>> well, the markets are mixed but the message is clear, the consumer is still strong. "bloomberg markets" starts right now. let's get a quick check on these markets. you are seeing red on the screen at the benchmark level. it's interesting what's driving the trade. tech trade is up today, nasdaq outperforming in a big way without the same momentum or conviction we have seen in the past couple of weeks.

tech rally today wasn't working enough. the bond market, i would argue this is where the action is. the two-year is where you saw that real volatility coming off retail sales data. we will dive into it in the next hour. the dollar index is taking a q from the two year yield, but then diverging a bit as we talk about european weakness, fueling the bid we see in the dollar, stronger by 8/10 of 1%. nymex crude trading down. economic data earnings telling you the same thing. right now retail sales are a key data point rising by, get this, the most in nearly two years earlier on bloomberg. take a listen to this reaction on the numbers. >> if you look at apparel and furniture, they showed strength also in addition to a big uptick in restaurants. keep in mind i don't take

january as seriously as i take march, april, may. january is about emotional clearance. retailers with inventory levels that were up 20%, 30% in the third quarter, now down in the fourth quarter. the fact that you went from up 20 and 30 and are now negative, you moved product, some of it at markdowns. kriti: feels like the fundamental narrative is simple, the consumer is strong, there's no landing scenario getting priced in, but are technicals driving the trade? abigail: i would say it's the fundamentals. this idea of the no landing scenario, late last year technicals let me to believe, and we talked about it here that there's this idea that there could be a soft landing with economic data coming in better and better but not so hot that it is causing markets to crash in any way. we have seen markets digesting

better data but since the hot jobs report at the beginning of the month with the fed chair, jay powell, retail sales coming in hot being the biggest surprise of all. stock is down but it comes in the context of the uptrend this year. the uptrend out of the low of last year, the 100 is up. this is healthy consolidation, telling you again that investors are digesting some of this news, the idea that the fed is normalizing. take a look at the weekly chart. the longer term tends to carry more weight and carries the trends in a bigger way relative, telling us that the momentum is rising. the breakout is amazing to see the s&p 500 that many people thought would have a year and a half with a clearing to go higher. kriti: all that volatility, i

feel like we have become accustomed to it coming after the carnage of 2022. it's really important when it comes to vic's contracts. tell us about the volatility there. abigail: i was talking to steve stossel and he said they could be tricky. but there's not much happening on it. the vic's right now is down below 20, 18 handle. i would say in the area where it gives the all clear for stocks to go higher from a hedging perspective. on the other hand, telemetry joined us yesterday saying it was zero day options that don't get put into the vic's. i think that the biggest story right now could be the dollar. we've had this huge selloff in october, excuse me, december of last year acting as a tailwind for stocks. now it's back above the 50 day moving average, suggesting we could go to the top and if that

happens it could keep risk assets in some sort of range in the near term, a bit more of the consolidation we've had over the last few weeks. but those technicals, your first question, those long-term technicals suggest the buyers are getting more comfortable with the fundamental picture and stepping up as the year goes on. kriti: something to keep an eye on, especially today. abigail doolittle, thank you as always. i'm joined by jonathan at credit suisse, head of quantitative research. i believe it's your first time on the 1:00 p.m., we thank you extra today. starting where abby left off, this idea of what's actually driving the markets. feels like the year to date rally has been driven by speculation. the tech bid, does it last? jonathan: first of all, you are exactly right. looking at the companies that are the most volatile, they are

of the most. negative earnings are up the most. there is a speculative tone to the market. like what it would normally feel like after a recession is over and you have a v-shaped bounce off the bottom, like the market is saying, and you talked about this, this soft landing no landing scenario. as if the market has totally bought into this and it's driving the upside. we believe that we are going to see no recession here but we believe the market is ahead of itself with speculative names. kriti: talk to us about what you need to see to have more conviction in that trade. when small caps bottom first of the idea is that large caps will follow and there's this idea that they've already done that. what signals are you looking for

to say that this is going to stick around? jonathan: i'm not trying to build optimism for the market, i am trying to discount but we are seeing and what has driven the market since really october is a few things. one, inflation has been steadily falling. that will continue to be the case. but the expectation from where inflation settles out a year from today has jumped a lot in the last three or four weeks, partially because of some of this news flow that you and abby were talking about before. following inflation is drawing people in but with the consumer this strong, the likelihood of recession is really falling very fast, drawing people back into the market. even if the fed moves in may, people can see a point for the fed is going to pause. the problem is, the labor market is still supertight.

