. It's not prolonged. So what's your take on this deadline and the market's reaction to these very dire words Tim? Look, the minute you start talking about bailing out UK pension funds and that there's an organized Central Bank intervention that wasn't about a Central Bank losing its resolve. And this wasn't about central banks running back in. And a lot of people thought that this was a case. How could they be buying bonds while they're cranking up their budget and making things look a lot more difficult for their currency? But that's as a function of those things. They refer to the fire sale dynamics that they were in there to defend. So what seemed like last week, it was just a Central Bank trying to put some order after the prime minister went in there. When in fact, this is really the culmination of months of volatility in gilts and in the UK, but in sovereign debt around the world, we talk all the time on this show about the most liquid asset classes, but those that are the most levered. So again, you want to talk about too big to fail. I mean, UK pension funds effectively are that to the UK. Nothing like your Central Bank governor basically calling out to the world that you're scrambling and you're trying to sell positions that you have margin calls on, not so good. And it doesn't get better from here. And again, we're talking about we're now using those acronyms again. CLOs. We're talking about the collateralized leverage obligation market, which is a trillion in size. And today was a very big headline. And on some level, a new leg to this journey that we've been in with markets over the last 15 months. Yeah, part of the key to understanding this whole pension story in the UK is understanding that what they have there, a popular investing strategy on the part of pensions is a liability driven investment strategy, which is basically defined benefits. So they guarantee payouts. And so what has happened here with this turmoil going on in the UK is that they've all of a sudden got a huge hole to fill when it comes to the value of their bonds and these strategies you're pointing this out. They are leveraged strategies because they use derivatives here as an overlay. They've got you. That's really the only way that you can guarantee that you don't fall below a certain threshold or go above a certain threshold. And I think really what's been holding markets up somewhat and have kept people from absolutely running from the doors, is this notion that there is not financial contagion. This time is different. And everyone has said, this is what's different. Well, I'll tell you, if you see volatility in sovereigns, that is the underlying pricing mechanism for every other financial asset, whether it be mortgages or credit or whatever else. Or even if you're looking at equities, you're definitely going to look at equities, Vis-à-vis what you can get in risk free. And so the next point is, who is the next buyer, aside from pensions? That is aside from the Central Bank. That is one of the largest buyers of index type of security. So I will understand the B of E saying, this has to be a temporary intervention because you don't want the you don't want it to appear that markets are being manipulated, but I would argue that fiscal rather monetary policy for the last decade has been kind of put where we want it to be. So it's a fine balance between short term solution and just understanding what the medicine it truly is going to be and what it's going to take to provide stability. Yeah, so again, history rhyming of not repeating Tim just use clo collateralized loan obligations in the summer of 2007 when the first one blew up in Europe, nobody. I mean, nobody had them on their bingo card, right? And so think about all the things that we were trying to figure out afterwards as it relates to the plumbing of the financial system. So here we are now liability driven investments. Again, I hadn't heard about it until our friend Peter book bar is coming on in a second. You know, started writing about it a few weeks ago and these are the sorts of things that a lot of investors, they will shoot first and ask questions later, especially in a market like this. The last thing I'll just say is that I don't know about you guys. I don't like deadlines. I don't like deadlines for big fund organizations that have these kind of leveraged sorts of situations that they need to get them on. People start harder to sell. Everybody knows deadline. They got a deadline. But people shoot against it. They look and see what's in there. And that's the thing and it has the potential to snowball. Yeah. Yeah. I was really surprised by this. Where did this three days come from? What was the assuming it was a very rational thing? Let's say that. We don't know for sure because they've had some missteps recently. Why? Why do that? Why telegraph, right? We're giant fire for three days, and then not, or do they think the problem has been addressed adequately? And they just want to wrap it up. I don't know. So not knowing isn't a great feeling or something really bad happens on the fourth day. Yes, yes, there's that. The other part of any of these deals is that there were banks involved that basically slice these things up and put them into different securities. And