20 Burst results for "Gita Gopinath"
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"Trading. Let's get you up to date in the news. You need to know what this shower. We begin in Davos for day three of the World Economic Forum, IMF managing director Gita gopinath says in the face of economic headwinds the U.S. and China will be a driver of global growth this year. We expect to see China's growth recover later this year and also that has positive spillovers for the rest of the world. We certainly see more engagement between the U.S. and China. The IMF ski to gopinath says the U.S. China relationship will be key to a global recovery. And that U.S. China engagement continues this morning Karen treasury secretary Janet Yellen has met face to face with Chinese vice premier Liu hook today in Zürich, Yellen says the country's need to manage their differences and prevent competition from turning into conflict. Well, staying overseas Nathan the yen weakened today after the bank of Japan maintained its yield curve control program and speaking after the decision, BOJ governor haruhiko kuroda said yield curve control is sustainable. I don't think the bank of Japan needs to widen a ten year JGB trading range, as the bank is continuing to manage market adjustments through the nimble use of YCC and fund supplying operations. And governor haruhiko kuroda, speaking through an interpreter, said the Central Bank will continue its large scale bond buying program, not taking a look at the yen now falling against the dollar at one 29.33. Back here in the U.S. Karen, we're coming off a choppy session and awaiting some readings on producer prices and retail sales this morning, Bloomberg's Vinny del giudice has a preview. Wilbur economics says supply and demand could be returning to normal across the U.S. after pandemic supply shortages, and that should temper today's December producer price data in November, the producer price index rose .3% for the third month in a row. Meantime, U.S. retail sales
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"For the first time we had Paris club creditors, non Paris club critics has all come together. The private sector come together to agree on a debt restructuring. So that is a good outcome. But we come from work has been really slow. And we have other countries that need help. So we really pushing all creditors, including China, to step up further and come up with faster solutions. So there's ambient coming up. Is that the test on whether China is committed? I think it's a test for the common frameworks to see whether it can deliver. Thank you so much for joining us today. That was get up and ask. Of course, speaking to Bloomberg's francine LaCroix Gita the first deputy managing director at the International Monetary Fund and wasn't that an interesting conversation. She talked initially about after three rounds of downgrades for the IMF sort of outlook on global growth. She thinks that the next the next summary from the IMF won't be much different won't be significantly changed. So she was painting that as a good thing that global growth or bottom out this year and then that it will improve. She also talked about many other issues inflation China and more. Yes, well, on the U.S. debt ceiling, saying that it should not be something we are even second guessing at this stage. You know, I was giving it as measured as she kind of in her role at the IMF, of course, the frustration that's being felt around the potential for another clash over the death ceiling. Also, as regards the bank of Japan, of course, we've been hearing for the back of China and government this morning saying that BOJ has a complex decision to deal with as the risk of Japan inflation falling is high a word two on the debt relief deal two, of course that was something that was a really big deal to try and see how intellectuals could get together and try and relieve the debt, the debt, burden on developing countries after the pandemic. So interesting to hear Gita gopinath in the IMS thoughts on that as well. Yeah, so you heard that live here on Bloomberg radio all the top speakers at Davos and will continue to bring those to you including the false governor to Gallo he'll be joining francine alaqua a bit later on this hour. So we'll have that for you live too. Also they want to turn our attention to some earnings news out of the UK here, just this morning from curries. So overall, UK retailers got a bit of a Christmas boost despite the cost of living crisis and inflation hitting the volume of goods sold, the sort of key takeaway from the big retailers seem to be quite good for the festive season. Our curry says that its performance in the UK UK and Ireland continues to strengthen, but it says that it seemed further deterioration in international operations it sees full year adjusted pre-tax coming in at a 100 million pounds to a 125 million pounds. And I'm pleased to say that joining us now is the curry CEO Alex bow dock. Thank you so much, Alex for being with us. Really lovely to have you on the program. Just a fairly straightforward first question. How was the last quarter? Good morning. And as you've pointed out, the last quarter was rather different from the UK and the international. I mean, international has had a really tough peak trading period from some intense market pressures that we don't expect to be permanent, but which are certainly hurting. The UK, by contrast, as you've pointed out, continues to strengthen. We've seen profits up again. We've seen sales, resilient, we've seen gross margins increase again from a strategy that's visibly working and some outstanding cost discipline has all added up to an improving profit outlook. But of course that is offsetting a weaker international performance. How are inflationary pressures feeding into your results, though, are you still seeing rising costs? What's your kind of prognosis on fire inflation goes from here? Inflation affects us in a few different ways. I mean, first of all, there's the cogs inflation, the cost of what we sell. And by and large, we obviously we try and keep a lid on prices for our customers, but by and large, we're able to pass that through. Our own costs costs like energy and cost of people, both of which have substantially increased in recent months and years. We're able to offset through the 300 million pound plus cost reduction program that we're underway with and which we're nicely on track with. We'll make a 170 million of that cost reduction by the end of this financial year. So the biggest impact for us of inflation is an indirect one. It's the impact on consumer sentiment and consumer spending power. And that's obviously where we pay a lot of attention. Carrie's is an omnichannel retailer. You made a big push quite successfully into online, but you still have shops. Retailers have increasingly offered credit deals to drive sales, and more of your customers using your financing, how much of a concern is that as the UK may go into recession, potentially a deep recession. Well, you've touched on two things that make curries distinctive. And obviously, we pay a lot of attention to retail fundamentals, like range availability, price, and easy customer experience. But the two big things that make curries different and that
