. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. >> morning. from our new york city studios, for audiences worldwide, this is bloomberg surveillance. i matt miller alongside damian sassower. tom and john and lisa are ahead -- are jackson hole ahead of their special coverage. they will be on air for four hours throughout the speech. definitely, show that you don't want to miss. i think it is more important now because yesterday, going into earnings on wednesday, the narrative was earnings may be more bored than jackson hole, but with the action we saw, i don't think that is true. >> it felt like last year already. as we set up for jackson hole, the full on effects from higher services costs, and the physical level, the chipset, but the household level, student loans. did you know that word was mentioned 40 times in earnings. the most ever. the fact that student loans are resuming, households are going to resume payments on student loans to impact consumption. >> it will shrink. a real concern for sure, and i thought it was interesting. nvidia had

jonathan: the ecb president catching up with tom keene going into the weekend. an elegant effort to inform the unions not to ask for a pay rise, wasn't it? 3 tom: it was an extraordinary speech. i was thunderstruck in reading it while she was giving it. matt turned to me three paragraphs and and said philip lane. my second question was who wrote the speech. she was adamant that this was her baby. she made clear this is her clarion long theme and philosophy. when you open within early 19th-century danish philosopher, jay powell will not do this. jonathan: if you open with a philosopher, i expect she will did not want to talk about september. tom: they kept urging me to ask about september. jonathan: let's talk about unions. this is on everybody's radar right now. uaw union, the auto workers union, 46% pay raise, a return to traditional pensions and a 32 hour work week. tom: that's like hour work week. kailey: even sean fain who leads the uaw has called this an audacious request but given the demands they are seeking, what agreement can be reached here and cannot

will. >> it's not clear what path the economy will go down. >> this is bloomberg surveillance with tom keene lisa abramowicz. tom: good morning. jonathan ferro, tom keene, lisa aronowitz, kailey leinz. i will be here friday. a ton happening before we get there. breaking in germany, a tick higher in year-over-year harmonized inflation. it's a journey they are having with inflation in germany. there's a lot going on between jolts and the shock of yesterday in america and the spanish inflation stock today. >> down slightly from the previous month. perhaps it leaves the door and for the ecb jamaica move. others leaning that that closes the door on the fed making a move on september 20. the data yesterday fueled ammunition for the doves to take to the table when the fomc gathers. we will see what we get later today. tomorrow, jobless claims, payrolls, friday. so far so good with the data yesterday. tom: it comes off fractionally weaker. let's get back on track with the u.s. something happened yesterday and it was not a jump condition but to me it was boom, maybe things have changed. jon: there's

it is not just tom keene trying to upgrade the tv situation in his home.idea is the picture is looking better going forward. jonathan: are things ok for retailers or terrible? i guess it depends who you ask. tom: it spends on the market segment as well. i'm in the process of buying a new tv. the price of this stuff is prohibitive. the sound bar thingy that goes under the tv. i think sony. it is a sound bar thingy which costs more than the tv used to cost. it is how they felt it up. best buy notices gross emergency and they mention it is all due to tom keene. gross margin 23.2% and the estimate of a figure below. jonathan: sounds like you went there for the first time in a decade. the equity market, futures about negative on the s&p 500. can basically call it unchanged following activex gains on the s&p in yesterday's session. the bond market, yields higher, not even by a basis point. on the 10 year, 4.2079. kailey: we will see how the bond market moves off the economic data, a boatload coming about three hours from now. the first being job openings. data e

announcer: this is "bloomberg surveillance" with tom keene, lisa abramowicz and jonathan ferro. g. it is friday, friday is what it is. it is a friday in the summer. we are recalibrating forward to august, into september, on our way to jackson hole. the big change this week is inflation. it's out there, somewhere. does -- jonathan: does it validate a pivot? we are not quite there, yet. you have people like tom talking about re-acceleration. others as well, we will catch up with that later this hour. others, who believe that we are there, we are done. it is time to go on a victory lap. this fed, perhaps nervous about doing so. given the risk they might be wrong. we have been asking the question, what is the biggest risk right now? waiting too long to reduce? tom: they always wait too long. that is the history. i thought jason furman was brilliant yesterday. we don't give our opinion out, ever. jonathan: no, no. tom: but the debate here this morning is do you look at a one-year view or a longer-term view? or, do you take a more short-term is some six-month yield. jonathan: it has co

