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>> good morning. this is bloomberg daybreak: europe. i'm dani burger in london and these are the stories that set your agenda. china at a crossroads. beijing accelerates the easing of coke and controls returning its focus to growth. the world's number two economy sees trades slumps. u.s. stocks slide again as ceos sound the alarm over growth. >> we were at very uncertain time. we are changing monetary and economic conditions very quickly and that is slowing down economic activity. if you are running a big financial services firm, you have to assume that we have some bumpy tugs ahead. -- bumpy times ahead. dani: the democrats win an absolute majority in the sonic

-- in the senate as raphael warnock defeats herschel walker in a contested runoff. it would seem the bear market rally has decided to go home for the holidays. the selloff was full on recession risk. dimon was worried about -- warning about a mild to severe recession. it was a bruising session yesterday. this morning we are taking a breather from some of the worst of it but the absolute levels here are still below normal. nymex crude is flat for the year. it is now down 1.25% for 2022. we started the year at $75 a barrel and $.20. we are into the red despite the ever so slight gain. yesterday the yield curve hit a new extreme of -85 basis points.

that is really those recessionary fears coming into play. if we are looking at a recession down the road it makes sense we would see such a steep inversion. are the havens coming back? we are looking at an s&p 500 that is little changed this morning. this absolute level is another interesting road mark. we have not made a round-trip since powell's speech at the brookings institute that everyone interpreted as dovish. nasdaq futures same as the s&p unchanged. they let the selloff yesterday at not just because of the higher beta selloff but also because we learned a wall street journal report saying the eu was cracking down on meta-'s use of personal data.

let's get to some of our top stories from around the world. we are tracking the latest out of china. china has been so crucial this week in terms of setting the tone. including allowing some people to quarantine at home instead of those isolation facilities. there has also been some new growth target set. let's get all of it with enda curran. what are the details on these china covid measures easing? it seems like every day we get these incremental announcements of how things are changing. >> it's a fast-moving story. today we had another 10 points including steps to get the elderly vaccinated. they are going to ease restrictions around quarantine so if you get sick you can stay at home instead of having to go to a government facility for

example. and testing requirements, for example local authorities can't put the whole area under look just because of -- lockdown just because of a small number of cases. it's all about making people's lives a bit better. and trying to adjust to dealing with the virus as cases surge across china. it feeds into the narrative that china is coming out of a covid zero playbook. china still has a long way to go in this story. dani: and it has a long way to go until we see any form of true economic recovery. >> the economy is under a lot of pressure. a lot of people are saying that's as much of the reason the government are pivoting on covid as anything else.

falling by the most since when the pandemic began. it's hurting manufacturers nonetheless. domestic imports falling because people on the ground aren't spending money. we know the whole story about social mobility and restrictions going on so it's a double whammy when it comes to china's trade story. we had a signal from the central bank this morning talking about powerful targeted support. when you look at all of these moving pieces, you would have to say china has a long way to go and it appears to be moving away from covid zero and partly that's because the economy is in a tricky spot right now and that's why they seem to be sharpening their focus on getting it back. dani: it's really surprising that hasn't been more of the driver for this oil market.

thank you for breaking it all down for us. let's get to some of those warnings. we saw a really gloomy economic warnings from bank chiefs. among them the goldman sachs chair and ceo, david solomon. >> we are at a very uncertain time and we are changing monetary and economic conditions very quickly and that is certainly having an impact of slowing down economic activity. if you are running a financial services form, -- firm -- you've got to be cautious and prepare. dani: joining us now is kriti gupta. the hotshots in the u.s. all starting to warn more and more about the economy. >> david solomon was one of the early warners on this kind of

slowing economy. jamie dimon, moynahan of bank of america, they were very strong about this boisterous consumer the american economy. they were saying a recession is not their base case. you are starting to see more and more commentary from wall street's biggest ceos. starting to change their tune a little bit, saying 2023 might finally be the moment when the economy catches up to the market carnage that has been pricing in some of that recession. dani: it also seems like these warnings are going hand-in-hand with the job cuts they are announcing. >> bracing for recession is becoming a bigger and bigger thing. investment banking, even some of the trading revenue. now morgan stanley talking about 1600 job cuts. it follows about 20,000 jobs

added in the last two years. you can really see them pulling back on this idea. the other banks aren't doing job cuts, but they are slowing hiring. the idea that they are still hiring, just at a slower pace. dani: it probably does feel fair to say that the talent war has almost gone in reverse. democrat raphael warnock has defeated republican challenger herschel walker in the georgia runoff election. let's get more with bruce einhorn. no longer 50, but now a 51 majority in the senate. >> this is important for the democrats going forward because up until now, kamala harris has been breaking the tie in the senate. the democrats are unlikely to be pushing in the major legislation other than must pass things.

