kathleen hays is here with us. what is in focus now? kathleen: one of the most read stories today on the bloomberg terminal was talking about how it is not so much now what powell's signals about when the taper will start, it is as much or more about when it will end. that this chart -- look at this chart. the great financial crisis started in 2014 after the last taper tantrum and lasted two years. but that was a different recovery, long and slow. we're having a post-pandemic rapid recovery so far. but the risk is you move too quickly or too slowly. what does jay powell say about that? today we are going to take a close look at the bank of korea decision. it is all about that versus debt -- about debt versus delta. shery: very catchy. haidi: kathleen hays there. we continue to watch from any kind of tapering signal, the rhetoric from jay powell going into jackson hole. how are markets setting up for this? shery: want to focus on emerging markets because e.m. currencies found support on wednesday as strategists and hsbc have been pointing

bloomberg global economics and policy editor kathleen hays join us -- joins us. at about the delta variant, how will that affect what fed chair powell is likely to say? kathleen: we shall see. everyone is talking about where the economy should go next, where policy should go next that delta variant is a cloud hanging over the economy right now. esther george in her interview on bloomberg television, said that she doesn't see any impact on the economy just yet. >> we will have to see what impact this flare up in the virus might bring. you can imagine it might slow down the returns to the labor market, but i don't expect at this point that it will derail the economy as we saw last year when we first had to deal with the virus. kathleen: with that in mind, michelle meyer from bank of america with her data saying that consumer spending is starting to pull back in the last few weeks. here is what consumers are spending money on -- the yellow line, dining at trans has come down. blue line, people flying, that has also come down. and then at the bottom, working from offi

let's get more with our global economics and policy editor, kathleen hays. t look at highland. we will get -- let's look at thailand. they are said to hold of their policy even if the economy keeps contracting. they cut their 20 and 2021 forecast in june and now things are even worse. the is ordering more stringent restrictions with covid cases surging. the gdp has already contracted five quarters in a row. they are in a deep recession. later in the month, it will be the sixth contraction in a row. in june, the bot also signaled they were not willing to cut the key rate. they prefer to see more targeted covid assistance. the cabinet just this week ok-ed doubling the fund they are using to provide payouts to workers and nurses battered by the virus. those two things in mind, they already see their rate at a low level, the government is stepping up more support. hold the key rate at 0.5%. however, by years end, bloomberg economics says they will make another 25 --basis point cut, because they will have had two years of negative growth. a pretty grim outlook for

kathleen hays is here with a preview. what is in focus? thleen: one of the most read stories on the bloomberg terminal today is positing that the big fed taper question now is not when it starts. it is when it ends. take a look at this chart. when the taper first started in 2014 -- 2013 is when ben bernanke gave his signal it might be happening -- but the actual tapering ran for two years in the middle of 2014. much more than two years. you could see it was pretty quick to wind down. anyway, the question now is, if you have got a stock market that has been rallying with all its liquidity, a bond market that has yields near six-month lows, then maybe it will be very sensitive not just to the start but how long it lasts. does it stretch out for a long time? this is a different economic recovery from the great financial crisis, the great recession, because it was a long time to get gdp picking up and the fed could never get inflation to the 2% target and keep it there. inflation is about target, we have a very strong rebound. it may be a littl

kathleen hays is here with us. what is esther george saying? : she is thinking it might be time to start making a move. this is not one-sided. we know that the monthly number eased to 0.5% on a month in the month of july from 0.9% in june. but the year-over-year cpi is unchanged at 5.4%. if some of these things are pushing up inflation like the things that were scarce in the reopening, these kinds of things, if those prices are starting to ease, which they did in the latest report, maybe that means we have seen things coming down. bloomberg economics pointing out that look at this chart. goods prices have been really driving the cpi higher. services prices have been flat. they think that as the economy is shifting and continues to reopen, you will see services prices are starting to rise as goods prices cool off and that will keep inflation in a 5% to 5.5% range towards the end of the year. there are some doubts about inflation and what it will do but she does see the labor market picking up and she says that even acknowledging the risk of the d

