joining us, david zervos and alicia levine. good to see you both david, he basically endorsed the 50 basis point hike and did not take the bait when i asked if the economy slows down, would you stop hiking? it was a pretty hawkish view, i would say, from chair powell what do you think? >> absolutely, sara. and i think he's continued down this path pretty steadfast, really, in almost all of his commentary, whether it was in the testimony he has given on his renomination, whether at the press conferences. jay has presented a particularly hawkish view that has continued to stay there, and if not, grow even more hawkish as time has gone on through most of this year and i think that markets have kind of tried to shrug it off here and there, but it's coming. and it's probably going to hurt a little bit >> it's coming, and it's still moving markets, alicia, the ten-year note yield jumping past 2.90, and stocks are under pressure the nasdaq is getting hit again. so as long as the fed is in this mode of very strongly fighting inflation,

always timely, alisha levine at b and y levine -- alecia levine -- alicia levine at bny mellon. explain to an audience with a domestic portfolio by dollar-yen crisis matters. alicia: good morning, and it is great to see you even though the world seems to be giving us issues every time we wake up. our central bank is much tighter and much more willing to hike rates than anywhere else in the world because our economy is stronger than any other economy in the world, and what that means is a much stronger dollar for the u.s.. it is great if you're traveling, not great if you are a multinational company that has business overseas because your business is sourced in euros and those have to be converted back to dollars at a much more expensive dollar. so you've got pressure on earnings from overseas companies , and in general it is not great to see these currencies of our major trading partners so week because it suggests there is real strength in the system here because of the differential in central banks. jonathan: the trade used to be go long equities. that is not the trade anymore

gdp numbers on thursday and consumer sentiment on friday joining us now to break this down is alicia levine at by mellon good morning of all of the things on the do docket and layer on what is happening in china, what is the headline and which way will it move the market? >> you can't escape the fact what held up on the index level has been large cap tech and names you talked about reporting which will be the first thing to tell us where the next leg is for the s&p. for the most part, these names have held up and on support and have not collapsed as other parts of different sectors absent huge blowout earnings, we are at risk here we have pce data at the end of the week inflation data which is what the fed uses that is another impact here. if pce keeps on moving higher, it doesn't look like it is flattening or rolling over it will be another leg down for the market it is a very difficult week ahead of us. that is why you see the selloff last week and futures down this morning. a lot riding on this and so far the argument has been in favor of the bears that's what this setting investors on e