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"Special edition of Bloomberg best, from the Bloomberg new economy forum, in Singapore. Now, Denise, of course, one of the big topics of the forum inflation, the end of easy money and policy making for an inflationary era. And we had a chance to hear all about it from Gita gopinath. She's first deputy managing director of the International Monetary Fund. And also, axel Weber, chairman, institute for international finance, and davide Serra, founder and chief executive officer of algebra's investments. And this panel at the NES in Singapore, moderated by Stephanie Flanders, head of economics of Bloomberg editorial and research. Starts here telling the panel the big question is not how high the fed goes, but how long it keeps interest rates there. Let's listen in. That's a doubt. One of the biggest challenges economies around the world are facing is inflation. And to bring inflation down, at a time when growth is also slowing for other reasons because of other forms of supply shocks. I think what central banks around the world have clearly recognized is that they need to move in the determined fashion to durably bring inflation down. And after a period of substantial rate increases, I mean, if you see the total amount of rate increases that we've seen in the U.S., this past year, this is their few parallels in terms of the last several decades to see this much of an increase in such a short period of time. But I was needed to address the kind of inflation that we haven't seen for decades. So I think there was a point where the U.S. fed is at a point where they've raised interest rates around 375 basis points. They are very likely to raise interest rates another round before the end of this year. And then the question is, what comes next? And I think 2023 is four 2023, the question is more about how long are you going to keep these rates at the levels that they move them to? And we see a need to keep it at over 4% for all of 2023 to be able to bring inflation down durable. And like you said, it's very important to do that because it's extremely regressive. A high levels of inflation. Now there are countries that other different points in their cycle, but I focused in the U.S. because in terms of spillover was the rest of the world, U.S. policies have the biggest effect. Actually, you're the former central banker on this panel. And we should record that you were on the record early in morning about inflation at the end of 2020. But you have now had at least 90 central banks raise interest rates this year. At least half of them, more than 75 basis points in a single go, which most of them had not done before. Are we now at a point where central banks can have a more leisurely? We're not talking pivots, but a more leisurely pace. I think as Gita was indicating as a central banker, 75 basis point moves are usually conducted over the last couple of decades, only on the way down when you are have been hit by a shock. And you were behind the curve by construction because something unexpected hit the economy like in the financial crisis. On the way up, I think it's a mirror image. And again, we don't want to talk about the past, but it's a bit of a mirror image of being late. In my view, by design, from the inflation targeting regime that was adopted, and therefore having to do faster steps because inflation didn't just rise from below 2% to just above 2% or 3% or 4% when all the way up to double digit. And that's where I think a lot of action was needed. If central banks have a dual mandate, which many of them have explicitly or implicitly, the most violated objective in the Central Bank objective function at the moment is inflation. It's way out of line with the target whilst the employment in the economy has been holding up relatively well so far. And there is a new shock with the war in Ukraine that has added another negative supply shock to an already strained environment that central banks were facing. So I don't think they're done. I think they got some more work to do. I think the believe in markets that central banks will go up and then come back in next year is, in my view, both premature and not ideal from a Central Bank point of view and with Vita, they probably have to keep rates at which they go over the spring next year at that level for the remainder of the year and into 24 to bring inflation down towards their objective. And it will take them two years to really be in the vicinity again of their objective, bearing further shocks. But very further shocks is a very brave assumption. And a lot of the things that are in the pipeline, the transition to a greener economy, all of this will have inflationary impacts on energy prices. And on other parts of life. So I think there is a likely scenario where you will see repeated shocks that will keep inflation high and more persistently high despite central banks having adjusted monetary policy and have embraced rates substantially. At least for the next year or two. And as we know, is it's not just the move to net zero. It's climate change itself also produces more volatile inflation. I think we're pretty clear on that. Davide, from the investor standpoint, where do you think we are on this road? I think capital numbers. The first one, if only the last 50 years, we have calculated, had the world priced, carbon emission efficiently, today, a bottle of $1 would be one 50. So first of all, I think we have, in a way, a paid to price for what we have in price for 50 years. This in my view was not captured. Secondly, investors right now have this view, at least what's priced
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"7 30 a.m. right here in Hong Kong and in Singapore, it's a 6 30 in the evening on the Atlantic seaboard of the United States and Richardson. And I'm doctor Krishna at the Bloomberg interactive broker studio in New York. We had some positivity in the equity market today, the day before Thanksgiving, right now, if you look at the early trading in Sydney, the ASX 200 is ahead by just two tenths of 1%. I'll take a closer look at the market action for you after rish and I update a few of the sours top business stories. Well, absolutely center stage fed officials concluding earlier this month that the U.S. Central Bank should soon moderate its pace of interest rate hikes and according to the minutes from their November meeting the minute signaling the officials were leaning toward downshifting to a half point high in December, saying that they had a various policymakers concluding that rates would ultimately peak at a higher level than previously anticipated. It has been miss Michael McKee. The interesting thing here is various is a construction I don't remember seeing in that context before. It's hard to tell from that phrasing. What support there is for a higher terminal rate, how many people think they need to go above the four 75 ish rate that they had put into the September dot plot. Chair Powell suggested we would see something like that at his news conference after this meeting. In another revelation fed stuff told officials of the chances of a recession in the U.S. next year have risen to almost 50%. That was the first such warning since the Central Bank began raising interest rates in March. Well, speaking of central banks will have a right decision later today from the bank of Korea, the BOK is expected to return to its usual pace of policy tightening in our survey 15 of 17 economists say the be okay will raise interest rates. Here is Bloomberg's Kathleen Hayes from Seoul. You've got still elevated inflation. At this point, though, everyone is betting that they are going to go ahead with a slightly slower rate. They're still getting more tightening, right? So that's what they need to do to get that inflation rate down. It's an edge up a bit in the last reading to 5.7% year over year. And in fact, inflation is still more above their key rate currently at 3% expected to go to three and a quarter percent today. Now, the BOK has already delivered two half point increases this year. The faster than usual tightening is added to fear about credit risk in South Korea, the credit market there really has suffered recently one of its worst droughts or routes I should say ever. The global government backed developer legoland missed a debt payment that sparked fear of a credit crunch and then if you look at the currency behavior last month, Korean won dropped to a 13 year low against the greenback, it has since stabilized trading around the 1352 rish. Yeah, we've got the International Monetary Fund saying that growth in China is under pressure due to a crisis in the property sector saying it said that Beijing needs to better assist his property developers in order to support the economy. Here is IMF deputy managing director Gita gopinath. We are seeing weaknesses in the property sector, we're seeing property sales. We can risks for the financial sector, but