A cut to come by the summer. Im a cut to come by the summer. Im interested a cut to come by the summer. Im interested in a cut to come by the summer. Im interested in this Wage Inflation problem because we are seeing in some sectors quite a lot of industrial action, which is all about wages. Is that a fly in the announcement . It about wages. Is that a fly in the announcement . About wages. Is that a fly in the announcement . , , announcement . It certainly is across euro e announcement . It certainly is across eumpe and announcement . It certainly is across eumpe and in announcement . It certainly is across europe and in the announcement . It certainly is across europe and in the uk, announcement . It certainly is across europe and in the uk, so announcement . It certainly is across europe and in the uk, so we announcement . It certainly is across europe and in the uk, so we have i europe and in the uk, so we have seen while the Headline Inflation Number is coming down, the big increase in energy costs started to come out of the year on year numbers, but what has happened in europe is inflation is starting to look stickier and we are seeing comet through in wage growth, so we are right, collective bargaining, some of the issues we have had with unions and Wage Pressures coming through, particularly in the services sector. So while inflation and before it came from external factors, the concern from the central bank is is that inflation sticky and is it domestic . There is some data coming in may, hence why we are seeing the market expected there will not be a cut untiljune. What is the stickiest part of inflation in the eurozone . The services sector, inflation in the eurozone . The services sector, that inflation in the eurozone . Tue services sector, that is inflation in the eurozone . Tte services sector, that is where inflation in the eurozone . Tt2 services sector, that is where we have started to see it not come down as much as elsewhere, and the concern is once that sticky Wage Inflation is in the economy, you get into Wage Price Spirals and it becomes harderfor into Wage Price Spirals and it becomes harder for Central Banks to get inflation down to the target. People talk about the last mile of inflation. We have come down from extremely high levels but we are still not at the targets the Central Banks are aiming to get to, 2 . How Man Cuts Banks are aiming to get to, 2 . How many cuts in banks are aiming to get to, 2 . How many cuts in interest banks are aiming to get to, 2 . How many cuts in Interest Rates are you betting on . Irate many cuts in Interest Rates are you betting on . Many cuts in Interest Rates are you bettin on . ~. ,. ,. , ~ , betting on . We do not make Interest Rate forecasts. Betting on . We do not make Interest Rate forecasts, we betting on . We do not make Interest Rate forecasts, we help betting on . We do not make Interest Rate forecasts, we help businesses. Rate forecasts, we help businesses make decisions around Interest Rate risk and managing exposure. Looking at the market pricing, we could see 34 at the market pricing, we could see 3 4 Interest Rate cuts this year, the uk it may be a little bit later to start their cuts. But looking for a couple of cuts before the end of the year, and more cuts into 2025. The key thing to point out is, compared to where we were at the end of last year, where the market was pricing insignificant rate cuts the us, uk and europe, those expectations have been waned in a little more as Central Banks have been reinforcing the message that they will not cut rates until inflation is at target level. Thank ou. Inflation is at target level. Thank you. Investors inflation is at target level. Thank you. Investors have inflation is at target level. Thank you. Investors have been inflation is at target level. Thank. You. Investors have been combing over what boss of Us Central Bank has been sent to congress about interest in a few hours time, Jerome Powell testifying for the Senate Banking committee. Joining me now is erin delmore, our north America Business correspondent. What are we expecting him to say to the senators . The what are we expecting him to say to the senators . The senators . The Federal Reserve chairman is the senators . The Federal Reserve chairman is a the senators . The Federal Reserve chairman is a veteran the senators . The Federal Reserve chairman is a veteran of the senators . The Federal Reserve chairman is a veteran of scenes the senators . The Federal Reserve| chairman is a veteran of scenes like this, testifying on capitol hill, and had a run at it yesterday in front of the house. He stuck to the script, saying while we can expect Interest Rates are at their peak, if things continue as they have been, we in to sedate rate cuts ahead but did not give clues on time. He was cautious, walking a tightrope, saying the federal have to see inflation going down sustainably to its 2 target before cutting Interest Rates. He warned more evidence is necessary and they are having a wait and see approach. We can expect the same today, but he will face tough questions, including on banking and other topics with the economy, but i am looking for the political undertones and push and pull of the timing of rate cuts, with centres trying to say this is a political issue in a big year, where American Consumers are feeling the pinch