the big 1 -- jay powell, his testimony to congress. cpi data coming out of china. and u.s. retail sales, a big data close out the week. show, bob out the micheleiya misra, matthew hornbach back with us. let's talk about the testimony from jay powell. the review of monetary policy for the fed and the ecb. what are you looking for from those two things at the moment? bob: inflation targeting. are they moving off the 2% target? are they going to a range? that is predominantly what i want to see. priya: i would agree. i think the fed has said they would not move their inflation target, but they are talking about range here? are they talking about how much they will let the economy run hot? what are the new tools? are they going to be effectively easier when the economy is hot? are they going to let it run to 2.3%, 2.4%? i think we will be looking for some details. i am not sure we will actually get the details, because they are not done with the review until the middle the year. matthew: i would like to see two things. number one, i'm curious to see what they would do with the dot plot. i think it is an important forward guidance device. the secon

out of it. liquidity down the credit spectrum is really tough. we are all in, all-out, and you cannot trade that much. jonathan: back with us, us, bob micheletthew hornbach and priya misra. you are leaning into this? bob: yeah. it looked like we were heading towards recession. the central banks eased. we totaled 88 central bank rate cuts. you got compromise on trade. what is there to fight? i look at it from the perspective, you worry about high-yield. if you think you are going to lose money, you need default rates they go up and they go up when you have a recession. if the probability of recession is reduced so dramatically, why do i want to fight that? i will not lose money and i have got loads of clients looking to get into something that has a positive yield. jonathan: summer of last year this was a 180. you were worried. what was the inflection point for you? we need to lean into this and turn the other way? bob: shock and often the central banks. providing liquidity backdrop and expansion of the balance sheet again. that was the inflection point. a compromise on trade was a nice tail end. priya: the fed reaction point is critical her