kathleen hays joins us now with more on this. we are talking about a 2701 page bill. what's in it? leen: one, it's a bipartisan bill. several weeks ago, joe manchin from virginia on the one hand, mitt romney republican on the other hand, they said we can hammer out a classic, traditional infrastructure bill, and that is what they have done. chuck schumer, who is the head of the committee that is going to have to see this vote through ahead of this group, says it is a matter of days before gets past. romney says he sees no disagreements, so he is optimistic. here is what is in the bill. roads and bridges is the traditional part. $110 billion. electric grid upgrades, $73 billion. rail and amtrak, really important if you want to move people fast, $6 billion. broadband expansion, one of the leading economies in the world should have more broadband. drinking water and transit, they are all getting plenty of money. going back to joe manchin, he was on face the nation, he was on cnn today. he said that he sees the vote perhaps today, sunday night. the amendments starting on monday. he sees

kathleen hays is here with more. speak, we are hearing from governor orr speaking to a pro-mentor committee. kathleen: the message is pretty much what he said last night about why they paused. this is going to be temporary. they are on a path to rate hikes. he is also being asked a lot of questions about home prices. was their policy excessively easy? this is one of the reasons they were expected to hike the rates. the lockdown in new zealand. the toughest restrictions is why they paused and made that clear. he is saying a lot of things here. i have no regrets with regard to monetary policy. he notes that in fact it was without doubt something that had to be done. he is also saying that he thinks that everything they have done is something he would be standing for, defending. he thinks they have done the right thing. it sounds to me like the parliament is calling him to task a bit. it is something that they have to do because of the structure they have. he has to answer to the government like any central banker and th

kathleen hays is here with the latest. r, the headline was that new policy framework that powell announced. is that still viable right now? kathleen: it certainly was in play but a lot of people have questions about it and just think of a year ago, the fed said we had a decade where we could not get inflation to go to the 2% target and stay above it. the economy has been battered by the pandemic and now, they are going to let the economy runs so hot that inflation will get about 2% and stay there. maximum employment. employment got down to a low of 3.7%. now, you can see what has happened. the big surprise that the fed was not counting on was massive stimulus. in the rapidity with which the economy pulled back out of the pandemic -- thank you very much. i want to show a chart. that is what i was thinking of. while we are talking about this, we can look at the fact that the inflation number is now running at 5.4%. so you have got a situation where things are moving fast. at the same time, fed officials say the inflation spik

kathleen hays is here with her preview. what can we expect?> we figure we can expect good numbers. as you said, we've got so much happening. the pandemic, the delta variant, reopening. jobs are seen rising 858,000 in july on top of it hundred 50,000 in june. bloomberg economics is looking for 950,000. that is the kind of again the fed wants to see. the unemployment rate falling to 5.7 percent. jobless claims continue to fall. in the latest week, they were down to 385,000 a week. that is not a big change, but when you look at this chart -- actually we are not going to show you the chart. [laughter] >> tell us about the chart. what would we see? >> we will see in the latest week, they are so much closer to the 10 year or 20 year average. bloomberg economics says these stronger claims numbers are flashing a green light for a strong jobs report. inching closer to pre-pandemic averages is something else the fed wants to see. now you're going to say, what about this disappointing adp number? exactly. as we look at it, the thing about adp, private pa

kathleen hays is here with more on this. there seems to be conflicting opinions on the timeline. kathleen: yes, but if you know how to read the fomc minutes language, you will understand that this is to pay more towards the people who want to go sooner rather than later. it is not a done deal. it is interesting that they say most fomc officials agree to start the taper in 2021. core cpi is at 4.3%. the headline is that 5% plus. target is 2%. they need to make more progress on maximum employment but they are getting closer. let's look at a key phrase i want everyone to look at. various participants commented that economic and financial conditions would warrant a reduction in coming months and several others indicated a reduction in the pace of asset purchases was more likely to become appropriate early next year. now, they did use that word, "most." most is more than several. i guess various is more than several as well. but you have to understand that someone -- still, september, october, november, or january, they are going to start tapering and relatively soon. they did mention

let's get details from the bloomberg economics and policy editor kathleen hays in new york. l's jackson hole symposium speech was dara:. was it as darvish as advertised -- was it as dovish as advertised? kathleen: it depends a lot on what people thought when this whole thing started. if you thought once the fed finished tapering bond purchases it would move directly into rate hikes, aye will be relieved. what the fed said all along is, we have to taper first. adding stimulus by buying bonds, and then removing it by hiking rates. they don't have a rule about whether they will start raising rates after they finish taper, except they are watching the economy. that is what jay powell is doing. let's hear what he said about some of the key indicators that show how much substantial progress has been made. >> the intervening months have brought more progress in the form of a strong employment report for july, but also the further spread of the delta variant. we will be carefully assessing incoming data and the evolving risks. kathleen: a lot more focus on the coming jobs report frid