that means that the inflation issue isn't going to go away unless the fed gets rougher on the economy and right now it's, you know, the market isn't discounting that as a potential outcome. the markets are really optimistic about how this thing plays out and it just, it's hard to see with this much entrenched labor inflation that the fed is going to, is going to just allow this to continue on. kriti: overnight if you look at the fed fund pricing, wirp go, looks like 5.5% of the peak policy rate is getting priced into the market even though the last dot plot showed 5.1%. yet even with repricing in the bond market the equity market is only down or tense of 1%. do you anticipate some sort of lag when we do actually see the bond market story come to fruition? jonathan: first of all i love

that wirp feature, we use it all the time. three or four weeks ago it said we would peak and now we are at 5.5. the bond investor is basically seeing a much larger inflation and a more vigilant fed and i'm not sure what equity investors are thinking. thinking maybe that the fed will never raise rates that much for something but they are really pooh-poohing or ignoring what you are seeing on that screen. i think that investors, equity investors, are going to be disappointed as the year, as the year progresses. right now we think that credit represents a better opportunity then equities and non-us equities represent a better opportunity than u.s. equities right now. kriti: then where is the equity market taking its cue from?

are the higher bond yields that you are seeing, none of it really is driving the equity action the way that all three did in 2022. jonathan: like i said before, there are three very positive stories. inflation, down, no recession, and for equity investors that's game on. the problem is that this inflation falling is really about last year's supply chain issues and the underlying wage inflation is not going away. rent is rising. service inflation is not coming down. the overall headline number is getting better, but it's not, we will still be left with an inflation problem at the end of the year. that is what the wirp screen is saying. for some reason equity investors are not listening and they are going to get, investors are going to get hurt by not, by not taking it as seriously. but in the near term, when you have these speculative rallies

and historically, how long do they last? three or four months? the risk is that fundamentally i can see all reasons why this shouldn't continue but history says that once you get this momentum and liquidity flowing into the market, it is hard to turn off right away. ultimately i think it reverts itself. kriti: putting you on the spot here, 30 seconds, midyear where will we be on the s&p 500? jonathan: let's put it this way, the market will end the year incrementally lower but will be higher by 3% to 5% in between that process. kriti: all right, folks. we will give you a pass on that one, jonathan. always a pleasure to have you on the show as always. time for first word news with john hyland. >> the scottish prime minister

resigned after years as head of the independence movement. >> the decision comes from a deeper and longer term assessment. it might seem sudden but i have been wrestling with it. albeit with oscillating levels of intensity. for some weeks. john: it comes after an unusually turbulent time for her and leaves the independence campaign looking for a new figurehead. the munich airport is suspending regular passenger flights on friday after labor unions plan to strike. flights for medical, technical, and other emergencies and the security conference are expected to proceed. china has announced they will retaliate over violations of their sovereignty. just as both national foreign ministers plan to attend the conference on friday. the foreign ministry spokesman claims that the chinese balloon downed by a jet had

inadvertently flown in after being blown off course. chinese pensioners returned to the streets to protest changes to medical benefits. photos and videos show a large group of people gathered, singing and changing -- chanting in front of the police standing nearby. bloomberg was not able to independently verify the videos but it signals resilience after protests against pandemic lockdowns swept through in november. 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'm john hyland, this is bloomberg. ♪

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kriti: this is "bloomberg markets," i'm kriti gupta. biogen shares falling, the revenue guidance for the full year has posed a lot of challenges in the year ahead, including the launch of a new alzheimer's drug. joining us to break it all down, mark, who covers biotech for "bloomberg intelligence." starting with all timers drugs specifically, it has been such a journey to see the fda approval

process for it and now the ceo has come out and said look, this will be a drag on the earnings. walk us through the effect we are expecting to see on the bottom line. mark: i think that one of the things to bear in mind is that biogen has a new ceo. this false start with their first approved commercially disastrous alzheimer's drug, ultimately it led to a transition of ceo with chris why bacher coming in with some pharma pedigree. you know, we are hearing from him a fairly realistic and sort of tempered near-term perspective on what this drug is likely to do out of the gate. certainly there is a massive unmet need. quite appropriately we are hearing now from biogen and to some extent from their partner, it's that there are going to be

some very real world challenges in terms of ramping up the drug. other than they have been talking about giving 100,000 patients therapy by year three, it's going to be a fairly slow delivered -- slow and measured ramp to get there. they mentioned modest expectations for revenue with that specific drug being a drag and unprofitable on earnings. for the upcoming year. kriti: they talked a bit about their investment in one diversifying their portfolio but also the bio similar business. for a non-biotech audience walk us through how much of a growth momentum you can see off that.