again, I think we see that as a bigger downside risk at this point rather than in the baseline. The IMF mission team did recommend structure reforms to China's real estate side of things and that includes the improving the model for how pre sales work and increasing the availability of alternative savings options also saying that China will need to do more to help developers complete unfinished projects. We are coming up on 34 past the hour. Let's get you caught up on market action. So we had to contend with the minutes from the last fed meeting and we were talking about the dovish tone earlier. They really indicate an aim to moderate the pace of those rate hikes to mitigate the risk of over tightening. So it seems as though officials are leaning toward downshifting to a 50 basis point rate hike in the months of December now. A number of officials are saying that slower pace of those rate increases will intern allow the fed to judge the progress of its goals. However, having said that, the so called terminal rate, the destination point of these fed rate increases may be a little bit of an open question. Today we had yields moving lower across the treasury curve at the long end of the ten year was down a little more than 6 basis points to 360 nine, a lot of dollar weakness with that drop in yield today we had the Bloomberg dollar spot index dropping about let's call it a tenth of 1%, but the equity market was up, that said, volume ahead of the Thanksgiving Day holiday was on the light side that shouldn't come as a big surprise. We'll be closed stateside in terms of equity and bond market action Thursday dowd today picks up three tenths of 1% the S&P 500 better by 6 tenths of 1%, NASDAQ comp jumps 1% today. We were talking about that move in crude oil, lots going on in the oil patch. There is the concern about the demand story being clouded a little bit by the rising COVID infections in China, and even though U.S. crude inventories fell more than expected there was a build in gasoline inventories, WTI dropping 3.7% in the regular session right now we're down another 7 tenths of 1%, 77 40. I'll take another look at market action for you in about 15 minutes. Rashad. Yep, we are 25 minutes to the top of the owl. China moving back to much more stringent COVID controls in several regions. Let's get over there Baxter. He is in San Francisco. Yeah, rich, the first is what
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"Get affected. But if you've hedged yourself, I mean, these are movements that you should be using. Now I'm at first deputy managing director Gita gopinath there with Tom king in Washington. Plenty more ahead on day break Middle East. This is Bloomberg. The market's in focus every business day. The Bloomberg markets podcast with Paul Sweeney and Matt Miller. Are there some sectors that you want to have more or less exposure to? We've got to vaccinate the whole world analysis of the days Wall Street action. What's the thought on apple here from Bloomberg and diligence, Bloomberg opinion and influential newsmaker. The bond market was the boss. Bloomberg markets with Paul Sweeney and Matt Miller. Subscribe today and Bloomberg radio dot com. The Bloomberg business app or iTunes. Before and after the pandemic. Is it driven by politics or by science? There may be how we keep track of our lives from here on out. What do you think the political effects of that impatience will be? And through it all, there's been Bloomberg. We begin on Capitol Hill the most accurate business world and healthcare news before and after. The fundamentals do not justify this price action. Bloomberg radio, the Bloomberg business app and Bloomberg video dot com, Bloomberg, the world is listening. Would you say it's more important to gather information fast or to have it first or to be the most accurate? They can really move the needle when it comes to programs. The punch and only surely is the level of support you get from companies for this. What if you don't have to choose? It also has enormous importance for the labor market. How do they get ahead of different administrations? We see this move towards digital currencies. Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com, Bloomberg, the world is listening. The Mercedes Benz CEO says the energy crisis may be
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"Sales to Saudi Arabia. But one has to remember that between 2017 and 2021, nearly 25% of U.S. armed cells went to Saudi Arabia. So this is really it's an important economic partner and also a strategically it's also Saudi Arabia is an important partner. But it's not only Saudi Arabia but it's also UAE UAE now get brought into this feud between the U.S. and Saudi Arabia. And then it also is this political will it blow over? There's been some man made with me and through the interview, which was it was about economics. It was about a strong dollar. It was about the potential for a huge economic dislocation and this banging of the drum by the center of banks to keep raising rates at any cost to deal with inflation. So I think one does have to go back and listen to the whole interview to understand his reluctance at all politics. But also his justification for what they actually did. A treasury's decided to own a lot of U.S. treasuries? Yes, I do. A lot of judiciary is not as many as Japan and China, obviously, but they do take some of the petrodollar inflows and they'll invest in U.S. treasuries. So they are one of the bigger holders of the treasuries. What do you bet we hear a little bit more on that? Doug, thank you very much. The concerns about the escalating rhetoric between Saudi Arabia and the United States of America on the oil market and credit spreads Doug Bitcoin had a credit strategies at rosman investment bank. Thank you. No, the IMF's first deputy managing director says that the weakening Yan could pose the risks for the Asian financial system if companies or banks have not properly had the borrowing. Gita gopinath told Bloomberg's Tom Keane that many nations are in for a rocky ride as they adjust to the dollar strength. So when you have sizable movements in the dollar, it has very sizable
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"Stubborn. It's persistently high. And I do think central banks are very careful, not to gain stumble on the fact that maybe this is all going to correct itself automatically. So I think there is very much an agreement on saying of course. The IMF's Gita gopinath, S&P 500 Index down 86 points down 2.4%, the Dow down 403 down 1.3% as stacked down 327 down 3.1%. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Charlie pellet. This is Bloomberg. This is Bloomberg best. Bloomberg radio is everywhere. Always accurate and precise. Bloomberg really one of the places that's reporting facts. Your communication capabilities are wonderful for our business. I'm Ed Baxter. And I'm to these Pellegrini on this weekend edition of Bloomberg fest. The feds Loretta mester says don't count on a pivot from the rate hikes. Right now, the funds rate is just approaching a neutral of funds rate and we really need to get it above neutral for a time if we want to put inflation on the downward path and we do. The depth of the value investor by hedge fund operator David einhorn. You know, there have been serious changes to the market structure. And pretty much most of the value investors have been put out of business. The markets pain could be your gain according to real estate billionaire buried sternly. We're looking to do is pick through the debris. Bloomberg best, Bloomberg's best stories of the week, powered by 2700 journalists and analysts in more than a 120 countries around the world. All right, Ed, let's start with the fed because a lot of people are really blaming the fed and all the great heights. So the economic pain and the additional expected economic payment of future. Yeah, and here's how ray dalio founder of Bridgewater
