7 Burst results for "Bank Of England"

"bank england" Discussed on Bankless

Bankless

05:42 min | 2 weeks ago

"bank england" Discussed on Bankless

"It was passed the legislation was passed democratically. Is that what happened? Exactly. So the senators involved in that had the job of codifying this thing of making it through law. And so in 1913, the fed was born through an act of Congress signed by the president. The 1913 Federal Reserve act. And that's what, by the way, creates this institution, there's no clause in the constitution for a Central Bank. There's no basis in that way. It is entirely an act of Congress. So the act in 1913 creates the fed, and then in 1935, during the new deal, there's kind of a rehash and update of the Federal Reserve act that did a lot of things and sharpened, like I said, centralized power in that committee, but yeah, Congress created and governs the fed. By the way, is this something that all countries have modern maybe democracies, a feature is like, I can't imagine a modern country existing without a Central Bank. Is this just sort of becomes table stakes? Was it at the time or was the fed sort of late on the scene? The U.S. getting its own Central Bank apparatus. Great question. The U.S. was a little bit late to the scene. The Bank of England Central Bank was around before the fed. And I am frankly not good on the history of other nations like advanced European nations or Russia in terms of when they sort of founded their own central banks. But I will say that as we sit here today, every nation that has an advanced economy has a Central Bank. And they all look different, of course, but the European Union has a Central Bank, England has a Central Bank, Russia has a Central Bank China has a Central Bank. It's a pretty core part of running an advanced economy. Well, it would be it's hard for me to imagine that a advanced economy or a nation competing internationally without some sort of currency, right? So at the time, of course, I'm not sure what the reigning 1913, the reigning reserve currency was probably the pound or something like this. It's certainly was not the dollar, but in order to kind of gain legitimacy and compete against other currencies of nation states for even reserve currency status, right? The unit of account for trade, for example, or unit of count for storing bonds on your balance sheet, then a country really needs a Central Bank in order to participate in an international economy. Of course, now the dollar has grown to be, I don't know, what is it like 70% or something? You know, of trade. It is the unit of account, not only for the United States, but for the world, but they probably weren't thinking with those types of aspirations in 1913, were they it was just a matter of let's make the U.S. banking system. The user experience for the economy a little bit better. And if we don't, things will fall apart. They weren't yet playing the world reserve currency game. That is absolutely correct. They created the fed to manage our own domestic affairs. It was cleaning house internally. And again, you know, we were an agricultural economy at this time. I mean, something like 70% of Americans earned a living through agriculture or some just gigantic number during this time. And finance lending and currency was critical to that business.

Central Bank fed Congress Bank of England Central Bank European nations U.S. Russia European Union England China
"bank england" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:33 min | Last month

