you don't have western media in shenzhen and tibet. there will be some limited presence. i have to say, bill, i've known bill a long time, when we first knew each other it was, you know-- and i lived in korea, i went there in the '80s, it was still under -- essentially under military rule. the new york times would have editorial people in seoul because they couldn't be in hong kong for one reason or another, initially for visa reasons. it's mind-boggling for 30 years, a place in south korea under military control and a place like hong kong is open and a place where they throw children's books illustrators into jail without bail. >> mind-boggling. and a question, saying she's not a chinese expert, but what is the hong kong treaty was limited and were hong kong citizens naive to think it's longer than that. >> it wasn't independence, it was a high degree of autonomy. it had some tactics like with their own-- and we're coming up on july e and maybe we why naive to think we'd have 50 years. and they said if it went well, it could go beyond that. i think that people were looki

shenzhen down 6.5%. the shanghai down 5% in hong kong, a significant retreat there down 3.7% with hong kong tech stocks hit hard the situation is nothing enough. the deterioration has caught some investors off guard and exiting positions in china >>> turning to european markets. the negative hand over has an impact in china and state side on friday. it was a horrific day for the market we have all of the majors trading lower. off 2% for the cac the dax holding up, but down 1.5% >>> u.s. futures let's see how the u.s. market is looking after the heavy selling on friday. red across the board losses win continue. dow jones industrial average looking to open lower. the nasdaq and s&p 500 looking at weaker starts it is not just the china story, but the hawkish comments that come from the federal reserve over the last week which has investors pausing. we will see whether there are changes in the lead up to the u.s. session we are in for a difficult start, rosanna. >>> let's talk markets with the senior investm

in shenzhen, a city not under lockdown, babies kept off the subway. the reason?cess to most of public life in the city. to accommodate the new rule, they have opened 24/7 testing sites. a delayed test result had this groom in shenzhen watching his own wedding ceremony via livestream. not allowed to enter the venue, laughing off the insanity of it all. china's zero tolerance for any new cases comes from the top. president xi jinping tasked vice premiere to oversee major outbreaks. in shanghai, that means working with the city's most-senior official, communist party secretary li chung and coordinated at local levels with thousands of communities. those local workers are our little gatekeepers, determining who goes in and out of each compound, facilitating food deliveries, and managing our health information. in addition to very regular pcr tests, each day, we are also required to do rapid-antigen tests. upload results to this government app and we take a screenshot of that and a picture of the test, and we share it publicly with our community-group chat so that all

and another companies satellite images shows new construction in the three main urban areas of shenzhenshanghai and beijing are down 57% year on year, based on satellite imagery. shery: to be fair, when it comes to billing staff in order to help the economy, that is a playbook for many different governments. but garfield, it seems that it doesn't matter what currency makers in china say these dates, markets don't seem to be reacting that positively anymore. garfield: well, you are talking about the law of diminishing returns when it comes to infrastructure projects. it is ironic, because part of what china has been trying to do over the last three years is repair some of the long-term damage that you tend to store up when you just focus on the infrastructure projects figures eventually you build them and people do not come. that is where china found. it is why it was trying to deleverage. instead now it is returning to those because along with the covid lockdowns, the lack of oomph that fact, plus attempts to deleverage that has undermined some of the pillars of the china economy have l

it is a week property market, the lockdowns in shanghai and shenzhen. could more of this happen? all of these things are concerns. japan was hit by higher energy prices. gdp was cut by nearly 1% to 2.4%. let's look at the u.s. gdp for the u.s. only cut by about three percentage points to about 3.7%. that's due to tightening. there has to be a fight against inflation not just in the u.s. but other parts of the world. everyone is bracing for a 75 basis point hike. we have not seen that since 1995. but it could be on the table. charlie evans, the chicago bank president saying today that he does think the rate will have to go above neutral. but he thinks it will bring inflation down. he would be surprised if it didn't happen. it would be reassuring. some say hiking rates too far too fast above neutral could cool off the economy. when you put it altogether, you've got china's slowdown, the war in ukraine, and this big inflation surge. these are a few of the big threats to the global economy the imf is listing. >> that is why we see the continuation of global bonds reeling. even as a n

