>> more than halfway through the trading day in new york. welcome to "bloomberg markets." let's take a quick check of the markets. cpi inflation is a hot topic here. see stocks drop .5%, really removing the momentum they had in the opening trade or opening gains i should say. you do also have the 10 year yield making for interesting moves. this is the third straight day where you see the bond market in reverse. yields coming down, treasuries catching a bed and when they do that, you do have the bloomberg dollar index under pressure as well. down .1%. at that does to the other currency picture, the euro example, the yen, the chinese yuan as well and the ripple effect to the commodity space. a weaker dollar boosting perhaps the commodity index. this is not just oil, not just natural gas, this is food as well. metal as well. we have a lot going on here when it comes to simply the effects of inflation. i would say dare i say at a lot

of the price action today coming from the dollar. i believe we have some breaking news on the dallas fed. let's get to michael mckee. michael: here is a bit of a surprise, the federal reserve bank of dallas has announced a new president of the bank will be lori logan. she is currently the head of the markets group at the new york federal reserve. she will wear was on the 11th federal reserve district on the committee and have a vote starting thousand 10 -- starting 2023. replacing the predecessor who resigned last year. it appears they have gone to the new york fed to pick up lori logan. she is vice president at the federal reserve bank of new york and she needs the market operations group and has been there since 2012. she is overseeing the policy

implementation role in the new york fed and the fiscal services as they run the division that is monetary policy, puts monetary policy into practice. she is already working with the fed on the bank for international settlements and so she will step into her role she is somewhat familiar with -- a role she has someone familiar with. she has been, according to the dallas fed, a successful leader of the new york fed and her deep financial markets background and expertise in monetary policy at the financial system maker well-qualified to contribute in a meaningful way to monetary policy issues of the fomc. i'm just looking here. she will begin her role as president of the dallas fed august 22 2022. she will miss the june and july meetings, the first time she will take part in an actual

meeting will be september 21. maybe we will see her at jackson hole. kriti: let sue mount and put this into context. we know he has left can first 2020 two coming off of speculation of trading which he did say did meet some of the bank compliance but at the end of the day, what does this do from a policy perspective? delude robert -- delude robert kaplan and to lori logan. michael: it will probably not change too much. they are kind of all hawks at this point. the question is lori logan's leanings, we don't really know a lot about her monetary policy views because she has been on the technical side for the fed but as she comes into a situation where the inflation rate is a .2 percent on the cpi we saw today, she will probably lean hawkish. she will vote -- will not vote until 2023 but the fed will be raising interest rates probably

in 2000 123. -- 2001 to three. kriti: michael mckee, -- 2023. kriti: michael mckee thank you. consumer prices in the united states rising by more than forecast in april, indicating inflation is had to persist at elevated levels or even longer. joining us through the numbers is bluest -- bloomberg u.s. economy reporter reade pickert. thank you as always. walk us through the numbers. looking at some of these numbers, it seems food inflation seems to be the biggest concern. reade: absolutely. something to keep in mind with this report in particular is, due to mathematical reasons, even though you have the strong month over month readings, you saw the year-over-year number edge up a little bit. so the peak inflation that we were talking about heading into this report is likely behind us. when you dig into the details of the report, you see that not only did inflation come in

hotter than expected, it was broad-based gains. thing about increases in things such as rent, airline fares, new vehicles, food, all of these things are weighing on the average american's budget and are concerning for the fed because while inflation started in goods, it has certainly spread across services and not just services in terms of rent, which we were expecting given the huge run-up in housing prices we have seen over the last couple years, but to other things as well. kriti: as we speak to you, we are getting a red headline. saudi aramco surpassing apple as the world's most valuable company. if you think about it, a lot of it does have to do with inflation and rise in commodities. if you look at the inflation report specifically, a lot of the oil prices, refined products actually decreased a bit. can you speak about that dynamic? reade: absolutely. what you saw, energy prices come up a little bit in this report, and that was mainly due to a

decline in gasoline prices. as we know gasoline prices are back up to record highs in the u.s.. while that was not reflected in this april report, it certainly will be in the next report. if you dig a little more into those energy prices, gasoline was really the only thing that fell. you saw like crispy prices go up, natural gas prices go up, so there is still a lot of price pressures within the energy space. kriti: lots to digest. we will see if that momentum sticks. reade pickert, we thank you as always joining us from d.c.. let's continue the conversation on that topic and bring in chief economist at state street global advisors. apologies for butchering your name but let's dig into this inflation report. to me, it seems you didn't see a reversal so you are seeing inflation drop and going the right direction but clearly not as much as wall street wanted. is this fair to assume peak inflation is in the rearview mirror? >> i think barring unexpected

