as we were talking to tatjana puhan about, she says we don't have a grasp on what that will actuallyn for the economy, for earnings and corporate's as well. manus: and how much far ahead are the emerging markets in that hiking cycle relative to the fed, relative to the ecb? holtzman made it clear, the ecb should hike by 50 basis to show our resolve. larry fink saying it is not all in the back of the central bank to get this under control, it is a supply-side event, don't you know? but speaking of which, the oil markets are up for the sixth week in a row. europe is only up with that third week in a row. nymex crude up 14% in the past 30 days. closely watching opec+, the meeting delivering a major increase in output, according to goldman sachs, the oil market is going to get much tighter over the summer. >> china is coming out of lockdowns right now, and they are stimulating. then we throw on top of that a very strong travel season, people have not gone out in two and a half years, you see that in plane bookings. and you have russian production getting materially tighter. this market i