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"The topic was brought up at the highly anticipated debate between democratic U.S. senator Rafael Warnock and his Republican challenger with walker saying it's a lie, and he's not backing down. A federal judge is temporarily allowing DACA protections to continue. Those enrolled in DACA will be able to renew their two year protections from deportation and keep their work permits that keeps the status quo while a court case plays out. The father of a Parkland Florida school shooting victim says the gunman avoiding the death sentence is beyond him. I thought I was prepared to hear anything yesterday, but I think that may well have been because I expect it to hear the death sentence. Fred Gutenberg said, after being at the trial constantly for the past three months, he can't believe a juror who heard the testimony wouldn't decide the death penalty was appropriate. I'm Brian shook. And I'm Charlie pellet. Bloomberg world headquarters. Stocks move Laura after a report showed U.S. year ahead inflation expectations rose for the first time in 7 months, a down day for the Dow, the S&P and NASDAQ, despite yesterday's stunning reversal and rush sheets at Morgan Stanley believes we are in a bear market. If we look back to prior reversals of close to this, we saw a number in 2002, we saw some in 2008. So while it's welcome that we saw some relief, I think it doesn't necessarily change the broader backdrop. Andrew sheets of Morgan Stanley. A measure of consumer spending stalled as shoppers grew more guarded, Bloomberg's vinyl giudice has the story. Retail sales showed no change in September the week is showing in three months, 7 of 13 retail categories declined and made the worst inflation in four decades and rising interest rates. It's now favor that America's economy will slip into recession within next year based on a new Bloomberg survey of economists. They need doubts you guys Bloomberg radio will certainly inflation is front and center as the International Monetary Fund wraps up its annual meetings this weekend in Washington. Gita gopinath is the first deputy managing director at the IMF. I think there is a clear recognition that
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"Inflation is stubborn. It's persistently high. And I do think central banks are very careful, not to get stumbled on the fact that maybe this is all going to correct itself automatically. So I think there is very much an agreement on staying the course. The IMF's Gita gopinath, S&P 500 Index down 86 points down 2.4% the Dow down 403 down 1.3% NASDAQ down 327 down 3.1%. Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Charlie pellet. This is Bloomberg. This is balance and power with David Weston. I strongly believe that Republicans will be able to defeat Nancy Pelosi and take back the speaker's gavel. You can win elections, running against things, but it doesn't mean you get to leave. Where the world of politics meets the world of business. Human beings should not be used as political pawns. Once they come here, they need a place to stay a transitional time. You've got to be energy independent. Don't put yourself in the hands of a dictator who's prepared to weaponize your provision of energy. Balance of power with David Westin on Bloomberg radio. Coming up this hour, my extensive conversation with Bridgewater founder ray dalio from the Greenwich economic forum. I get his thoughts on the fed's inflation battle and how much pain is in store for the economy. Interest rates have got to go up to a level that constricts private credit demand. And when that happens, then there's less spending. That's the mechanics. So
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"Do you look at food exports since the start of the war around 20 countries have put restrictions on food exports We've read or be it palm oil and many other such products And fertilizers also are in a shot So we worry a lot about what's going to happen with food prices I think it's one of those prices which where there's probably more that's going to go up in the future than if we've already seen And it is a major concern It's actually not as fun as the first deputy managing director Gita gopinath there talking about inflation Okay let's have a look now at some of those stories that investors are watching for in India today Big big day for earnings results out from the likes of coal India pirate petroleum and interglobe aviation or indigo as it's called Moving on to have a look at also what Bloomberg sources are saying about the soft bank oil hotels company It's shelving plans for an IPO this year It's at the fears that global market downturns are going to be hurting its valuation So the earliest we can expect when apparently is 2023 And in the government is scrapping agricultural levies on imports of soybeans and sunflower oils as it takes steps to cool surging food prices And India is also putting a limit on sugar exports Let's bring it out agriculture report a product Parisian for more on that Tell us a little bit more about the details of this export cap Yeah hi India India is impact the government is concerned about full prices in the country for the last week they did the impose a ban on retail exports Now if it is sugar term even if sugar production is near record level and exposure I mean for the surging government probably thought that is export sort of exceed their estimates then it should be a problem So basically they want to ensure adequate supplies at the start of the next season in October So that is probably that probably prompted the ban I mean those are restrictions You can correct me if I'm wrong isn't India the second biggest sugar exporter in the world I mean this is good to have an impact on food prices right around the world Yeah India in 2021 was the second biggest portal And it is still the second biggest producer The market was expecting 11 million tons of sugar exports in 21 22 but now it seems that only 10 million can go So yeah I mean I said a total is that it is obviously equally bullish for the global market Yeah So obviously get some support here In New Delhi agricultural reporter joining us there And of course the food price situation is certainly one of many uncertainties The markets have been facing from a global front And as one would expect this is something which has been hitting world equities including those in India Let's say I have a look at our next guest Remaining positive in believing that equities in India will bounce back faster and more significantly than most others joining us now is vice president and head of strategy at Anand rati share and stockbrokers Thank you so much for joining us Food prices food inflation is one thing that the RBI is having to actually deal with but there's a host of other things that the reserve bank has to grapple with to are they doing the right thing at the moment After of course that surprise interest rate hike recently Hi Thank you for having me over So obviously as you know India's inflation is somewhere at the 8.
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"Separate data indicate business activity software Gita gopinath IMS IMF first deputy managing director tells Bloomberg the fed has its hands full with climbing costs Inflation in the U.S. is broad based So this is not necessarily supply story There's an important demand component to it I think it's very important for the fed draining inflation as soon as possible And even at the rates that we should start getting right now for some time we're going to be low real interest rates territories and negative real interest rates in many cases So that's still a common data for the economy So I do think they should not take the eye off the ball in terms of bringing in down inflation The S&P 500 is now down 1.9% down 75 The Dow is down 1% down 315 and the NASDAQ is down 3.1% down 354 The ten years up one and one 32nd with the yield of 2.73% West Texas intermediate crude is now down one half of 1% at one O 9 77 a barrel Comics gold is up 1% in 1872 40 ounce The dollar Jan one 26 51 The Euro a dollar 7 33 the British found the dollar 25 35 Silver's up 1.4% at 22 ten per ounce That's a Bloomberg business flash now more balance of power with David Westin On Bloomberg radio This is balance of power on.