kathleen hays is here with more.e are hearing from them there will be no need for the pboc to inject more open market operation funds. >> yesterday, the pboc came out with a fairly dovish policy statement. this is after the ppi came in at 9% year over year instead of 8.8. not a big difference. it is still rising. is the pboc worried? later in the day, when they put out there policy statement, look at what they said. they set concern in the ppi will be temporary. inflation pressures are controllable because they have been normalizing their policy since may of 2020. ahead of the curve. they went out changing their policy ahead of everyone else. they said to mastic recovery is not yet solid. they say they expect export growth as well. we saw that yesterday. the delta variant spreading. also, small businesses have been hit by the rising commodity prices pushing up inflation. after this dovish policy statement, it seems to be increasing. let's look at the bloomberg terminal chart. this is the key rate the pboc cut, the go

haidi: kathleen hays. let's dive into those numbers.ng america for the worst covid death rate in the world. in china, they are battling an outbreak of the delta variant, while hong kong is relaxing some border restrictions. our senior medical reporter is joining us with the latest. as we speak, china reporting the latest case numbers, 90 corona virius cases, 61 local cases on august 2. it was always a surprise for china not being able to rein in infections, and the delta variant spreading so fast. michelle: delta has managed to penetrate china's defenses and it is getting wherever it can go. that is what viruses do, they spread dramatically and the chinese population has not seen a lot of virus until this point. vaccinations are good there, so hospitalizations and deaths are low, but they are seeing a number of cases, and they have tested and traced and contacted traced and worn masks and cap to the rate to almost zero. we are seeing the first outbreak in wuhan since they launched the city down a year ago. it is even in beijing. it is a

kathleen hays joins us with more perspective on the spirit how significant is it to hear such comments from the number two at the fed? kathleen: you have the fed chair. he is number one. vice chair, number two, john williams, new york fed president, number three, they are the core of the fed, the ballast. when you see -- he says in prepared remarks, when he says rate hike conditions being met by the end of 2022, paving the way for a hike, listen. >> it is the outlook -- if the outlook's turn out to be the actual outcomes for inflation and unemployment realized over the forecast horizon, i believe these three necessary conditions for raising the funds rate will have been met by year-end 2022. kathleen: vice chair richard clarida saying he is in favor of announcing plans to taper this year and starting the process next year. the money markets, they are now signaling more than ever that yellow lot. not the blue line, but 22 or the 23. that is what they are looking for now. if the vice chair, who is jay powell's right-hand man, the guy who supports him, if he is saying he sees the rate hik

kathleen: i'm kathleen hays. now for a look at our top stories this hour -- asian traders await the august pmi numbers after wall street hit its 12th record close of the month thanks to big tech rally. china's whitening crackdowns also in focus -- via gaming and a private equity latest focus. and the u.s. officially ends its twenty-year presence in afghanistan, but hundreds of americans who wanted to leave are still there. haidi: we do have breaking news crossing the bloomberg when it comes to korea industrial reduction. the company grew better than expected. the survey was expecting 7.2%. it's moderating from the june figure of 11.9%. coming in with a gain of .4%, much better than the contraction of .5% that was expected. delay slowdown from the 2% pace we saw in the previous month. when it comes to bank of korea, a lot of people were surprised a few days ago, largely on account of the debt written in the country, but some of this is positive data that would be supporting that decision. kathleen: as we watch the

let's bring in kathleen hays with the latest. showing how a single senator can really hold up these votes. very arcane rules and yet there is still disagreement on key parts of this bill, as well. reporter: most of it has been agreed upon. for example, bill cassidy, the republican senator from tennessee on cnn today said it is probably going to pass. he things maybe as late as tuesday. all the meat and potatoes have been decided. there was one procedural hurdle pass just yesterday on a 67-27 vote. this is a $550 billion bill. a hundred 10 billion for roads and bridges area who cannot agree on the echo -- agree on that? so that part is easy. there are a couple amendments that are tough. one is having new cryptocurrency rules. it would affect taxes. and whether or not states can spend unspent really funds on roads and bridges and things like that. chuck schumer, the majority leader in the senate, said he wants to move it ahead. can't we just get it passed? it will require part -- require republican participation. he says he will pu