development from here on, things will always good where's on the energy front, supply constraints, cetera -- etc. the assumption of peak inflation being behind us is a safe one. one word to describe the last inflation print -- for the report is frustrating. i think frustrating for us as consumers and it would be frustrating for the fed's policymakers. kriti: we have been here before. we were here in the 70's -- 1970's, here under the 1980's under jimmy carter. i'm curious, can we actually use the precedent of the 70's -- 1970's here? simona: there are many differences. let's not forget the kind of inflation experienced, the inflation spike we are seeing where we have seen for the last few months is still a fairly new phenomenon. we have seen an escalation in

wages to a level in some sectors of the economy that frankly are even exceeding some of those 70's and 80's levels. we still do not know to what extent this is the one time acceleration. there have been over the last couple years a lot of unusual circumstances that have driven us here, so you have seen the safety concerns. we have never really gone through something like covid even in the 1970's. how do we unwind the shock is still to be discovered by every business and all of us as macroeconomists. it is too early. i feel we probably do ourselves a bit of a disservice trying to draw the comparison to the 1970's at this point in time. kriti: as we speak to you, we are seeing stocks take a dive here. the s&p 500 at session lows, 10.8%, there is a lot of rent on the screen across the board. unless you come to the

commodities complex specifically . food prices are higher, and that leads me to what has driven the numbers. can you talk about the translation into the real economy? simona: we always like to talk about this concept of core inflation but that is a -- is an existing reality. we buy food and energy. if you want to make a choice you would probably make a priority over those things rather than recreation. there is no getting away from their reality cost of many of these very necessary items is going up. i think from a policy standpoint the fed may have been tempted to look through these things as the general approach. however, at this point in time, -- have already moved up a lot and i think you cannot ignore

what happens to food and energy because they will feed into possible inflation a spec patience. that to me is as important as driving the inflation discussion not just the neck couple months but the next year, what happens to inflation expectation, what happens to wage inflation? those two are the critical things to watch in my mind. kriti: critical indeed and we will all feel that in those grocery receipts. simona mocuta, state street global advisors chief economist time for bloomberg first word with mark crumpton. mark: -- wants to do something about rising food prices. he is proposing measures to reduce costs for farmers such as doubling investment and fertilizer production and extending government programs that use technology to reduce the use of fertilizer. the president is set to speak about this shortly in illinois. al jazeera reporter was shot and killed during an israeli raid in the occupied west bank today.

palestinians and the news channel accusing israel of killing her and israel's leader of saying she was likely have a palestinian fire. a 51-year-old was said to be wearing a press vest that clearly marked her as a journalist while she was reporting in the city of janine. hungary has threatened its public stance against the european embargo, european union embargo on russian imports saying it will pull its veto threat only if it's pipeline imports are excluded. a majority of hungary's crude supplies arrived by pipeline. the pipelines from hungry and foreign minister appeared to dampen negotiations to suede prime minister -- the prime minister to lift his band. resurgence in shanghai says china faces a tsunami of coronavirus infections if the government abandoned its long-held covert zero policy. they warn that could lead to 1.6 million deaths.

the study says chinese vaccination campaign would be insufficient to prevent an omicron wave that would swamp hospitals. global news 24 hours a day on air and on "bloomberg quicktake", powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. ♪

kriti: this is "bloomberg markets." i'm creta group to. let's get back to our big story, the april inflation report, and focus on food in particular. food at home was the intervenors to rising prices gaining at a rate of 10.8% year-over-year. for more insight on the food price pressures, let's bring in the one and only newburgh agricultural performer michael hurts her. he joins us from what is commodity trading. thank you as always. when we talk about grains in the context of the war in ukraine, i think it is often forgotten that the united states is one of the biggest exporters of grain. what happens if the united states cannot meet the extra

demand? >> i think at this point we still want to say we will maybe be able to meet the demand. there is pointing delays in the u.s. and there has been awfully dry weather. i think most of the farmers already to get the crop in the ground and hopefully avoid the ultimate disaster kriti: planting season not just united states but in the ukraine -- not just here in the united states but in ukraine as well. getting some of the supply even if it is taken to fruition, getting it back and getting it exported is a real challenge. is that a possibility commodity traders have completely priced in? simona: i think so -- michael: i think so. there was a bomb in ukraine and the wheat market did not really react to that so it seems like the market is sort of priced in ukraine grain being stuck for the time being. and waiting for the sort of next development there. kriti: we had to ask about the