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. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. jonathan: live in new york city, good morning good morning. this is bloomberg surveillance on tv and radio. alongside tom keene and lisa abramowicz, i am jonathan ferro. the s&p 500 positive by 0.22%. tomorrow morning, retail sales, thursday from walmart. how many times have we done this from august? talking about china. china the headline once again. tom: it starts and ends in china with a set of news. what is interesting to me is it is not one story. you have to get briefed on this to get up to speed on three, 4, 5 stories. chinese equities in the tank, iron or somewhat in the tank. a lot of moving parts going on in china and that comes back to jackson hole. jonathan: one chinese developer, country garden holdings seeking to extend for the first time ever. away from that we have a wealth manager missing payments. this is starting to mount in a bigger way. lisa: which begs the question of when this becomes financial contagion in china. why are we not seeing more trickle out affects?

we're going to see some of this comeback into the numbers. >> this is bloomberg surveillance with tom keene and lisa abramowicz. tom: good morning, on radio and television on monday before wyoming and jackson hole, leaving on a jet plane on wednesday, at we go, a different jackson hole than what we said -- what we had last year. jonathan: so different, what about inflation and growth? andrew at citigroup with some questions. the reality of continued upside risk that jackson hole on friday. he goes on to say the answer, it may determine if there selloff in long-term bonds continue or fade, that resumes. tom: it resumes this morning. while it resumes this morning i'm looking at nasdaq up .7%, which gets might attention. but there is a lot of trauma in the last hour. i'm going to mention data dependency. i'm waiting for august 31, september 13, can we all move on? jonathan: i mean treasury, yields up by four basis points, people would love it if they could buy there and move on. the question is, can they? lisa: especially if they look past the moment, will there be a dovish message that could

>> this is bloomberg surveillance with tom keene, jonathan ferro and lisa , abramowitz. veryone. deep into the summer days of august. lots to talk about. we are not waiting for good a -- gadot. jonathan: august 10 is cpi. then september 13 and then the fed decision on september 20th. you may not hear from chairman powell at jackson hole until the 20th. you have seen payrolls decent, job openings come down. you are making progress at the moment the inflationary data and unemployment report, you look at labor market that still looks hot to me and unlimited at 3.5%. there are two phases to this, phase one is hike and phase two is old. even those on the committee are not talking about cuts they want to just be done with hikes and sit and wait for inflation to come back down. tom: the most important thing for me besides the jeff curry news leaving, the real news is the german 30 year yield back to 2014 him internationally in finance, we are getting used to a new hire rate regime. that is what is new. jonathan: let's take a 10 year you. -- 10 year view. the ecb anchors away. th

dan: because i'm in the presence of tom keene, i had to dress a little understated. u walk in looking like a frosted limo -- lemon at cupertino, how do they respond? dan: they're like, could this be an ai strategy? tom: ipad, pewter, phone at the cupertino rollout. i think the surprises going to be the chip rollout. but the biggest surprise is going to be ai functionality. tom: they are going to outline the ai strategy. dan: we will discuss that strategy. kailey: for the radio audience can't see him, yellow pants, light green jacket, a tie-dyed situation shirt. tom: more paris. st. tropez. kaylee: the last taste. >> somewhere between st. tropez and the swift concert. tom: with wedbush, taking seriously, and pinyon on the screen because he has been so right, he takes it with grace as well. we need to say thank you kaylee, -- kailey leinz, esa, i'm a abandoned for tomorrow. there will be jobs report tomorrow. michael mckee and ms. greifeld will be with us, and most interesting day. futures up nine. stay with us through the day. television and radio, before max at monza.

