lucy powell who — on the story today for you had lucy powell who did not actually put up any opposition available may leader 13 points behind in the polls _ may leader 13 points behind in the polls. let's be clear, nothing came out of— polls. let's be clear, nothing came out of the — polls. let's be clear, nothing came out of the text anyway —— this is a labour— out of the text anyway —— this is a labour leader. what does he do with that information? provided he has it onto officials, there is transparency, there is a paper trail, — transparency, there is a paper trail, is— transparency, there is a paper trail, is fine.— transparency, there is a paper trail, is fine. that is ok. i think it is something _ trail, is fine. that is ok. i think it is something we _ trail, is fine. that is ok. i think it is something we could - trail, is fine. that is ok. i think| it is something we could discuss trail, is fine. that is ok. i think - it is something we could discuss for the rest of the paper review, but we have to move on. let's look at the front page of the financial times and, maya, of cour

what do you expect jay powell to say this week. lucyi think they will focus on the average inflation. this is the new regime and they have prepared the ground for allowing inflation to rise and that's what we will see. it will be bumpy, the next few months the peak of that comparison. it will be a bit bumpy and scary and volatile, but they have prepared. no one can say it will be a surprise if they are behind the curve because they said they will be. manus: the 3%, you have a lit a torch you said, raising a number like 5%, but 3% will not scare us to debt and equity markets. do you think 3% is running hot at the fed? we are trying to understand what running hot means. do you think 3% is a tolerance level? lucy: i don't think they know, and i think they are going to play it by ear and see how it works. they are open they are experimenting. they're open to any number from the outside. i think they really don't know and they will see how it goes. but this is a new regime. it is a clear message, they will let it run further than they would