>> this is bloomberg technology with caroline hyde and ed ludlow. caroline: i'm caroline hyde at bloomberg's world headquarters in new york. nasdaq's $10.5 billion deal. financial software maker addends of being bought. we will break down the biggest's takeaways from xbox's summer

showcase with none other than phil spencer and we will speak with the former president of tesla who currently sits on the board of gm and will discuss why the eb makers charging stations are becoming the industry standard. let's check in on the market. a jampacked week. we are hearing from mike mckee and also the ecb, bank of japan, you name it. nasdaq 100 pushing up, check outperforming on the day. up .9%. we will get a pause from the federal reserve. that means interest rates could be keeping on a steady path. bitcoin off more than a percent. we are seeing lows and regulatory risk. up to 25,832. let's move to micro moves. apple, when you have a point higher on apple, when you're

moving up .75%, no wonder big tech manages to outperform. still getting that rosie glow post the announcement of their latest product. tesla also up more than 1%. 12 straight days of gains for tesla as we think about the unsexy world of charging is becoming the piece de resistance for this company. we have to talk about the downward trajectory of the company that is nasdaq. it is also about technology data. a bit of m&a in the air. buying software maker addends a. the exchange operators just ever deal. we want to bring in our m&a expert ed hammond. this is a company that has already made m&a to build up the software offering to be able to provide more than just prices. is it about reducing volatility?

ed: it is about reducing volatility. for nasdaq it is about reducing dependence on the markets. the markets are highly volatile at will continue to be volatile and this is something through m&a and organically they've been trying to build out, moving away from that pure dependence on markets and this takes them in a direction, the biggest deal in history. that is where they are tried to sell it to investors. if you look at where shares are trading investors do not seem so taken with the idea. caroline: some of the and under's underwhelming when you think of the size of the deal. the solutions business will become 77% of total revenue from 71% today. what is this $10.5 billion going to be buying them? ed: i do not think it is accretive to their revenue. this is part of a long-term plan and a plan to rebalance the

business away from the volatility we have talked about. investors are looking at this and thinking this will be a good deal over time but that may take a while to come to fruition and get the rewards nasdaq hopes it will. in terms of dollar value it is a big deal, it is much more sizable than anything else nasdaq has done and they are giving away a significant amount of stock. caroline: and a board seat as well. talk to us about how this company addends it was even built by bravo. ed: it is a classic thoma bravo play. something they do a lot of, something they are the industry leader. they biotechnology having

already identified other technology assets they could put together to create a better company. some people would pejoratively call that a roll up strategy. with them it is slightly different because they are buying two or three of these businesses and trying to make a sum greater than the parts. we did that with two companies. axiom and a company called calypso and they have put them together under a single leadership within their firm and obviously finding an exit like this. they have done it before and the companies they put together as a single deal or taking them public through the ipo markets. caroline: so great to have you with us. ed hammond on a big deal. we will turn our attention to a man who knows how to make m&a deals and also someone who is looking hat we are building the next giants and technology when it comes to ai. daniel newman is with us.

you yourself have done a fair bit of m&a. are you expecting more m&a in this market more generally? it is interesting that white interest rates are rising. it is an interesting moment for companies trying to beat themselves up. ed: i still think there it -- daniel: i still think there is a lot of consideration about valuation. with this rapid onset of generative ai companies have to move faster to move their businesses in the right direction. we saw in less than seven months the onset of a new technology and in the last four weeks we have seen that go from something you had to have a specialized skill in house to going to use something like googles generative app builder and build new apps. m&a does give that a vantage of moving faster than building things in-house. caroline: talk to us about where you are seeing generative ai

suck all of oxygen from the room. you've been putting out leadership around who will be the next nvidia. daniel: about two and a half years ago i call that nvidia would be the next trillion dollar company. caroline: on ai? daniel: on ai. part of it had to do with the potential of the deal. it was the only company that fully committed to it. jensen never wavered. when the market vacillated back to a year ago last summer when it was down around $100 people were saying it is done, the metaverse is done. then you see it rise back in everyone is not surprised. the truth is all of this generative ai whether it is openai, whether it is large language models, right now they are being trained on nvidia. are there other companies? could these other companies play a big part? i think there'll be a second

company that has to rise but nvidia has the routes and that is why it is accelerating so fast because no one else can offer the completeness. caroline: valuations are i watering. nvidia trading at 51 times? we have been talking about oracle being piled into because they have less extraordinary valuation. who are the other companies you're starting to call that could be trillion dollar companies? daniel: i had google and microsoft and i put oracle on the recent list of companies and that is because of the data. the enterprise data that sits at the oracle ecosystem will have to give companies a convective advantage. the ai ecosystem has become table sticks. everyone can tap into it. you look at what bloomberg is doing with gpt. another company is service now.