"bank england" Discussed on Bloomberg Radio New York

"Finances and for the economy from the office for budget responsibility, which is still not due until a 31st of October. So we could still see before that arrives continued volatility and uncertainty and nervousness in the markets. Does that mean that the Bank of England governor Andrew Bailey can stick to this deadline today? We were speaking to Martin wheel and other former NPC members saying that actually the next few days, Monday Tuesday Wednesday going to be very crucial. Does Bailey have to extend the emergency bomb buying to support pension funds next week? Well, he's still got another package in place. A repo arrangement, which the funds that are affected can have access to. So we'll have to see if that's going to be sufficient. But I think Andrew Bailey is right. That this should be a temporary measure, so it should come to an end. And it seems to have had the effect of calming markets to some degree, they obviously did not go back to where they were. But they have definitely come back a bit from some of the high levels we saw earlier this week. Until your point we're seeing yields again down quite dramatically here in the UK within the context you've seen, of course, significant volatility currently, the 30 year guilt at trading at four 36 that's a move lower by 18 basis points. Andrew, my question for you then is on the permanency then of any scarring to the UK economy, but also to UK assets and the way that UK assets are perceived by international markets as a result of everything that's transpired since that many budget. Is that a risk? Is that a material risk and that can not be overcome? Well, there seems to be a higher risk premium is being priced in. And there's also questions being raised about the credibility of government policy. The UK has normally been seen as a sort of safe pair of hands, so to speak in managing fiscal matters. And of course we have the banking England which is independent handling monetary policy. I think the very nerve wracking thing about this was monetary policy and fiscal policy were pulling in opposite directions. And while the bank was trying to take demand out of the economy, the government was pumping it back in at quite a significant rate. So alongside any specific measures that are announced, I think that that problem needs to be addressed and we need to see forecasts that suggest that the fiscal policy is acting in a more consistent way with monetary policy. One of the issues with that Andrew is people, one of the risks that the government took was in firing Tom scholar, his replacement, being James boehler, who does have 20 years of experience at the treasury, but his background is in budgets, not in financial markets. Do you think that treasury has enough people with enough market know how, right at the top of the team? Well, there are lots of people who employed in the treasury, so I think and there's a lot of expertise there. So it doesn't all just hinge on one or two individuals. But I think the issue in the treasury is to make sure that the chance of the exchequer is actually listening to his officials and taking their advice. So we can so he can make judgments based on all that accumulated experience. And it did seem with this mini budget fiscal event, however it's described. There was a great rush to bring something out and maybe it wasn't processed and discussed enough within the treasury. But I think they expertise is still there. But has there been a politicization of the treasury under this current administration? Well, we're into the early days of this administration. I think over a long term, I think we have seen perhaps more political influences on policy making from special advisers, et cetera. But I think a bit too early to say, if that's really changed dramatically under this government. What are some nomics survives? I mean does quarantine survive? Does trust herself survive? What are the actual policies survive? Well, the whole heart of the truss and economics agenda was basically a supply side measures that are aimed to raise the growth rate of the economy. Now, the difficulty with that is that supply side measures even if you've got the right ones and they are working, take quite a long time to affect the growth of the economy. And I think the notion that we were going to sort of bounce back. So a two and a half percent growth rate was really totally unrealistic and I don't think many economists believe that's on the cards for the foreseeable future. So I think perhaps there needs to be a reassessment of the types of measures that have been taken under this government and also the time scale in which they can really affect growth and hear from the office of budget responsibility what they think. At the end of this month, very briefly because unfortunately, we're running short of time. Your expectations about rate hikes from the Bank of England in November and going forward. Well, I would expect a rate rise of either three quarters of a percent or 1% in November. I think the bank are beginning to realize a bit there behind the curve a bit, and they need to do something a bit more dramatic than they've been doing up until now. Okay, Andrew, we're really appreciate your time. Thank you so much for coming in to speak to us here live on Bloomberg radio Andrew center at senior adviser to Cambridge econometrics and former member of the NPC at the Bank of England talking about the idea of bouncing back to two and a half percent growth in the UK being really totally unrealistic, so this, as we continue reporting on the trust and quoting agenda whether there'll be a U turn. Okay. So that is one of our key interviews then for this 30 minutes, but we're packing in a lot, and we thank you so much. So we also want to talk about black history month and for that I'm joined by Bloomberg a producer Eileen. So throughout this week, Eileen, we've had such a fascinating number of conversations. Black history month is in October. It's been celebrated since 1987. There are loads of events going on. Now you've also brought a special guest into the studio for us this morning, hi, Ida. Hi. Good morning, Caroline. Yes, so the cost of the most basic standard of living has jumped by 20% in Britain, and this is as the country is facing the biggest squeeze on household budgets in a generation. So here with us to discuss inequality in the UK economy is the founder of the black economics neck work. And economists at the resolution foundation, Felicia danson, hi Felicia. Hello, hi. So black people have constantly been found to have just a fraction of the wealth of their white counterparts. What do you see as some of the key causes of this? I think from an economist's perspective, I think things from historical accounts in terms of how black people have been treated in the UK, how we have access to less resources as well compared to our white counterparts have

UK treasury Andrew Bailey Bank of England office for budget responsibili Tom scholar James boehler Andrew NPC Bailey Martin Andrew center Cambridge econometrics government Eileen Bloomberg
"bank england" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:57 min | 5 months ago

