the dollar holding pretty steady right now ahead of the rba meeting. we will talk about that a little more in a moment. we are seeing some models about .25%. the u.s. dollar remains undefeated. the dollar strength continues to be a very strong theme. the one of the key match of and for today, the bank of us really a meeting happened at 2:30 p.m. local time this afternoon, 12:30 p.m. hong kong time. and we're starting to see another increase. 50 basis points seems to be the consensus. a few estimates are weaker than that but it looks like another rise to the cash rate here. >> a lot to debate when the rba comes today. it's a balance between fighting inflation and also when it comes to the downturn of the property market which seems to be quite rod based in terms of property prices. how much attention as the rba really putting when it comes to housing at the moment. the cbo see cutting the fx reserve ratios in another attempt to try to stem these declines in dollar china as we hit the 2002 year low. breaking above 693 now. that is closer for dollar china

the rba is concerned about the inflation out q.hat is why they are raising rates quite aggressive late tomorrow and over the coming months. haidi: let us take a look at this chart. we have a lot of questions with the labor market and when it comes to wage price growth. what would the rba be watching given we have a reasonable pace of wage growth? >> i do not think wage growth is particularly strong or as strong as the rba would have liked to have seen at the moment. we have a tight labor market. wages growth is stuck at under 3% on annual basis. if you look globally, it is five or 6%. that is similar in the u.k. and in europe. the liaison is saying that growth will -- will take a bit longer to come through. we are not going to see the level of growth that the rba has forecasting -- been forecasting. a lot of pressure put on borrowers and on households. the wages growth is not going to be there. we see real wage declined because inflation is high and too much pressure on households with the cost of living issues coming up for them.

let's stick with the rba. the rba is at a pivotal point.t is almost certain to hike by 50 basis points based on markets and economists. but there's a lot of speculation that this will be the last 50 basis point hike. that highlights -- they will give some guidance potentially on that in today's statement. that is a key pivotal moment for the global economy. we have yet to have a central bank slow down the pace of rate hikes since we started this strong hiking cycle earlier this year. we have yet to see banks that started at 25 to 50, nobody has gone back down to 25. if the rba does that today or signals it might do that next month, that is going to put the confrontation between central banks and investors -- when do central bank away from extreme rate hikes? david: garfield reynolds. the rba rate decision, plenty more ahead. this is bloomberg. ♪ david: we are continuing to track this typhoon. the understanding based on some reports, it has made its way back to water after skirting parts of chinese mainland and of course south korea. power o

paul: we have had four consecutive rate rises from the rba. seen the impact of this across the economy yet? swati: it is being felt in the property market. consumption is so strong like i mentioned but economists are saying that the impact will be felt towards the end of the year because there is a two month to three month lag. the predictions are that we will start seeing a slowdown in consumption by december. >> does that mean that for now, australia is a little bit better placed? where are we at if it does hit? swati: that is a question a lot of economists are trying to answer but they are pretty hopeful. policymakers are hopeful australia will have the session and that is largely because they are confident that consumers will continue to spend because the savings rate is very high in australia compared to some other countries including the u.s. and u.k. we have a massive fiscal stimulus and the expectation is that will continue to drive and support economic growth for some while yet. paul: consumer strength is a bright spot here but you al

we have seen criticism and a review into monetary policy measures that the rba is taking, given the rba-turn. if they didn't expect tightening to begin in 2024 and just months after, delivering their first right hike was spent,. we continue to listen as he speaks, talking about the property markets, saying he would not be surprised if there is a 10% downside in property prices. he suggests the economy is still doing very well, that spending is still pretty strong, but the prices have gone up 25% in two years. he says the rba is closer to normal settings. at the next meeting, he says there will be discussion around whether it is a 25 basis point move or a 15 basis point increase. it is suggesting that perhaps, unlike the fed yet, we are starting to see a slower pace as we see the transition of the tightening play out. over next guest says the full impact of tighter financial conditions is yet to come and she expects inflation to material decelerate only by the middle of next year. sue trinh is the head of global microstrategy at manulife investment management. we see these rates confound

