let's get more with bloomberg mliv's mark cranfield.is the second time we have had a cpi coming in lower than had been expected. another downshift. how does it affect the fed's thinking? mark: not a great deal. even though we have a better number, 7% is too high on the inflation numbers. the fed was expecting it to start to come down anyway. they would have factored that in. they have also said they want to get inflation numbers back towards the old range of 2%. it is going to take a long time. we are probably going to hear jerome powell remind people today they are determined to do that. he obviously has the backing of the president as well. we have heard president biden say prices are still too high in the united states. so the pressure is on the fed to do their job. that means 50 basis points today, at least one more of the same kind when they have -- when they have a meeting on the first day of february next year. they will hold around 5% for quite a long period and that will certainly work to dampen expectations in the u.s.. could

let's bring in our global economics and policy editor kathleen hays and mark cranfield to walk us through the price action. let's are with you, kathleen. how part of -- power of a signal is the print for the fed? kathleen: there's no doubt that the economy is disinflation a bit. it's this inflating from high levels. when you look at crude goods prices, cars, trucks, furniture, clothes, all of these things are coming down. the supply chains are getting better. there's more efficiency again. inventories are being cut. a lot of people in stores are cutting prices to get these things sold. that is helping, as well. in services, that is where you see a bit our complication. if you look at core services, take-out food and energy, they are still rising. they are 6.8% year-over-year while crude prices are down. it's not a report that says they have won or that the battle is over. it is a report that you are moving in the right direction. i expect this creates more room for hawks versus doves to debate this or may be to bring them together more in the middle where they can say, yesterday have to k