I'm not saying that the banks have the same exposure that they've had 14 or 15 years ago, but if nothing else, you can be sure that a lot of this kind of business was great business for the banks. And this isn't business that they're going to be doing anytime soon. But I do think that the credit implications from this market and we talk about, well, high yield hasn't really blown out. Well, high yield is at 5% today. It was at three and a quarter in March. And that spread, folks. Interest rates have gone up 300 basis points too. So when you think about a levered buyer, borrower and an environment where there is significantly slower growth. And we've only started to get it. Meanwhile, labor costs stay high, it's just not a great environment. And this is the credit side of where things go. We haven't had any credit exposure. We price in recession. We priced in lower multiples. But we haven't really seen this yet. Let's get more of the impact of the BOEs move and bring in Peter book bar, the chief investment officer with bleakly financial group and a CNBC contributor. Peter, great to have you with us, especially on a day like today. In your view, is there a transmission mechanism from all this chaos and volatility in the UK to the United States that we should be worried about? Well, I think it's an example of a Central Bank that's having difficulty, extricating themselves from their policies over the last couple of years. We know there's tremendous pressure on Corona. There is tremendous pressure on Lagarde. There's tremendous pressure on the fed to regain their credibility at the same time, not really losing control of the bond market and not having it disrupt the economy. So all these central bankers are trying to do the same thing all at once. Now, the Bank of England sort of got run over from this over levered situation as you guys just discussed with the pension funds. But just because it happened there doesn't mean that there are other sort of accidents waiting to happen as the cost of capital goes up and leverage players get exposed. So I guess let me re ask the question in two sort of parts, Peter, and that is when it comes to these pensions, having to write their ship in three days and all this happening in a very compressed amount of time. Should we be worried about bank exposure, U.S. bank exposure to any of this?
Bloomberg Radio New York
"boe" Discussed on Bloomberg Radio New York
"Kind of mayhem is spark calls for aggressive rate hikes from the BOE, some analysts have urged emergency action as soon as this week. A hundred basis point hike. But there's really a volatility in UK assets that is adding to the general risk off sentiment we're seeing globally. Yes. We were just hearing for earlier in the show Heather from Tatiana from tobam she believes that a race hike if there has to be an intermediate one at this level of volatility may have to be as much as a 150 basis points just to give you an idea of one other voice feeding into that conversation. How is all of this volatility in the UK feeding into the overall risk of move on markets? I mean, definitely we're seeing the continued sell off in the bond market. Treasury two year yields hit 4.3%. S&P 500 features are slipping, most of Asia has been in the red. You know, there's still this worry that global central banks is going to have to accelerate policy tightening. Somebody okay, again, is the B are we going to have to step in with an emergency hike? And one thing that we saw in the latest poll survey that's out today is the great tech sale off of 2002 was far from over. Investors think earnings misses could spur more than 10% drop in the NASDAQ 100. So we'll be looking for this risk on to continue into the European and U.S. open. Okay, very interesting. Heather, thanks so much for being with us. That is our markets live editor Heather Berg already was starting to see some headlines crossing the Bloomberg terminal this morning, a cabinet minister Chloe Smith has been speaking to sky is speaking to sky and saying that the government is focused on the growth package, so no doubt there'll be more commentary from the government this morning. Yeah, this is Bloomberg
Bloomberg Radio New York
"boe" Discussed on Bloomberg Radio New York
"The Central Bank of the UK, the BOE to stop its quantitative tightening and start buying bonds again. A foreign investor is going to start walking away from these bond markets, yields have been grinding higher. As they have everywhere else in the world. And no, is the answer to that, but I can't put that many extreme confidence because, you know, who knows what goes on, but I mean, the point is that Sterling is very, very cheap. It's cheaper for a regular reason. It's followed the Euro and other currencies down as the dollar is swept all away from it. But as far as the guilt market is concerned, I think it's got plenty of flexibility. There's been a lack of supply bear in mind when she's not canceled 100 billion worth of supplier in October last year. So there was a natural shortage the market is seeing what's coming on here and priced accordingly and I think if the guilt remix comes out when quasi quantum sits down on tomorrow is around 60 billion extra this fiscal year I doubt they'll look further than that for next year because