but having a 51-49 rather than a 50-50 one means democrats will control all the committees in the senate. they will have subpoena power. they will be able to launch investigations if they want to much more easily. they will also be able to confirm a lot of judges much more easily than in the past up until now. they have been approving judges at a pretty quick pace. even though republicans do enjoy a majority on the supreme court, there are a whole lot of cases that don't make it up to the supreme court so the ability to appoint judges is important. that's a major change here. dani: the other piece of political news is that two of donald trump's companies have been found guilty of engaging in tax fraud. what exactly can you tell us about what they have been found

guilty of and what happens from here? >> not a great day for former president trump between the jury verdict in new york and herschel walker was someone trump had encouraged to run. many republicans in georgia are now saying it would have been better if they had had some other candidate. when it comes to the criminal case in new york, the penalty the trump is going to pay here is quite small. but it is important because it is a criminal conviction for the trump organization. but he does face additional criminal liability in new york because the district attorney is conducting further investigation. there are other proceedings underway, new york state has an investigation underway. there's also a criminal case going on in georgia.

the district attorney looking into the former president's actions after the 2020 election. that's a criminal case. the big one is the department of justice case involving the documents in mar-a-lago. dani: it will be interesting to see how these shape up has been go into an election year. now let's get you set up for the rest of the day. some of the key things we are going to be watching out for. we will have data from the euro area that will include third-quarter gdp. we are going to get chile cpi reading. 12:00 p.m. we will have u.s. mortgage applications. then there's a right decision from the bank of canada. later, the rate decision from brazil's central bank.

some interesting monetary policy decisions. wall street bank chiefs warned of that looming recession. how you should be positioning for. this is bloomberg. ♪

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>> we are still hiring new relationship managers and business banking, new financial advisors, private bankers. we invest $600 million more in marketing this year because the opportunity is still there. dani: bank of america chairman and chief executive brian moynihan talking about inflation and higher interest rates. he joined solomon and warning about the state of the american economy and the likelihood that it will be a mild to severe recession. those warnings were enough to

take the shine of the rally we had seen that looks like we would end the year with. let me show you what's happened over the past few weeks. we had the powell speech at the brookings institute a couple weeks ago that was able to ignite a rally of 5% or so. we've now come back below that line. we have done a full on round-trip since the bulls took over this market. so is there reign over? is the bear really over? -- is the bear market rally over? >> equity markets are more vulnerable here after a big move we have seen in the last six months or so. there seems to have been growing consensus or comfort level with

the idea of a soft landing. i still think there are unresolved issues really in terms of where interest rates end up, and terms of how earnings fair in 2023 and ultimately where inflation settles down. dani: it might be a difficult equity market on a headline basis. i was looking at some research from bank of america that looked at the percentage of individual stocks that are outperforming the s&p 500. that measure is its highest in 20 years. 2022 meant that you could pick a lot of individual stocks that would outperform the benchmark. we might see declines on a benchmark level, but is this just a really good time to be picking individual stocks? >> it might well be in the

indices which had been led in prior years by the tech stocks have clearly been weighed down by the underperformance and a lot of those areas and those stocks had become very popular. you have seen other areas of the market do much better. in particular energy and areas of commodities. the indices are what most people care about and what will drive most markets. there are likely to be opportunities and what is a very complex economic backdrop. we have had a very strange cycle if you can even use the term cycle over the last three years with the effects of the pandemic and then the war in ukraine. it's been a very unusual dynamic. the challenge this year has been about rising interest rates and while there has been some better news on inflation more recently,

i think that challenge remains. plus the fact that earnings in the aggregate have been very resilient this year and if we are seeing economic weakness ahead, then those earnings could will be challenged. dani: when do you expect that challenge to actually play through? when will we finally start to see some of that earnings deterioration? >> this year, the story -- in one sense has been that the earnings have been surprisingly resilient. and the global economy has been surprisingly resilient to this point in time. given everything that's been thrown at it in terms of the war, commodity prices. interest rates work with the lag . you are already seeing areas of the economy -- europe appears to