not just the rba. it's a big day for central banks. maria tadeo is in frankfurt ahead of the ecb decision. lizzy burden is here with us in london. the latest from the prime minister in the bank of england. manus: richard chang gives us the latest on the lockdown in china. let's think about that. top fed officials continuing to pledge aggressive rate hikes. it's the vice chair lael brainard who spoke about the central bank having to raise rates and keep them there for some time. >> we are in this for as long as it takes to get inflation down. so far, we've raised the policy rate to the peak of the previous cycle. the policy rate will need to rise further. manus: let's get to enda curran in hong kong. there's no doubt about it. the vice chair making it very clear and tagging loretta mester in terms of the trajectory. we've got higr to go in more work to do. -- and more work to do. enda: very direct message. no ambiguity there. making the point that she wants to see rights -- rates go into restrictive territory. that's jargon for when int

kathleen: we cannot let you go without talking about the rba.d our guest on, a senior economist. she thinks that the rba should slow down, this is lagging to it at that they are looking at, wages in particular. what do you see? >> there is no doubt this is the big debate going on. of course there was a lack of fact. it takes many months to flow through into the real economy. the vast mortgages there are under a variable rate. when the central bank rate moves it will hit households but it will take banks a lot of time to adjust. there will be a delayed effect on australia. from the rba's perspective, they are seeing an economy in good shape. like other central banks they have little option other than to risk not moving and allowing inflation to become entrenched. haidi: enda curran there. we have a result in the chilean referendum on the constitutional amendment. we are seeing a rejection of the constitution. 48% of votes are now in, 37.4% were to approve. this was a constitution that would elevate gender issues, environment, stability. the major

terminal users can tune into live to catch a speech by the rba deputy governor.loomberg. ♪ pst. girl. you can do better. at least with your big-name wireless carrier. with xfinity mobile you can get unlimited for $30 per month on the nation's most reliable 5g network. they can even save you hundreds a year on your wireless bill over t-mobile, at&t, and verizon. wow. i can do better! yes you can! i can do better, too! now you really can do better! switch to the fastest mobile service - xfinity mobile. now with the best price on two lines of unlimited. just $30 a line. hi, my name's steve. i lost 138 pounds on golo and i kept it off. so with other diets, you just feel like you're muscling your way through it. the reason why i like golo is plain and simple, it was easy. i didn't have to grit my teeth and do a diet. golo's a lifestyle change and you make the change and it stays off. golo's changed my life in so many ways. i sleep better, i eat better. took my shirt off for the first time in 25 years. it's golo. it's all golo. it's smarter, it's better, it will change

the fastest tightening in a generation from the rba. can see why when you have core inflation, the headline number at 1.6%. they are targeting 2024 and say they will be data-dependent and signaling there could be more rate hikes ahead. cda saying perhaps the average household has not felt the pain of the first jumbo hike because it takes about three months to trickle into the overall economy. let's look at what we are seeing in terms of market reaction. the aussie up by about one half of 1% in the opening session. pretty flat, because a 50 basis point hike was priced in and we could see weakness if we continue on the aggressive tightening cycle. the pboc getting a stronger bias in terms of the yuan reference rate, showing how aggressive it is. the offshore at a two-year low, the longest streak we have seen in terms of strong biases since october 2019. some upside from the csi 300 on these verses stimulate the economy in particular, the cuts to the fx reserve requirement ratio. we are on a downbeat session in asia as we continue to grapp