they -- the economy is probably able to muddle through. >> this is "bloomberg surveillance" with tom keenelisa ambramowicz. tom: good morning. 24 hours, 30 minutes away from the disinflation report of the united states of america. off of china deflation, do we assume american disinflation? jonathan: most people are. citi veronica clark say it is unlikely to challenge the narrative of his soft landing until latest -- of a soft landing until later this year. the data looks good and inflation show signs of coming down. risk assets perform and then what? does the fed back away? that is going to be the story for the back end of the year into 2024. tom: as a measure i do 90 days, and utilize. -- annual. i wonder how jay powell does it. jonathan: if he does speak in jackson, what can he say? can he draw any firm conclusions are on the day that we have seen, particularly going to the meeting at the end of september given another cpi print after this one. i think we have had a teaser from various fed officials. because of the new york fed president speaking to bloomberg, speaking to new york times

announcer: this i tom keene, lisa abramowicz -- this is "bloomberg surveillance" with tom keyed and -om, john, and lisa are in jackson hole ahead of our special coverage tomorrow. i am told that they are doing some reporting today. obviously there are important people there hanging out wherever the million dollar cowboy bar or mangy moves, wherever the cool place to go is. tomorrow at 8:00 a.m., we will have our special coverage of jackson hole so 8:00 a.m., i believe until noon new york time, it is 1:00 p.m. in london and 8:00 p.m. hong kong. don't miss television. can't wait to see if any of them is wearing a cowboy out. -- had. michael mckee had. did you see him yesterday? >> i did. matt: amazing outfit. >> he always brings it to jackson hole. >> not only did he have the couple help of the dark glasses underneath. matt: i hope jon ferro has a piece of straw in his mouth. , talking about the ranch. it will be a credible coverage and i can't wait to watch it. today is as we have been talking about all about nvidia. there were other issues, the death of it guinea pig godin -- yevgeny

tom keene has an interview tomorrow with christine lagarde. it will be an amazing conversation.turning quite significantly here in europe. you are seeing real challenges for the central banks. all central banks seem to have challenges at the moment. turkey is emblematic of the diverging paths to various central banks. what happened to gradual? alix: dollar lire is down by 5%. 750 basis point worker -- worth of hikes. it did surprise the markets. what did happen to gradual? >> we do not know what happened to gradual. last month the central bank governor kept her narrative that rate hikes would be gradual. judging by the rate hike, of this month's increase was probably somewhere around that level, but to see the central bank increased its key rate to 25% from 17.5, the current level it's the highest in two decades. whatever happened between last month and now it has seemed to change and really stunned markets today. guy: do we think this means rates have gotten significantly higher to go from here? talking about a much higher terminal rates. how far will they go in terms of this r

you can watch the full interview with tom keene online. definitely worth a watch for the intellectual stimulation if not the clarity. to run you through what else we have. 2:30 p.m. on thursday funded time we got the latest china pmi's for august. expected to have a broad deterioration with services teetering. and manufacturing shrinking at a faster rate. thursday, 10:00, we get the euro area/inflation reading for august. it is expected to drop to 5.1%. a slight moderation there. and finally on friday at 1:30 p.m. we get u.s. payrolls data for august. this is the last jobs printed over the feds meeting. it is even more important. the market really is lacking conviction about the feds next move after the jackson hole speech. and the estimates for this reading are a softer print in august after you have had two mrs. after 14 straight beats. you can get a round up of the stories you need to know to get your day going. terminal subscribers can go to -- d.a. why bigo. they look to the end of the month in the coming of september. 19 sessions com