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"Davos but you get a little happy valley bag when you got there swag bag just like the Oscars It's actually very generous And in the bottom of it is always the spiky platoon thing You put them on your shoes So you don't have any The crampons yeah I'm gonna wear the crampons in May I think there'll be a fascinating what the markets are doing in the mud Let's see pandemic recovery climate change the future of work stakeholder capital What else There's a lot of things There's a lot to talk about I actually spoke with the World Economic Forum midweek and there really focused on a very holistic broad set of risks and as you know John there's risk to choose from right now This could be a world economic for a meeting like over the 20 years I've been doing this every 7 years or so Davos is completely overtaken by market and international relations events This could be one of those years Okay so there are a number of forums some of which you host you sort of the anchor person there What are the topics you're going to be talking about Well I'm going to talk about global growth I'm honored that Gita gopinath is agreed to join from the International Monetary Fund And then I'm going to do another panel on risks mostly wrapped around the war in Ukraine And we will have an esteemed set of guests there as well to very different panels but what's important is and I'm humbled that turnout for these panels is stunning People there they're not showing up to go velder re the whole Davos Switzerland thing This is a really serious Davos with acute attention on some of these issues Who goes and what comes out of this We don't know But the idea is that the impression is that it's marketing mox and so what It is a cross section of things but the heart of the anti Davos pro Davos debate is it's 3000 people basically getting together with one common feature to listen to really bright people argue about some of these themes The ramp on Davos is a more European theme which is collegial Let's all get along and all that in a more American discourse in British discourse which is they like to see a lot of argument happen to inform the debate That's the tension that there's always it Davos Okay so based on previous meetings at Davos Is anything going to come out of it in terms of policy change No no I'm very negative on that They love to talk about how it shapes thinking and all that My experience is Davos and the wonderful guests we have there are people who are overcome by all the other events all of us are overcome by What's interesting at Davos in this year it's Monday Tuesday Wednesday is by Tuesday at 12 noon It'll have completely changed based on new slope And the news flow right now of course has to do with the slowdown in the economy soft hard landing There's a global slowdown in the economy and such but I would predict that the war in Ukraine may be the president's trip to Asia will fold into this but the war in Ukraine and along the longer eastern frontier up to Finland and Sweden will overtake all In terms of the economy the world economy not just Europe but the United States and the rest of the world What's the takeaway What is going to be the focus The takeaway there is the World Trade Organization sub 3% global GDP geeta gopinath Anthony IMF are at sub 4% global GDP Those are very low numbers And of course all of that's on China and China locked down It's a different Davos giant not because of the weather but the people that will show up I would suggest right now based on what I know about who's coming the show up is much more international much more third world with perhaps fewer Americans going I'm just guessing when you say third world that's kind of interesting because fed policy means the dollar is going to move A stronger dollar at the moment Which translates into emerging markets And we're seeing all sorts of turmoil in emerging markets You take Sri Lanka for instance Well Sri Lanka is the poster child right now but there's many many other issues are Eric Martin who's our IMF expert is mostly focused on Egypt within this food crisis and John again as I say about the war in Ukraine maybe this will be a Davos of food economics particularly raptor on rice which is so dominant in Asia And as far as climate change I assume that's going to be one of the major I looked on the Bloomberg Newcastle cold This is Newcastle called Australia And it's a moonshot It's a moonshot of Japan and China load the boat on call So the climate change debate in ESG in general is radically shifted this may Davos versus others A lot of the certitude of ESG is being tested Surveillance co host Tom Keane ahead of Davos this week Thanks very much Appreciate it Just a head on Bloomberg daybreak weekend We hit from Davos to.
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"Was the date in 1983 when the movie was released in theaters I'm Brian shook And I'm Charlie palette That Bloomberg world headquarters Elon Musk is now expressing doubt about whether he will succeed with his $43 billion offer to buy Twitter in his first public comments about the blockbuster deal The billionaire entrepreneur said at a tet event in Vancouver quote I'm not sure that I will actually be able to acquire it Earlier today must made a controversial offer to buy Twitter Dan Ives is an analyst with web bush securities This is a Game of Thrones And obviously once the situation happened with Twitter and the board and must not joining this became hostile situation Dan Ives of Wedbush and speaking of stepping it up what about the pace and size of Federal Reserve rate increases this year Danielle dimartino booth is chief strategist at quill intelligence People forget that this is a midterm election year And if there's one unwritten rule at the fed it's that you don't appear overtly political during election year Danielle dimartino booth of quill intelligence The deputy chief of the International Monetary Fund says the world needs to be preparing for downside scenarios relating to COVID-19 Gita gopinath is the IMF's first deputy managing director and she spoke with Bloomberg radio We need to prepare for that And that's the part where I think more needs to be done We need another 15 billion in grants this year to get the right amount of preparation in place and then 10 billion every year before pandemic preparedness Gita gopinath of the International Monetary Fund Stocks declined today with the S&P down 54 a drop of 1.2% for the week the S&P was down 2.4% the Dow today down 113 down three tenths NASDAQ down 292 down 2.1% Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Charlie palette This is Bloomberg.
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"Business week profitable Let's dig into it with Bloomberg business week editor Joe Weber It's the cover story of the upcoming issue Bloomberg businessweek We did afternoons at two eastern These are retailers that have been on everybody's radar Those Apple numbers continuing to come in On Bloomberg radio the Bloomberg business app and Bloomberg radio dot com The FBI is piecing together Frank James life leading up to his alleged attack in the New York City subway system investigators have discovered James rented a U haul and a storage unit from a Philadelphia facility the day before he unleashed smoke canisters and opened fire on innocent train riders in Brooklyn Tuesday morning President Biden is blaming Russia's invasion of Ukraine for rising inflation 70% of the increase in inflation was a consequence of Putin's price site because of the impact on oil prices Speaking in North Carolina Biden promoted homegrown technology and manufacturing and said the U.S. must invest more money in research and development to stay competitive in the global economy The Russian Ministry of Defense says its warship has sunk in the Black Sea reports set a fire broke out on the guided missile cruiser causing explosions and the crew to be evacuated Ukraine said it hit the warship with anti ship missiles I'm Brian shook And I'm Charlie pellet That Bloomberg world headquarters Elon Musk is now expressing doubt about whether he will succeed with his $43 billion offer to buy Twitter in his first public comments about the blockbuster deal The billionaire entrepreneur said at a Ted event in Vancouver quote I'm not sure that I will actually be able to acquire it Earlier today Musk made a controversial offer to buy Twitter Dan Ives is an analyst with web bush securities This is a Game of Thrones And obviously once the situation happened with Twitter and the board and must not joining this became hostile situation Dan Ives of Wedbush and speaking of stepping it up what about the pace and size of Federal Reserve rate increases this year Danielle dimartino booth is chief strategist at quill intelligence People forget that this is a midterm election year And if there's one unwritten rule at the fed it's that you don't appear overtly political during election year Danielle dimartino booth of quill intelligence The deputy chief of the International Monetary Fund says the world needs to be preparing for downside scenarios relating to COVID-19 Gita gopinath is the IMF's first deputy managing director and she spoke with Bloomberg radio We need to prepare for that And that's the part where I think more needs to be done We need another 15 billion in grants this year to get the right amount of preparation in place And then 10 billion every year before pandemic preparedness Gita gopinath of the International Monetary Fund stocks declined today with the S&P down 54 a drop of 1.2% for the week the S&P was down 2.4% the Dow today down 113 down three tenths NASDAQ down 292 down 2.1% Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Charlie palette This is Bloomberg.
