christof: of electricity prices. smallest part of natural gas consumption goes into power generation. much more important is space heating, and industrial. the industrial sector needs feed stop for the industry which has to be maintained even if households are freezing. that is why this support of 70% of households is itself important. manus: i have this image of you out chopping wood in the black forest. christof: i'm not going to be there in the winter. manus: i think we can safely say he will be with us for the whole of the winter. my guest on the energy markets this morning. let's get across to jules with the first word. juliette: south korea's president has cleared the heir of south korea's largest company of bribery charges. the move gives lee the right to work at the firm. he spent 18 months in prison before being released on parole a year ago. apple has asked suppliers to release its next generation phones, despite worsening projections for the smartphone market. it is asking assemblers to make 90 million of

dani: and we will speak with christof ruehl on the impact of energy prices. this is bloomberg. ♪ >> you've likely seen that over the last four meetings we have raised rates of 225 basis points. we have shrinked our balance sheet and more rate hikes will come. we will do what it takes to get there. the pace of when we get back to our 2% target is uncertain. as a result, our commitment to bringing inflation down, leads to worries about recession and i understand why. manus: richmond fed president thomas parkin speaking to the huntington regional chamber of commerce, channeling his inner mario draghi. joining us now is ricardo evangelista, fx strategist from activtrades, you look at the jobs data, it is 2 for 1. does this lower the bar to another 75 basis point hike in september? ricardo: good morning, thank you for having me. unemployment will be very important for the fed's decision making process. i think the expectation points at the continuation of growth for u.s. employment. new jobs are still being created albeit at a slower pace. this vitality in the u.s