she will be talking to tom keene simulcast on all of your bloomberg channels. that is 9:00 p.m.time. coming up brics gets bigger. we look at the expansion of the bloc and the new members joining the group. this is bloomberg. ♪ lizy: welcome back to "bloomberg daybreak: europe." if you are just joining us, in london it is 6:45 a.m. back to u.s. politics, donald trump has turned himself into an atlanta jail to be booked on state charges that he conspired to overturn the elections in georgia. he maintains his innocence. for more analysis we are joined by bill in singapore. donald trump is back on x. he has posted the mugshot. is he capitalizing on the infamy? bill: absolutely. we have never seen a presidential mugshot before. and now we have. it is one of many firsts for former president donald trump. he put it on x. it is that kind of moment he uses to rally his base of supporters and do try to raise more money for his campaign. much of that money gets sent back to his legal team. he has four active cases around the u.s. and many of the cases are likely going to be interfering at

. >> this is bloomberg surveillance with tom keene, and lisa abramowicz. jonathan: live from new york city, good morning. this is bloomberg surveillance on tv and radio. i'm jonathan ferro. tk taking a break, equity market soft, down a 30% on the s&p 500. the bowls on wall street getting more bullish. now looking for 4900 on the 400, the price target set at the end of december. he was bullish and right to be. he raises his price target. city are looking for 5000 by the middle of next year. it is record high watch on the street. lisa: and the potential for a 28% gain this year, the biggest going back to one to 19. can we get the start of a new bull market given some of the increasing credit contraction, the softening in economic indicators check out could this be the start of a new bull market as many are calling for? jonathan: i loved what scott cronin had to say. clearly we were chasing the tape. growing conviction in years earnings acceleration is a key point of differentiation. he is looking for earnings to accelerate into 2024. lisa: a key underpinning

announcer: this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: live from new york city, good morning. this is "bloomberg surveillance." your equity market on the s&p 500 firmer by a third of percent. the jobs number one hour 30 minutes away. tk, welcome back. tom: it is good to be here. it is jobs day. i'm ready to go. i had my wheaties. jonathan: is that a serial? tom: it is a cereal. lisa had fruit loops. lisa: lucky charms. jonathan: they should come with a health warning. let's talk about amazon and apple. apple meeting expectations after the close. amazon is higher by 9% in the premarket, beating a raise from amazon. evercore taking the price target from 150 to 190. tom: amazon with the pandemic and second-guessing about there is a national crisis, we delivered the boxes, we need to died in and to what we need to do. they did. baeza went to run the washington post and the new guy came in. the new guy is the first real glimpse of post-covid amazon. jonathan: evercore calling this quarter and unlock for the stock. as of the stock nee

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro and lisa ambramowicz. jonathan: live from new york city, good morning. your equity market right now, totally unchanged on the s&p 500. if you're worried about the dates are, do not report it. if you're worried about the market, then sell a depreciate latest news out of china, we have seen these headlines before. chinese authorities ask you investment funds to avoid being net seller of equities. if you do not trade to come if you did not report it, then it is not happen and the answer is at least around the world, especially given the data they have been reporting consistently has been worse than expected so then i guess, in absence of it, people think it is gotten better. jonathan: expectations on wall street around growth on china has changed. jp morgan had a forecast growth of gdp a 6.4% this year. this been cut to 4.8 percent, four handle for a six handle in a number of months. lisa: there are signs people's bank of china are starting to respond but it is not clear what they can do to generate confidenc

haidi: that was the ecb president christine lagarde's taking exclusively to tom keene at jackson hole s economy is also being affected by the slow down and china like other parts of the world. let's discuss with annabelle. this is not the way that the chinese economy was supposed to contribute to global growth this year. annabelle: that is right, i think it is so interesting when you talk about january and so much of the discussion was that china was going to be really powering will growth over the course of 2023 and offsetting what was supposed to be a slow down, particularly in the u.s., but the reality has been anything but that, because we have continued to seem the signals of strength in the u.s. economy coming through, that resilience of the best consumer. and then at the same time, the story of china has been so much of that weak sentiment coming through and the recovery that just failed to materialize. so this has been a major talking point for economist, given that there was an expectation that china would power 1/3 of global growth over the course of the year, but the impact

. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa ambramowicz. jonathan: from aaa to aa, live from new york city, good morning. this "bloomberg surveillance." more than a decade since the last one, s&p global rating the gene the top rating for u.s. of america. fitch follows up after the close yesterday with this quote, the written downgrade of u.s. reflects the expected physical deterioration over the next three years. the erosion of governance relative to aa and aaa rated peers. whether it is justified, and if it matters, are two different questions. lisa: i would agree as this is the second major company to downgrade u.s. from aaa rating. the response arbitrary and based on outdated data. that is janet yellen. larry summers the idea that it is a decreased default risk is absurd. here is the question, is there something real behind this in terms of how much interest rate expenses are going up and like a convention there is on capitol hill? jonathan: there's governance issues u.s. has that is inconsistent with other aaa rated peers like germany.

system and i think it's going on right now. >> this is bloomberg surveillance with jonathan ferro, tom keenecz. tom: on radio and television from new york this morning we prepare for chairman powell's speech in jackson hole. i just think we have to do a data check in the per capita income in jackson hole. 318,297 dollars is the per person per body income. sort of like the surveillance team. 69% of income comes from investments. this is a fantasyland we are flying out to. jonathan: things are good if you have a lot of money. we can talk abut a couple of names. footlocker this morning, stock getting hammered. some warnings from macy's about the lincoln sees. last week student loan repayments will restart later on at apparently according to walmart and target that's going to hurt. this friday for chairman powell is about the tension between the progress they've made on inflation but the fact the mission is not complete because at the moment this economy has been more resilient than they thought it would be. it's the tension between those two things. tom: to me the heart of the matter and i thin

tom keene and roy keane. be a great pairing. >> what is it about the microphone they put up like this. lisa: it gets written -- michael: it gets rid of the background noise. lisa: all it -- tom: they were all taking photos. what have we got here? michael: in theory an indication inflation continues to slow, headline inflation popped up a little bit because of energy prices but the core is expected to drop in the month over month increases are expected to be still small. any difference would send the markets into a tizzy especially if they were higher. this a lot of talk these days have we gotten as far as we can go right now with the fed not doing more and will we see the economy re-accelerate and inflation reaccelerate. jonathan: do i ignore year-over-year? michael: yes. look at the month over month. as i described cpi yesterday this is the least consequential most important report but we have this month because it's important and the markets will trade on it but we have two more inflation reports before the

alongside tom keene and lisa abramowicz i'm jonathan ferro. the equity market, s&p 500 negative by 0.4%. more downgrades. this time not on the sovereign but u.s. banks, 10 downgrades overnight. tom: there is a bank story in italy as well. that is the economic thing to look at. overwhelming everything here this morning led by the news out of china is it is deflation tuesday. i'm looking at the screen and i have not seen that screen in 4, 5, six years. jonathan: dreadful. tom: we were out in front of the story, there is deflation in the air. i can bore you with eight ways, all you have to do is say even oil breaks down. jonathan: every time i get data out of china, it is downside surprise. lisa: one interesting area, the divergence between the u.s. and china has been accelerating. what you have seen with respect to the u.s. dependence on china is it is decreasing even though in europe it is not. i wonder how much those stories are linked. the underperformance of germany and the outperformance of the united states. tom: the banks have to deal wit