"bank england" Discussed on Bloomberg Radio New York

"But the feeling was the bank England will take measures to address inflation and that will help give stern in terms of support, but is up to the prime minister in this new Chancellor and then indeed whoever the new prime minister is to actually take further measures or enact further measures to try and help stop the slowdown in the economy. The economy is slowing the question is how quickly it's going to slow and therefore what can be done to try and mitigate that slowdown? Yes, absolutely. When you look big pictures here though, at the UK economy, there seem to be two quite distinct views. Either that the UK is kind of no longer a major power inflation and energy a hugely problematic, the Sterling is getting absolutely beaten up. The current account deficit is worsening and huge. Or there's a kind of more optimistic view full employment strong banking sector robust household and corporate balance sheets. I suppose I wonder which side of that argument you come down on. The government seems to be moving towards certainly in the past this idea of having longer term policies, longer term economic policies. Is that what is needed from whoever takes over on boys Johnson more long-term thinking? Well, issues that you need to be realistic since the 2016 referendum and the UK's growth rate has outperformed that of Germany is outperformed some of the other major countries on the continent. It's financial center naturally still the strongest and by a long way within the EU. But yes, the challenge is that the current government under Boris Johnson didn't have an economic vision and also current time the orthodoxy of the treasury has tended to dominate. So even though for instance, there's been fiscal boost this year, they weren't provided winningly. They had to be squeezed out. So what there is is a need for an economic vision, the UK economy is in pretty solid shape and certainly is in better shape than a number of countries on the continent. So it's particle to say it's not a major power and it's at the forefront of helping fight the war in Ukraine. But the challenge is the credibility of the current administration has been tested by recent events, but communication and hence explaining the narrative to an international audience, clearly need to be more centered stage. When one is fighting as it has been in recent months, the fighting domestic battles in this government that means that they've probably not really focused on how the UK narrative has portrayed internationally. But the UK is still in pretty good shape and pen to the continent that will like other countries it's facing both inflation problem and then economic slowdown. But the big issue for the new prime minister and new Chancellor is to actually unveil a credible economic policy. Momentary and financial stability reducing the budget debt, but also the whole supply side agenda and I think that needs to be center stage. Obviously in the near term, what we've seen is both the Euro and Sterling suffering against the backdrop of a strong dollar, clearly a political crisis in the UK as the problems for serving. So it all comes back down to the needs for a quick wins on the economic policy front, but more particularly the need for a clear economic vision and the narrative that goes with it. Is there a risk of irresponsible economic decisions being made now to distract from the political turmoil? I don't think that's possible, really. One needs to be able to differentiate between what people say and what they're able to actually do. The policies that are being talked about or that have been talked out in the last few days linked to the tax side are actually seen by many people as necessary and credible. But coming back to the earlier point, even if they're seen as necessary incredible, given the present situation they might not be able to be enacted. Yeah, okay. So you've got a lame duck government effectively. They all make almost actually okay. Look, Bank of England credibility, then, in all of this, how do you rate the Bank of England and in particular Andrew Bailey and handling what is a huge crisis? Yes, it's important not to make it about individuals, but we clearly have had a focus on personalities, but I think what the markets are also looking at is the process and the policy itself. Quite clearly last year and at the time it was evident the Bank of England was enacting the wrong policy. It was engaging quantitative EVs when it should really be exiting from that and tightening policy by raising rates at the time when the economy was able to cope. It's quite clear that the bank is behind the curve is communication has not been as effective as that of the fed and as we saw a few weeks ago when the fed rates by three quarters of the basis of the Bank of England by quarter of ten, even though the pounds was looking fragile at the time. So they weren't able to really be having a feel for how the markets would be doing things in that moment. To communication, which has been linked to the personality clearly needs to improve. But it's also the process and the policy. I think the Bank of England clearly needs this time further to the direction of travel is clearly from monetary policy tightening, but the speed, the scale and the sequencing sequencing in terms of rate hikes and quantitative tightening. There will need to be sensitive to the talent economic situation. So I think they need to be more on the front versus the answer. Okay, Todd, thank you so much for your time. Really great to have you on the program and your economic thoughts at Jared Lyons is chief economic strategist at net worth previously the chief economic adviser to Boris Johnson during his second term as mayor of London. Yeah, so the difficult moment where Boris Johnson really seems to be at the end of his tenure and what comes next both for the government, but also really for economic policies At the end of his tenure and what comes next, both for the government, but also really for economic policies, absolutely crucial. Yeah, certainly is. Well, let's take a look ahead some of the other events that we're following later today on Bloomberg, Liang garands is with us in studio Leon, what are you looking forward to? Stephen morning to you so yeah, hero a few events we're following lots of data points today but before we get to that at ten ten, the attorney general suela bereavement takes questions in the House of Commons. Now this is if she's still in her post after calling for Boris Johnson to step down yesterday, so that's something everyone will be keeping an eye on as we have a look across the political landscape but at 1230 UK time the ECB publishers the account of its June policy meeting, Margaret participants will be scouring the minutes for clues on the interest rate outlook. Then we have U.S. initial jobless claims at one 30 p.m. the UK time. Now that's followed by the latest stats on Russia's gold and foreign exchange reserves and we're expecting the IEA's crude oil inventory report at 4 p.m. UK time if you can wait that long and tomorrow I just want to preview something. If you didn't know, I was going to do this. Cameron. Yes, gender pushing, Lyanna's pushing everyone to watch this match tomorrow. Cameron norrie only British guy left and Wimbledon. He's in the semifinals tomorrow but he faces. The one and only Novak Djokovic. And that is happening at host one. To not be missed, I have not missed these tennis matches. I tell you yesterday well, if the politics comes down, maybe we'll tune in. But the politics is better than love island at the moment, so we're not watching love island, we're watching the politics. And that is our day summed up in a nutshell, and Gary, thank you very much for that. Stay with us. This is Bloomberg