surging infection rate cases in china have hit cities like shanghai and shenzhen.d technology hub. the country's zero-covid policy has forced businesses to susnd some production. the government last week said it would step up support for the economy. now even so, the central bank left its key lending rate unchanged on monday over mounting calls for more easing. many eyes will be on oil producing nations. the organization of the petroleum exporting countries and their allies will work out their output plan from may and come up with a decision on thursday. prices are on the rise as supply concerns grow, given the ukraine crisis and sanctions on russia's energy. major oil consumers, including japan, have been calling on the producers, such as the uae and saudi arabia, to further ramp up production. the move would reduce the world's dependence on russia and help bring down prices but the producers may be reluctant to comply, as russia's a key member of the opec plus. on tuesday, riyadh reportedly emphasized what it called the essential role of the agreement of the cart

certainly we're seeing a little bit of outperformance and some of them is driven by shanghai and shenzhenrket that had a decent year and hong kong names underperforming and we're seeing a reversion between those two sets of chinese equities >> so do you read into this? in other words, are these stocks rallying for good reasons or for bad reasons? because, sure, a kweb investor might get a reprieve if they do well as covid spread, but in the long run i'm sure they'd want a stronger chinese economy and better earnings and potential. >> yes in some ways they are a slowdown, and the aggregate chinese economy would weigh on consumer sentiment and household spending these names have already come down so significantly that the net effect is pretty diminimus at this stage versus the shanghai and shenzhen market which were up 9% and 13% last year and they're kind of reacting to the potential for the capital to experience the type of lockdown that wooe seen in shanghai. >> so the simple question, i guess, for individual investors and not pros like you or people who specialize, is china really inves

local media reporting it has been hiring staff in beijing as well as shenzhen. application from spacex has been suspended after the company failed to provide required information. the process can be reinitiated once the data is submitted. rishaad: the nikkei market a bit of a mixed bag. a morning that goals would like to -- that bulls would like to forget. the price of the black stuff the lowest since mid-march. after the international energy agency said it would deploy 60 million barrels of oil from 60 million stockpiles. looking at what is going on market wise. that is on the way. this is bloomberg. ♪ >> 11:29 in tokyo. we are looking at equities under pressure. they are creating the biggest drag on the topics. a 2% loss on the nikkei 225. they are prepared to raise rates sharply. with all of that in mind we are looking at something like a trillion dollars this year in reductions. that could cause liquidity concerns. let's find out more. let's get over to new york as we join vonnie quinn and the rest of the first word news. >> the fed will reduce bond holdings

the index was covering march, before the start of the shanghai pandemic, but covered the time or shenzhen in the south under that seven-day lockdown, so the lockdown and all the covid fighting measures will have a negative impact on the economy. it is definitely facing some headwinds. haslinda: thank you. bloomberg news, shanghai bureau chief. china tech stocks sliding for a second day. for more, let's bring in david ingles. it is about delisting concerns. >> yeah, it is still down. we are starting the quarter. most benchmarks are falling. there are elements it is asynchronous move down. it is exacerbated by the idiosyncratic factors in the hong kong market. to the latter point, when you look at the asia tech index, everything down, baidu beating declines. some of those names that were newly added to that list. that being said, when you look at the other part of the story in the delisting and the earnings releases which we did not get, another reason why perhaps the sentiment remains quite weak. investors basically have one time every quarter to get a sense of what their holdings are in t

vessels have been diverted to pushing bow and shenzhen to avoid further congestion.ontributing to those supply chain disruptions, plenty more ahead, keep it here with us. this is bloomberg. ♪ >> we are taking a look at the moves in technology right now. this is what is driving asia's tech lower, 10.7%. we are trying to figure out what is causing this double digit to the open, there was a lot of optimism about these gaming approvals resuming after months. why show now at $58 per stock --kuaishou at $58. >> asia's tech under a lot of pressure. earlier gains, it is now in negative tech -- negative territory. we are trying to make sense of what is happening. perhaps it is not enough some of those new gaming licenses. keep it here with yvonne: 11: 29 in tokyo. all eyes have on the dollar-yen. stocks are lower by 1.3% on the nikkei. hovering around 12542 for the dollar-yen. we did have the finance minister talking about sudden moves in the fx. undesirable to say the least. offered a bit of reprieve but not so much. hovering around the two decade lows for the dollar-yen. vo