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"Everyone Bloomberg surveillance from Washington and New York Lisa Bradley in time keen here at the International Monetary Fund a packed couple of hours for you including the managing director Christine and garga will join us here in the 10 o'clock hour Right now on the American economy the backbone of the American consumer in this time of inflation or Michael McKee with a retail sales report Michael Good morning time We had some good news and some bad news Retail sales on a month over month basis come in at half a percentage point higher That's just a tick under what was anticipated But when you look at the retail sales control group it's down by a tenth That factors out autos and gasoline and building supplies that follows a one point negative 1.2% drop in February which has now been revised to negative 0.9 but you have two months in a row of retail spending that essentially goes into GDP that is lower than anticipated And so that is not going to be seen as particularly good news for the economy overall Gasoline stations is always the issue that we are going to look at given the situation right now And gasoline up by just two tenths of a percent It looks like I'm looking at the wrong one Hold on just a second here Gasoline stations up by 8.9% which makes more sense That is where most of the strength in the headline number is going to come from because of course we all paid a lot more for petrol over the past month A couple of other indicators this morning another one on inflation the import price index up 2.6% on the month that's significant And that pushes the year over year import price number up to 12.5% It was 10.9% in the month of February And initial jobless claims bounce back a little bit to 185,000 from 166,000 the prior month but that's still in such low territory It's hard to know what to make of it other than to say the labor market is very healthy So the question is with retail sales are we starting to see a little bit of a pullback in consumer demand It's kind of marginal but maybe we'll have to keep an eye on this for a couple more months What's interesting here Lisa Bradley says we can see that Michael McKee has his interview suit on as he speaks to John Williams On radio McKee is dressed to the 9s this morning as he will speak with John Williams Retail sales is important Yeah And I don't know what to make of it as a picture of the optimism or gloom any of our listeners or viewers have And I think that's the right way to put it because right now in markets you're not seeing much of a reaction to XY is basically flat You have yields basically coming in a touch but bouncing around you have futures Still into the green and red not necessarily with much conviction here although now a little bit more red on the screen I am wondering Mike why is there not greater emphasis on the fact that retail sales are declining and when you factor in inflation declining quite quickly Yeah I think that people haven't really focused on that yet And that is the caveat you've got to add to any of these reports these days is we have to deflate these numbers by the inflation rate Each category has its own inflation rate but obviously much of this is price driven Interesting stat that non store retailers and there's your amazons and your walmarts down 6.4% during the month So the question has been are we going to stop buying goods and start buying more services And that may be early sign of that automobiles We're down 1.9% Now they do this on a dollar basis as opposed to the unit basis that we all quote when we get to the beginning of the month but it does suggest also some declining demand In our start interview with Michael McKee coming up with John Williams of the New York fed right now and this is important with is Gita gopinath said the pandemic is still tangible I believe we're going to go to Christine Lagarde in Frankfurt the ECB president right now being zooming this morning Here he is Not a little dark Largely owing to pandemic related restrictions Several factors point to slow growth also in the period ahead The war is already weighing on the confidence of businesses and consumers Including through the uncertainty that it brings With energy and commodity prices rising sharply households are facing a higher cost of living and firms are confronted with higher production costs The war has created new bottlenecks While a new set of pandemic measures in Asia is contributing to supply chain difficulties Some sectors face growing difficulties in sourcing their inputs which is disrupting production However there are also offsetting factors underpinning the ongoing recovery such as compensatory fiscal measures and the possibility for households to draw on savings that they accumulated during the pandemic Moreover the reopening of those sectors most affected by the pandemic And a strong labor market with more people in jobs will continue to support incomes and spending Fiscal and monetary policy support remains critical especially in this difficult geopolitical situation In addition the successful implementation of the investment and reform plans under the next generation EU program will accelerate the energy and grain transitions This should help enhance the long-term growth and resilience.