be in recession already. the u.s. housing market has weakened already and there are some crocs appearing in the labor market, even though on balance that data still looks very strong. dani: it's all anecdotal at this point. we heard from banks yesterday morning about not just a slowdown in hiring but letting folks go. in this environment, how much cash are you sitting on and what signals do you look for to deploy that cash? >> the beauty at the moment is these days you get paid to have cash as opposed to the environment that prevailed over the previous 10 years. so cash has become a more attractive asset in that sense, despite the levelsn. it's kind of pick your least worst asset because cash has done better than bonds and equities this year.

that may not persist over the long run, but we are an extremely uncertain environments and we are likely to get a lot of volatility and how one responds to that volatility is probably going to be key over the next 12 months as to how you perform. our approach typically would look to be trend following on a medium-term basis. but over short run period, the market tends to run in this knee-jerk fashion, a bit like what we have seen in the last three to six months in the equity market. i think you want to look to be contrarian to those very sharp short term moves. dani: does that mean you are shorting this most recent rally? >> we were adding exposure six weeks ago and we have been reducing the exposure that we

added in recent weeks. i think from the sentiment level , we are more vulnerable here on equities and i think there's a degree of vulnerability emerging in bonds as well because the bonds rallied a long way very quickly. dani: that is interesting because we have had a lot more folks saying -- your 10 year yield is not going to yield you the most since the financial crisis. short term you want to pull back on that. but on a longer-term basis, is tina dead? >> absolutely, but you're getting a higher yield in cash at this point in time. particularly if the fed delivers those rate hikes penciled in over the next few months. don't get me wrong, a lot of value has been restored to the

bond market and bonds are looking much better today than they have done for a number of years. that being said, there are still a lot of question marks as to where inflation settles down. at the same time, services and wage inflation remains resilient and has picked up in recent months. the challenge for central bankers is where do these inflation rates settle down. do they settle down back around two or lower, or three or four? and if it's the latter, there is likely to be ongoing pressure or at least not much relief from interest rates over the coming 12 months. dani: in the meantime, it sounds like cash is not trash. coming up later on the program,

we will dig further into a bloomberg exclusive on covid easing in china. this is bloomberg. ♪

dani: answer wednesday additional bloomberg daybreak: europe. let's get to simone foxman with the first word news. >> -- narrowly retained georgia's senate seat, giving them an outright majority in the u.s. upper house. senator raphael warnock defeated herschel walker in the state's hotly contested runoff election. associated press gave warnock 50.8% of the vote. president biden's democrats will now have a 51-49 majority in the senate.

the european union is to proceed with two cases against china at the wto after talks failed to resolve the issues. eu commissioner says one dispute relates to restrictions on lithuanian exports. a second is over what he calls coercive practices to limit patent holders from exercising their rights to protect their innovations in court. russia is considering setting a price floor for its international oil sales in response to the g7 export cap. officials say moscow is considering imposing a fixed price or maximum discounts for global prices. no visibility yet on what the precise level might be. two of donald's companies have been found guilty engaging in tax fraud over more than a decade.

prosecutors showed that executives often disguised holiday bonuses as consulting fees. it's the first time a trump business has been convicted of criminal conduct and comes as the former president runs for a second term. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. dani: thank you, simone foxman in doha. u.s. bank ceo sounds gloomy alarm. we are going to discuss the economic outlook with the chief economist at wood & co. hi, i'm lauren, i lost 67 pounds in 12 months on golo. golo and the release has been phenomenal in my life. it's all natural. it's not something that gives you the jitters. it makes you go through your days with energy,