shenzhen reopened and moved around which ports they were going through. shanghai and a couple industries were impacted. we have not seen a decrease in ships coming to our ports from asia. beijing has increased testing, which is a precursor to a locked down but we do not know. we are monitoring, our state department is, our economic team is, but we have not seen a slowdown of ships coming to ports in california. as lockdowns decrease in china, we will be prepared, to take steps to reduce the number of cargo ships there. reporter: there have been a lot of explosions and strange fires in russia the last couple weeks in oil containers. there is speculation over what is causing it, wondering if ukraine has done that. what is the u.s. position on ukraine attacking inside russian territory? is that something we encourage them to do? or is it something you would advise ukraine to not go there? jen psaki: we do not have confirmation of that. ukraine is defending their own country. we will not respond to a hypothetical. reporter: they are fighting the russians near

shanghai and shenzhen, the local government is still doing their best to make sure that industrial companies and exporters can get their goods to port. really, the effect is being limited to the domestic economy. it's not great for china's. whatever growth they were hoping for, it has tightened by more than 5.5%. the domestic economy is going to be the weekly get any kind of hope for a chinese rebound this year. yeah. manus: where does this global recession emanate from? thank you very much. let's talk about the fed. the governor sending shockwaves through the markets when she said, the central bank will start policy reduction at a rapid pace as soon as next month. let's get to end the current with his analytics on this. the significance of her latest message, we will go considerably more rapidly than previous cycles. a very brisk morning to the bond market. enda: as hawkish as you can get. brain already made it very clear that inflation is now paramount for the fed. interest rates are going to go up which has introduced an idea of a rapid shrinking of the balance sheet. that will be differe

there are places where you have less severe lockdowns like shenzhen last month. was under restrictions for five days. but there is a real lockdown happening in shanghai. there is a lockdown and this is stopping production. it is also stopping food supply to some people. the supply is getting better for some people in shanghai but people are complaining they cannot get enough food, they are not able to get enough supplies. some people in the city are at least able to leave the house and walk around the neighborhood. they can walk around the neighborhood but nothing is open. restaurants are all shut. there is nowhere to go in shanghai if you can get out. you cannot go to a supermarket. they are all shut. the city is on lockdown. it is getting better but it is not anymore back to normal. manus: i suppose everyone is trying to benchmark what is restriction relative to 2020. one could say that was locked down. i think everyone is trying to grapple with the language and context around. james, the restrictions in terms of the supply chain, this is what dani was getting

there is a lot of question about the shanghai lockdown, the shenzhen lockdown.l there be another variant? property markets are weak. there is a long list for china. what is your sense of how this is going to play out in the next six months? helge: our forecast is out there and it has come down quite considerably. we started at 4.8 in january for gdp growth. we are down to 4.4. it's because of the factors you just listed. all three of them, real estate, the ukraine war and global energy market, and the domestic covid situation could get worse. so these are all drivers. there are also risks going forward. kathleen: asymmetric. you are not looking for a big rebound. it really stands out in the world economic outlook where you talk about the big drivers. right there in the top four easily is china's slowdown. why at this point of time is china's slow down so important for the global economy that you place it with the war in ukraine? helge: a lot of headwinds the world was facing together. a large economy like china when he down rather than up is an issue -- pointing

as far as log jams we have disruption like the port of shenzhen shutdown what are you seeing from customers? >> i think it is sustained challenges, frank, that emerged in autumn of last year we saw how challenging the winter season was for the brands in the fashion side of the business or the goods space. the disruption has been massive. we hoped for recovery faster the war in ukraine is not helping to normalize the availability of the we see thatting going on probably throughout the remaining of the calendar year although we expect the peak season to be in a better place by the time we get into september or october and november continued pressure on capacity and inflation ramping up on the supply chain side and rampant across the board at esw, we go to leverage $1.5 billion globally to offer clients the most efficient way possible and they fulfill international demand >> thank you, patrick. >>> coming up on "worldwide exchange." we look at how the congress investments stack up data that may surprise you that is coming up next >> announcer: today's big number 55%. that's the share electric

