tom: thierry wizman will join us from a quarry -- from macquarie. an important date for president biden. lisa: you will be speaking with presidency of china -- he will be speaking with president xi of china. how much does he push for a victory lap of sorts after getting together legislation that has been talked about for months, supporting the chip industry in the u.s., as well as fighting inflation, the act? jonathan: solid branding. lisa: it used to be build back better, and now we are doing something about inflation. tom: we haven't talked about this. did the credit space pivot off of the fed yesterday? lisa: you some -- you saw the same rally you saw and stocks. i like what peter said of bleakley advisory. he said now in a pitch black room, trying to find the walls, that is forward guidance from the federal reserve. what did you observe from the friday meeting? jonathan: in the eye of the beholder, we define the meeting by the intraday price action and we often find that a couple of days later. that was a mistake. we've got two cpi prints, a jac

we have macquarie economic headwinds. the end of quarter, it was a beat top and bottom.e more cautious about what is the future outlook because of the macro economic headwinds, we know that can have an impact on consumer spending. we think the mobile market will be smaller. it is mature. it will be smaller as we look at consumer spending softness. the good thing about results is we saw a record diversification strategy. we gutted for the next quarter sequential growth. -- we guided for the next quarter sequential growth. we are concentrating more in premium and high gears. as outlined in apple results as well. emily: you talked about how the smartphone market is going to be smaller, but the high-end is holding up. does that mean that iphone is carrying the market? >> the premium devices, what is really happening is we have a mature smart phone user base. when people think about buying their next device, they want a better device. we have seen the mix continue to improve and our strategy to focus on share of wallet in premium and high tear is working out as we see the res