on their wallets. Pinch on their wallets. Speaking of olitics, a pinch on their wallets. Speaking of politics. A big pinch on their wallets. Speaking of politics, a big set pinch on their wallets. Speaking of politics, a big set piece pinch on their wallets. Speaking of politics, a big Set Piece Event pinch on their wallets. Speaking of politics, a big Set Piece Event in i politics, a big Set Piece Event in the calendar, the state of the union. What are you expecting mr biden to say . This union. What are you expecting mr biden to say . Biden to say . This is the responsibility biden to say . This is the responsibility mr biden to say . This is the responsibility mr biden l biden to say . This is the responsibility mr biden takes on biden to say . This is the responsibility mr biden takes on as president but not as a candidate for re election. This is one of the biggest stages he will have to speak to the American People before the election. The other is probably the conventions over the summer. He has twojobs, won in style conventions over the summer. He has two jobs, won in style and conventions over the summer. He has twojobs, won in style and one substance. Style, it is his biggest job that he needs to dispel the myth that his age is an impediment to him doing hisjob. Americans reward confidence and competence in leadership. We are talking about the smooth delivery, dexterity on his feet, the ability to bat mac any commentary or reactions that may be elicited from congressman does while speaking. On the substance side, i expect him to tell twins on the economy, talking about the strength of the job market, economy, talking about the strength of thejob market, low economy, talking about the strength of the job market, low unemployment and high employment and recruitment, talking about falling inflation, but americans will want to see if eggs and milk prices will go down. Im also looking out for whether he will speak about the Corporate Tax rate and whether that could be elevated, something historically he has called Companies Paying their fair share. It is among the things looking out for tonight. We will update you along the way. We are looking out for tonight. Along the way. We are looking out for tonight its very much a case of good news, bad news for the German Airline lufthansa. It more than doubled its net profit last year raking in 1. 6 billion euros around 1. 8 billion. But its given a gloomy forecast for this year because of its continuing wrangle with the unions. Ground staff are going on strike today, affecting around 200,000 passengers and pilots are also walking out at a later date. Simon calder, from the independent, says todays strike is having a real impact. It was a chance to turn around the fortunes of the conservative party, but was it enough . T fortunes of the conservative party, but was it enough . But was it enough . I think it is aood the but was it enough . I think it is good the workers but was it enough . I think it is good the workers will but was it enough . I think it is good the workers will get but was it enough . I think it is i good the workers will get money but was it enough . I think it is good the workers will get money back in their pockets, but if you think about the cost of living and how everything is going up, maybe they could have been given more back. Anything that cuts taxes, i wish he would have done something a bit more for savers, were in a position where were living off savings. I think theyre trying to do it in light of a general election and probably not really thinking about what the benefit to the country is. The centrepiece of this budget was a 2p in the pound cut to national insurance, a tax paid by workers. So who are the winners and losers if you include all the changes to tax and thresholds so far . Here are some examples. If youre a low earner on £15,000, youll bejust over £400 worse off a year. Youll also be a little worse off if youre on £75,000. But if youre a middle earner, youll be better off. For instance, if youre on 35k, youll be up by £352. There are changes to Child Benefit too. Currently, if you earn over £50,000, you have to pay some of it back. But now the starting salary will be 60 grand, helping parents like tim and maddy. Yeah, if they changed the threshold, then yeah, that would be a good thing for us because our biggest outgoing really is childcare. Thats the most expensive thing for us. But other taxes are being raised to help pay for it all, including a new one on vapes. Cigarettes are going up and so will business and premium flights. The windfall tax on oil and gas firms will be extended and the governments stolen labours idea of abolishing tax breaks for so called non doms, wealthy foreigners who only pay uk tax on money made here. The chancellor says things are heading in the right direction. Our plan to get the economy back on its feet after the invasion of ukraine is working. Inflation is falling, growth is coming back. If we stick to that plan, we can see growth rates returning to the kind of levels we were used to before. But the backdrops challenging with Public Services under pressure. The risk for the future is that these tax cuts come alongside promises of very, very tight Spending Control over the next parliament. So if were going to keep these tax cuts, were going to get cuts in spending. If were not