kathleen hays, economics and policy editor. pricing, as kathleen pointed out, before this week, was around three rate hikes. that has come down to just over one. this is where we are. i'm going to make a point very quickly on this. in terms of where the rate will be by next year, this was a day before we had that interview with adrian for. notice how the -- notice how that flattens into the price point this morning. i will leave it there for now. let's head over to new york where vonnie quinn has the first word news. vonnie: thank you. u.s. vice president harris will look to bolster economic and military cooperation. it is the biden administration's highest profile trip yet to a region becoming more economically independent from beijing. the trip to vietnam will mark the first time a sitting u.s. vice president has visited since the war ended in 1975. secretary of state antony blinken and g7 foreign ministers agreed during a virtual meeting that the taliban's actions will determine their relationship with the international commu

for more, let's bring in policy editor kathleen hays. could be good news for the fed, i guess? leen: certainly good news for jay powell, right? this is a big question hanging over president biden because many people would agree jay powell has done an extraordinary job managing this economy through, you know, this crash, pandemic-driven crash, but yet, he was appointed by donald trump. he is a republican, although donald trump asked him every time he could. this brilliant compromise i think, she is on the board of governors. they are saying have loyal brainard move into the vice chair for supervision, for bank supervision that randy clore is going to vacate. what a way to not cause more uncertainty, get a woman who knows what she is doing into that deep. all this happening as jay powell is going to stand up in a few air -- a few hours or virtually, may need to be sitting down, and signals he is ready to taper, maybe getting it done by the first quarter or middle of next year. markets will be watching this closely. it is a terrific scoop from bloomberg, but it definitely looks lik

kathleen hays joins us with the latest. what is in it? thleen: they are going to have to read fast if they want to make any amendments. it has traditional infrastructure spending and everybody knows it goes beyond roads and bridges. chuck schumer, who is one of the leading democrats in this bipartisan group who hammered out this will says he sees it passing in a matter of days. it's just a question of hammering things out. let's look at some of the details. roads and bridges at the top of the list, 110 billion dollars. we have electric grid update -- remember the big problem in texas? that is the kind of thing you have to fix. rail and amtrak getting 56 billion dollars, expanding broadband. everyone agrees the country should have better rod band penetration. joe manchin, democratic senator from west virginia known as being a moderate and the vote maker on a lot of these votes because with this narrow majority in the senate in terms of power, they need him on their side. here what he said about what he sees next. >> by this evening, hopeful

kathleen hays is here with the latest. ion is urging powell to do this in his speech on friday at jackson hole. why? kathleen: they feel it's time. it's interesting to me, we have seen many investors and colonists saying that, they have said everything they will say. after the july 28 meeting. bloomberg editorial is saying no, he can do more. for example, he can say he wants the taper to start soon and have it over by spring. any other fed officials have said that, including one of the most recent arrivals to the board of governors in washington. and what bloomberg opinion is pointing out is that, we are in a different situation now. we don't have a lack of demand where we have to buy bonds and keep rates low to make sure the economy recovers, we have got excess demand now. we have supply-side constraints and inflation far above target. in fact, states say it's past time for the fed to start dialing back the stimulus. they point out that, let me read this to you, inflation is a risk so the central bank must untie its hands,

bloomberg global policy editor kathleen hays is here with a less than stirring preview. ted they would hike 2.5%. now what? -- hike to .5%. now what? kathleen: let's remind everybody the rbnz confirmed that with lockdowns and all the uncertainty, they are going to have a rate decision by 2:00 p.m. in the afternoon in new zealand and their press conference would follow at 3:00. but in terms of what is going on, the rate hike that has dropped like a stone is all about the lockdown. you can see this chart let's look at it again because it tells the story that markets were pricing in three hikes this year, 25 basis points today, two more by the end of the year. the chance of today's hike is now down to about 60%. westpac asb bank now saying, they are not looking for the hike. dropped the forecast. rbnz says it is a coin toss, maybe they will, maybe they won't. bloomberg economics is saying it would be a mistake now, the risk casting uncertainty over the new zealand economy. surging cases in australia, new zealand, other parts of the world could reverberate. bear in mind, they

kathleen hays is here with the latest. what about the delta virus? how will that affect what he is likely to say? kathleen: we heard from jim bullard and robert kaplan saying that they still think that the taper should start next month in september. quite apart from what's going on in the virus and esther george, who hosts the economic symposium in jackson hole every year, was on bloomberg television earlier and said he does not feel the virus derailing the economy at least just yet. >> we will have to see what impact this might bring. you can imagine it might slow down some of the returns of the labor market but i do not expect at this point that it will derail the economy as we saw last year. when we first had to deal with the virus. kathleen: some economists are wondering what is happening. michelle meyer saying some metrics of consumer spending have started to slow credit card use, etc. i love this chart. look at the steady rise in dining out, flying on a plane. far right hand side of the screen, you can see every one of them has peaked and starte

