joining us now is pimco head of public policy libby cantrell it is great week to talk to you.f all, the name, the inflation reduction act. this is the old build back better plan. do you guys at pimco think that it is going to reduce inflation? it is almost like a gimmick after senator manchin was so worried about inflation and the calling it this. >> that is right good afternoon, sara not only is senator manchin worried about inflation but every democrat and member of congress, every senator running for re-election in november is worried about inflation. so, you will hear them point to the democrats point to this a lot in terms of hoping that this will reduce inflation. i think that bottom line is that this is not likely to be all that impactful in terms of either reduction of inflation. particularly in 2022, particularly in terms of the run-up to the midterms so i think the bottom line is, while you're right this could be a gimmick, and it could actually be -- have more of an impact on inflation down the road, it is not likely to move the needle in terms of reducing inflation

aggie cantrell joins us from berlin.heard tom talk about what led to that weaker profit outlook. walk us through what is it idiosyncratic, what is macro, what is company-specific? aggie: personally -- firstly what is company-specific his russia. that is a big hit and something they are hoping to complete by the end of the year. they are leaving their russian business entirely, and that will obviously mean the cost they are going to incur going into the next half of this year as well. but when it comes to the macro economic perspective we are looking at the fact a lot of these licenses are not being renewed. these licenses for software, a lot of their clients will be using -- losing, and they are not going to be renewing them because, as analysts are saying, they think this is because people are waiting to have better business confidence before they renew these licenses or get new licenses that could tend to be expensive. instead they are going to wait on the older licenses until they are more confident they are able to p