peter dixon of commerzbank with us. ay with the noted economist was bizarre. what was odd about the struggle chairman powell had yesterday? peter: i would say it was totally bizarre. he caught the markets by surprise, that is for sure. i think the markets were expected mr. powell to say there are more rate cuts in the pipeline. the chairman just said, we are going to take it easy. he said this is not going to be the first in a series of rate cuts, but what is a series? enoughthree rate cuts is of a series. i think there is more to come. i don't think the fed wants to -- ando many hostages attacks from the president. tom: we have a weakening in pound-sterling. 1.20 brent on sterling, not a 1.19. it is a real decline. does the governor of the central bank need to defend the currency today? peter: my view, no. -- maybehe bank's view others can say different -- the markets will determine where to go. there is no sense the bank of england needs to step in and defend the currency because it is a market decision. if the inflati