the rba does want to go slow and i don't think anybody is doubting that intention.uestion is whether they can really go slow in a world where the fed is going so fast. also the australian dollar is weakening with the u.s. dollar so high. if you go slow, you risk collapsing your currency. it's going to be a very tricky meeting and also a tricky communication challenge. >> the official monthly indicator slowing down a little bit this week, what does that tell us about where the rba stands as opposed to the rest of the world which seems to be remaining quite hawkish? >> even from the start of australian inflation, compared to u.s. and u.k. has not been that high. we have not had the wage breakout elsewhere in the world. i think the biggest concern that the bank has is the household debt. australian households are some of the most indebted in the world. with interest rates going up, their repayments are going up and how that impacts household spending. also in australia, the interest rates, the majority of the mortgage book is on variable-rate. unlike the u.s. where it'

rba tightening as expected by 50 basis points.e will have second-quarter gdp numbers for australia. about 90 minutes time. we are expecting a modest expansion. .10% on the quarter. a lot of movement in the ten year. let's get to vonnie quin for the first word headlines. vonnie: -- confirmed as the uk's new chancellor as part of a cabinet that doesn't include any white men in the top four leadership roles. the new deputy prime minister and health secretary. the new government will have to navigate one of the uk's toughest economic periods with sky high inflation and surging energy costs. california is telling residents to prepare for rolling blackouts, issuing a level two emergency warning for a second day. electricity demand soaring with temperatures above 40 degrees celsius across much of the state as a schools and businesses reopen after labor day. the emergency declaration allows large power consumers to shut down. the chinese president calling for stronger efforts to cool nationwide resources in developing xi technology. he sa

the rba decision, china, inflation, busy. david: very busy. 75 elsewhere. a smaller one, the rba, malaysia, poland. in the meantime, rate strategist. short-term targets, where you think we need to go and mark >> good chance they reacted as decision. we are not had time to fully digested. some say 97, some say 95. goldman said 97. it is certainly feasible. the key thing is, how does the ecb react to it? besides to 50, even if it does 75, we reduce the size of rates going forward very quickly. anything in the range is very plausible. yvonne: hold on a second. we're going to talk about liftoff. spacex. a falcon nine rocket carrying satellites this evening. basically we are seeing nine minutes after the launch the booster is going to separate from the first stage and land in the atlantic ocean. musk has been tweeting about these rocket launches. they have been carrying one every five days. david: here we go. five seconds to launch. it's david: there we go. that was the falcon nine launch. starling satellites into low orbit. flip maneuver, big split. entry burn.

think about places like us you and new zealand where there central bank has been raising rates for the rba is expected to raise rates again next month. they have been under particular pressure because at the same time these issues in china and also in japan are helping to weigh down growth. haidi: garfield reynolds putting it into context. chengdu emerge from its citywide lockdown. a brooding -- a bruising ordeal they had to deal with earlier this year. chinese leaders embolden to consider pushing with covid zero even with half the party congress next month. >> the speculation is after the presidents defying third straight term, policies would be eased in china. however many will point to the relative success of the lockdown as compared to what happened in shanghai as a reason to continue forward. they went into lockdown on september 1 and came out of lockdown today. it's just under three weeks where shanghai lasted two months. the reasoning is local authorities will be saying we locked down much sooner than the shanghai lockdown and that's why we got a hold of the outbreak much sooner. if

we are following what the rba might do, there are a lot of data points this week including australian and pain data coming from japan. the south korean market is closed and the hong kong market and the chinese mainland market. paul: let us get a quick check on the latest business flash headlines. the adl says -- catl says the fiber in china is operating. officials describe it as a severe covid situation. it is the main tesla supplier in china. dan lowe has backed away from walt disney to spin off espn. he said he looks forward to seeing espn generate synergies as part of disney. disney ceo says espn is critical to the overall mission of the company which includes sports betting. a plan to shake up the board of directors at two indian -- after the $10 billion takeover of the company. they will join the board of adc and ambusia. they will step down after the transition. shery: kiwi stocks unchanged at the moment. we have the kiwi dollar gaining. appointing higher for both the futures and nikkei futures. the 10-year yield continues to fall on the aussie and bonds for a third session. we