i have had conversations with the ceo. he gets this disaggregation that takes place. no one will cap into a crm. they want to hit one aggravation layer and prompt something and say give me the 30 day forecast. right now we have all of these systems of record and they are not that friendly to use. this is where generative could make a difference. caroline: every day we have another company coming on to talk to us about how they have introduced generative ai and into their offerings. will there still be room for all of these software companies as they stand or are you saying you need an aggregator? daniel: i am here in new york to go for marc benioff who will do the salesforce ai launch. every company has a story. there are two things the market is listening for. can you help the market

understand how you will monetize ai content? there are some people have already been there and not seeing a lot of value because they are pricing it in. there other companies where it is apparent. as i see it, the ai run will take place as companies start to articulate what is the addition of ai bringing to the table for their customers and are they going to charge anymore for it. all of the software company it seems it is table sticks. our customers going to pay anymore for it? that has not been clear. caroline: has the hype gone too far? daniel: utility is pretty immense. the hype is not gone too far but has the market gotten frothy? the reason nvidia has gone so far is it is the shovels and it is all the software to develop it. at the end of the software, the utilization, it is pretty unclear how we will update our spreadsheets to show future values. i think we have gotten a little

bit ahead of ourselves but there is no doubt our world will change, the way we work and how productive we are it will be driven by these new ai technologies. caroline: go enjoy the event. coming up, gaming news fast out of microsoft. xbox updates, new games, we will talk about the platforms as well. phil spencer joins us next. let's take a quick look at microsoft shares. this is a company that has been fueled on ai hopes and dreams. how much are we starting to see a focus on m&a, activision blizzard, how much of a gaming win can it be to take away the extraordinary appeals its rivals have had in the consul market. we are up 10%. this is bloomberg. ♪

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caroline: is going viral. microsoft just wrapping up its annual summer showcase for xbox announcing 13 new games from attempts to use an update to its current xbox series s. coming off the adrenaline rush is phil spector to unpack yesterday's event in l.a.. -- phil spencer to unpack yesterday's event in l.a.. you call your most ambitious games ever. how crucial is it that starfield becomes a blockbuster? phil: in general our first party games library is important for us for many different reasons. starfield is a big show that we

focused on. we gave it over 40 minutes. all of the games. one of the things i was proud of is the diversity of games. we want a lot of people to love starfield. from the opening of fable to games like flight simulator, we want to have games for everybody in the quality of the games is important. caroline: let's talk about some of the lack of quality if i can say it in a brutal manner. there is is worry about rainfall and what had been the lessons -- about "redfall" and the lessons learned. how will you differently support your team studios? phil: we came off a good run in 2021. the team behind redfall also did death loop which was well-received.

gaming is a creative endeavor and teams will try to do ambitious thank. you hit what we need to do. we need to learn what we can do better and improve our process and i believe you have done that and i think the reaction to the show yesterday shows gamers have a high anticipation for the games coming to xbox. caroline: is your process more hands-on? phil: we have tried to be hands-on all the way through the process. when we acquire a studio or build a new team that that we want to do is work closely with them to allow them to be the best version of the team they can be. we have been working on starfield with the -- working with bethesda on starfield and helping teams realize their vision is our mission at xbox. caroline: the elephant in the room is what you might still be buying.

