i'm leigh-ann gerrans. more problems for chris west. the lender has issued six profit morning, expecting the laws of the groupwide level at investment banks in the second quarter. credit suisse is considering a round of job cuts as part of every new push to cut cost lei.gh-ann: keeping you up to for the war in ukraine. organizations slashed its outlook for global growth this year from 4.5% to 3%, doubled its inflation forecast to nearly 9% for its member countries. and why the awaited study on the omicron variant could pave the way for another round of boosters in the fall. moderna says its vaccine which targets omicron generated a supreme any response compared to the original shots. the trial is one of the first to examine whether the omicron vaccine may offer better protection against the strain. in san francisco, residents voted to recall chesa boudin. critics accused him of being too soft on crime. 60% of those who voted favorite ousting him. he will be replaced by an interim district attorney chosen by

i'm leigh-ann gerrans.his is bloomberg. ♪ >> there is no question we have huge inflation pressures, that inflation is our top economic problem at this point, and that it is critical we address it. so, i do expect inflation to remain high, although i very much hope it will be coming down now. jonathan: what did paul krugman say? inflation hysteria it is the media. that was secretary ellen there. from new york city, good morning. futures negative on the s&p. on the nasdaq, down .1%. yields higher through 3% on the u.s. 10 year. tom, crude up by about 1%. tom: jon, i think we have to go back to first principles on friday, which is hugely important, look at cpi and say the top line is grim, from a .3% down to a .2%. there is a demonstrable ebbing in core cpi. jonathan: month over month without a doubt for wall street that is going to be the focus. as you have said a million times, you cannot eat or drink core cpi. and you cannot travel on it. tom: let's get to a question that came up over dinner couple of night

i'm leigh-ann gerrans. bloomberg. ♪ >> what the fed has to worry about is domestically-generated inflation is so high. from that perspective what they need to do is slow the economy, and they need to gently raise unemployment. but we know what a double-edged sword that is. jonathan: david page there. from new york city this morning, good morning to you. futures down .4% on the s&p. the nasdaq down by .3%. yields higher to 3.01%. in the fx market, euro-dollar, 1.078. i know that has you excited. tom: two housekeeping notes. on david page being on yesterday about english football, david blanchflower of dartmouth scheduled to be with us today. on cardiff and gareth. jonathan: and the labor market and the fed? tom: we will do that as well. jonathan: maybe up top. 1.34 handle on dollar-yen. i want to get to credit suisse. allow me a couple of minutes. just a couple of minutes. [laughter] yesterday we put out a story with an interview with a guy called david miller. he is over at credit suisse. this is his quote.

let's get more with leigh-ann gerrans. is this johnson trying to shore up more of the party with these moves after this week's drama? leigh-ann: i couldn't agree more. that is exactly what he is trying to do, and boris johnson has said he is going to fetch on. today is going to be interesting because it is the first time boris johnson faced prime ministers questions, and that confidence vote did happen earlier this week. mp's are going -- he is going to face them knowing almost 40% of them didn't want him to leave on monday, which is a big cut. -- 40% of them did want him to leave on monday, which is a big cut. that is to appease these discredited rebels within an side of the tory party so that is what is going to be a big move that we see there. as you mentioned, brexit is back on the agenda. the government is going to look to press ahead with plans to override some of those brexit rules that were agreed with the eu. once again, this is to shore up support within the party. it is going to be interesting because is the prim