UK Bank of England Boris Johnson Andrew Bailey treasury England Ukraine EU Johnson fed Jared Lyons Germany Liang garands government Todd Leon House of Commons London Lyanna
"bank england" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:22 min | 8 months ago

"bank england" Discussed on Bloomberg Radio New York

"Now You've got a bit more detail actually on Andrew baby His Bloomberg's Samuel etchen good morning Good morning Caroline I do and let's start with the banking England governor Andrew Bailey he says governments should be prepared to accept economic hardships as the price for forcing Russia to end its war in Ukraine What Russia is doing in Ukraine as a polling which is why I know that walked out It's appalling And I think it's important that they understand there should be no appeasement of Russia because we have to deal with economic problems as a consequence of what's going on We just roll our sleeves up and deal with those And that's the right thing to do Hard though it can be at times Speaking on the sidelines of the IMF meetings in Washington he delivered his strongest warning yet that the UK's escalating cost of living crisis may tip the nation into recession Bailey speaks again later today And here in the UK consumer confidence has plunged to the lowest level since the recession in 2008 Monthly reading of consumer confidence has dropped to -38 for the month of April The number a decline of 7 points on the month was well below the forecast from economists That leaves the outlook for personal finances and the general economy worse than during the depth of the financial crisis And as the war in Ukraine entered this third month the U.S. has confirmed its sending ghost drones to the country Bloomberg's Ed Baxter has the story Pentagon spokesman John Kirby says ghosts will work well in Ukraine In discussions with the Ukrainians again about their requirements we believed that this particular system would very nicely suit their needs particularly in eastern Ukraine And President Biden says the military help is very large The United States alone has provided ten anti armor systems for every one Russian tank that's in Ukraine Biden says help is on the way In San Francisco I met Baxter Bloomberg daybreak Europe Meanwhile the U.S. is sending Ukraine another $1.3 billion in arms and economic aid of the new package $800 million will go towards weapons And again here in the UK another investigation is going to be held into party gate Boris Johnson will face parliamentary ethics inquiries into whether he lied to parliament over the scandal Bloomberg's Charles capel reports MPs backed a labor proposed motion for the prime minister to be referred to a parliamentary committee to investigate whether he misled lawmakers over the events in his and other government offices during lockdown MPs approved the motion without a vote after their government abandoned its bid to delay it until after the police finished their own inquiry and an internal report was published Ministers found to have lied or expected to resign although there is little chance of Johnson doing so Still the inquiry undermines Johnson as he is on a trip to India and will prolong the uncertainty over his position In London Charles K four Bloomberg daybreak Europe And 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.