with 27 games on tap, more than 10 being produced internally, does this mean you do not need activision blizzard? phil: the thing that is always been unique to us when we looked at activision blizzard is the capability they have on mobile. it gets lost sometimes, but the largest gaming platform in the world are people playing on their mobile phones. activision blizzard through the growth of candy crush and call of duty mobile in the work they have done with blizzard on mobile devices, that was the thing that attracted us to activision was the work they are doing on mobile and i am encouraged by that. if xbox is going to achieve its goals of being of global gaming platform for the 3 billion people who play video games we need to be relevant on mobile and consul and pc and we think activision is an important part of that. caroline: it is an uphill battle. it is hard to change hearts and minds on the cma. you think we can do that with the news activision itself will be granted permission to

intervene in the legal dispute? phil: i have been involved in this process for over a year. it has been a learning experience for me and i respect on the process with the european commission where we spent a lot of times listening to concerns and coming up with solutions that met the needs of the regulators and we received approval. if you include the countries of europe, we have approval in 40 plus markets. you mentioned we focus on the u.k., we will focus on the u.s. with that same approach. we want to listen to concerns and come up with active solutions we believe we can implement and come to a good outcome. we remain confident we can do that. caroline: if -- everyone has to think about all of the outcomes -- if you do not get it, what is your future for mobile gaming? will you build internally? is it about other acquisitions? phil: it could be about both.

we are definitely building internally now. we have more xbox users on mobile than we ever had and in mobile you have two big companies in apple and google that control every game somebody sees on those platforms and all of the monetization. for us to achieve our goals we are going to have to find a way to build more prisons on mobile. we think a bk is a great way to increase competition in the gaming market given the largest gaming platform is controlled by two other companies. we think it is a benefit but it is not a strategy in itself. the strategy itself is finding players and creators. we have more games being built on xbox and we have ever had in our history and that makes up millions of players. it is the magic of what we have with xbox and wii to extend that to mobile. caroline: you talk about diversity of how you consume the games.

cloud gaming a key feature. it is interesting. the u.k. took issue with cloud gaming worrying about your deals. e.u. saying you would be a procompetitive kickstart the cloud streaming market. is it about 1% of the gaming market? phil: cloud is very small right now in the gaming business. even on top of being small, it is usually a secondary use case for somebody already playing on consul, already playing on pc. while they may be traveling in los angeles, not saying i'm doing this, i did not bring my consul, and connecting to my consoles games on the cloud is a great way to keep playing. it is not really a separate market, it is the secondary use case. that is the majority of what we see in the cloud and while we are -- and why we are adamant

that what we see in the cloud is relevant to what players are doing today and gives us avenues to smart tv's and mobile phones, but it is people engaging with their xbox games when they are away from their xbox. caroline: let's talk about your xbox to finish. series s getting more storage, series x more supply. how is the macroenvironment for selling this because you are in third position? phil: and consult your right we are in third behind sony and nintendo. our strategy is about players. we love the players. it is xbox. people like to play on their console. we are just bringing out the new xbox series s with more storage. whether people are buying our consuls or playing on pc or playing over the amount, we stay focused -- playing over the cloud, we stay focused on how do

we find our players. console is a break market but our success does not depend only on our hardware sales. it is great to see so many players finding xbox across the many different devices, subscribing to game pass or buying games. it is about choice and finding new customers. caroline: you have any seconds to spare to game this weekend? phil: i am playing a lot of diablo iv this weekend. caroline: fighting extra hours rest of the world does not have. thank you very much for spending time. have a good rest of your diablo playing. so much more to talk about. in the u.k. google deep mind is granting the u.k. early access to research. how this is fitting into the prime minister's bush to make the u.k. an attractive -- the prime minister's push to make

the u.k. an attractive pub for technology. we are up another 6% on the day on oracle. we expect ai adding to this business and driving revenue. wolfe research upgrading the stock to outperform. $116 is where we see the shares trade. from new york, this is bloomberg. ♪

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caroline: time for talking tax. -- talking tech. u.k. prime minister rishi sunak taking steps to drive home britain could be a key hub for ai research saying ai labs have agreed to give the u.k. priority access to its reach her -- to its research. rishi sunak also outline plan for london task force. earlier today bloomberg spoke exclusively where he shared his

thoughts about ai tools and how could lead to scientific and medical breakthroughs. >> in the next decade, it could be very possible we could build these ai tools to help the world's experts and medical researchers make fast breakthroughs of all of these types of areas. we've seen it fold all 200 million proteins known to science. we did that in just over a year on our computational system. that kind of acceleration, we like to call it science and digital speed will come to a lot more fields, including medicine. caroline: silicon valley venture capital firm is trying to open its first office in u.k.. it will be established by the firm's crypto investment arm. the moves comes amid a stocking is d by u.s. regulators. thousands of reddit moderators are pushing back against the platforms and to charge third-party developers for access to the sites data.

