manus: the cio at julius baer has been listening. i put it to you, to the market, the last guest. using one reading on core cpi, is it enough to change a chorus of fed speak preparing us for an auto mask -- autumn-esque taper? our u.s. waged? -- are you assuaged? quick did it was reassuring in the sense there was no additional inflation in numbers. we are going to have clarity on this in 2022. even if inflation could move more than the market believes, the matter rests with the treasury, not the fed. today monetary policy -- i would agree with george that the time to pull back stimulus is probably closed. the main reason is the asset prices. dani: i wonder, if i can do the bad thing and grasp at straws. i wonder if there is anything in this data. i want to point out the energy and food prices, things that made it more of the inflation in this report than previously. does that fact serve as a warning signal that inflation might be broadening out? >> you need to have a clear understanding of what the fed does have an influence on and what it does not. we know the fed influence on en

he came with some baggage when he was the ceo of julius baer which was under investigation for moneyg. there was a lot of culture clash there. we are seeing what seems to be a mutual exit agreement where he is departing the bank after three years when typically partners stay for 20 plus years. guy: in terms of what is happening here, pictet has been struggling in terms of the rollout of its asian wealth management push. he was the architect of that. then we draw a line between what is happening in asia and what is happening at pictet? marion: definitely. the reason collardi was such a great higher is because he had the asia experience. asia is the epicenter of wealth creation and many banks are clustering to create a bigger presence. that will be in a blow in a way but the senior managing partner who acts as a sort of ceo of the bank has reassured the market and its employees they plan to continue their expansion in asia regardless of collardi's departure. if you look this as if it were a public bank, he is departing having thought his task finished. it remains to be seen how sticky