we are expecting the rba september minutes as well from the rba. kiwi stocks up .4%. to watch these market because it is interesting to me that we are seeing this risk rally ahead of the fomc. not just the fomc, but we have about 20 central banks globally announcing policy this week. so we will be continuing to watch how quickly potentially this risk rally pulls back again. you are seeing s&p futures i about .2%. a little more strength when it comes to nasdaq 100 futures after we saw that late session rally on wall street. six years ago, they embarked on the goal of becoming china's version of lvmh. like many who overreached on foreign assets, they have now found itself in hot water with some of the world's largest financial institutions. our deals reporter joins us now with more. this is a familiar refrain. tell us about their woes. >> definitely familiar. we have seen this multiple times. now another great example of that. outbound acquisition spree by chinese companies years ago were snapping up assets left and right in europe and the u.s. and then they found thems

even though we have traders now perhaps position for a 50 basis point hike for the rba, if we have aelatively dovish guidance, certainly no match for a hawkish fed. the redness -- the relentless rally we have seen in the dollar, forcing countries to go it alone to shore up their local currencies. the latest big one is japan. we are going to be talking about that any a moment, but still the bank of japan intervening yesterday to buy the currency on behalf of the ministry of finance. it doesn't really stem the weakness of the longer term because of the ongoing -- we have seen between the u.s. and japan. direction of stocks, looking for a slightly weaker start. new zealand stocks already online, looking at the downside. let's look at how bond markets are reacting because we did see a big jump in treasury yields. investors really starting to heed jay powell's call that he is serious about bringing out inflation, particularly reflected in the longer duration bonds as well. the aussie 10 year and kiwi 10 year as well. as a reflection of those recession fears that are likewise building. hai

we will be hearing from the rba governor in half an hour. yvonne: let's talk with kathleen hays. what are we expecting today? >> we are expecting a hike. how much? 50 or 75? they haven't done 75 point since 1999. what got everybody riled up, jackson hole, the example, members on the board at the european central bank gave us a strong presentation talking about how central banks have to tighten even into a recession to get inflation down. you can't let inflation expectations get entrenched. that is when we saw the bets on the 75 basis point high could go up to 80%. it is back down to 60%. traders are looking for this move. the head of the central bank of latvia says yes, and entrenched recession, cause the ecb to slow down, but noted if they need to fight inflation and have to keep going, they will push the key rate above neutral, if necessary. the question now is we were just talking about the odds of a recession. according to bloomberg europe, it is about 55%. probably depending on the energy crisis. maybe it is not a cold winter. that is a question hanging over the economy and

this as we saw the aussie underperform under the rba governor signaling a potential and to outside intereste increases could be insight. he restocks not doing much, but nikkei futures also holding steady after seeing again in the previous session. tech look at u.s. futures because -- take a look at u.s. futures because we have a volatile session in new york. this after jay powell's comments but we also heard from chicago fed president saying the fed could very well do a 75 basis point hike in september. we heard from the st. louis fed president that bringing inflation back down to 2% is a top priority. u.s. futures at the moment are not doing much but we saw a lot of volatility in the treasuries market yield jumping given the odds of potentially the outside rate hike. in fact, we saw traders pricing in odds of around four and five that the fed would implement a 75 basis point hike. we have seen two straight basis point hikes. that has big implications -- >> in terms of the central bank, we heard from one saying yesterday that some of these outside rate hike's may be coming to an end. this d

we also heard from the rba governor today. he said the chance of jumbo hikes is diminishing as those hikes already taken their toll on the economy. yields have spiked particularly on the short end, up by some 11 basis points. manus: jules, thank you very much. juliette saly in sydney. the russian president has acknowledged questions and concerns to the chinese counterpart over the war in ukraine. it is the first meeting between the two diplomatic allies since the invasion. bruce einhorn is with us. we are struck by the lack of dimension on ukraine. what did she coup after -- what did xi offer putin after the meeting? bruce: not much. in the comments from president putin, he referred to china's concerns and questions about the ukraine situation. president putin also offered something to china, adjusting china's -- addressing china's big geopolitical concerns, taiwan. putin blasted the u.s. and what he called a satellite of provocations in the taiwan straits. in return, xi jinping did not offer strong support for russia's war in