inflation report as well, we have been asking constantly is the peak inflation in the rearview mirror? i have to ask is this the peak for food prices? michael: the weather is a little bit of a wildcard. there are dry spots in europe, south america, and here in the u.s.. it is the peak time corn and soybean growing season in the next two months is another ough people are thinking about the year 2012, which was the previous peak for crop prices. so i think the weather will be a big factor in sort of breaking down that grain inflation. kriti: bloomberg's michael hirtzer, my personal teacher and guru when it comes to the food prices, we think you so much for joining us from chicago. for centuries, ukraine has been one of the most productive places in the world to grow wheat as michael was pointing out so it is no surprise russia's invasion has been putting immense pressure on ukraine's breadbasket region.

turning us as professor scott nelson of the university of georgia, author of the book oceans of grain, how american wheat remade the world. in your book, you talk about the ability to control the gray market and how that has makes or breaks empires around the world from germany to russia and even the united states. i have to ask, which empire is the great movement breaking now? prof. nelson: [laughter] the empire that is breaking out from this is i guess the central problem is kathlyn the great and the russian empire was the expansion of the russian empire had everything to do with ukrainian grain. russia now, as an imperial force, the invasion of ukraine is all about maintaining that control, trying to be number one in international grain exports. kriti: i have to ask about the

trade routes because this is so important. it is not about just ukraine able to grow some of these grains, it is about exporting them and that is why the black sea region is so crucial. we know eastern coast or southern eastern coast of ukraine, mariupol, for example, is significant for this reason. i have to ask about the significance of the black sea region and what happens if those exports cannot actually get out. prof. nelson: if they cannot get out, we are in a situation where russia -- the value of russia's grain doubles. we started usually where -- we are about four to six dollars -- four dollars to six dollars per barrel and we are back over $12 per bushel. this means that ukraine will lose about $175 million a day as this grain is not coming out and the rest of the world is paying

incredible prices for those. even though it is only maybe 10% of the world gray market, it is absolutely critical that that grain be delivered. it is much less flexible, the demand is much less flexible. kriti: something we talk about in the oil market is with the absence of russian output, can the united states make up the gas? is the united states in a position to make up the grain gap from russia and ukraine? prof. nelson: not right now. in six months or a year, but with the invasion starting in february and at that point really only north dakota and canada could produce enough grain so that it would arrive -- produced quickly enough so that it would arrive in the summer. right now, there are relatively few places that can under up responding to the invasion. there have been clearly some delivery of grain from farms and things like that to farm gates,

from farm gates to the international markets, but that shortage is still there and it will take six to eight months for that grain absence to be made up by the rest of the world. kriti: in the meantime, some of that american supply seems to be getting rerouted. for example, china is a major buyer of american grain, really hedging some of that and trying to get in those bids early but to some of those experts to asia get rerouted to europe and where does asia get that remaining supply? prof. nelson: that's a great question. india talked about delivering some grain, but there is a rust problem with a lot of indian grain, so egypt and other places like that are hesitant to take in grain from india. india had these massive droughts -- not droughts but this heat wave which has not helped, so hungry would be another place

but they have put export caps on its exports so grain, other places, because ask don, and they fear internal inflation so they cap exports and as a result it has to be made up in other places that remain open. so france, france will be a large source of this grain as well as romania. kriti: professor scott nelson of the university of georgia, author of the book oceans of grain, how american wheat remade the world, highly recommend the read. you so much for joining us, always a pleasure. as we talk to scott, we are continuing to see the bloomberg commodity index higher and food prices continue to rally well the stocks continue to weaken, stock market has session lows. we will keep you updated on all market moves in the hour ahead. still ahead, crypto under pressure in today's session with bitcoin and the red and coinbase losing about one third of its value. we dig into digital assets next. this is bloomberg. ♪

kriti: this is "bloomberg markets" and i am creta group to -- kriti gupta. backers of the terra algorithmic stable coin is trying to raise money after it crashed from its dollar peg. this pond reignited the debate over alga mid the -- algorithmic stable coins. we know there's a concern over crypto currencies, just how volatile is ok for this risk asset? stable coins were supposed to be the exception but when you see this pack to the dollar which once again adds the extra level of stability, have this kind of reaction, it does shake the confidence in the crypto market broadly. this is going to be a key story as we talk about it but not just from an investment point of view but from a regulation point of