Ukraine Samuel etchen Russia Bloomberg Andrew Bailey Ed Baxter John Kirby UK Caroline Biden Baxter Bloomberg U.S. IMF Andrew Bailey England Charles capel Pentagon
"bank england" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:46 min | 1 year ago

"bank england" Discussed on Bloomberg Radio New York

"From you anymore We used to take our freedom of movement for granted not anymore It's not just that people will work for the airline and it's natural to feel grateful for the things that kept you going Does America have a chance to lose our advantage Can we get to herd immunity fast enough so that will be in good shape But really we were just doing our jobs Oxford University is starting a study on patients who've recovered from COVID Bloomberg radio the Bloomberg business app and Bloomberg radio dot com Bloomberg the world is listening This is Bloomberg daybreak weekend our global looking ahead at the top stories for investors in the coming week I'm John Tucker in New York up later in our program are the U.S. and China really decoupling when it comes to financial markets But first the Bank of England meets next week as the variant spreads in the UK and there are also additional restrictions now for the economy to deal with For more let's head to London and bring in Bloomberg daybreak Europa Caroline Hepburn Joan the latest twist in this long pandemic in Britain sees the variant take root and fresh restrictions so does it crucially push out an interest rate hike from the Bank of England to February or for more I'm joined by Bloomberg's senior UK economist Dan Hanson and our economy reporter Lizzie burden welcome both of you Dan to you first How likely do you think a rate rise now is for December which is just around the corner Yes So I think when the MPC sits down and looks at what the information it has and what's happened since November it all sort of have two sides of the story and one side you'll have the data and that's been extremely strong and there's definitely looks strong enough to warrant the right rise But on the other hand of course you've got the rise of omicron and the other from variant now in the UK and that's created an enormous amount of uncertainty around the outlook around the growth outlook and the inflation outlook And with the government tied to restrictions I think that's the thing that will play most heavily on the minds of policymakers and I think for us at least it's much more likely that the bank holds in December parties and weights for February when they'll have more information they'll have a new forecast and I think that's where we'll be coming to symbol 16th Yeah absolutely restrictions compliance even a question Lizzie there was a major communication issue wasn't there with the November meeting How will the Bank of England handle that come December you think Yes I think the bank would like us to forget the comes crisis that people have been complaining about But it's a completely different tone to the run up to the November meeting Part of the reason the markets are so surprised that the bank didn't hike rates in November was all the hawkish hints dropped by the governor himself So this time the NPC has been much more cautious in its messaging You've heard them talking about the decision being finely balanced the risks the economy being too sided But it's not just the way they're communicating As long as it's a fundamentally different need to miss once because of a even the most hawkish member of the military policy committee was pretty doveish He said he wants to wait for more data before raising rates So how are they handling comps It's much more cautious this month and understandably so On Bloomberg radio in the last couple of weeks Dan we've been looking at Europe at rising coronavirus cases there reporting on additional restrictions in Austria going into lockdown And mandatory vaccines in a number of European countries in the UK has been quite a different story Yeah that's right I mean that's been a bit of a change of the guard and the government as well and I think those at the top now are much more focused on keeping the recovery going I mean we'll see come January When we'll have more information about all of this whether they'll have to for the government will have to get tougher on restrictions I mean one really interesting point about the recovery and how this all plays out will be what policy response will be because a lot of big reason why I should say the recovery has been relatively swift once restrictions have been eased is that that fiscal support has been in place and we've spoken at length in the past about the impact furlough but the fact that that was there and that support network was there really made it possible for the economy to rebound And I think it's also something that's playing on the minds of the fiscal hawks in the government particularly Rishi sunak knowing how much borrowing has gone up how much fiscal space is now more limited than it was and they'll have one eye on that as well Yeah absolutely hospitality has already been crying out for additional help sort of worried About the festive period and what will happen in the depths of winter Lizzie we do have this very tight labor market too here in the UK ongoing supply chain issues How quickly do you think that inflation actually comes down in the UK in 2022 Well I'm going to borrow from down research completely here because Bloomberg economics sees price growth staying high until a second half of 2022 And it's because of the high energy prices And as you say the supply disruptions keeping going It will squeeze household income for them to dip into their savings to keep spending up And that will push the bank England to height rate But if you throw in almond coron the monetary policy committee will be trying to weigh whether it's inflationary or disinflationary because on the one hand it could hold back supply by exacerbating the factory occlusions and delay demand from shifting back from good to services They put in pressure on inflation But then on the other hand it could hold back consumer confidence in household spending So the question is whether demand is suppressed while then supplies constrained and that could come down to well this time we've got more vaccine protection So there could be less impact on consumer demand Dan we have heard in recent days from a couple of the MPC members and making some interesting comments given their usual starts That's Michael Saunders and Ben broadbent How quickly do you think stimulus will be withdrawn by the Bank of England What the bank said in November was that they thought even about a hundred basis points of tightening might be too much the economy So that would be potentially inconsistent with the inflation that CPI insulation hitting 2% in the median firm They pushed back a little bit against market pricing there So I think the bank even though they've been seen as the first mover they're potentially going to be the first mover they've been seen as very hawkish relative to other central banks I still think they're going to be pretty cautious I think going any faster than a rate hike every 6 months would be surprising So next year we think they'll do one in February and potentially one in August as well And the other thing to just take into account remember is that they're going to be moving towards not only rate hikes but when rates get to 0.5% they've said they're going to start to consider tightening So balance sheet unwind So they'll have that second second element of tightening going on as well So I think it's going to be slow I think it's going to be cautious even with inflation being very high next year as Lizzie says They'll be conscious that it's quite possible that inflation falls quite quickly in the second half of 2022 and into 2023 particularly if energy prices sort of starts fall back You could see inflation moving below target in the first half of 2023 So I think it's going to be very cautious and I say a hike at one hike fast and.