we did hear from the rba government yesterday, giving a speech in which she really dialed back some ofic, really suggesting that the larger rate hikes that we have seen in australia might be coming to an end soon. shery: let's bring our next guest who says he has become more cautious after the recent equity rally. with us now as head of equity research for asia at uvp. always great to have you with us. what are we expecting in terms of the asian market, especially when we see a stronger u.s. dollar a play? >> good morning obviously the situation doesn't change frazier, a strong, higher and stronger dollar. is generally not good for asian markets and also for asia earnings. so we think that that's one part of the asia earnings story. the other part is what's continuing to happen in china, which is the impact of lockdowns on economic growth, so we sort of wrap all that up. the recovery to the mid-2018 level of earnings for msci asia and japan, which looks like it would've happened this year, is now we think at least pushed to a mid next year story. shery: you are still calling china pret

the aussie dollar we watch today as well as rba governor phil low makes that speech.e on the apple decision to keep prices steady. this is bloomberg. ♪ shery: vonnie: the feds latest survey says high prices and a tightening market will weigh on u.s. economic prices in the next year even with inflation showing signs of deceleration. a report shows price levels remaining high with food, rent, utilities, and hospitality services increasing substantially. the fed vice chair lael brainard says the central bank will have to raise rates to restrictive levels and warns it will become more in the future as more fed officials also voiced commitment to fighting inflation. policymakers are using the time before their premeeting blackout later this week to ensure investors they will not blink. >> we are in this for as long as it takes to get inflation down. so far, we have expeditions as he raised the policy rate to the peak of the previous cycle. the policy rate will need to rise further. vonnie: the bank of canada delivered a fourth consecutive outsized interest rate hike, dragg

and stocks and futures waiver as european markets way unsentimental from the rba boosting to a seven-year high. francine: that is what the futures are doing. they are struggling with direction and yields are rising. you look at the pound and there was a list of the troubled pound. we are not talking about a possible imf bailout. this is like deutsche bank. futures are kind of flat. tom: uninspiring this tuesday. we have the economic risks and the economic challenges -- policy challenges for the incoming prime minister, liz truss, who surprised many by coming out early with this plan of hundred 30 billion pounds. we are waiting for additional details and boris johnson gave his dispatcher speech -- departure speech. no windfall tax so far and she pushed back on that. a subsidy for households and those energy businesses. the cac currently down 0.2%. we switch it on and see how things are playing out. interesting to see that france and germany are agreeing in terms of energy sharing. germany has the gas crunch but it has some more electricity so they are looking to share that energy into the

david: where it is may be close to sufficient is the rba.is probably more roasted data they are looking at. >> it does seem like a bit of a pivot, and we think from the october meeting onwards, there was a shift in 25-basis-point increments, it is a gutsy call because the policy rate has just got to neutral where i think most of the central bankers are saying neutral is not good enough. we need to be at restrictive. we need to be above neutral. i think it really depends on how the inflation numbers come out. like the import side of things we have been talking about for a while, oil and gas prices have been going up, but i think far more important is a slowdown in net exports. china and taiwan reported exports weaker than expected. they have been positive since 2020. my measurement of data surprises -- if europe is in recession, u.s. this slowing down, china is still weak, asia export numbers will be looking at a lot weaker over coming months. you might see a little belief in the short-term, but generally, they move higher because of the expo

the rba released meetings of the september policy meeting, the central bank increasing the cash rate basis points at its october meeting. governor lowe's parliamentary testimony saying that he is worried about inflation expectations getting away from him. and a spanish newspaper reports that mccurry is thinking about selling a 20% stake in its spanish oil company. shery: take a look at crypto at the moment, we are seeing a bit of upside -- seeing downside for bitcoin. [laughs] it 3-month low and below the 20,000 a level. ethereum is rebounding after attaching a two-month low after the merge. we had seen the hype unwinding now that the merge is done. it is about monetary tightening around the world. three days of central bank decisions expected to deliver interest rate hikes adding up to more than 500 basis points combined. not a lot of change in the monetary policy in china, though, we are looking ahead to the lpr. millions have made the switch from the big three to the best kept secret in wireless: xfinity mobile. that means millions are saving hundreds a year with the fastest mobil