view. think about the amount of investors who have popped into the stable coin. stable coins broadly -- coin, or stable coins broadly, and are getting this reaction. for an investment portfolio, specifically for those folks investing in cryptocurrencies, perhaps as a hedge. coming up, our exclusive interview with the director of research of art invest on the impact of the tech selloff of the fines questioning it strategy. that conversation next. this is bloomberg. ♪ this is bloomberg. ♪

mark: welcome to the bnn and bloomberg audience. i am mark crumpton with first word news. iranian authorities detained two

europeans for trying to cause "chaos, instability and social disorder." it comes as a top european union official held talks in tehran on stalled efforts to revive the nuclear deal. identities and nationalities of those held were not released. the u.s. navy may get pushback from congress over plans to scrap relatively young ships. the navy wants to get rid of nine of the 16 combat ships built by lockheed martin. several had been in service for five years or less. the navy says it could save $4.3 billion in upgrades and maintenance. there is concern over heavy rainfall in southern china and hong kong. some schools have been forced to close and the rain is threatening to damage week crops -- wheat crops.

some could see downpours as much as four inches an hour, with some areas getting record totals. the federal reserve bank of dallas has named lori logan the next president, exceeding robert kaplan who resigned last year following disclosures about his personal trading activity in 2020. the appointment is effective august 22. the next vote for monetary policy is 2023. global news 24 hours a day on air and on "bloomberg quicktake." powered by more than 2700 journalists and analysts in over 120 countries. i am mark crumpton. this is bloomberg. >> i am jon erlichman. welcome to "bloomberg markets."

kriti: i am kriti gupta. real counter to the green on the screen. the stock market had a complete turnaround. how much of this is the market digesting inflation? the stock market and s&p 500 hovering around session lows. when we are looking at the risk off tone down six basis points, dropping for the third straight session. how much of the treasury trade is kicking into reverse? when you see the reversal it takes down the dollar. dollar weakness has been a unique take. when you see that, even marginally, it tends to boost commodities higher. bloomberg commodity index not just oil and food but metals boosting the index altogether. jon: the easy targets continue to be tech. whether it is the biggest players like apple. saudi aramco has surpassed apple as the world's most valuable

company by market cap. canada shopify or the violent reactions we have seen for companies with quarterly results. we have seen that again today with names like unity, software player, and coinbase. when it comes to tech stock pickers we think about cathie wood's strategy of picking stocks them to the meltdown -- that have fallen victim to the meltdown. there is a look at the ark investment etf which we have talked about. joining us for an exclusive interview is brett winton, director of research at ark investment and one of the ones at the thematic investment conference. nice to have you. as we talk about the drops for the names you have long tracked, in some cases down 70%, 80%, what goes through your mind? brett: we keep our perspective

in the long-term. you either believe that this decade is going to be one of technological advancement or you don't. you either think the cost of ai training falling and have every month will lead to massive productivity or you don't. it is clear right now the market is not pricing assets based on their fundamentals. asset prices are being whipped around by asset lows by allocators. from our perspective, you are getting amazing sale prices in innovation assets and we believe everybody needs to have a meaningful exposure to innovation in their portfolio. many investors who have benchmark exposures to traditional indices have unintentional shorts. if this really is -- if being

able to get a cancer diagnosis from a blood file is a meaningful advance, it is going to drive billions of dollars in revenue. then assets will appreciate on the backend and that will put some traditional service providers at risk. if ev autonomous trucks are going to be competitive with freight royal, those rail lines are going to be less valuable than you currently think they are going to be. that position in your core index is going to be put into stress. you better own the innovation opportunity on the backend of that in the event these technology promises come to fruition. kriti: it all makes sense to invest in innovation early on, but to make that a possibility it seems like you have to have these cash cushions. the same ones that drove these gains the last two years. if you look at these companies, even the ev spaces, they do not

have the cash cushions to make that a reality. how do you square that with this inflationary environment where cash is king? brett: i do not think that is true uniformly. if you look at zoom, it is massively cash for positive -- cash flow positive. investors either want the company to generate cash and they punish them on the cash flow generation or they say, those companies need cash in their pocket. in the biotech space, certainly in the therapeutics business, those are businesses where you are spending r&d to generate pipelines that will yield potential cures to rare diseases. those companies are frequently partnering with larger companies to bring cash onto their books and upfront some of the potential revenue recognition that would come from pipeline assets. and, you know, over the last