Bloomberg Bank of England UK COVID Bloomberg com Bloomberg Caroline Hepburn Joan Dan Hanson Lizzie John Tucker military policy committee MPC U.S. Dan Oxford University Rishi sunak NPC government Britain almond coron China
"bank england" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:25 min | 1 year ago

"bank england" Discussed on Bloomberg Radio New York

"So far so good Scott managed not alone though The Guggenheim C IO there and what happens when the fed pulls back From New York City this morning good morning Tom Keane Lisa parameters and Jonathan pharaoh your equity market all time highs on the S&P 500 Equity futures up another 6 advancing a little more than a tenth of 1% 5 day winning streak on the S&P into Thursday 8 on a NASDAQ We just keep grinding higher And granny get all time highs too Yields in Tom three basis points on ten to one 57 35 Caught up with bob Michael at JPMorgan asset management so I'm going into the decision I said to him is tapering tightening or not It's tapering tightening and he said John that will be a price to pay You can't just pull back and when we pull back even though we're expanding the balance sheet still and all that good stuff Bob's message is simple You will feel the move from one 20 down to zero You know when you plan the show John I love that you selected Scott minor there And what was so important within his caution is there was a point there where he said he's fully risk on And I think to a lot of our viewers and listeners that's important Here's a guy with all the caution radar up And yet he's in the game Keep down sick Isn't that something we talked about Yesterday When he speaks to Scott you're right The prospect of a policy mistake The prospect of a recession in several years time But when you hear someone say those things you have to ask them okay if that's going to happen what are you going to do tomorrow And the answer you get Tom is they're still stick with this equity market for the time being Yeah Well speaking of the equity market and there is no alternative Tina Wilson joins us right now with Bloomberg's stock Tell us about a group today which I guess I shouldn't be surprised is up 200% Absolutely What we're talking about are the staffing companies you know the ones that are getting very struggles and the rest Absolutely I mean you see so much in terms of how the job market is difficult for companies in terms of their ability to hire It's been great for the staffing companies and it's something that Sean Darby over Jeffries was pointing out in a report this week So prompted me to take a look at the group broadly so we're talking larger smaller midsize companies and if you look at an index the tracks them it's tripled since the lows of March of last year while the S&P 500 has doubled over the same period It's been one of the best performers in what they call the S&P composite 1500 and bring it over to them as 2 billion revenue companies These are true small caps You're the only one in the building who's experienced a small cap boom Would you say in all the reading you see from Jefferies and others that people are calling for a continued strength in small caps Well I mean in terms of where they are now You look at the Russell 2000 and hasn't kept up with the S&P 500 this year So there's room for recovery arguably by that standard but yes strategists have certainly pointing to the smaller companies lately as a potential strong part of the market I mean given the fact that they really haven't performed all that well and you know if the economy is able to sustain its growth to the point where it doesn't need the support from the fad I mean you figure would benefit companies across the board and smaller companies arguably have more to gain from that scenario I'm so glad Dave that you focused on the staffing firms And the reason why is because equities discount future growth We're not just looking at staffing shortages now What kind of growth are we looking at Are we discounting in these shares given the gains What does it imply in terms of how long these staffing shortages are likely to last Well it tells you the business is going to be good for a while and you look at numbers like what the national federation of independent business puts out on how difficult it is in terms of their monthly surveys for companies to hire It means it gives you a sense that what we're seeing now is going to be relatively long-lasting And so that works to the benefit of companies that help businesses fill those jobs and that's where you find the staffing and employment businesses and we've seen the benefits already So Darby was certainly argued there's more to come But the interesting aspect is this kind of goes in the face of what we heard from Jay Powell yesterday where he was talking about