millions of users will be locked out of their favorite subreddits as the pages go dark. a reddit spokesperson says the company needs to be -- plenty more to come on the world of ai and medicine. this is bloomberg. ♪ does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh

caroline: welcome back to bloomberg technology. i'm caroline hyde in new york. the nasdaq still pushing up higher. so much on tech in terms of the macro. the federal reserve on wednesday. the ecb, the bank of japan. all of this mentioning to see stability. will market at 4.6%. is it priced in for a pause in the fed move. in july do we see another hike? the owner of this benchmark is doing a bit of m&a.

what to watch as they get into more of the software and services side. bitcoin under pressure. will be drilling into that a little bit more. bitcoin has been under duress from regulatory perspective. let's see what is happening the world of individual movers. an interesting focus we have been having on oracle. up 6%. people feeling really optimistic. ai the driving force. this is a company that trades at 21 times earning when nvidia trades at 51 times. maybe does is a better entry point of your betting on ai. biogen, some hope on alzheimer's drug. some of the advisors to the fda them to be like in some of the work done. tesla of 1%. 12 straight days. it could be closing out on the higher side. we also start to look at net tv charging stations said to become the industry standard.

john mcneil is here with us. former president of tesla. he sits on the board at gm and started countless companies himself. i think it was six. do you have anything to do with it? john: advising mary the team behind the scenes but that was was driven by mary and elon and mary recognizing the biggest barrier to ev adoption is charging. often the first issue is where do i get it charged and is charge reliable? the charging standard that has been in place has not been that reliable. one out of four times you pull a tesla up to a charger it does not work. mary and the team saw that. the tesla standard is better. it does not break when you drop it. it is easy to handle and to get

more people in ev's we ought to adopt a better standard. this is like a betamax and vhs moment where companies are choosing sides on which standard will prevail. caroline: it seems to be the tesla standard. you are there several years ago. was that ever part of the game plan? own the ev space? john: it was originally conceived to get people in ev's and feel confident if they would take a chip there would be a charger there. now this is a bit of an aws moment for tesla where they are taking a cost burden and turning it into a revenue source. caroline: are there any issues with the way we see mass adoption? we think about here in new york? the governors, mayors, people trying to ensure there is investment in ev charging and

not always turning to tesla? will that be competition or will we admit it will be a tesla world? john: i think there will be competition. gm is going to be building chargers, but on the tesla standard. i think you're going to see more and more of the charging network moving to the standard because it is a better standard. caroline: talk to us about where you are seeing opportunities within the ev space? you are somebody, dbx, a venture company you built, has a different model, not only in how you charge fees but it is about building companies within. you are incubating ideas and bringing co2 match with that. are you trying to fix the world of ev's? john: we are. there are 40,000 fast chargers in the u.s..

there were 4 million in china. it gives you a sense of the growth we are going to see as we convert from gas cars to electric cars. we are different in that our fund charges no fee, but we are different and we invent the companies from the start and we owned 100% from the start. we have a company called kirby which is for ev and gas cars were the cars are serviced in the customer's driveway. 80% of something you fix in a car is something you can do in the customer's driveway. kirby shows up and fixes the car. it takes all of his hassle out of the maintenance of these cars. caroline: what do you say about the last mile in the offering? you are executive of lyft for a year when it went public. i am thinking about the way which i get to work, which is biking. this is a company which is under duress. we have some stop down with the new ceo and he has talked about a sale not being off the table.

how do you see the future of transit if ultimately vc backed companies cannot work out the business model once they are public? john: in the last mile their opportunities for rides less than a mile. more than a mile, maybe electric bike, and more than three or five miles is probably a car. there are companies that have been successful in this space. tear in europe is one. same with bolt, and in the u.s., lime. you've had successful models emerge that are vc backed and will return capital to investors. we will see more of the future of micro mobility that is electric. caroline: do you think lyft will be around as a name? john: i think the industry is structured for two players at least. i do not think we will see a structural monopoly with just one.

in the u.s. what you will continue to see uber and lyft do get out city by city. caroline: great having some time with you. john mcneil, dbx ventures right here in new york. let's talk about another story we will continue to watch. south korean prosecutors are accusing a former samsung second of of stealing trade secrets. they were accused of working with a taiwanese company to steal blueprints and designs to replicate an entire chips can't in chicago. -- an entire chips plant in china. caroline: coming up, talking about the world of fertility. finical fertility adopting the platform for management of frozen embryos. we'll talk about technology and health care company. this is bloomberg. ♪