i'm kathleen hays. the top stories this hour.he s&p sees its longest winning streak since january of 2018. >> default risks, rattling investors. opec-plus members predict an oil shortage this year but ceased to fly -- busty supply flipping into 2022 -- but see supply flipping into 2022. you can see the futures are moving up little bit higher. we are looking at the highest valuation since the year 2000. versus more and more high-frequency data suggesting the rise of the delta variant weighing on the economy. financials were interesting today. you can see a loss of about -- wells fargo, a big story, five years into dealing with scandals that have caused the company over $5 billion in fines and settlements, bloomberg news finds out some of the regulators in the u.s. are saying they are maybe not moving fast enough and we might have to introduce new sanctions. you concealed actually grow a little bit -- you concealed's actually grow little bit today after officials signal that they are looking at bond tapering sooner than they though

i'm kathleen hays. the top stories this hour.s longest winning streak since january of 2018. >>

kathleen hays joins us with more perspective on this. how significant is it that we are hearing these comments from the number two person of the fed? kathleen: when you see that contingent starting to move up the rate hike from 2024, it is important. it all has to do with the economy performing well and inflation rising. let's listen to what rich said earlier today. >> if it turns out to be the actual outcomes for unemployment and inflation realized over the forecast arising, and i do believe these three necessary conditions for raising the target range will have been met by year-end 2022. kathleen: and as you can see come those are prepared remarks. this is exactly the message he intended to send. he said he is in favor of the fed announcing the tapering plan this year and starting it next year. that also is less dovish, and the money markets took it seriously. you can see there are still few looking forward for any rate hike this year or next but when you get up to that yellow line, that's where people are saying this is when it will be

haidi: kathleen hays there. time for morning calls ahead of the asia trading day.ruddin is in hong kong. you are looking at implications of the climate report. sophie: that's right. at jefferies, the ramifications of factors like geographic concentration and reliance on less resilient infrastructure and it comes these climate change risks. the asg research team says investment implications, we could see more adoption of ev policies and support for decarbonization, which should mean market will reward companies that have a faster pace of reduction in carbon dioxide and other target. utilities seeing that is an area where renewables can place fossil fuels. as for managing the physical climate risk, jefferies says insurance is an industry that will face increased headwind. the last point on this list, a decrease in material consumption may be necessary, which would shift the focus over towards well-being. the report identifies that move away from material consumption is necessary to meet the goals to avoid this climate change catastrophe. shery: let's get a little mor

kathleen hays has more on that. let's start with these developing nations.is a tricky situation they are in. >> you pointed out so well that you have these covid cases rising. five point it percent year-over-year on mexico's inflation rate right now. that is a big jump. 3% is the middle of the target. it is definitely running hot. even so, because of the covid cases and the economy, to raise the queue after a surprise rate hike in june that did nothing to slow down inflation, no surprise there, of the five members, two of them did not want to hike the rate. the central bank made a compromise. they now say inflation is not going to come back down to target until 2023. they say the price shock will be transitory. let's move to peru. the political turmoil there. the currency is falling. the idea is that with this political turmoil that there could be inflationary price pressures. the vent is no hike but a chance they will. finally, the turkey central bank met today. is it any surprise that the central bank did not vote to keep going? >> in all of these stories,

kathleen: i'm kathleen hays.at our top stories this hour -- asian traders await the august pmi numbers after wall street hit its 12th record close of the month thanks to big tech rally. china's whitening crackdowns also in focus

our policy editor, kathleen hays, is here with the latest. what are we expecting?g jay powell to take a look at the framework they adopted a year ago. officially announcing that jackson hall, they have taken it as an opportunity to send a message. that something is changing. they are not even working on the new framework. for over a year and 2019, the fed had a hard time getting inflation to move up in higher and stay there. so from now on, let's let inflation run high. let's let it get above the target and stay there for a while, let's mature we are at maximum employment -- make sure we are at maximum employment. we are going to see because we had that good intention, but at the same time massive fiscal stimulus, the biggest piece time stimulus in u.s. history, alongside an economy that roared have the pandemic a lot faster than people thought, that white line at the bottom, inflation is measured by one of the fed's key indicators, not at 2%, but at 4%. unemployment which has been 15% is backed onto 5.4% and falling. officials including jay powell see tapering of

