this is bloomberg. ♪ leigh-ann: keeping you up to date with news from around the world, i'm leigh-ann gerranss going back to the future, sergio ermotti returning as chief officer to oversee the acquisition of credit suisse. he will retake the role that he held for nine years after the annual general meeting happening next week. president joe biden and house speaker kevin mccarthy exchanged dueling letters in a fight over the debt ceiling. mccarthy demanding that negotiation's begin on a series of spending cuts and regulatory changes, responding by challenging the production of a public budget plan. president biden is urging benjamin netanyahu to reach a compromise on his controversial plan to overhaul the courts. the proposal has sparked protests across israel. the president told reporters that they cannot continue down this road. finally, the drive to expand russian armed forces is leading to labor shortages. of the war in ukraine drawing hundreds of thousands of workers into the military from other sectors of the russian economy, suggesting a net increase of approximate 400,000 in the russi

dani: let's bring in bloomberg's leigh-ann gerrans for more. his the boe saying we are near the end? leigh-ann: it might be. they are not saying but hinting. that seems to be something that happens cared last night, andrew bailey was talking at the london school of economics and as we got there most in upbeat sentiment when it comes to the hiking cycle we have seen here which has been the quickest in three decades. it is really not close to what they wanted to beat which is 2%. last week, we saw a quarter of a point hike. what is interesting is bailey echoed what he said last week at the central bank meeting when they did hike rates to 4.25%. he did hint that this could be the end. once again, last night he did that and also said that it remains resilient here in the u.k., the banking system. i guess we saw that after the collapse of the u.s. arm -- the u.k. arm of svb here and it was quickly brought out by hsbc. dani: it's important to differentiate that the pulling back in rhetoric is not because of the banking crisis because it is contained.

tom: leigh-ann gerrans on the comment from the boe governor.ring in the cohead of interest rates in emerging markets research at goldman sachs. thank you for coming in to the studio. we are focused on the u.k., maybe the work done by the central bank, the same debate to be had in the u.s., the debate as to the next steps for the federal reserve. black rock saying listen to jay powell, don't fight the fed. others say you will have to see cuts, there will be recession. where do you stand? kamakshya: there is a lot of uncertainty obviously, about how intense this banking crisis is going to be, what sort of damage you get. one thing is clear, and jay powell said this as well, you will see more credit tightening and less monetary policy tightening. that has perhaps similar impact on the economy but it has very different implications for asset markets. if you take the dollar for example, if you get less monetary tightening, it is a dollar negative. that is an important shift that markets are trying to digest. tom: where are we in that shift? the bloo