that will come in the Burma budget along with an OBR forecast. The market can handle it. It can handle QUT from the Bank of England at the same time. So in that sense, I'm not too pessimistic about the guilt market ability to fund itself. I think they're much bigger problems in place like Italy than there are in the UK. We had the NCHS fiscal studies speaking to us earlier in the program, though deputy director Karl Emerson talking about the lack of the OBR forecast being released with this many budget tomorrow. Is that a concern of how not perhaps getting the granular detail behind these spending promises? Yes, and remember when the why and when the OBR was set up, right? The office for budget responsibility was supposed to prevent governments overspending. And splurging the cash for political ends. And in this case, they are avoiding having their homework marched by it. So there are questions raised about that. But given the scale of the spending here, and I guess the scale of the problems we face, I mean, some people are asking whether or not the OBR is something we need and require anymore. Considering the economic circumstances we're in. There is no budget to be responsibility. There is no maybe the response they would probably argue being responsible in this case is avoiding some sort of economic collapse and people choosing between eating and heating over the winter. So yes, if you can sort of sidestep the regulator and say we don't need to actually score our card this time, but we will later in the year, then maybe any of that analysis becomes a bit irrelevant. I David, I just have flashbacks to Cameron Osborne and days of austerity. And what a marked shift in a relatively short space of time, historically, to the politics line up behind the two elections were won by the conservatives on this mantra that there is no magic money tree. Remember that phrase and that Britain needed to balance the books, otherwise future generations, we heard all that we were all in it together, won't we? Remember that George Osbourne austerity, that one David Cameron, his years in Downing Street, and then the complete one 80 from the same party member. This is the same party. That was the response to the financial crisis in 2008 and the aftermath. This is in response to the COVID Martin now the energy crisis, but by the war in Ukraine, but it is a complete one 80, isn't it? It approach. And COVID off to Martin now, the energy crisis, but by the war in Ukraine, but it is a complete one 80, isn't it? It approach. And we'll have to see how it pans out. Marcus, if you were in charge, which I mean, some might argue that you are. But if you were in charge of the treasury going into tomorrow's mini budget, where do you think the most effective use can be made of fiscal stimulus at this stage? Oh, that's a difficult question. I think the approach that clearly quasi cartel is doing and I don't think it's the treasury necessarily would be on board with all of it. He's going to go at a whole raft of different things all at the same time to create an overall wave of patch confidence in the west way of putting it. But certainly to create a pro growth momentum and to try and perhaps reverse some of this sort of negativity which is pervasive across our society at the moment and perhaps give a bit of a towards the end of the year and some point. Some of these numbers are coming out of the costing of it. We just don't know where they're going to be in like that. It does depend on the gas prices, a bunch of parts as Davis outlined. But I think there is some point to what they're trying to do, which is to essentially give back control to the individual consumer, they're trying to shore up business, they're trying to get confidence back to the city that they are important part of tax raising a little in the overall economy. So it's going to be quite a lot of heavy lifting and I think there's going to be some misses here, but there are sufficient amount of hits or whack it up against the wall. Maybe the wall falls out a bit. But we shall see it certainly a very bold move. It really is essentially unwinding everything that received an act did post furlough, which he was very generous, then decided he had to pay for it all of a sudden. The OBR has been impediment, it was created by George Osborne by the treasury to prevent spending for other apartments, it was a means to an end for the treasury to go and gain a lot of control and this government clearly wants to unwind a lot of that control and whether the ABR is OBR is fit for purpose is interesting here. I don't think it has been forecast of being less than useless, I think, and at some point, I think there may well extend the range from the three year budget forecast out of 5 if they feel this is not the right time to perhaps be accused of willful spending. But these things are there to help and at the moment they are possibly hindering so we shall see. Okay, the opinions of Bloomberg opinion columnist Marcus ashworth and our executive editor David marriage and studio with this as well. Thank you to you both for joining us as we look ahead to those busy days for the UK economy. This is Bloomberg. Markets, headlines and breaking news 24 hours a day. Quick take. This is a Bloomberg business flash.