marc: their relationship has been evolving and that started under the previous leadership and has continued with the new ceo. we have seen amgen and other biotech companies fully leaning into making bio similars, but you can think of as the generic version of more complicated biologic antibody type therapies. biogen has made a go of it. the challenge with bio similar is not just for biogen, but for any maker of these drugs. there's massive price erosion as more and more of them are launching. you see a decline in pricing power. so to really make this be a successful growth driver for biogen, you need to just

continually launch and refresh the franchise. they sold their portion to jv. it was last year. now today we are hearing for the first time they are considering a strategic asset of that portion of their business altogether. down 10% year-over-year on the revenue basis and then a huge contributor to the top line. i think it's not an unreasonable level -- lever for them. i would argue that many that they are investigating, they will have to take advantage of it. kriti: speaking of levers, 30 seconds and on the spot, what's the bigger headwind right now? the regulatory process or potential m&a in the pipeline? marc: well if i can choose a

third option, for the drugs to be effective they have to get cms and their control of the medicare pursestrings to be more in line with what they think could be a successful drug. so we are going to be looking for cms to perhaps revise their now restrictive stance on paying for drugs like later this year. it's a key potential catalyst for revenue. kriti: a good third option. thank you for your insight. today we stick on the big take, a coverup of potential cancer risks in zantac. >> this is zantac 75. >> its heartburn. >> a few years ago a popular

heartburn drug was pulled from shelves after it was found to have a chemical that could cause cancer. by the time the fda acted it had been on the market for decades in taken by millions around the world. how could something like this happen? >> we did an investigation into zantac going back to the 1980's to see what they knew when they were developing the drug before us was even approved. under certain circumstances it could form a dangerous chemical that could cause cancer in humans. but when they went to the fda to get this drug vetted in 1982, they did not bring this up at all. instead they told a panel that it didn't cause cancer in mice. the candor -- the chemicals called ndma and its only uses to induce cancer in animals used for research. many public health agencies said it likely causes cancer in humans.

they said there is no consistent or reliable evidence of this cancer cause. >> attorneys will be taking on the pharmaceutical giant in court if they don't settle first like the other drug companies that sold zantac have done. could be the first and thousands of trials against the drugmaker for creating and selling a dangerous drug. kriti: that was tim stenovec with the big take. still ahead, global rates rising. we talk about the increasing competitiveness of yields versus the dollar. that's next. this is bloomberg. ♪

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the network from the most innovative company. comcast business. powering possibilities™. kriti: this is "bloomberg markets." something that caught my eye, we have to get back to talking about yields versus the dollar. it's really important. as we talked about overnight the 5.5% fed funds rate was being

priced into the market. equities shrugged their shoulders, but the dollar traditionally tied to the two year yield, you can see it has been moving in tandem and finally starting to divert and it's really important to talk about this. market positioning has been a popular trade going back one, too, even three years on covid. unwinding that is a big story but the two year yield is not getting in on that simply because those rate expectations continue to get higher and that's important as we go into the summer session with peak policy rates priced in for july. do we start to see the diversion's snapback? and what are the global ramifications as we talk about the dollar weakness story becoming a strength the story? one of my favorite charts. coming up on the show in the next half-hour let's speak with

the chief legal officer of coinbase to get reaction to new proposed rules from the sec including virtual currencies. we ask how he's going to tackle all the issues really staring down the crypto industry broadly. it's an interview you don't want to miss. stick with us, this is bloomberg.

john: i'm john hyland with first word news. the man who shot and killed 10 black people at a buffalo supermarket last may was sentenced to life in prison without parole. the 19-year-old white supremacist war bullet -- bullet resistant armor and a livestream camera when he opened fire. separate sentences of life without parole were assigned, one for each victim. the german defense minister indicated western allies are struggling to put together enough battalions of tanks to put together for ukraine as promised. germany and portugal are the only nations committed.