going to have those cuts in spending, im afraid taxes will rise later on. Difficult choices lie ahead for whoever wins the next election. Emma simpson, bbc news. That was not in fact simon calder. We will go back to that lufthansa story. Simon calder says todays strike is having a real impact. Would you believe the worlds Biggest Travel Trade Fair is taking place . Itb berlin, and it has Tens Of Thousands of people coming in from across the world. And although its operating today, none of the trains are or very, very few of them running in germany. And even if you get to an airport, your problems are onlyjust beginning. Weve got this massive strike across lufthansa through till saturday morning. On top of that, theres Security Staff at cologne, at dusseldorf, at hamburg and frankfurt airports who are causing widespread cancellations. So im afraid the picture for anybody trying to travel to from or within germany at the moment is looking pretty shaky. Lets focus in on lufthansa. Why are they in such trouble with the unions . Well, its partly because, of course, the entire aviation world suffered very, very much during the covid pandemic. Things are bouncing back. Those remarkable Profit Numbers at lufthansa, 2. 7 billion euros, thats around 3 billion in profits. Its very similar to what iag, the company which owns iberia of spain and british airways, did. In other news, the uk faces nearly 20 years of lost pay growth, according to a think tank which focuses on low and middle income earners. The Resolution Foundation said that after taking account of rising prices, the average wage will not regain its 2008 level until 2026. That is it from me, sports today is next. This s1 was found with oil and its feathers in central london. Now it is being cleaned at the Swan Sanctuary in surrey. How serious is it for the birds, this oil . Tt is it for the birds, this oil . It is very serious. It for the birds, this oil . It is very serious, can it for the birds, this oil . It is very serious, can cause it forthe birds, this oil . Tt 3 very serious, can cause lots of problems, but it is not something they can get rid of on their own, they can get rid of on their own, they need help. But they can get rid of on their own, they need help they need help. But they will go back eventually . They need help. But they will go back eventually . They they need help. But they will go back eventually . They will they need help. But they will go back eventually . They will go i they need help. But they will go. Back eventually . They will go back. A few weeks back eventually . They will go back. A few weeks ago. Back eventually . They will go back. A few weeks ago, cooking oil back eventually . They will go back. A few weeks ago, cooking oil was i a few weeks ago, cooking oil was dumped into the canal near west london, in what is believed to be a kitchen for food deliveries. London, in what is believed to be a Kitchen Forfood deliveries. Contact us for the canal and river. Trying to clear it up, costing the charity £10,000 a day. It has now spread right up the Grand Union Canal to Little Venice and the paddington basin. So far, a0 birds have been brought here to shepperton, ten have died. So far, there have been no prosecutions of those who dump the oil, and while it may not be toxic, the charity says the oil still has a devastating impact on wildlife. Hello from the bbc sport centre. The woman who accused Team PrincipalChristian Horner of inappropriate behaviour has been suspended by red bull. Allegations of inappropriate and controlling behaviour had been made against the 50 year old, which he denied. After an internal investigation, red bulls board dismissed the complaint last week. The company cannot comment on this internal matter, a spokesperson said. Ahead of their Europa League clash with roma, two brighton supporters were attacked as they left a bar in the italian capital on wednesday. The pair were hospitalised with minor wounds, although their injuries were not serious and they have since been discharged. Meanwhile, Mohamed Salah has travelled with liverpool to prague for their round of 16 first leg tie with sparta. Salah has been absent since suffering an injury at brentford in the Premier League. Opponents sparta have lostjust one of their last 18 fixtures in all competition. I dont want it misunderstood but they had never played us. But they are aood they had never played us. But they are good and they had never played us. But they are good and people they had never played us. But they are good and people see, they had never played us. But they are good and people see, we they had never played us. But they. Are good and people see, we expect they had never played us. But they i are good and people see, we expect a really tough game. But that means we expect from ourselves that we will play a top game, and if you do that, does notjoin to play against us, so thatis does notjoin to play against us, so that is what we hope. West ham are the final Premier League club in action tonight in the competition as they travel to freiburg. Other ties to keep your eye include oarabag against Xabi Alonsos Bayer Leverkusen and benfica hosting rangers. Sporting and atalanta drew 1 1 on wednesday. And there are eight matches in the Europa Conference League later perhaps the pick of the ties dutch side ajax at home to aston villa