Marketplace with Kai Ryssdal
"gita gopinath" Discussed on Marketplace with Kai Ryssdal
"Thanks a lot. I appreciate <Speech_Music_Male> your time. <Speech_Music_Female> Thank you so much for having <Music> me. <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Music> <Advertisement> <SpeakerChange> <Speech_Music_Male> <Speech_Music_Male> This final <Speech_Music_Male> note on the way out <Speech_Music_Male> today, there is a job <Speech_Male> opening coming up <Speech_Male> at the International <Speech_Male> Monetary Fund. <Speech_Male> Gita gopinath, <Speech_Male> the IMF chief <Speech_Male> economist, they guessed on this <Speech_Male> program, <Speech_Male> probably three, four times <Speech_Male> in the past three years, said <Speech_Male> today she is going back <Speech_Male> to Harvard at the <Speech_Male> end of the year. Her latest <Speech_Male> growth forecast, <Speech_Male> by the way, <Speech_Male> has the global economy growing <Speech_Male> at 4.9% <Silence> <SpeakerChange> <Music> next year. <Music> <Advertisement> <Music> <Advertisement> <Music> <Advertisement> <Music> <Speech_Music_Male> <Advertisement> <SpeakerChange> <Speech_Music_Male> <Speech_Male> All right, we gotta <Speech_Male> go, here's your moment <Speech_Male> of economic <Speech_Male> context real <Speech_Male> quick today 'cause I <Speech_Male> think I talked too much. <Speech_Male> <Advertisement> Crude oil, <Speech_Male> <Advertisement> the U.S. benchmark <Speech_Male> <Advertisement> west, Texas <Speech_Male> <Advertisement> intermediate almost <Speech_Male> <Advertisement> $83 <Speech_Male> a barrel <Speech_Male> today but get this <Speech_Music_Male> <Advertisement> in the past 7 <Speech_Music_Male> <Advertisement> weeks that is since the beginning <Speech_Music_Male> <Advertisement> of <SpeakerChange> September, <Speech_Music_Male> <Advertisement> WTI, <Speech_Music_Male> <Advertisement> up <Speech_Music_Male> <Advertisement> 21%. <Speech_Music_Male> <Advertisement> <Speech_Music_Male> <Advertisement> Our <Speech_Male> <Advertisement> digital and on demand team <Speech_Music_Male> <Advertisement> includes Kerry barber <Speech_Music_Male> <Advertisement> siobhan Brett, Dylan <Speech_Music_Male> <Advertisement> mitten and <Speech_Music_Male> <Advertisement> Janet wyn oga oxman, <Speech_Music_Male> <Advertisement> donut Tam <Speech_Music_Male> <Advertisement> and Tony Wagner. <Speech_Music_Male> I'm Kyle rizal, <Speech_Music_Male> <Advertisement> we will see you tomorrow <Speech_Music_Male> <Advertisement> everybody. <SpeakerChange> <Speech_Music_Male> <Silence> This is 8 <Speech_Male> p.m.. <Speech_Male> Hey everybody, <Speech_Male> it's Kai. You know, we <Silence> are always trying to learn <Speech_Male> more <Speech_Male> about you. <Speech_Male> And so we're hoping you can <Speech_Male> complete a short <Speech_Male> anonymous <Speech_Male> survey less than 5 <Speech_Male> minutes, I promise, <Speech_Male> they help us <Speech_Male> these surveys do learn <Speech_Male> more about our audience <Speech_Male> so we can serve them, <Speech_Male> which is to say you <Speech_Male> better go <Speech_Male> to American public <Speech_Male> media dot org <Speech_Male> slash survey <Speech_Male> and we would especially <Speech_Male> love to hear from those of you <Speech_Male> who have never <Speech_Male> heard from before. Again, <Speech_Male> it's American public media dot org slash survey, and thanks.
Bloomberg Radio New York
"gita gopinath" Discussed on Bloomberg Radio New York
"Large private sector businesses His remarks come a day after Texas governor Greg Abbott signed an executive order outlawing vaccine mandates The number of people working in the UK went above pre-pandemic levels last month That's an indication of a stronger labor market that may lead the Bank of England to raise interest rates Payrolls rose by a record 207,000 in September Meanwhile jobs vacancies rose to 12 million also a record high Global news 24 hours a day on air and on Bloomberg quick tank powered by more than 2700 journalists and analysts in over 120 countries I'm Mark crumpton This is Bloomberg David Thank you so much Mark Yesterday the board of the IMF reaffirmed its confidence in managing director crystalline Georgie Ava despite a report raising issues concerning her role in a doing business survey done during her time at the World Bank Earlier today IMF chief economist Gita gopinath to emphasize that whatever happened in the World Bank it didn't affect their integrity of the IMF's work The issue about the data had nothing to do with the IMF It was about the World Bank's doing business report We placed incredible amount of importance on data integrity at the IMF We have many checks and balances multiple departments multiple economies reviewing our data and focus So I feel good about where we are We welcome now Harry brodmann who spent 15 years at the World Bank as part of a long and distinguished career in Washington He is now chair of the emerging markets practice at the Berkeley research group So Harry thank you so much for being with us You heard GE there saying well whatever happened over there wasn't this it was a World Bank You were at the World Bank What do you make out of this Well actually I think she's right I spent a lot of time at the fund doing work along with the bank and Russia and China and so forth And I must say that the funds review of data and their peer review mechanism is far more rigorous than the bank I think that doing business index is really quite a different enterprise a unique enterprise in the World Bank and virtually every other multilateral institution And I think the way that it was created and I was at the bank prior to its creation and through its deployment is really I think quite problematic The data themselves the questionnaire the survey ironically actually does not inquire a businesses how difficult it is to establish an enterprise It actually introduces law firms in these emerging markets which is a very odd way and indirect way of getting data on the ease of doing business I was in a law firm for a long time I'm not sure I'd ask us a question like that frankly Whatever we did well I'm not sure we did that for everyone Why did we create it Why was it created to begin with and is there any reason to bring it back Well I don't think we should bring it back under its current formulation I think the reason it was created actually there was a fairly good intention as much as it was more of an academic type of exercise of measuring to what extent there has been progress in reforms actually in gending a stronger business and investment environment in a particular country Where I think it went awry well two points One I think the methodology was questionable as I've just mentioned about the law firms actually being the prime respondents but also they change some of the metrics over time and that's a recipe for not being able to make consistent comparisons over time if you're starting to change the measures And I think the other big problem was that the index was then linked to the resource flows that could be lent by the bank to these recipient countries And there's a lot of other things that the money going to a country deals with other than starting a business There's health There's infrastructure and all kinds of things that really foment development So I thought that linkage was also a problematic I think it's wise to have canceled it Whether it should be replaced with another measure I don't know Tell us about the role of the World Bank and the IMF They have different roles obviously under bretton Woods Certainly the role that IMF has evolved Maybe some people would say that the fed and some of the central banks have taken over some of what they used to do which is really have emergency infusions of cash when a country ran into trouble Has the role of the IMF changed Should it be rethought No actually I think I think actually I think the question is that there's competition on the margin between the World Bank and the IMF I think the IMF deals with balance of payments big macro issues It has begun to get more into the fabric of economy So for instance the report that was just issued this morning dealt with R and D investment at the business level But in the final report which is very unusual Meanwhile there always was sort of an unspoken division of labor between the IMF and the World Bank that the World Bank would deal with technical training and improvement of banking operations But it began to get more into the macro side of banking and the