you dead on about adam posen being an important conversation. ing a 3% inflation rate? so they don't have to afflict the pain. tom: were talking about coasting down but dr. posen says that were not heading down. we will end up with the higher interest rate regime. lisa: the pain train had been up for equities for everything else in right now, it seems to be reserved -- reversing. not with respect to like a wholesale eradication of gains. the dollar in particular, a marked move compared to the euro. tom: apple hit a record high, is a terrible pullback. lisa: we will bring in mr. mccormick to save us. tom: mark mccormack head of fx, i would love to get your sense on the paint trays around the world right now and in particular with the dollar being stronger? mark: all of the stuff you're talking about with disinflation what's driving markets overall. the pain train and fx is the carry trade. if you compare it the carry trade to the total return of the dollar is supposed performing strategy. one thing that we see in quantitative tools as there is no

tom: adam posen of the peterson institute taking the high ground on the telegraph. i'm going to go beyond the banner. he says the united kingdom needs 6.5% rates, makes it clear that maybe even higher than that. say good morning, jonathan ferro on assignment. lisa: on occasion. -- vacation. tom: a different eyelid, it is very nice. not with us which makes us lesser disease very good at the bank of england while his americans try to keep up. lisa: the appetizer is shocking. what we got from the swiss national bank, a surprise rate hike, the norwegian central bank saying more is needed. it hawkish tone across the board and it raises the question, what are central bankers still getting wrong? tom: it makes it important. you don't see it in the headlines in financial media this morning but there is terrific attention -- tension there. thank you for pointing this out on twitter, two-year, 10 year yield, we are now through 100 basis points that happened a couple of hours ago. let's take a moment of silence for priya misra. ira jersey also quite good. lisa: this is the key