marking a setback in the bid by western allies to help the ukrainian army deal with the expected intensification of fighting in the coming weeks. ursula von der leyen and says the european union sanctions package could target $11 billion in goods through trade technology used in drones, missiles, and helicopters as they were forced to report thanks information in their latest sanctions package targeting moscow. the scottish first minister nicola sturgeon resigned after eight years in a surprise move that will reverberate across u.k. politics. >> the jobs are at privilege but are rightly hard. in the case of first minister, relentless. to be clear, i'm not expecting violins. but i am a human being as well as a politician.

john: the scottish leader has frequently clashed with london. global news powered by 2700 journalists and analysts in 100 20 countries. i'm john hyland. this is bloomberg. ♪ jon erlichman: welcome to "bloomberg markets." kriti: we have a selloff on our hands but without the momentum and conviction that we got so use to into thousand 20 two. the s&p 500 down marginally. the real action was in the bond market. 10 year yield, a seven basis point move higher. volatility coming off super strong retail sales data we are about to drive into. the real bid isn't the dollar, but it's not a real great story,

it's a european weakness story pushing the dollar higher. though you are seeing the dollar index higher by 7/10 of 1%. crude is kind of shrugging and shoulders, moving in both directions, nymex crude unchanged on the day. jon: as for individual movers, barclays, trading showing an 8.8% decline, the biggest since last march. a lot of that has to do with the challenges of just about every business unit in the latest financial snapshot taking a bite out of the bottom line. airbnb is moving in the other direction, however, popping on the stock in the outlay. what's interesting is you have a tale of two outlooks here in that trip advisor is up today, but less so, some analysts concerned by comparison with what they heard about in the road ahead from that company. devon energy has been a real sore spot in the s&p, down and a

lot of that has to do with the capex spending plans for the company and what it will ultimately mean for bottom-line performance. kriti: it's interesting to see that travel demand is still so strong. you saw that for food companies as well. u.s. retail sales echoing the same message, rising the most in two years earlier on bloomberg. jerry weissman pulled cold -- poor cold water on the numbers. >> the consumer is not in a happy mood. there was a lot of spending in october in the u.s. by the consumer afraid of inflation taking away his ability to properly gather the gifts they needed for christmas. afraid of hotel rooms being fully booked and airlines being fully booked. they did a lot of spending ahead of what they would normally do causing a big jump in consumption. is that a reflection of a positive mood? not necessarily. inflation has a way of making people fear the future.

jon: mike mckee -- kriti: mike mckee joins us now. strong words on the consumer staples front. are the numbers of one-off? mike: a sign that there are perhaps seasonal changes in the pattern of the spending with weakness in the first quarter in the past, everyone spent their first money in november and december but this year they didn't, they moved it to january. is that going to continue? hard to tell. we saw a retail sales after a 1% decline in the month of december go up by 3%. the control group, essentially the stuff that goes into gdp from retail sales, up by 1.7% after falling in december. also later today we got a report on industrial production. manufacturing was up 1% after a

1.8% drop in december. the economy, stronger in january it appears that it was in december, even though the fed is continuing to raise interest rates. jon: we were having a conversation about this yesterday, the idea of the no landing. how are we going to get a further idea of what ultimately happens to the economy if you alternately have strong numbers like what we have seen in this retail sales report. mike: i'm curious how anyone who thinks we get a no landing or soft landing, how you would actually know. the fed could declare they were done now, it's a soft landing, inflation coming down. the no landing idea is that we don't see any real deterioration in the economy but inflation does come down. that's what's happening now. does it continue enough to get inflation where the fed wants it to be? you can see it in the industrial

production and retail sales numbers that they are pushing up on the idea of higher growth rates in the first quarter here. that's the economist forecast. they have been moving them up as well. the idea of a soft landing at least is becoming more possible. the no landing depends on inflation. jon: mike, great perspective as always. mike mckee breaking it down for us. joining us with more on the markets, robert, the managing director and head of the investment policy strategy in this -- institute at silvercrest asset management. where do you land, no pun intended, on whether or not to mike's point that the fed can achieve inflationary goals? robert: he's pointing to the fact that they made a lot of progress on inflation so the concern over disinflationary processes is a key indicator of that.