Bloomberg Radio New York
"boe" Discussed on Bloomberg Radio New York
"Prices. And on top of that, they say there isn't that much international pressure on the BOE to follow the jumbo hikes from the ECB and the fed because the Bank of England went first. But they're not in the majority. Most economists expect a half point hike and that would be the biggest in the bank's independent history. And a fitting goodbye to Michael Saunders, the committee's biggest talk for who this is his last meeting. Lizzie bringing us the best of life, broadcasting both starting Azure Bailey going in the front door of the Bank of England and Osiris that you bravely battled through and we could hear everything that you were telling us. What more can we expect on quantitative easing from the Bank of England today? Well, what Andrew Bailey's already told us is that we can expect 50 to a 100 billion pounds of gilts to roll off the balance sheet or be sold in the first year. What we're expecting today is more detail on the pace and maturities. Are we going to go out of QE the same way we came in in terms of maturities across the curb? Steven, there are two ironies I have to point out about all of this. First of all, the bank paid above face value for these securities. So when they mature or are sold, the treasury is going to have to cover the losses. And that means that what was the government's cash cow is turning into a drain on the public finances. And the other irony is that the FrontRunner to be the next prime minister Liz truss has said she wants tax cuts to the tune of about 30 billion pounds from day one. That's going to mean more borrowing, which means the bank is going to have to pull opposite levers at exactly the same time. Okay, just briefly on the political pressure though on the Bank of England. Yeah, I'm in French at pan moor Gordon, put it nicely. He said the bank may be politically independent, but it's rarely independent of politics. The old lady of threadneedle street has become an unlikely star in this drama around the Tory leadership contest, but I reckon Andrew Bailey is going to maintain his defense of the bank's inflation fighting record. Say they've done the best they could with the data available. And bat off any questions about the BOE's mandate to the treasury which sets that mandate. Okay, they see burden our economics and government correspondent, thank you for the latest on that. This is Bloomberg
Bloomberg Radio New York
"boe" Discussed on Bloomberg Radio New York
"Hepburn Welcome to Bloomberg daybreak Europe will bring you our interview with the standard chartered CFO in just a few moments Earnings are certainly part of the mix when you look at the positivity the optimism across the equity space very much risk on this morning some dip buying yesterday on Wall Street It was a mixed close in the U.S. but then you had some earnings from the likes of meta that came in and reinforced the idea that maybe there's some value to be had within the tech sector You've got those futures NASDAQ futures pointing to gains of more than 2% 2.3% now The S&P E minis also pointed to gains of 1.6% currently trading here in Europe You're looking at gains of 1.3% strength across every major index the Spanish ibex is the laggard up just 5 tenths of a percent but you're up to almost 2% for the Dax over and generally the cat going also up 1.9% here in the UK gains of 66 points currently trading at 7492 for the FTSE 100 The handoff from Asia was pretty solid the MSCI Asia Pacific the benchmark there up 8 tenths of a percent You had the bank of Japan underscoring its determination to continue with quantitative eating putting it on one side the other side of the ledger versus the Federal Reserve and the BOE and that led to significant weakness once again in the Japanese yen crossing the one 30 handle for the first time since 2002 the currency has dropped 1.7% just today alone strength in the greenback as well putting pressure on Euro Sterling as well Bloomberg dollar index using gains of three tenths of a percent Euro dollar at one O 5 Sterling at one 25 and in your sovereign yield space the U.S. ten year off Well currently little unchanged two 82 for the U.S. ten year when it comes to commodities you're looking at Brent at one O 5 off by three tenths percent WTI just above $100 a bar One O one as things stand That is your market check at 9 32 This Thursday morning So let's get to our top stories now I've been a big Samuel Etienne is here Come on Samuel We start with the European Union president Ursula von der leyen who is warning companies not to give in to Russian demands to pay for gas in rubles European firms have been scrambling to respond after Russia cut off gas to Poland and Bulgaria Bloomberg has learned Italian energy giant any is preparing to open ruble accounts at Gazprom bank as it seeks guidance on whether it can use them And meanwhile here in the UK the foreign secretary says Western Allies must double down on support for Ukraine with both heavy weapons and air power In a keynote speech last night Liz trust said the country needs to support to push Russia out entirely But speaking through a translator Vladimir Putin warned he won't stop until he finishes what he started I want to stress once more our soldiers and officers carrying out their missions heroically all the objectives that have been said will be carried out And the United Nations secretary general is in Kyiv to help make sure civilians can safely evacuate conflicts zones and in top corporate news today meta shareholders are breathing a collective sigh of relief after Facebook returned to user growth Bloomberg's Charlie pellet has a story Facebook's main social network added more users than projected