wifi market and lockdowns in shenzhen. and number two stock is super micro. the quarter. and the third stock is jb hunt revenue from the mobile business of rail, ship and truck jumping 30%. costs grew slower than sales stock down 15% this year much of the decline has come this month concerns of higher diesel costs and potentially seeing a drop in trucking rates. >>> we also have big news from the skies. after two years, masks can come off on a plane, if you want them to the legal ruling throwing out the federal mandate on public transit. let's get that and other headlines from frances rivera in new york good morning, frances. >> brian, good morning the cdc travel mask mandate struck down by the federal judge in florida u.s. district court judge appointed by donald trump said the cdc did not have the legal authority to impose the mask mandate. the government broke the law by doing it without first seeking public comment the ruling setoff widespread changes and confuse. tsa says it will no longer enforce the mask mandate on public transportation and transportat

you are right, i although there were lockdowns in places like shenzhen earlier, and injullien province in china first up there's one offsetting factor, which is that china has started growth support, a mini stimulus plan, let's call it, focusing on construction, infrastructure, and that will start to drive china's demand for importing commodities. and of course the price of many commodities as well as energy has been driven up on international markets recently. it has, but has china done some very good deals with russia? we are seeing its trade with russia is up nearly 30% in january, february, march. so talk us through that relationship and what they are trading. relationship and what they are tradinu. . ., ., , trading. yeah, well, china has said they _ trading. yeah, well, china has said they are _ trading. yeah, well, china has said they are going _ trading. yeah, well, china has said they are going to - trading. yeah, well, china has| said they are going to continue their normal trading relationship with russia, you know, in the same way that for example many countries in europe a

these official shutdowns have been picking up in recent months, especially in factory cities like shenzhent the clampdown in shanghai is by far the biggest since the pandemic first began, when government locked down the city of wuhan home to 11 million people for 76 days. with 26 million residents, shanghai is china's largest city, and analysts worry these closures will deliver an economic blow to china's and the world's financial engine. yanzhong huang is a senior fellow for global health at the council on foreign relations. >> china was very successful by using the zero covid strategin containing the spread of the virus, shielding the chinese population from the virus. but it was precisely the success of that strategy only a very small percentage of the population actually exposed to the virus. but now, when you have a variant that is so highly transmissible with short incubation period and also you recover relatively quickly. right? so, you know, pretty much that makes it almost impossible to not just detect all the cases, but also to track and trace those contacts, >> starting today in

slump to date since february of 2020 that is the onset of the pandemic shanghai composite down 5% shenzhen with a ytumble of 6% investors are much wwatching the situation. they are worried that beijing could be next for lockdowns because of the test kit orders we have the chiensnese yuan faln to the largest one-year low. remember, stimulus measures announce so far by the authorities are not enough to meet market expectations here in hong kong, shang seng seeing a selloff the tech index as well when it comes to elsewhere in asia, australia and new zealand were closed under selling pressure we have the japan nikkei down 2.5% brian. >> cheri, thank you very much. and in europe, stocks are down rosanna lockwood is in london with more in europe. rosanna. >> reporter: brian, more red across the board i know you get the paris report soon from our colleagues over for the election any kind of positivity you may think you get from macron winning re-election is wiped out. cac is down. macron is baked into the markets already. anything china exposed luxury, oil and gas. that is heavily down that is im

didi is trying to break into the electric car market, it has been hiring rnd staff in beijing and shenzhenacex's application for expansion of its launch site has been suspended by the u.s. army corps of engineers, this after the company failed to provide requested information. in a letter, the army corps informed spacex that the process can be initiated once the data is submitted. haidi: next, we speak with one of the world's latest -- leading russia watchers as the u.s. steps of sanctions on moscow. this is bloomberg. ♪ if you're a small business, there are lots of choices when it comes to your internet and technology needs. but when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose fiber solutions with speeds up to 10 gigs to the most small businesses. that's virtually everywhere we serve. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. (announcer) enough with the calorie counting, car

so we saw when yantan closed down in shenzhen. that's a huge container terminal as well.ere accumulated in factories and warehouses, and it took weeks after the port reopened to clear the cargo backlog. and you'll probably remember the effects cascaded to the u.s. there were port traffic jams in los angeles and other ports around the world. now, the difference this time is it's not just one port. it's an entire city that's closed down, and we're talking about a highly interconnected, global trade center. so this is going to have impacts on supply chains. it's going to push prices up. we're going to see more inflationary pressure, and this is coming at the same time, of course, as the war in ukraine, which is also a supply shock to the global economy as well. so we saw yesterday the imf has revised downwards quite dramatically its global growth forecast to 3.6%. it's revised down the growth forecast for the u.s. to 3.7%. china has been revised down as well, and they've also revised up sharply their inflation forecasts. and we could see worse yet to come because we just sim