kathleen hays joins us now. what is in the bill and what happens now?ond question. they worked through the weekend to get this bill voted on by a bipartisan committee. it will be voted on this week. chuck schumer says it will happen in a matter of days, he is the senate majority leader of course. mitt romney, one of the top republicans, sees no disagreements among the two parties on this. he things it will pass through the senate once the details are worked out. in terms of what is in the bill, the -- it is a traditional infrastructure package for $550 billion and of course roads and bridges are at the top of that. the electric grid upgrades, remember what happened in texas? $73 billion there. modernizing amtrak, $66 billion. broadband expansion. a leading economy like the u.s. needs more penetration of that. clean drinking water, transit as well. joe manchin, the democrat from west virginia, a big player right now when the vote is split between republicans and democrats on the senate, when the entire senate votes, the vice president having to break any

kathleen hays is here with the preview. economists are predicting no change. what are we watching?oking at a chart on why they are expected to hold the key rate steady. in the second quarter, after three quarters of quarterly gains, the economy fell into contraction, 1.3%. you can see that smaller bar that goes down. you would have seen a gain of 12%, but momentum is being lost. why? covid in the delta variant are lingering, picking up. vaccine rollout has been slow. there are questions about how fast it can get going. the lockdowns of extended. bloomberg sees this extending into the third quarter. the inflation target is 4% to 2%. we are at 4% now. here's what we are looking for ok? will there be a signal in the policy statement about how they expect the delta variant, lack of vaccines to play out, how that will affect the outlook. because were trying to figure out the future moves. will they give us information about unwinding bond purchases. they told us they have increased their holdings of government bonds 400% during the pandemic. will they give us more details? the bsp gover

. >> hello and welcome to daybreak asia i am kathleen hays in new york. >> i am haidi stroud-watts in top -- in sydney. china threatens to ban e-commerce companies as regulators intensify the crackdown. plus, the bidding war for bankers. chinese hedge funds offer graduates 300 grand. >> we have some very exciting breaking news here for korea for the asian region. exports in korea the first 20 days of the month are up 34.9% year-over-year. that is a little bit stronger than the estimate but a lot stronger as well than the previous month. these are strong numbers across the board, a good sign for asia broadly since what happens in career with exports seems to happen elsewhere as well. that is image stronger than the estimate at 1.4 5 billion. there is so much concern right now about the rise of the delta variant about renewed lockdowns in various places because of the virus. we saw that chia -- china pmi and service index dropping pretty sharply. for korea, a pretty good sign and a big way to start the hour. we watch the korean stock market open. it will be interesting to see how this f

bloomberg economics and policy editor kathleen hays here with the preview. see another contraction, this will be the second recession in less than two years. what is? driving it kathleen: above all, it is the virus. if we look at this. bloomberg terminal chart, you will see that japan's economy, yes, it will be two recessions in less than two years. last year, the big drop of nearly 29% was driven by the virus. then coming out of it at the end of last year, a big rebound. now in the first quarter of 2021, a drop of three point 9%. what is expected today, bloomberg economics is looking for a small 0.1%. the range is wide from 0.03 percent, to up zero point 1%. what is driving it? consumer spending. private consumption seems unchanged from the previous quarter. we flipped the board and you can see it at the top of the list. when you make the restrictions, the lockdowns even tighter, you will get people staying home and not spending as much. exports, even though we had strong monthly export numbers, imports have been rising at a faster rate than exports. you get

kathleen hays is here with a preview. what happened and one is expected now?> what happened is in the jackson hole area, covid cases are rising, they are back to where they were in their levels in january. the kansas city fed, you heard her speaking and that when we get of comments from fed officials, said in her statement that we are concerned about maintaining the health of the hobart immunity -- of the covid community. that is why they change their mind. this is just the evening before the board of governors announced jay powell would be giving a virtual speech. he is going to give a speech virtually, what does this mean? one of the interesting things afterwards, i am seeing so many pieces written, people saying, doesn't this kind of your what might be going on for the fed? the kansas city fed has to say, we have to do virtual because this resurgent virus cases are holding us back. will this have the same impact on the fed's policy decision and whatever jay powell can or cannot say? that last comment, you know, if they are persistent, he also said, hitting