in the first quarter potentially staving off concerns that the company is losing momentum is a new generation of users flocked to younger sites like TikTok Meta platforms reported 1.96 billion daily users for its flagship platform a return to growth after the first ever decline in the December quarter analysts had estimated 1.94 billion not a shares have fallen almost 50% this year on escalating worries that its main business advertising and its social media feeds is losing steam and may generate less profit In New York Charlie pellet Bloomberg daybreak Europe And Barclays and standard chartered have delivered earnings at Barclays and its corporate and investment banking unit beat estimates the bank plans to launch a buyback as soon as it can Meanwhile standard charted surged the most in a decade after its pre-tax profit beat on a jump in trading income The bank raised its 2022 income growth forecast and said credit impairments are starting to normalise That's global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries I'm Samuel Etienne this is Bloomberg Tom Samuel thank you Let's get some more than from our earnings interviews They have come thick and fast this morning standard chartered a Samuel saying reporting underlying pre-tax profit for the first quarter ahead of estimates CFO Andy halford said the focus is still on returning capital to shareholders and hopes it's wealth management will rebuild itself over the next few quarters He spoke with Bloomberg's Danny burger and Manus cranny We had a great start to the year so our income was up 9% in the first quarter and in fact on an underlying basis that's the best print we've had for about 7 years Our runs on profit was up 5% and our capital ratios and our capital returns were also very very strong and so we've actually upgraded our guidance for the full year Underpinning that very strongly is the performance we've had in financial markets So the rates and FX business with all the volatility has been out there They have had a bumper quarter and that's more than offsets like weakness in the wealth management space So overall a really really strong start to the year very very encouraged by it Andy I do have to wonder given that a lot of this is due to volatility and financial markets around the war in Ukraine Are these the type of results that can be repeated Well the volatility I don't think is going away anytime soon Now whether it will be at the same heightened levels as we saw particularly over the last few weeks particularly in the month of March I guess is probably debatable but our census but that volatility is likely to be there for quite a period of time and hence why we've said the full year outturn for us looks pretty promising With HSBC they said that they had a turbo charge To deliver for the market in terms of rates Do you have a turbocharger in terms of rates expectation for the bottom line for standard chartered Andy You've often complained that you were suffering in a low rate environment What is your turbocharger Ferrari Well whether it's Ferrari Lamborghini I don't know but it's certainly right it's really really really helpful for us The last two years has been abnormally low rates as we all know And that's been very difficult Prior to COVID the U.S. REITs are sort of like 2% just the bars and now seeing that forward curve got to two and indeed maybe 3% And in part that's why we said that our target of getting our returns out by 2024 is an outside chance we could get there a bit earlier at the rates curve does hold up So Andy So you say it's going to benefit you but put some numbers on it How much is going to benefit you UBS says $1 billion Credit Suisse that it would benefit them a $150 million if.
Mac OS Ken
"boe" Discussed on Mac OS Ken
"These relatively low tech chips are used in a huge number of devices, including apples. There's a Chinese company called BOE that makes iPhone displays for Apple, at least a dozen theory. According to 9 to 5 Mac, Apple had hoped for 40 million BOE displays this year, a lack of necessary chips, push that expectation down to 30 million, now 30 million may be a bit optimistic. The report quotes a piece from the elect, indicating that a lack of display drivers plus problems producing panels with the chips it has are playing havoc would be OE expectations. BOE's production problem from the situation is expected to continue up to at least may, according to sources for the elect. It would be difficult to say that China has been more trouble for Apple than it's been worse, however, with countless allegations of human rights abuses, political tensions between the U.S. and China and China continually flipping the switch on the supply chain, apple may finally be ready to move some of its eggs to other baskets. Which eggs and where we don't know, though indication from TF international analyst Ming Chi quo is that first version top tier products from Apple may eventually come first from outside the middle kingdom. Last Tuesday, young MC hit with a couple of telling tweets, according to the first, apple's new product introduction or NPI sites are almost all in China. It was the first time for Apple to evaluate building NPI sites and non China seriously when the COVID-19 outbreak first occurred about two years ago, but internally it only proceeded to the proposal stage. However, begins the second tweet after the recent lockdowns in China to diversify supply chain management risks, building NPI sites in non China is no longer a proposal, but an action plan. Which eggs and where we do not know. More news in a moment, but first a word from trade coffee. Do you ever think about the coffee you drink? Maybe you've been buying the same stuff for years..
