tom: stephen roach, wonderful to catch up to you. yale law school and formerly of morgan stanley.a, i cannot say how alone stephen roach was 20 years ago in saying this is a fed policy that is not congressional amended policy. there was a sophisticated to the links they would have to confront. lisa: you are concerned about what the notes would be over the weekend. the concessions for the big bears. how much will it be this? this structural inflation people are not accounting for. if the fed wants to get back down to the 2% limit, if they don't take the 3% view of things, are we further from that place people think? is it a lot less attainable because of this re-shoring, the separation of the two powers? tom: we will have to see. jeff degraff with neal dunn. we've had a 50% move, the retracement, off the bottom of this grim bear market. it is not any number of guesses over where we will go. dow futures up 108. we are all doing that. we are all in anticipation of what equity strategist will write this weekend. kailey: i can't wait to see any actual revisions to the year-end target f

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jonathan: from exporting inflation to exporting deflation or vice versa, stephen roach there on the latest half of 1%. yields are not changed and crude takes another leg lower. guy's, down by 5% now. 8732. tom: and for brent the dip under 90 would be a huge deal. jonathan: a big turnaround on copper and gold. tom: that's right and i would note that gold is off $25, back again under 1800. jonathan: what do you make of that, tom? tom: china. china. it's like omg. china. let me ask the question, was this a surprise? >> it was because july was meant to be the month of recovery. china with the big lockdowns and the second quarter with growth back on track and getting momentum going. retail sales coming in weaker than expected, investments softer than expected, private sector lower than higher quarter . a big surprise on the export story with more. data points on real estate with new home prices, it's all run together and has forced central banks to adjust to the key interest rate for the first time since january. that move by itself turning out to not get game changer. it's not the price of mon