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caroline: finical fertility has announced it has partnered with tomorrow life-sciences to adopt the first family platform for the sake management and storage of frozen eggs in embryos. i am pleased to welcome the ceo finical fertility as well as the ceo of tomorrow life-sciences. beth, i want to start with you. you bring a business acumen with your background in consulting and i'm thinking about how you think even amid the macroenvironment this is the time to invest in such technology. what drew you there? beth: the fertility industry is

changing very rapidly right now. you'll see more and more large employers beginning to give their employees access to fertility treatments they have always needed but never been able to afford. you see employers like walmart and starbucks and amazon increasing this access. you also see this trend through education and social media for young women who are not ready to have children but understand they might want to later. unless you take these two things together, you realize we have unsurpassed numbers of patients coming into fertility clinics the industry has yet to change with technology. it is so clinical we meet patients with the technology they need and improve our operations within our clinics. our partnership with tomorrow is one step towards the technology revolution happening in health care. caroline: you have now reached 50 clinics. 20% of the market share. it is this discussion.

it has become less taboo. is there more money being brought into the system as well? is this a tipping point? tara: absolutely. tomorrow is fast becoming the new standard of care in the field. as beth alluded to, the field has seen huge growth and has encountered incredible medical advancements over those years. the tolls and the technology to support these clinicians have not kept up. we are at a point where there are millions of frozen eggs and embryos being managed and stored around the world and yet those systems that manage these incredibly valuable specimens are still paper-based, inefficient, rife with risk and error and overdue for technology and innovation, whether it is clinicians or patients or financial investors.

there is been a huge amount of capital coming into the field. the future of fertility is tech enable and we are proud to play a leading role in that transition. caroline: how easy of a sell or not was at your partners. how much do your own financial backers that this is the buys -- this is the wise investment and where might be the next step? beth: it is a difficult sell. when you have a high science industry like fertility where success for patients has changed and innovated over time, but changing operation and accessing new technology is gary. it is not what health care is good out and it takes massive rollouts. this was not an easy step. i think finical fertility is innovating in technology and this phase and clinics that opt

into joining the pinnacle network know ahead of time we will be very tech focused. we all joined one medical records platform and we are all looking towards the next innovation in the field, especially within our operational model to service patients with this next generation of technology they are really looking for, whether it be texting a navigator, someone who can coordinate their care 40 hours a week to better understand what comes next in their journey to being able to see their embryos in storage in a safe environment in the same tech platform. from start to finish at pinnacle we are very much tech forward and looking at all the different innovations and putting them into our network, but each rollout and each change needs to be very thoughtful and it is a hard sell. kudos to our physician led network for choosing this as a team. caroline: tara, kudos to your selling expertise. i'm interested the next

innovation for you. i hate to talk about ai but i will talk about ai because that is all anyone wants to discuss at the moment. where are you seeing tomorrow life-sciences lead into? wary thinking the next area could come from from her technology perspective. tara: tara: we started with what one could argue is the hardest part of the lab, the management of these millions of frozen eggs and embryos. i am aligned with beth as she talks about patient demand and increased care. i think as a demographic today the patients we see seeking fertility help, whether that be to build their families through ivf, or significantly numbers of young women turning to fertility preservation and freezing their eggs, these people are looking for safety and demanding safety and demanding transparency and demanding a better standard of care that is something that by

employing something like the tomorrow platform with its digitization of management and its automation of processes within the lab we remove and reduce potential points of failure that existed within manual systems by 94%. the whole world is becoming educated around how technology and innovation can be enablers for the next 45 years of ivf and automating further upstream within the lab, what are still manual and fairly inefficient high workload processes, there is a huge amount of work still to be done now that tomorrow is planning to lead the way. ai is the hot topic. there is already ai beginning to find its way into the lab when it comes to things like selecting embryos or eggs within the ivf process. all of that is to say we are the beginning of the journey. we are at the beginning of the journey for health care as a whole.