WTOP 24 Hour News
Prince George's County BOE considers removing police from schools
"Insurgents County Board of education has decided to delay a decision on using armed resource officers during a tense start to last night's board meeting I made me is a Sampson and when you assume you make and I you know what you want me to be a we went back and forth about delaying a vote on the contract with law enforcement to provide those officers in public schools this call will be clear which one no in the end the board voted in favor of tabling this proposal until September prior to the vote opponents of the armed officers in schools including the Maryland office of the public defender argue and unfairly targets African American students the county executive Angela also Brooks opposes ending the contract saying they should not be pulling a single resource right now for students can delfi WTOP
Bloomberg Daybreak: Europe
UK inflation rate holds at BoE target of 2% in June
"European equity market is a lackluster session coming through right now we've got the stock six hundred entirely fat flap the fifty one hundred down two tenths of a percent getting the west of the losses actually the captain the dax looking a little more resilient fairly flat these our we got some at U. K. G. inflation is a set just breaking across the bring back let's get to that the U. Cajun inflation rate staying at two percent so that was entirely as was expected we've already seen the pound on a bit of a roller coaster this morning drop down to one twenty three handle little bit early around this morning a lot of the political headlines at then managed to make his way back up to one twenty four ahead of that CPI number as we see that CPI number drop at we see the pound dropped just a little boat still at one twenty four threatening to break down below that one twenty four level once again we'll see a feat that makes it down there by the end of this base at the end of his day to check so European equity markets valley range bound the pound not showing much of a move then overnight but the has been a great deal of volatility because of the bright Sydney's life the times carrying a report that for at Boris Johnson if he's prime minister might decide to call in any election that certainly part of the uncertainty being thrown into the mix but the big picture for global markets is that we have some talking about for the towers on China that remains on the table as a possibility he says but at the same time we get better days are coming out of the U. S. of the markets we serve struggling I've recent days for an overarching narrative oil prices in the midst of all of that getting a boost this morning but the direction of travel of has been downwards really in the last twenty four hours because we are now well below sixty dollars a barrel on WTI fifty seven ninety two advances we see reduced tensions in the Middle East and so the trade tensions leaving the questions about the global Tamon story the yield of the U. S. ten year two point one zero seven little bit of movement Hyatt in yields today as we see a sluggish performance at eight in our flat performance I should say in equities maybe some money coming out of bones it would appear but with a flat really on the treasury markets and the dollar was also a fatty fat so essentially meant there's not a lot of movement in these markets U. S. features pointing to a fax of positive open at the start of trade and I get to the end of my day to check on the pound is still above one
Stephan Kaufman, Boston and Alfie Boe discussed on
"Model comedian jay leno owner j garage is antiquated some interesting wheels he can bring lamborghinis and ferraris if you want it'll be regular people with cars they've modified in some way to make some a faster or more interesting are better looking leno says the car hobby is stronger than ever there's something new and hot wheel stephan kaufman cbs news the boston pops is kicking off it's two thousand eighteen season this week it opens on wednesday with pop artists andy grammer later in the month british singer alfie boe will perform heads from paying floyd along with queen the who the rolling stones and led zeppelin and pop singer superstar taylor swift she paid a surprise visit to an eight year old girl at a phoenix hospital the girl has been recovering from severe burns as she suffered at neighborhood party the girl's family made a video asking taylor swift if she could come for a visit sends a girl was going to miss swift's concert next week well taylor swift made it happen she stayed for about twenty minutes and saying the girl the boston celtics pull off a stunning playoff win in overtime last night wbz's charlie sherman we'll have that story for.