sarah eisen is listening in. hi, sarah. >> hi, melissa nike again showing its resilience here in the face of everything going on in the world. slower global growth, of course weakness around europe potentially and the war in ukraine, supply chain issues the ceo just kicking off the conference call. he starts as he always starts, naming some of the highlights from the quarter, from the sports world, including the winter olympics, the fact that a lot of nike teams are alive in the men and women's march madness bracket. that's the sort of stuff that keeps investors excited. two things i wanted to flag, digital growth, 19% there. that was better than expected. also, latching some tough comparisons from the middle of the pandemic last year that was a highlight. also also saw some weaknessed on the adidas quarter this has been nike's really strong force, and its higher profit business where it sells directly through its sneaker app, digital or stores also growing 15%. if you go beneath the surface, some of the worries c

of the philadelphia fed, and he joins us to weigh in on all of this now, along with our very own sarah eisen>> thank you very much welcome philadelphia fed president to new york, patrick harker good to see you, president harker. >> thank you. >> i listened to your speech earlier. you, like a lot of your colleagues, are worried about the inflation situation. >> yeah. >> are you in the camp for a 5 50-basis point hike next meeting in may >> not at this point but i wouldn't put it off the table. i was in for seven 25-basis increases. two things are happening one is raising the fed funds rate second is normalizing the balance sheet, which will also remove a combination. >> should that start in may? >> i would like it to start sooner rather than later. >> how aggressive would that look we don't hear much about the balance sheet shrinking. >> my view is we start on the process of reducing the size, then put it on auto pilot. not use that as a tool for monetary policy. it is hard to do policy with two things moving at the same time put the balance sheet, normalization on auto pilot, then we can adj