now the head of fixed income at generali joins us to unpack this a little more and the fed who's set to come out with their interest rate decision later today. antonio, let me lead with that and perhaps get your sense then of could there be a surprise move low were regard to the interest rate hike, a 25-point basis rate hike, possibly 50, but also more importantly, when, when does the fed then stop hiking >> good morning. i don't see a become chance for 25 tonight simply because the rate is still too high there's no room for 25 basis points only tonight. >> what about that where and when does that end at 5%? do you see it going higher than that or is that the implied rate, and when does that stop? in the first quarter of next year >> if nothing goes wrong, i think the presumption of 5% is okay what the market might be exceeding coming after that. the fight from inflation is far from over and this might imply rates become -- remaining high for the year 2023. >> earlier on we had the eu president talking about how well the europeans have done at boosting up their gas storage facilities

generaly , in fact, to the warnings of the harsh warnings from the united states of america towards theeadership of russia, including during the meeting in ankara by the director of the cia and the head of the foreign intelligence service, the russian leadership, including the deputy head of the security council of the russian federation, dmitry medvedev, quite often repeated the thesis that we can use nuclear weapons there, that we we will defend there because it is provided for by our concept of security, they say everything that concerns the russian federation, and part of the regions that they squeezed out of us and took away they consider theirs and now lavrov says that in fact this is the west and european countries, on the contrary, are pumping out information about a nuclear war that we are useless here, is it possible to say with confidence that the russians have already finally abandoned the use of nuclear weapons, including tactical ones? today lavrov spoke a lot about nuclear weapons and about european diplomacy, according to sergey lavrov , russia is not included in the eur

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society generali is calling for a 33 percent price targets on the s&p 500. we are currently at 31.to trend lower. societe generale equities sis -- analysts. when you are looking at 2023 potential china reopening, what makes you think market is going to trade sideways? >> it is a balance between the slovo also issues of --. as far as the u.s. is concerned, evaluations being back on central stage is not a very good thing. if you think of it this way, the is actually outperforming. what this shows is that is the good news for 2023. we have entered 25 years of falling bond years with people buying growth stocks. where is the growth? the u.s., not europe. now there is the end of that long cycle. at last, evaluations will have a good time. paul: some folks are so concerned about earning risks in this market. how do you review earnings in the s&p 500? how much downside might there be? >> overall flat on the year but that is the rosy scenario most likely. it is down 55 digits. earnings will be down and there will be downgrades across the board. i think that is expected. what we need to see