certainly pointing to wages. all of you looking back over the inflation battle without damage on the economy, by a margin think that's a good thing. jon: what would that -- kriti: what would that look like for the markets that have priced in a recession for all of 2022? is 2000 22 going to repair all the losses? robert: i think at this year will be a sideways action. i think that where we could get some uplift in the market towards the later part of the year would be on the valuations side, which have improved a little bit. we saw that is inflation came down and we are likely to see that again and there is like you are right, tendency towards flatness in economic activity at the overall level and earnings at the overall levels. we do see buckets of opportunity in different sectors and a big

picture wise we are looking at slow economic growth in minimal to no earnings on the year. jon: one thing, robert, here in canada we have heard from central-bank leadership that they are paused. differences in this economy, obviously. what's happening in the housing market as well. but have you tried to pinpoint at what point the fed might be ready for a so-called paws on higher interest rates? robert: they certainly seemed to be phrasing -- laying the groundwork for that just with regards to acknowledging some of the progress that has been made in an nation. our first key signal that we were looking for, groundwork towards getting to that. the way it has unfolded with economic strength and this last cpi being less encouraging, it seems as if the fed is going to keep at it with these increases but our expectation is for two more and then a pause.

but we do think that's better than where we were several months back and it seemed like the 50 and 75 point basis increases were going to continue. we are not there yet, some patients is required but the fed has made progress. kriti: talk to us about the lag, then. if there's a risk of the fed over tightening, when are we going to find out? robert: that's a great question and really important with regards to timeline. we are seeing some of that regarding the interest rate and housing, it has been particularly responsive to changes in rates. slow down has been dramatic with rates going higher earlier this year as the rates came down a bit. that is an area where we will certainly see some pressure and the consumer has not been responsive to the changes in rates. whether that is a lagging fact or just part of a strong job market with pent up savings, seems interest rates are not playing a role there. there will be in effect in the

housing sector that continues to slow as the year progresses but for now the fed is buying time and hanging in a bit. jon: as you navigate through this you alluded to the fact that there are certain pockets of the equity market you are leaning more towards. can you elaborate more on that? robert: sure we have been following where the earnings have been coming from and the consumer bank has had -- has done quite well from and earnings perspective with a strong job market, lots of jobs being added. shouldn't be a surprise that that area could see investors that were well rewarded there. similarly on the industrial side we have had a move toward re-shoring with activity around chips manufacturing and supply chains with units of production that seemed to have benefited not only job creation in those areas but her earnings on the industrial side as well.

small caps looked particularly compelling as well in terms of valuations that have been somewhat compelling. kriti: you had to leave it to the end to bring up small caps. we will have to continue that conversation next time around. coming up, the sec posing a potential crackdown as they consider rules to squeeze platforms. we talked to paul grewal, chief general council, next. ♪

go. go scientist. go software. go cure. go production. go faster and safer. emerson automation software helps breakthrough medicines get to market at warp speed. go human go. go boldly. emerson. kriti: the sec today proposed expanding certain requirements to cover a range of assets including virtual currencies.

it might hit the crypto industry particularly hard, especially if you are a company like coinbase. let's bring in bloomberg's sonali basak in the chief legal officer at the company, paul grewal. sonali: iq for joining us. we have to look at the most recent proposal, this idea about enhancing the role of custodian as it pertains to crypto assets in particular. these are not final rules but in the same proposal from the sec getting finalized tomorrow what kind of impact will that have on coinbase? thank you -- paul: thank you for having me. the short answer is none. coinbase is a qualified custodian today, was yesterday, and will remain so tomorrow. the reason is that in many ways, they operate exactly in accordance with the rules and we

think that's good for the industry in good for consumers and investors. jon: what do you make of these sec chair comments that investment in visors can't necessarily rely on platforms such as coinbase as qualified custodians? paul: we have seen sec officials recognize that they can and do operate as a all if i'd custodian in a safe and reliable manner. as for others, we think that standards are a good thing. investors and consumers have a right to understand that their assets are safe and that standards are being followed by those chartered with the responsibility and are standards that have been vetted by appropriate overseers and regulators. it's about bringing the industry back to the standard they set for themselves and on balance,