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the rba is continuing to tighten as well.mer confidence is still pretty weak. >> we will continue to watch the code pandemic. all of this as employees return to work. the chinese capital wanted to contain nuclear flareups. stephen engle is in hong kong. >> in china, nationwide, they had 949 cases. that is the first time the daily total has been below 1000 and more than a month. authorities are trying to quash any form of outbreak, and the flare of the virus. there will be trouble over this through the auto festival. they are starting to show negative 48 hours. they are tightening that. authorities don't want to be blamed. let's just. i am not trying to pour cold water on this financial forum on the first and the second of november but who is going to come from abroad if they have to spend three days in hotel and for that is not being up to do anything that hong kong is good at. restaurants, bars, going out and about. bill winters telling bloomberg live, he is saying regardless of whether there will be a hotel quarantine, it m

the dollar is taking a back foot as a countdown to the rba decision later.ter in ukraine says the country is getting commitment from european politicians to support ukraine in the war against russia despite the energy market turmoil. they also call ukraine allies and need to work to end the invasion. >> we have a war in ukraine but your opinion union also has a hybrid war. food crisis which russia creates. migrant crisis which russia creates by killing civilians in ukraine and sending families. all of this is elements. on your opinion continent -- on the european continent, is not so simple. it is because of action in russia. so now we have a principal war between civilized war, democracy, and freedom. versus autocracy, soviet style principles. we would like to be part of the free and democratic europe. it is important to understand that the only way we could win the war and save our democratic principles and this winter we should find the possibility to go through the war and when the war. we in ukraine protect brothers of europe from military invasion. eur

haidi: i think switzerland, rba minutes as well, those of the major ones. a lot of risk for investors to contend with. it does look like asian investors are not getting a great and up from the u.s., it is a negative read for the start of trading. most of them were position for the fomc. treating as japan closed, so thin on the ground when it comes to forex trading. you can markets will be closed to observe the funeral of queen elizabeth. u.k. futures, flat, down .2 of 1%. a little bit of a move when it comes to the australian tenure, he restarts holding at .25 of 1%. -- given the news chengdu will be emerging from the lockdown much sooner than what we saw with shanghai. good news in particular as we saw the golden dragon china index down last week by 4%. we see a rebound with positive covid news today. let's get more when it comes to the broader outlook, let's bring in kathleen hays and garfield rental -- reynolds. markets seem to think 75 is not too hot and not too cold goldilocks point. kathleen: it is a large rate hike. it will be the third one in a row

you cannot keep having these 50-50 cases in the case of the rba.eresting, i would recommend people go back and read the speech from last week. the only top and there are many fed speakers, and all are equal. among the top leadership she is injecting a little bit of a note that let us not forget risks can be too way here. she did indicate that they are mindful of the growth outlook softening globally. keep an eye on her thinking. shery: talk about the softening of the growth outlook. the expectation so far is that the u.s. economy is strong enough to upset any of the tightening we may see in rates. it can withstand the tightening and for other economies like you mentioned australia, what are we seeing in terms of a global recovery? are we still saying that after the pandemic? -- seeing that after the pandemic? >> a global recovery, do we have one? the imf global growth forecast has been consistently downgraded. we spent a lot of time last week talking about the trade data from china. showing imports fairly on the right side of positive. a significan