. -- shenzhen, they are reopened. there are a couple of industries that were being impacted. we have not seen a decrease coming from asia. we are continuing to monitor that and beijing has increased their testing which could be a precursor to a lockdown but we don't know at this point. we have not seen a slowdown in ships coming to our ports in california. as lockdowns decrease, we will also be prepared for that. " what is the position of ukraine? what do you encourage them to do? >> we don't have any confirmation of that. ukraine is defending its own countries. is there a u.s. position on whether ukraine should have the right to take that beyond the border? >> ukraine's country is being invaded. russia is invading their country. that is what we are supporting them for. i will not speak to that. >> sec. psaki: i would note that this is part of a series of meetings the president is doing. he did these last year as well. we expected immigration to be a topic of discussion. they oppose any change to these decisions. anything could be discussed. i would not anticipate that being

pre-pandemic some of this decline in rates is also decline in volume partly caused by the shutdown on the shenzhenld, shut down due to covid. that reduced a lot of the traffic coming out of there, and it came right on the heels of lunar new year that's a time in asia when production slows down, period. you put those two together, you're going to have a lot less volume coming out of asia, which really fuels the u.s. freight economy. in a few days we'll get a lot of answers about what's really going on you might hear a lot of analysts talk about record low inventory in u.s. retail stores. that's true, on paper at least that number that people get from the st. louis fed, that's lagging by two months. so the number we got last month was actually for january coming up next week, we're going to get the cash freight report which will give us a better indication of where the freight market is. on april 14th, we get the st. louis fed's report for february, that will give us a sense of the inventory levels in february if we see the inventory levels tick up, there may be warranted concern about freight rates

well there still be any legal advantage to being based in hong kong as opposed to say shanghai or shenzhen. i mean, yeah, i keep great question. i can't see you on the screen, but thanks for taking part. i think that's it's a question is not fully answered. it's clear that there are hand-picked judges who are overseeing the national security law cases and you know, they're engaged in law fair. i mean they're engaged in using the the kind of veneer of rule of law to reach predetermined political ends. now, is that going to affect commercial law don't know. i mean, i think it's it's just too early to say, i mean, there are a lot of there are people who are worried right, but i don't think that we can point to i don't know of any hard evidence that says judges are ruling in favor of a mainland cadre versus, you know us multinational. for example, i think it raises a question about hong kong's role as an international arbitration center, which interestingly teresa chang the current secretary for justice had done a lot of work on so it's it's a, you know, sad irony that she's presiding over. yo

we will look ahead to the start of trade and shanghai and shenzhen. .♪ ♪ ♪ ♪ ♪ at xfinity, we live and work in the same neighborhood as you. we're always working to keep you connected to what you love. and now, we're working to bring you the next generation of wifi. it's ultra-fast. faster than a gig. supersonic wifi. only from xfinity. it can power hundreds of devices with three times the bandwidth. so your growing wifi needs will be met. supersonic wifi only from us... xfinity. ♪ david: good monday morning from hong kong. it is 9 a.m. in the city. welcome to the china open. i'm david. let's get your top stories. this monday morning fears of waiting chinese demand as covid related deaths rise. that is in shanghai, also beijing is closed on alert. risk event to watch this

shery: when i saw that china was trying to modify the covid zero policy, especially after the shenzhen, that some factories could still operate with workers in the so-called closed-loop system -- how much has that helped? eric: it helps to a certain extent. there are companies that cannot stop their assembly line. companies and automotive industries, for instance. they have to figure out a way to create almost a bubble, having all staff living and working there 24 hours. it is a very temporary solution, not sustainable in any way. even if you have ongoing operations, production, you have an issue with supply chains. you need to move parts around and bring in inputs, even within the country, and you can't do that. you can't deliver your products to the airport either. this is not sustainable in my view. hopefully the government is taking another look at the current situation. in theory, tomorrow my april 5, is the deadline to make a decision on the next phase of containment strategy. haidi: in the survey, more than half of respondents are still satisfied with china's efforts at controll