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any mac back to bloomberg daybreak: europe. i am dani burger. beijing accelerates the easing of public controls and turns its focus to growth. the number two economy sees trades a slump. u.s. stocks slide again as ceos from goldman sachs and bank of america sound the alarm overgrowth. asia shares went to a selloff. >> we are at a very uncertain time. we are changing monetary and economic conditions very quickly, and that is certainly having an impact on sliding down economic activity. i think you have to assume that we have some bubbly times ahead. we can see a recession in 2023 also, so i think you have to be cautious. dani: george on my mind, the democrats win an absolute majority in the senate as raphael warnock its herschel

worker in a hotly contested rough -- runoff. we are speaking with tristan hansen over there who said that cash is where you want to be at the moment. it is yielding something, it is an unusual cycle and it will be challenging for this equity market areas it does seem like fun is the way this market is currently positioned. we saw a pretty bruising session yesterday that was punctuated, if not enforced, by what we heard from wall street ceos. talking about the possibility and the likelihood that it is a mild to severe recession. it is not only rates that are trading off, it is pure and simple recession. that is picking up this morning after doing a round trip. it tumbled yesterday to a race but now to end the year lower by about 1%. twos tends coming back a bit, yesterday, it was all about the flattening trade. 85 basis points is where we had yesterday.

a really, really painful session and a really strong indicator of concern over this economy. s&p and nasdaq futures, both of those barely changed. 0.0 1%, i don't think that can count as any form of a rally. some concerns about apple in terms of their cars, driverless cars, also much and dow jones. -- meta-and dow jones. they were struggling to get any form of a bid back this morning. i mention those baking executive comments, they were speeding on the sidelines of the goldman sachs u.s. financial services. that was in new york of course. let's hear from them. >> the competition for talent is still very, very strong. >> we think it is a very strong market. >> commercial banking, financial advisors, private bankers -- >> there is a lot of noise about the economy.

we really feel good about what we are seeing great >> we have some bumpy times ahead read the u.s. consumer is still holding out really well. >> spending concerns over bank of america is up over last year. >> if we head into a sustained recession, i think we will go into a recession in the u.s.. >> if we have to make tough decisions, which i think we might, we will do that. >> i think you have to be cautious and prepare. dani: speaking on the sidelines of the goldman sachs u.s. financial services conference in new york. joining us now is rafael, chief -- chief economist. solomon says bumpy times ahead. dimon says it will be a mild to hard recession next year. is this done review right that american bankers are taking? do you agree with them? >> we also forecast a mild recession for the u.s.. we forecast about -07 for 2023. the recession depends on how

high the fed really decides to go and for how long. definitely, i think it is a recession. that being said, with a couple of peculiarities, first of all, inflation isn't coming down very quickly. no matter what the fed is trying to do. second of all, the labor market is going to prove more resilient and what you would expect. more so in europe than in the u.s.. the labor market will surprise you again. dani: it hasn't yet. any sort of the cracks we have been warning about, they haven't appeared. the labor market has stayed strong, the ism data was strong in the u.s.. what are we missing? the economic data keeps surprising. >> i think the important part is, when you look at the granularity on the labor data, there is a worsening that is being going on gently but steadily since march of last

year. when you look at the breakdown by education and by gender, in october and november, you saw actually widespread job losses both in men and women in november. in low education and beginning in higher education, as well. the labor market is adjusting, but the economic momentum is still strong. a lot of consumers around the world, including the u.s., have been facing high inflation with higher credit. as long as the credit to some extent, flows, the economy is still -- i think the ingredient is patience. dani: patients. to that point about consumers you had the discover financial ceo they are saying cap -- that consumers were saying that last year. consumers are still spending. will it take that slowdown in consumer spending to finally see inflation crack? and if it will take time off,

how much time will it take? no inflation has peaked. and the tightening of monetary policy takes a little bit of lag. it is healthy inflation that is a very key ingredient in u.s. inflation. will and transport costs is easing a little bit. these two are the key adjustments for next year. our average inflation for the u.s. next year is 7%. there is an improvement, but it is not huge. it goes in to 2024 just under 4%. again, improving but very far away from the target. you have a big problem with food inflation and you have a problem with the tightness of the labor market that to some extent is structural. dani: interesting. some pieces of data that have been stronger than many folks expected is in europe, that has proven more resilient, given the concerns about the energy

crisis. i want to take you to what jeffries equity strategist and analyst note in it -- wrote in a note this morning. they said if energy levels stay where they are, the massive inflation shock would gradually unwind from 2023. the main risk from our point of view is an unwinding of some overheated property markets. do you think that is right that the risk isn't necessarily energy, it is the property market? i'm not so much. i think that there is a cooling of the housing market and housing inflation is slowing down. in any scenario with what the ecb will do, housing inflation in europe will most likely go up. the green transition is a factor in their. in europe in particular they do have this triple transition, digital, energy, and green, all at the same time, is influencing the business cycle a kin to what