we have seen in previous readings it capturing an indicator of the impact of the rba's tightening cyclempact of what the fed is doing. the indicators include the life of u.s. industrial production, u.s. equities, the yield implications as well. really a mixed picture when it comes to the impact of the accelerated pace of the tightening cycle. expectations have been that the growth rate will continue to ease. let's get to su keenan with the first word headlines. we su: start with hsbc which had the massive correction in china's commercial real estate market may last another two years. the ceo told the conference of the correction has been faster and more decisive than expected. last month hsbc said it would take further charges against its exposure to the property sector. china property shares posted -- posted, calling and upcoming increase for his bank "bad for america." he is set to appear in washington along with other bank ceos. in his prepared remarks, he tells the world jp morgan plays -- in the global economy. wall street banks are poised to realize roughly $600 million of losses

[laughter] the governor of the rba has indicated that they will be prepared to slow down the pace, hectually said that. you could say the same thing about the rbnz. i would put them in the category of central bank that is not looking to accelerate hawkish and it and could be looking to do the opposite. so, when this cycle turns, these yields are greater scream lower and the markets that will perform best probably are australia and new zealand. shery: shery: i always find it is better not to mention the word peak. i know for a fact garfield gets mad at me when i question, where is the peak of everything? [laughter] dollar strength. we continue to see the narrative of where bond markets and returns are going. when can we expect the dollar strength and bond yields to part ways question mark steven: can i use the word peak again? [laughter] just so i can focus on the dollar. i think at some stage they will be at peak. whilst the fed is indicating a willingness to stay hawkish, it is very difficult for the dollar to turn. you are right, the bond yield and the dollar have been moving togeth

'rba itwck is down 18% wee ckn o. ♪ ♪ wow, we're crunching tons of polygons here! what's going on?invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq >>> welcome back to "squawk on the street." inflation a record high, consumers are pulling back on dining and eating out. brinker international owner of chile's, kevin hoffman joins us for his first tv interview as ceo of the company kevin, welcome to the show. >> good morning. thank you for having me on. >> i want to get to the turn-around story that is chile's within brinker first, i have to start with this macro data, including the latest inflation read this morning that was hotter than expected what are you seeing across your brands is it affecting consumer spending patterns in your restaurants? >> yeah, we talked about in our last earnings call, internal the lower income cash-strapped customer is coming in a little bit less when you have this kind of environment, there's two things you really have to th

political and it is obvious to anybody who looks into this, watching the democrats are politicizing the rba the voting rights act -- seeing the overturn common sense unlawful state into -- integrity reforms look at the example in georgia it has been discussed today mostly from one side, but the department of justice -- sues the state of georgia over the election law -- that law, if anybody can google this and research it for themselves do not listen to what experts are saying about it look at the law it strengthens ballot -- ballot box protections and it enhances the states election integrity that is why it was supported but one of the experts that had this committee -- said that the doj's lawsuit and the biden administration filed against georgia lyle -- law reads more than that -- syria's lawsuit by a political justice department. -- serious lawsuit by a political justice department. -- all the other hearings that we have had on this subject and related to it. the people are imposing faith in our election system and the accusations that are flying back and forth but more importantly than

spending her time in xl -- i am remarkably bad at for someone who enjoys spending their time in excel, the rba0, adding those together means we will get an average g10 policy rate of 1.5%, which would be the highest level since february 2009, when we started to see stocks tumble in an about-face from central banks. this time it feels like we will not stop there. do global markets really have a grasp on the fallout from that, on speculative assets and things like the housing market? esty: when you look at what the markets have done this year, you clearly see that the pain came early because the fed warned us pretty much since march they were going to have to hike and they were going to hike a lot. in may and june and obviously into july, they just kept increasing that rate. i think we are pricing and a lot of that. you were mentioning some of the other central banks, but even after jackson hole, if you look at the fed, the expedition for the fed funds rate did not move so much at the end of the year. markets were already pricing 50, 25, 25. it may now be 75, 25, 25. the bank of england has been