we have a huge gap between the number of people in the world who need help building their families the number of people the health care sector serves. if they can only close that gap i technology and innovation, whether automation, ai, machine learning, or so on. we are excited to be partnering with clinics like pinnacle and others to be increasing safety, transparency, and access to care for patients. caroline: thank you very much. we really appreciate you both joining us on the news. coming up, conversation with still marked founder. why she will be weighing in on everything. from the sec crackdown to how ai it is intersecting with the world of fertility and crypto. let's bring you breaking news. google is getting hit with an eu antitrust charge for its tech abuses. this is what we are understating the eu will be hitting the

charges later this week. he antitrust arm is targeting google's biggest moneymaker and it is already faced more than 8 billion euros in fines. keep a + what is happening in terms of its parent company alphabet. big tech in the line of fire when it comes to regulatory risk and the eu in particular, worrying about certain business models being held and controlled by certain companies. google will be hit with an eu antitrust charge for its tech abuses as they are being deemed. from new york, this is bloomberg. ♪

caroline: it looks as though we have further breaking news coming to google which will be hit with a formal antitrust complaint from the european union as soon as wednesday and could ultimately lead to further fines. alphabet has already had 8 billion euros in eu penalties thus far. the so-called statement of objections could becoming midweek. it will mean escalation and the focus on advertising technology that drives most of u.s. firms revenue. the new charges will target to a court of the ad tech business model. it is the most significant five-year mandate the eu has had in terms of looking at alphabet. we are still up .2% so no great shock to the market as it stands. we await the breaking news wednesday.

let's pivot away from the world of alphabet to, what else, everyone is watching when it comes to regulators. crypto. they are paying close attention to a number of lawsuits brought by the sec against certain crypto related companies. joining us to share her thoughts is still marked founder and managing partner. always a great to catch up with you, project lead because you are so straight talking when it comes to what this all means. it is interesting the price perspective has been relatively resilient amid hefty focus from the sec, whether it be binance, whether it be coinbase. how much does the focus on exchanges have on the underlying technology? >> it is great to see you. the actions taken against coinbase and binance are very different. in coinbase's case the sec is

focused on which of the cryptocurrencies coinbase lists on an exchange should be defined under the current regulatory framework as unregistered securities. here it is important to note there is a distinction between bitcoin and cryptocurrency. that was referenced by the sec and the guidance they provided before these actions and again with the actions taken. what they are looking at is there is no company or team in bitcoin that can control the supply or affect the rate of issuance. where that is not true in the cryptocurrencies base under the current regulatory framework, crypto may be considered an unregistered security and this is what the sec action against coinbase explores. caroline: do you think it is beneficial for the sector that we get some sort of regulation? regulations driven in the uae

and hong kong and the u.k.. many feeling there is a void in the united states. even if it is not in any way affecting what bitcoin is or how in which it is processed, it cannot be a great -- it cannot serve adoption in general, either by corporate or by consumers in terms of willingness to trade. alyse: of course it is positive. for bitcoin there is no effect because bitcoin is decentralized and not covered under sec action. for cryptocurrency this could be an existential threat. the sec has suggested the current regulatory framework applies to crypto and what coinbase will argue is whether or not that is an appropriate framework to guide crypto regulatory -- the regulatory regime going forward. clarity will be positive for the ecosystem broadly. at the same time bills will be

advanced to adjuster framework or design framework specifically for crypto. what is important to coinbase's to see the cadence with which that advantages or how that matches up against the pace we move through the courts with these sec actions. caroline: how does it change the way you want to be investing? are you seeing more opportunities to invest in companies around the bitcoin ecosystem? i know you back the bitcoin lightning network? alyse: because we are focused on bitcoin and because we have been conservative in our approach to how we understand bit going interacting with current regulation, it does not affect still marked at all. instead we are focused on what the best and brightest founders of this space are advancing. much of that has been in the lightning space, exactly as you say. we are seeing increased adoption in the light and space, including from large enterprise.

recently salinas out of mexico announced a partnership with ibex to adopt lightning for payments. caroline: i was wish we had longer. thanks so much. founder and managing partner at stillmark. my husband is a senior manager at coinbase. this is bloomberg. ♪ as a business owner, your bottom line

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>> welcome to "bloomberg: etf iq . we have a bid weekend ahead of us. >> let's get to the biggest stories and the more than etf industry. the fed and the ecb are the highlights of major monetary policy decisions. will it e