michelle bowman of the fed saying more work needs to be done on inflation. let's look cross asset. the japanese yen coming under pressure in the morning session. we have heard from a former boj member saying they are unlikely to hike again this year. japanese yen currently 147. a little softness coming through. euro-dollar out at 1.09. gold at 2433, up a 10th of a percent. let's go to avril hong. avril: we are seeing asia stocks climbing for a second session, and i think that sense of calm is continuing to return to the markets, making what happened last monday look increasingly like an overreaction. but we have a lot of data to get through this week, not just from the u.s. but also out of japan. don't forget china's data dump also later in the week. on the japanese front, we are expected to see gdp return to growth, versus fourth-quarter -- first quarter contractions. this could reinforce the hawkish stance. in terms of what we are seeing on dollar-yen, given that japan markets are closed today, that might help to cap the volatility. we are seeing it looking pretty range bound. bu

if cpi is a tad hotter, expect more people to sound like michelle bowman.t off, but if it does, you get maybe the more dovish side talking about it. concentration swaying from the labor market and home depot, saying sorry, folks, we don't have the luxury of cutting with inflation being a problem. lisa: especially if they are trying to get ahead of the weakness that people are seeing more broadly and markets. we saw a wild roller coaster last week that seems to have right sided itself with mild gains this morning up .25% on the s&p. a lot of it driven by what we saw in the currency markets, given the unwind of the japanese carry trade. dollar weakness, widely expected we will be speaking about this with jane foley and why that's likely to continue. the 10-year yield, this is fascinating to me, how much is deborah cunningham sounding the alarm saying that people have not fully unwound some of their hope around the fed rate cuts and the ability of the fed to keep cutting, continuing higher after last week's rally after a host of escalations in the middle east

michelle bowman says rate cuts will be needed if inflation keeps falling.nd un undermining progress to every single data point. brian moynihan speaking with "face the nation" yesterday, moynihan says spending to weaken if the fed doesn't lower rates soon. former ceo susan wojcicki dies at age 56. sundar pichai honored her on x calling her part of google history. and vice president kamala harris raised $13 million in the silicon valley last night. since stepping in, her campaign raised $$310 million compared t $139 million for trump's campaign. and trump media and tech is down from a year ago with the stock well off the highs following the public debut in march. >>> here's what to watch this week. we get earnings from two of the biggest retailers with home depot out tomorrow and walmart out on thursday. we will hear from cisco and an supplied materials and ali baba and deere. other key items this week include the july producer price index or ppi or housing starts and the eu in japan released preliminary data on second quarter gross domestic product. >>> let'

michelle bowman has welcome progress on the rate of inflation. softening her hawkish tone.peaking at the kansas bankers association, bowman said if inflation continues the path down to 2%, it would be restrictive to monetary policy. we have our guest with us around the desk here in london. richard, thanks so much for being here. >> my pleasure. >> how is this recent market volatility impacted investor sentiment overall? >> i think there were nerves over the weekend. when you look at where we settled, it say is a reset. you see an easier ability for the market to price the fundamentals. i think it's gotten closer to pricing that on the fed and we have two weeks of the fundamental data coming through. august is a scary period. so far, it has cleaned things out a little. >> where do we go from here and do you think markets have seen the high fs for the year? >> i think risk sentiment is difficult because there is a g g goldilocks pattern. the fed is able to start easing. that means you can get credit tightening and equities rallying and the rates with the mild ral rally. if th

i hear you making argument in some respects that, well, michelle bowman, as recently as june or july, was still talking about cuts. it's clear you're about to be voted off bowman island because the fed chair himself has made it clear the time has come. hasn't the time come for you to be more constructive on the market? >> not yet, scott. not yet. i think moving from bearish to neutral is a constructive move. i think highlighting areas where we've increased exposure as far back as december as a constructive move, i think it would be difficult to say i haven't been more constructive over the last eight months, but i think it's important that if the entire market thinks a rate cut is coming, we've all decided that the fed has decided, i think they've stopped short of it, quite frankly. i want to see two more weeks of data. i don't think that's unreasonable. >> sorry to interrupt. they're never going to say, with oar going to cut it by 50 guy sis points in september. that's not what they say. i know you read the speeches and the minutes. jay powell has come as close to any fed member has

federal reserve governors lisa cook and fed governor michelle bowman, they are warning that the government'sker than the governor is reporting. the atlanta fed is saying we're growing around 2% so is the jobs market weaker than we realize? >> so liz, of course it is. you and i watched this very closely every month. there's a lot of fanfare. they announce a number and then they quietly adjust it a few months or weeks later. we saw the impact a few weeks ago when they announced 125,000 jobs. we saw the impact on the market with such a low number. now even goldman sachs is talking about an adjustment between 600,000 to 1 million jobs. the largest employer, i went back and looked at this was healthcare and a lot of those are government jobs. what the was the second-largest employer? the government. what's the third? it was hospitality and travel. those numbers are going to get adjusted. stelantis, the car manufacturer just announced 2,500 jobs be laid off. manufacturing and the lists i looked at was ranked 11th as far as job creation under this administration so yes, i think it's woefully overst

. >> in fedspeak ahead of this week's fed symposium at jackson hole, michelle bowman says she remains positive because of the upside risks of inflation. reacting to any data point can jeopardize the progress that's already been made. she's one of the most hawkish policy meshes at the fed bank. we'll hear from plenty of policy makers starting tomorrow with kansas city ted smith. what could impact them is something the bls does every year. it goes back and looks march to ma march, and there are -- we don't know what the revision is going to be, but once a year, the march payrolls level is adjustered to a more accurate but less timely data source, called the quarterly census of employment and wages, which is based on something that takes longer to figure out but geshs you a more accurate view. and at this point, up to a million u.s. jobs could vanish in the revision. so at this point -- now, people are saying goldman sachs thinks it will be less. jpmorgan sees a decline of $06,000. goldman sachs says it could be less than a million. we've been adding in our held, 2,040 a month. this woul