intel, jp, some of the biggest drags. watch this up-and-down ratio in the s&p, for stocks down for everyone that is rising. mark? market: the bank of england, holding rates steady today. sterling surging, suggesting they may need to raise rates faster than previously indicated . joining us now from outside the bank of england, what is that feeling outside the market? when will this for rate cycle to send from last year? when is it likely to happen? >> i would say that the market is interpreting this as a hawkish hold. what i found interesting about the reaction today is that when we got that dovish hike, yields dropped right eight basis points and today you are seeing the exact reverse of that in the other direction. markets have started fully foring in a rate hike august. may make him much more into play. before it was just over 50%, now it's roundabout 75%. why this repricing? as you said, it was no change to the rates and a unanimous decision where they expected it itht be a seven to vote, but was the message in the inflation report and in the press conference where the market seems to have seized specifically on the phrase that might h