we saw in the covid era. the socially -- essentially, you are going into this slowdown. because there is a lot of stimulus and conflict, you are pushing through all of this investment in the downswing and that is where the tightness of the labor market continues. that supports also housing valuations. dani: also supporting labor markets, that is what bank of america calls the era of unrest read we have seen a lot of strikes throughout a variety of continental europe and where i am in the u.k.. does that continue, this worker unrest? calls for higher pay. it does not put the continued pressure on wage inflation throughout 2023 >> >> i think in 2023, you will have wage pressure, you will have protest. in most countries, i see real wage gains will remain negative

and at best, they will become flat in 2024. unfortunately, i don't really see any other way because in terms of productivity, we really have a lot of challenges ahead. we are very behind in terms of the policy demands. these things take time. it will be very painful for consumers. this business cycle, eventually, will be heavier on the consumer and the better for manufacturers and investment. dani: it is a good point you make that despite monetary policy tightening the screws, we do have that impulse of more spending, the reification of the economy. thank you so much for joining us. chief economist atwood and co.. now, let's get to the bloomberg business flash. simone? simone: chinese president xi jinping arrives in saudi arabia

today for a regional summit with arab leaders. state news agencies says beijing will top the agenda. it is reported that privacy regulators at the eu will rule that facebook or meta shouldn't require users to agree to personalize ads based on their online activity. such a ruling could limit the data the company can't access to sell targeted advertisements. shares have fallen by about two thirds this year. apple is said to have scaled back self-driving plans for its forthcoming electric vehicle. and postponed the cars target launch by about a year to 2026. sources tell bloomberg a fully autonomous vehicle isn't feasible with current technology . apple is now planning a less ambitious design for use only on

highways. that is your bloomberg business flash. i still think it would be fun to be able to sit back and read a book on the highway. dani: i literally would never be able to. i would be so nervous, i would be gripping every corner of the car. i will be the one worried, you can be the one relaxing. simone: [laughter] fair enough. dani: thank you so much. china has rolled back a raft of covid control measures. we are getting the latest from beijing. this is bloomberg. ♪

dani: the european union is preceding with two cases against

china at the wto. this is happening against talks failed to resolve the issues. he is says one dispute relates to restrictions on lithuanian exports. a second is over what he calls coercive practices to limit patent holders from exercising their rights to protect innovations. at the same time, when it comes to china domestically, it is announced an easing of a wide range of covid restrictions. it is this content are up change in national strategy from just a month or two ago. let's get more details from senior executive editor, john. it doesn't feel like every day we get a drip of news of different easing measures when it comes to covid zero. how should we be thinking about each of these incremental steps? john: i think the overall direction of travel is very clear. china is starting to exit from covid zero. i think the news that has been

coming the last couple of days, last two weeks or so, really helps give a sense of how fast, how quickly that exit might occur. what we are a is that people will be allowed to quarantine at home if they are found positive with covid. that is a big change from the past where everyone who tested positive was taken to a government facility. it was something people here were dreading. some cities have started doing that already. so today, the government is saying, this is going to be a nationwide policy. so you are starting to see a buildup of momentum in terms of how quickly china is exiting covid zero. dani: bloomberg learned that senior chinese officials are debating a target of economic growth of 5%. is there some degree to which these easing measures are necessary in order to boost the economy? john: i think first and foremost is the impact that covid zero

has had on the economy, especially for the senior leadership. that translates into jobs. if people are unsatisfied and we are seeing protests, many cities across china, it comes down to the economy, whether people are able to earn an income, pay their rent, pay their mortgage. that 5% goal is a relatively high mark. it is not necessarily that the government would choose to do that, but one reason they might choose to do that is it will focus local of issues getting the economy going. dani: ok, john thank you very much for joining us this morning. that is john leo from our bloomberg news team. let's stay on the china story and bring in valerie. the backdrop for my child was just describing, these lost a goal of 5% comes off the back of some pretty ugly china data. valerie: it was pretty ugly this morning, especially when it