we think that's possible. kriti: what does it mean for things like international expansion where cryptocurrency is broadly in international prospect. how does it translate? paul: one of the things that it has accounted for or lead to comedy issues with crypto is the legislature but the fact is that each jurisdiction has its own rules and coinbase follows them to the strict letter of the law. the thing is though that for many in crypto, the options to operate are truly international, meaning that the united states needs to understand that its standards are in some ways competing against those of the rest of the world. so yes, we always want to make sure that investors are protected and that those standards are clear but it is also important to strike the right balance between innovation

on the one hand and protection on the other. we think that this particular rule attempts to do that so credit where it's due, we like to see the same process of lied across a whole range of issues currently of importance to crypto. kriti: what do you make -- sonali: what do you make of the stance that the sec has taken through enforcement, have they indicated to you? paul: we've been public that the coinbase staking services are not secured and that it is an important difference between the way that our service operates and others in the industry and of course it is important that we be transparent about the operation of our products and it is important that at all times customers understand that their assets remain their assets. there no transfer of title to coinbase or anyone else. the customer always on -- owns the asset throughout the process. it's also important in staking

that customers understand they will get the returns they are entitled to. we take a commission and we disclose that amount. the network itself is being protected by the assets. it assigns the reward. there is no mystery when it comes to these services and how the service operates and what sorts of rewards are granted to users. we think that all of those reasons distinguish our products from others in the marketplace that raise concerns. jon: as these conversations continue, using that word, process, can you give us a sense of how long you anticipate the process being with these conversations on these issues with agencies like the sec? paul: we are always in conversation with agencies that have oversight and interest in

crypto but at the same time we think it is important that it is a public conversation and a public dialogue as well. it's one of the reasons why for many months now coinbase has called for rulemaking that involves the sec promulgating a proposed rule, inviting comment. not just from coinbase but from others who have an interest in the area. in that way achieving a balance between protecting innovation and consumers. today's announcement shows that the sec knows how to do this and we think it's a product -- positive. we want that same process applied across a range of issues. sonali: there are concerns here that the sec could choke off that activity. to that end, how is their positioning different from other regulators? paul: it's important to understand that the american public has shown that they will

engage in crypto and want access to safe asset products. one in five americans have used it in some way, an extraordinary number considering that these are relatively young. the question i think for american regulators is are we going to provide for rules that everyone understands and protections that are widely applied here in the united states or are we pushing this to the end for currencies outside the united states to other jurisdictions where the rules and standards may not be so high? jon: good to get your perspective. thank you for your time today. we want to stay on the crypto file. sonali, we are getting some headlines now tied back to the same -- sam bankman-fried garin tour, sealed names previously, people who had signed the bail package, publicly released. sonali: yeah it's a really important story.

he and his lawyers had sought to get the names private for a lot of security concerns and they are now identified as a stanford research scientist, andrea's [indiscernible] , and the former head of the law school [indiscernible] a $250 million bail package in which these two folks that were close to his parents worked with the guarantors on the package, one of the largest in history. kriti: certainly something we will keep an eye on. stick with us. more ahead. this is bloomberg. ♪

jon: this is "bloomberg markets ," time for today's for what it's worth. $1.65 billion.

how much revenue shopify is expected to generate in its fourth order. those results coming after the bell, a lift from last year. lifting topline and bottom-line performance of late, it will be an interesting test for a stock that has rallied 50% so far this year already, tech stocks with a big comeback. kriti: the idea is is this stockmarket rally really sustainable given the valuation questions that yield sensitivity is coming back to the forefront. a big deal for canada. jon: very true. nowhere near where the all-time high was. the health of the consumer, we talked about that. spending to help merchants compete with amazon through fulfillment. kriti: certainly something we will keep our eye on. as for the broader markets, we are barely positive.

the s&p 500 unchanged on the day. the russell falling. nasdaq higher by .5%. a momentum play, 10-year 381. more markets coverage ahead. stick with us. this is bloomberg. ♪ get help reaching your goals with j.p. morgan wealth plan, a new tool in the chase mobile® app. use it to set and track your goals, big and small... and see how changes you make today... could help put them within reach. from your first big move to retiring poolside and the other goals along the way wealth plan can help get you there. j.p. morgan wealth management.

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romaine: full speed ahead for the economy. ring the brakes in the financial market. i am romaine bostick alongside scarlet fu. welcome to the close. >> we found some momentum here. it is flying high at the moment. >> flying high with 7/10 of 1%. >> that's the direction at least. >> the