how the labor market is a lot has a lot more slack than a lot of people seem to perceive Is this basically a contradiction to that People on the equity side of things saying not really that actually it's pretty tight It's going to stay that way for a while and the shift to power for labor is going to remain Well certainly it suggests that shall we say the body in motion remains in motion and in the sense of how difficult it is for companies to find workers Now you can talk about slack all you want but when you see numbers like what you see out of the NFL IB you mean it's clear that on the ground companies are having issues in terms of finding workers I mean we'll get a real sense in the next few weeks because you have all this holiday hiring going on at the likes of Amazon and FedEx and UPS and retailers So you know that'll really kind of be another flash point arguably in terms of companies ability to hire workers Dave looking forward to the conference for the day you and I'll catch up a little bit later once this market gets open Dave Wilson Honestly TK All time highs in the equity market up about 5 or 6 points 7 minutes from now A bank England a right decision so on To our an American audience not two If you still consider the Central Bank in the UK Tom to be a major Central Bank they may be hiking You are actually saying there's a probability here they will hike rates in this environment I'm not saying it I'm going off the words of Hugh pill at the Bank of England with the chief economist who called this one life meeting Split Okay Square mile right now is split on this the market in terms of rate pricing has been pricing it in It's a 9 vote MPC 9 officials look to see how divided that is Do we get a 5 four Do we know where governor Bailey is I mean this guy's a bright bright guy He has flirted with the idea that we have to tighten monetary policy as well And I used the word flirtation actually deliberately because in the past this Bank of England has been what's considered Lisa to be an unreliable boyfriend Floating with the idea of doing things but ultimately not following unreliable boyfriends Really Tom you really want to go there I'm going to divert away from that right now and go to what we heard from Adam pose and the idea that perhaps the Bank of England has a very different picture that it's facing than the Federal Reserve Basically Adam pose and saying the Federal Reserve should not hike rates at this point seeming to say perhaps it's different for the Bank of England because of Brexit Yes but also consider there is a 6 handle expected for UK GDP next year It's a better option I didn't know that It was in the forecast that we got from the OPR And they last week or so the office of did you say 6% inflation adjusted GDP GDP And do our audience to be clear that's remarkably different than what we sense in the United States Pick up in growth in the UK The problem is I think a lot of people think that there may be responding to all of this maybe prematurely because what might happen with inflation down the road what might happen with the currency trying to establish some credibility with the FX market What will interest me is what happens at about 8 O one So in about 6 minutes from now if we get a decision to hike interest rates how does Sterling respond dispelling rally or disturbing San off off the back of that And.

Tom Keane Lisa parameters Jonathan pharaoh bob Michael Scott Tina Wilson Sean Darby Tom S Federal Reserve JPMorgan John Jay Powell Jeffries Jefferies New York City Bloomberg Bank of England
Brooklyn Bank, England and Westwood discussed on All News, Traffic and Weather

All News, Traffic and Weather

00:57 sec | 4 years ago

Brooklyn Bank, England and Westwood discussed on All News, Traffic and Weather

"Thirty is brought to us today by signature business banking from brooklyn bank and an eighty four year old former new england mafia boss has just been convicted of killing westwood nightclub owner steve dasaro more than two decades ago he was from westwood as nightclub here in boston jurors moments ago finding says cadillac frank salami guilty in the slaying of stephen dasaro back in nineteen ninetythree also is co defendant paul has been convicted each now faces up to life in prison and there were tears in the courtroom are karyn regal is in the courtroom we're going to try to join with her live from the federal courthouse in boston daughters and we are definitely having some connection issues with the federal courthouse in boston our policies we're going to try to reconnect with karen let's go to boston defense attorney phil tracy right now he tells.

Brooklyn Bank England Westwood Frank Salami Stephen Dasaro Paul Phil Tracy Steve Dasaro Boston Cadillac Karyn Regal Karen Attorney Eighty Four Year Two Decades