comes to the exports. it was a big mess. this is the second month running we have seen a huge mess in a contraction territory for the exports. pot underlines two things. china cannot rely on it external demand in order to support its internal economy. perhaps this is underlying their urgency to open up to boost their internal demand. for the u.s., may that string of strong data we just got out of the u.s. including ism and payroll, maybe those are the last ones. perhaps the u.s. economy is about to fall off a cliff. this export demand following is a huge indicator that global demand is waning. the hard landing recession skeptics might say, this is old news. we know that the chinese economy is opening up, this is all about lockdowns not happen previously. i want to into one thing. it is the shipping rates from the u.s. to china. they have really fallen off a cliff. they have shrank by over 50% after hitting all-time records

in 2020. this underlines the fact that goods inflation is really going to hit the u.s. economy. we do have a further inflation data out of the u.s., we have ppi on friday ahead of the big cpi print next week. perhaps the good disinflation is really going to be a standout. and all of that is ahead of the fed's criminal decision on december 13. dani: i feel like we will have to put together a bunch of charts like that that show this run-up in the covid area. larry tied tell their. bringing us all the best charts. -- valerie bringing us all of the best charts. we have certainly seen a slowdown play out in oil, but of course, we saw it the race all the gains after those warnings from some major u.s. banking ceos. more on that next, this is bloomberg. ♪

dani: oil is moving slightly higher this morning after a three-day decline that took losses for the totality of the year. we had warnings from u.s. banking ceos yesterday of a tough economic outlook. stoking concerns over the economy and over demand prospects. let's get into all of this with andrew who leads our asia energy and commodities team. the oil picture is a fascinating one right now because you could have said, opec has retained its discipline overproduction. there is an oil price cap that went into effect for russia, yet those fears overgrowth drove its decline. why is that the impulse? andrew: 9% over the last three days. that is -- it is interesting

that this is happening even as china would get more and more -- over reopening in china. the market is clearly looking at the prospect of the u.s. recession, that seems to be outweighing positivity over china. the other thing that they are trying to digest is the implications of the price cap of russian oil, how that will play out. it is still a little unclear how much russian crew will flow to asia. they are still in contango. that is sort of a structure that indicates there is too much supply in the market and it is generally bearish. we could possibly expect over the weekend -- it will be interesting to see the response

of opec-plus at the next meeting. dani: i just have to wonder if 2023 will see this china story play out more in oil. it is potentially a huge force -- source of demand that will come back into this market. what are the folks you have been talking to saying about racing in china? what would that actually look like? andrew: china is the world's biggest oil -- interesting, the news we had today about them debating a 5% growth target next year. john was saying earlier that it is pretty aspirational. but, we have the potential if they reopen go smoothly for a lot of demand to come back. i am not sure about a number, china growth premium. i couldn't give you a number on that, but certainly it is a big

demand that will provide a big [indiscernible] to oil. dani: i certainly would not put my career on trying to guess how much china would make a difference to oil prices either. while we are talking about commodities, one of the debates we have been having all year is one of the traditional havens are going to come back. of course, old is one of these who has not play ball. of course those inflation concerns, down on gold throughout the year. has it reacted or shown any signs of coming back as a haven when the world is worried about a recession? andrew: of course, gold fell as the fed started raising rates. it has actually come back since the end of october. that is mainly on noises from the u.s. that the rates -- the rate hike cycle may start to be

eased. whether it can really haven boost out of a u.s. recession remains to be seen. it is traditionally a haven, but in recent times, the dollar has been more of a haven. the other effect is crypto. the collectors we have seen in crypto recently could funnel more money into crude as well. dani: thank you very much. let's take a lookout some of the key things that we are going to be watching out for today in your trading diary. 10:00 a.m. u.k. time we will have data from the euro area. that will include gdp. of course we were talking with rafael earlier. of the wage pressures as well.

demand is there for copper amid growth concerns? we will get u.s. nba mortgage applications. then at three, there is a rate decision from bank of canada and later at 9:30, we are doing a rate decision from brazil central bank. america had been ahead of the curve when it came to rate rises, will be seeing which one slows down more. coming up, chairman and ceo will be joining with his new mega threats. talking loudly 10 trends that will impact the future and how to survive them. this bloomberg. ♪ ♪ and effortlessly responds to both of you. our smart sleepers get 28 minutes more restful sleep per night. proven quality sleep. only from sleep number.