three years we have seen progression and demonstration of capabilities in the likes of jean editing -- gene editing. i think traders are going out and looking at the cash burn of every position in the market and saying, we are going to try to aggressively target and short those companies who are going to have to raise at any time the next year. and that provides an opportunity for investors with long-term points of view to capture meaningful ownership positions in these companies that are likely to yield meaningful cash flow generation events in the medium-term. i have an innovation manager that is either doing fundamental work on the cash flow generative capabilities of the assets in these companies. this is a great opportunity. that is what we are focused on. jon: just to try to put your

comments in context with his violent selling we have seen in the broader market -- with this violent selling we have seen in the broader market, there is this strong narrative out there that there could be more challenging times ahead for technology. you alluded to those may be betting against the sector. how do you approach that? your long-term thinking is very clear. are you prepared to accept more pain for this sector in the short-term? brett: our clients hire us to provide a concentrated exposure to disruptive innovation we believe will recognize into massive value appreciation over the medium-term and that is what we seek to provide. communicate to clients that is what we are going to do. the worst thing would be to change our spots. oh, we are worried about the marginal inflation numbers so we are going to back off on our

aggressive investments that are going to change the world. we think clients of our strategies find their positions relative to their portfolios so they can take advantage of these kinds of downdrafts not being driven by fundamentals and buy into and at least keep a relatively stable percent exposure to our strategies. or even double down. that is what you have seen. you have seen client inflows into our strategies because people understand that the medium-term recognition of what is going on in technology is going to result in market is and is value creation. this is not a -- this is potentially a once in a generation business cycle for technology. i think people understand it.

they have to have a meaningful technology exposure to take advantage. kriti: let's talk about some of the individual holdings within the ark innovation fund. i want to talk about tesla and gm. tesla for a long time has been one of the major holdings. last quarter the fund $13 million of the stock and bought gm shares. i have to ask about tesla's role in the ev universe. do you think it is losing market shares to the newer names and to what extent? brett: tesla is well-positioned. it remains the number one exposure in our flagship strategy and other strategies. and we think the opportunity for robo taxis, for autonomous vehicles that will transport you from place to place at less than operating your car -- not even taking into account saving the time and energy of being

an amateur on the road -- is a $30 trillion business creation. over the course of the decade this is going to be multiples of the value attributed to the global oil sector. the business platforms that occupy this robo taxi opportunity. there is room for both multiple winners and for an assessment we cannot be sure who is going to operate in that spot. crusie automation inside of gm is ahead of the field in terms of capability. they have a commercial service in san francisco. they have expanded to most of san francisco and if they are able to use that position to secure a footprint and select cities in the u.s., that would be valuable. and we think tesla's largest fleet of robots in the world, which is what their cars are, gives them a data advantage to scalable he solve that problem

-- to scalably solve the problem. it is not a tesla or gm. it is within our robotics portfolio gm is an interesting exposure to the robo taxi opportunity we think is massively undervalued by the marketplace today. jon: we are almost out of time. i was just going to say you have this exposure to coinbase as well. what was your reaction to the quarterly results? brett: i mean, i think the quarterly results were largely as we expected. we knew that trading volumes were down. i think that the fact that this is a company with value of below $10 billion and they are likely to be one of the leading companies in providing the full,

vertically integrated suite of services that will transmit through the crypto asset market. and i think people will look back on this years from now and be like, i cannot believe that company was available at these prices. the entire financial services sector is going to have the transition to incorporate the capabilities that public blockchain's provide to -- blockchains provide to transfer digital assets around the world and coinbase is in the catbird seat in providing those services. we think it is incredible value and it is a management team that knows how to invest into the opportunities that lie in front of it in an intelligent and aggressive way. kriti: brett winton, director of research at ark investment, with thank you. appreciate your time. coming up, another stock,

disney, releasing earnings after the bow. what to expect and we are at session lows in the stock market. repeat of what we saw at this time yesterday. we are going to keep you updated. stick with us. this is bloomberg. ♪

kriti: this is "bloomberg markets." i am kriti gupta with jon erlichman. disney is in the national spotlight thanks to a newly proposed piece of copyright legislation that would limit copyright protections for 56 years and be retroactive. let's bring in government reporter emily wilkins. i remember being in college a