financial sector was the IMF so it was their province So I think the point that you're raising is a good one is one of the market boundaries between the two They're both owned and shareholders the biggest shareholders are virtually the same countries but what the division of labor between the two institutions has become blurred and I think it would be wise to sort of do a rethink of that The global economy has changed the hell of a lot since the bretton wood days So that appraisal might well be needed To what extent is what surrounded the doing business report and more broadly what we're seeing with I'm a World Bank If I can put a political I don't mean Republicans and Democrats but exactly what your attitude toward economy should be what the role of central government should be Because some people for example criticize I believe crystalline aguero gave because she's trying to expand into things like climate and things like inequality and they're concerned that that's not really the province of the IMF I think that's a fair criticism I mean obviously climate does affect economic growth No question about it but what's interesting is she was running the climate program at the World Bank before she moved across the street One would imagine therefore she was put in their backpack that brief and then decided well the fun should get involved in this But I think you know there has to be a much clearer delineation about what the role of the fund is The politics if you will stems from the fact that these are owned in quotes by the sovereigns the governments and they sit on the boards of these two institutions But those are also the governments who get money from these institutions So you know the notion obviously it's not a corporation but there are principles of independent corporate governance that really are not at work here So you've got the shareholders who are also the recipients making decisions as who gets the recipients and how much And Harry finally in the middle of this we had a global pandemic redundant because pandemics are global but a pandemic hit us Right now the IMF has got a further capital array if I can put it that way and special drawing right And there are those who say some of that should go to try to equalize some of the vaccinations around the world because of the poor countries can't afford it Does that make sense It does make sense And that's sort of a double click on this problem of the plethora of multilateral institutions involved in whose coordinating Now obviously we want the WHO who has real expertise in medical and health issues to take the lead on some of these things It's not clear why the IMF should be involved They are the financier that's fine and they can online money to their governments who they represent And if the governments then want to use those funds to procure vaccines that's a whole other question It seems to me Okay Harry really great to have you with us Hope you'll come back That's Harry brodman He's Berkeley research group managing director Coming up the day when the mayor took.
AP News Radio
IMF Upgrades Forecast for 2021 Global Growth to a Record 6%
"A new International Monetary Fund report foresees appeared of global economic growth ahead the IMF says the rollout of coded nineteen vaccines involve sums of government aid will this year kickstart growth to a record high in the powerful rebound from the pandemic recession the one hundred ninety country lending agency says it expects the world economy to expand by six percent in twenty twenty one up from the five point five it did full cost in January it would be the fastest expansion for the global economy in IMF records dating back to nineteen eighty I am F. chief economist Gita Gopinath told reporters a way out of this health and economic crises is increasingly visible I'm Charles through this month
News, Traffic and Weather
Global economy will suffer worst year since Depression
"The International Monetary Fund says the global economy is suffering the worst year since the depression of the thirties these are your world headlines from ABC news I remember chief economist Gita Gopinath this is a downgrade or six point three percentage points from January twenty twenty a major division over a very short period of time the IMF does expect the global economy to rebound in twenty twenty one but a lot of unknowns
Marketplace with Kai Ryssdal
The Global Economy: A Delicate Moment
"Round. These parts we spell global economic forecast with three little letters. I m end ETF from American public media. This is marketplace. In Los Angeles. I'm KAI Ryssdal. It is Tuesday the ninth of April today. Good as always to have you along everybody, we begin on this Tuesday with a restatement of our every now, and then observation that this is a global economy, and we are kind of stuck with it. Come. What may and when what is coming is generally good rising growth in economic optimism. Good fine. When what's coming is less growth in some small degree of economic pessimism. Well, you got to play the Hendra Dell. Right. And the global economic hand we are being dealt today comes to us from the International Monetary Fund. I m f get it which is out with its latest forecast on the global economy growth. Yes. But less of it the IMF third forecast of slower growth in six months. Gita Gopinath is the chief economist for the IMF, Dr Gopinath welcome to the program. Thank you. You called the global economy this morning, some of your commentary. You said we're at a delicate moment how come why said global growth is projected slowdown. Down to three point three percent and twenty nineteen and we expect recovering twenty twenty and you know, that recoveries precarious. So that's the sense in which this is a delicate moment because if any of the downside Ristori worry about materialize, the recovery that we're expecting may not come about. Okay. Why are you expecting recovery? If it's if it's precarious seems like a gutsy call the make well, we certainly seen as a substantial amount of policy accommodation around the world. I mean, all of the major central banks have shifted to a more accommodative stands we've seen China. Putin affair amount of fiscal and monetary stimulus. We certainly seen some improvement in trade tensions between US and China at least compared to twenty eighteen so all of those factors, you know, would help a growth going forward, and we expect to see some recovery's stressed economies like Argentina and Turkey. So that's where our focus is coming from got low rates, the accommodative policy that you mentioned, but we do still have the specter of a no deal, Brexit or whatever's going. To happen over there. We have ongoing U S China trade talks, which again who knows what's gonna happen over there. Get me, then to your to your downside risk that you mentioned. I mean, I'm unavo- main downside risk remains an esscalation intrigue tensions. You know, maybe with other countries in other sectors like autos, we would like to see a resolution of Brexit with an agreement. That's not an audio Brexit. I mean, these would be some of the important policy missteps to be awarded. Let me get a little more specific. Are you talking American trade policy movements here we are talking about? Yes. The US China trade tensions weaken growth weakened investment, reduced business confidence. So the question is what happens going forward from the US side from any retaliation. Which is why we, you know, we we say that this is a delicate moment in his appoint for policy makers to avoid missteps, let me just ask. Since you mentioned central banks and listeners will hair elsewhere in the program about about the impedance of central banks. And since you led with it in your answer. How critical are central banks and the proper functioning there of to the to the future health of a global economy. I mean, central Bank policies of all these taken recently the independence of the central Bank are all hugely important for the health of the global economy. They played an important role in reducing downside risks that were showing up towards the end of twenty eighteen and so it is important that they remain independent their mandate a driven and the the policies are well communicated. So we've been on the job since the first of January, how're you liking it so far it's been it's been a lot of fun. It's been great. Doc to choose the new ish chief economist at the International Monetary Fund out with your global forecast this morning, Dr Goldman now, thanks for your time. I appreciate it. Thank you so much.