jane foley, rabobank. what spooked people is that we thought the story was understood and we have been talking about it for months, inflation, what it would mean for margins and then target came out and you start to realize that even if something is talked about and you think it is well understood, it doesn't mean it is well priced. tom: it is the time continuum of it and the price analysis with real economy analysis. jonathan: equities up by one percentage point in the u.s.. bonds higher by three basis points. running out another volatile week, from new york city, this is bloomberg. ♪ ritika: joe biden is on his first trip to asia, touring a semiconductor samsung tour. later on the trip, meeting with regional leaders to build support to counter security threats by china and north korea. speculation at kim jong-un's regime may -- while the president is in the region. seven finance ministers meeting in germany to guarantee aid to ukraine. u.s. senate has passed and made package for ukraine of more than $40

next, the head of fx strategy at rainbow bank --rabobank, as the euro comes under pressure. manus: we have the details on the chelsea takeover later in the program. this is bloomberg. ♪ >> i think the fed's actions were reasonable up through the middle of the summer of 2021. i do think that by september it was clear that this was not primarily a supply chain driven inflation, and at that point, in hindsight, i think it would have served the fed well to move in september. >> it is essential that the fed regain credibility. it will not do so until it does what the ecb did witches tell us why inflation forecasts were wrong for so long. unless it does that, it's not going to be able to restore its credibility. able to find more people closer to be bad, stepping away from the fed. manus: the fed's credibility issue. the risk assets are cratering. europe under intense pressure, the results of the survey show more than 60% to see the euro eventually reaching parity with the greenback. we can see whether james foley agrees with that in just a moment, the head of fx strategy at rabob

joining me now is jane foley, head of fx strategy, rabobank. jane — do you remember yourfirst ipod?many people, the phone really has been taking over and why carry one of these around when really the phone does it all? it does not come as a surprise that they are now stopping this. that come as a surprise that they are now stopping this. at the time it was — are now stopping this. at the time it was incredible. - are now stopping this. at the time it was incredible. it - are now stopping this. at the time it was incredible. it was| time it was incredible. it was a style accessory and celebrities flocked to be seen with that, john meier, u2, oprah winfrey and bmw built a system where you could have it in your cars and it became part of the furniture? it in your cars and it became part of the furniture?— of the furniture? it really did and it was — of the furniture? it really did and it was so _ of the furniture? it really did and it was so important - of the furniture? it really did and it was so important for l and it was so important for apple, the business. if you look at the 1980

we'll be speaking to the chairman of the manager board of rabobank, to get his concerns on focussing minds here in davos. >>> hello there, welcome back. let's look at how markets have shaped up in the tuesday session state side as we head towards the wall street open the nasdaq close to and .3 lower leading low with the tech shares there. any sense of recovery kind of ebbing away, tech cannot get a break at the moment. s&p 500 was .8 down. the dow jones is the only one holding up let's look at what happened with snap as well because it's what everyone was talking about on the street. you have the week-to-date chart there, down 43%. off a cliff, of course we're going to keep a very close eye on all tech stocks here in europe as well because they've been struggling as well. we know that interest rates are sensitive but so many stories going with pandemic recovery stocks as well so really this idea of megacap tech growth sector starting to fade at the moment, some areas of concerns for a lot of you out there. let's look at u.s. treasuries as well while we weigh up everything we're heari