let's bring in gina martin adams. r more on what the market is going to be watching for, what is your best assessment? n --gina: i would say the equity market is were vulnerable to be news coming out today. when we get the details of the minutes to get the equity market is looking for the fed sensitivity to inflation. how much are they looking at job strength as potentially problematic? will it still higher rates going forward? then not only will the federal funds rate peaked out but what is the terminal rate? is the fed considering where the terminal rate is going and what are the thinking about for 2024? kriti: we were talking with our producers today. economists are saying 5.2 5%. the market is pricing in some are like 5%. anastasia amoroso saying earlier that even 6% is being considered. in the extremely hawkish position, does that mean that the equity of 2022 is not over? gina: this means the equity rally of 2023 is not over. we didn't have the boom in january that is partially solidified by the idea that the fed

jonathan: gina martin -- tom: gina martin adams will join us.ee on china will prepare you for a weekend of thinking about the fractious path forward. i will go to the equally strategist -- to the equity strategist stephen colbert and look at the growthiness that is out there. you are value-based but the growth is winning. give us the future growthiness we can find in a value approach. gina: it has been a confusing market so far this year. in january we saw the unprofitable companies outperform profitable companies. the single strongest month, one of the strongest bonds in the last 20 years. we are in a confusing market. that is already starting to unwind. through the month of february we are starting to see value pick up steam. some of the stocks are hanging on and that is a reflection of the earnings season where they have been very good at managing investor expectations and also very good at hitting on the nerve of investors which is margins. that explains applies performance -- that explains the price-performance you have been noted. we will

tom: gina martin adams joins us now, chief equity strategist at bloomberg intelligence. ent our revenues in earnings for american companies? gina: not great, honestly. we continue to see evidence that it more than a year ago on adjusted basis. we will continue argan and whether the economy is in a recession, it is clear that the earnings cycle pete and is experiencing a downdraft -- we will continue to argue whether the economy is in a recession and it is clear the earnings cycle peaked and is in a downdraft. the market itself has shown signs of bottoming since october lows. looking at the earnings stream, it is all about inflation. revenue is still throwing year-over-year, in particular thanks to the energy sector where we are getting energy growth, high oil prices and energy prices at large. it is about inflation impacting margins. tom: just on one transaction reported by bloomberg and it is reported that danna her medical -- danaher medical maybe having a transaction we have talked about this before, with all of this going on, is it going to be a premium of well-run co