while back and talking about this. we know "steamboat willie" ends in 2024. they are trying to protect those and other characters, and to the extent disney princesses. what could this bill actually do? emily: it could mean if disney does try to lobby to extend their copyright longer than 2024, they are not going to find a warm welcome, at least among republicans. you are seeing the bill introduced by senator josh hawley that would roll back the copyright. hawley does represent a certain demographic he has a lot of support and is considering a presidential run in 2024. if republicans control the upper and lower chambers, they could wind up rolling back these potential copyright rules. i think to a certain extent you have to take everything with a grain of salt. many bills get introduced that don't go anywhere, but it speaks

to the climate and the attitudes republicans are having toward disney. jon: emily, i want to ask you a follow-up on the climate. disney targeted since it came out against the parental rights bill and it feels like we are entering an evolving era where companies are navigating employee demands and political ramifications of strategies as a result. emily: you are absolutely right. when you think about the strategies of the consumers you are working with a very partisan group of consumers. doing things to appease one group might anger a different group and you might be in constant danger of having boycotts on both sides. that played into disney's initial decision to publicly coming out against the florida law that would limit discussions of lgbtq in public schools. this is something a lot of companies are trying to find the right balance and you are seeing

the ramifications in disney for what happened when companies step out on a limb, get into the world of politics and seeing this backlash. jon: emily, helpful context. emily wilkins there. disney stock prices down although the stock polls are optimistic ahead of quarterly results. let's get more on the broader earnings story from ed ludlow. we also have to keep tabs on that disney plus streaming number. ed: ultimately, that is the focus, disney plus and streaming. we expect adjusted earnings of $1.17 on $20 billion of revenue. we put this in the context of netflix. netflix in the first quarter, disney second quarter had many subscribers. for disney, this will be the slowest period of growth in the

year with growth accelerating later on. why? there was not as much new content. but there is optimism. you look at that chart, analyst expectations for this stock the next six to 12 months are high. that represents expectations of a jump of 65% of where we trade now but off the back of 12 months of pressure. the question is, how big is the market and how does it avoid the pitfalls netflix went through? kriti: we talk about the streaming service but 30% of revenue comes from parks and recreation. those cruise lines for example that were decimated with the covid pandemic. i have to ask about the rebound. how much of that is going to play into earnings and recapture the segment share that disney plus has taken? ed: it could be the ace in the hole. you look at the top line growth of around 25%, 30%.

the reopening is a headwind. the recession risk is the tailwind. there is concern that it will not be infinitely supported and we want to see growth in the second half of this year coming from streaming. disney plus, new markets like south africa, asia, content is king. everybody waiting on obi-wan later this month. kriti: ed ludlow, we thank you. he will keep us posted on disney earnings the next few hours. disney shares as we speak down 1.8%. the stock market down 1.2% heading toward session lows. more coming up next. this is bloomberg. ♪

jon: this is "bloomberg markets

." i am jon erlichman with kriti gupta. 18.6% is the big number right now as we are focused on airline prices. we will watch inflation data today and from march to april to see that kind of spike, that is something we have not seen. you have to go to the 1960's. whether it is hotel cost, gas prices, or airline fees, the reality is prices have been a big concern. let's get more perspective from a few voices. >> we do not rule out these bonds forever. what i am going to do is this seems about right. >> we have a labor market that is so hot, so overstimulated that you could pull back a lot of demand for labor and it would be a good thing. >> trying to bring inflation down is going to be hard to do with that brief recession. i am not forecasting anything like 2008.

>> 50 basis points over the last 20 years is already pretty aggressive. i do not think we need to be moving even more aggressive. >> it is not a situation that calls for an emergency type of move. >> do we need to go above neutral? that is when we learn more about the next several months. >> i do not care what the reasons are. inflation is too high and my job is to get it down. kriti: inflation has been the topic for the last, i want to say year and a half. will 75 basis points ever come back on the table? as we close our show, the stock market at session lows, the s&p down 1.5%, dollar weaker. stick with us.

announcer: the most crucial moments in the trading day. this is "bloomberg markets: the

close" with caroline hyde, romaine bostick and taylor riggs. caroline: it is 2:00 p.m. in new york, 7:00 p.m. in london. i am caroline hyde. romaine: i am romaine bostick. taylor: i am taylor riggs. caroline: the text selloff deepens. -- tech selloff deepens. on the haven trades we have got you covered. food, energy, shelter, airfare are all up and up. the with the inflation insights of omair sharif on breaking down the numbers. plus, we speak to the ceo anthony noto. his outlook for the consumer, their borrowing and what they do amid global uncertainty. all that and much more. romaine: the selloff resuming.