you have to kind of disregard it because it did not include the lockdowns from shanghai and shenzhen.that triple archive is only 25 basis points. they usually cut by 50 basis points. that tells you everything you need to know about where beijing sits to offset decline in gdp or trends within china. to me, that is part and parcel to the fact that if you look at the combined balance sheets, it is going to move. as the evaluations and prices don't really react well in that environment. kailey: but would your expectation be? >> because they did not move the medium term lending facility over the weekend. we are actually looking for another 30 basis points cut in the lpr before now and year-end call it. something more on the triple weight between now and year and possibly, at the end of the day, it is not enough in the economy is rbc struggling within the retail sales print. 29% year-over-year decline in march in new year home sales. 92 billion in debt the need to pay back this year does not bode well for the sector or the economy. kailey: essentially what you're telling me is china is not

yes, it is lower the likes -- lower than the likes of shenzhen but higher than juan and if you look atcenter and shanghai, you could see a population density of 23,000 people per square kilometer, which is following what we are seeing in the city of manhattan. you're seeing people in tight living spaces, an environment that could be very conducive to the rapid spread of omicron. and there is a spillover risk as well. yes, the city's under lockdown and transportation has been restricted, but given how shanghai is tightly connected beyond the river delta, that makes them come of that bridge, them not be completely cut off so there is a risk of rolling lockdowns beyond the financial hub. bloomberg economics wrote a great report on this, saying it is a risk now, but the longer it takes shanghai to squelch the outbreak, the bigger the chances that that risk winds. shery: our coanchor yvonne man. white house medical advisor dr. anthony fauci says it is critical for the u.s. to provide more covert funding including to pay for additional tests. dr. fauci told bloomberg he expects to see an upt

our markets coverage continues as we look ahead to the start of trade in shanghai and shenzhen.ity, we live and work in the same neighborhood as you. we're always working to keep you connected to what you love. and now, we're working to bring you the next generation of wifi. it's ultra-fast. faster than a gig. supersonic wifi. only from xfinity. it can power hundreds of devices with three times the bandwidth. so your growing wifi needs will be met. supersonic wifi only from us... xfinity. ♪ david: happy friday from the asia-pacific. welcome to the china open. yvonne: our top stories, more hawkish fed signals, jim bullard calling for interest rates to top 3% this year. shanghai covid cases past 20,000, a citywide

they haven't traded this quarter, this is the first day of the quarter for markets in shanghai and shenzhennto the weekend, de-risking of positions, margin trading in shanghai actually declined quite significantly. snow around may, were truly shows up on shore. traders are not betting on a particularly strong rebound. the shanghai lockdowns and what we have seen since the weekend is really a lot worse and expected. a lot more protracted than expected and will have a lot larger impact on the economy than previously thought so since then we have seen gdp estimates revised down lower, and city this morning cutting alibaba's price targets because of business difficulty during the lockdowns and shanghai. this is china's biggest city. really a lot to take in. i do think all eyes will be our policy response will look like, especially in a month where the pboc is expected to cut rates. haidi: in this as we continue to deal with the classic issues we talk about in china, the regulatory crackdown, the property markets. >> exactly. we haven't had much clarity over what kind of support policymakers wil

markets continue next and we look to the side of the trading in hong kong, shanghai and shenzhen.mberg. ♪ ♪ [static] david: this is my kitchen table and also my filing system. over much of the past three decades, i've been an investor. [applause] the highest calling of mankind i've often thought was private equity. [laughter] and then i started interviewing. i've learned from doing my interviews about how leaders

number increasing concerning, so we are almost about -- one month four weeks of those lockdowns, shenzhensupply chain disruption here in the united states, and global arena for that matter. maria: i mean mario look, let's face it, western companies are feeling the impact, you had production at many shanghai factories at stand still over lockdown rules strict in china apple laptop, computer bushgdz walk being what do you think this is looking like in terms of relief do you have visibility with whether or not this can stretch into o 2023, 4 and beyond what do you think? >> again, if the zero-covid policy continues rigid way we've seen in china it could have ramifications i think we can best hope for they control that, that is the lockdowns there, and does not spread to the courts in china. for right now i think the conflicts we have record numbers first quarter march for that matter, so, that is going to be something that we are going to continue to look at, including, of course, the inflationary component here now we're at annual 8.5%. maria: yeah, let's talk about that, i want to see what