this is bloomberg surveillance with tom keene. jonathan ferro and lisa abramowicz. china is determined to make august interesting. live from new york city this morning. good morning. good morning. for our audience worldwide, this is bloomberg surveillance on tv and radio alongside lisa abramowicz some jonathan ferro your equity market on the s&p 500 slightly negative this morning fantastic lineup looking ahead retail sales just around the corner. earnings from home depot dropping across the bloomberg tomorrow. numbers from target results from walmart on thursday. but once again this morning, we have to begin in china. rate cuts bramo and the data not great at all. the biggest rate cuts going back to 2020. the data coming weaker across the board. whether it has to do with retail sales, whether it has to do with industrial production. they scrapped their youth unemployment metric, which is not exactly encouraging. and now the question is, are they preparing a big enough stimulus to really stave off weakness that is much deeper than people expected? this is the right s

tom there. keen tom burke there. keen environmentalist the environmentalist to say the least. right. thank you very, very much. we did get in touch with extinction rebellion and they comment at they did not wish to comment at all. well, coming up, are all. oh, well, coming up, are the french being laissez faire about the illegal channel crossings plus, the journalist who scooped an exclusive interview with robert f kennedy jr daphne barak will join me later. and i will be asking her about the latest startling revelations allegedly in terms of barack obama . you're not of barack obama. you're not going to want to miss that . going to want to miss that. >> looks like things are heating up, boxt boilers, proud sponsors of weather on . gb news. of weather on. gb news. >> hi there. it's aidan mcgivern here from the met office. with the gb news forecast rain today, clearing overnight. a few showers following, but many places will be fine during tuesday as low pressure moves into the north sea, taking its weather fronts with it. however, one occluded feature is just providing some ad

. >> this is bloomberg surveillance --"bloomberg surveillance" with jonathan ferro, tom keene, and lisa abramowicz. jonathan: good morning for our audience worldwide, this is "bloomberg surveillance" worldwide. your equity market is slightly wide, but the main event is fixed income. treasury yields at new highs. lisa: the highest levels going back to 2009. around the globe you are seeing this push upward in yields. is it because of inflation, because there are not going to be as many buyers for this debt? for is this the wholesale figure out as people capture this yield for a longer-term? jonathan: what a pain. the fx market right now, this might hurt. let's have a look at the offshore human, taking a move lower. china told state banks to escalate human intervention this week. what is that about? lisa: beside father the lowest level in 15 years. that is as you look at economic data coming out that was weaker than expected. the intervention has been settled or growing -- has been subtle but growing. we heard that the peg was unusually below where it was supposed to be trading in the free

this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz.city this morning, good morning. for our audience world way, this is bloomberg surveillance on tv and radio along lisa abramowitz. futures are softer here by 0.5. already looking at chairman palo. it is been such a ride because of the moon to the bond market with the biggest three winning streak going back to february. i am not hearing a complete explanation as to why now other than its august and people are on the beach. there is too much concern. at a certain point, we need a narrative to distill and were caught create way. it really started a few weeks back. it wasn't the downgrade from fitch. right. some of the supply from the yields up to 120. people have been entertaining the idea for so long the u.s. deficit is unsustainable but it has grown and able to borrow at the rates. why will people be convinced that this is where the buck stops? there is a cost for increasing your deficit during good times leaving no room to make during bad times. why is this time different which is why

ecb president matt i'm lagarde speaking -- madame lagarde speaking to our colleague, tom keene, at jacksonare coming up on a modest weekly gain after three weeks of short losses. futures are called higher this monday and we are going into the key points this week with inflation numbers. rishaad: let's have a look at some of the other news stories we are watching for you. russian investigators have confirmed the death of wagner mercenary group leader yevgeny prigozhin in last week's plane crash. they have confirmed all 10 passengers listed on board have been killed. putin dismissed the accusations that the crash was approved on his orders. three u.s. marines were killed in the australian osprey crash. there were performing drills with other nations bid to crash remains under investigation. david: just ahead, why the largest steel producer once the government to counter american tariffs and also europe's target tariffs. we will get more out of the conversation. this is bloomberg. ♪ it's an amazing thing when you show generosity of spirit to someone. and you want people to be saved and to hav

haidi: ecb president christine lagarde speaking exclusively to tom keene. daybreak asia, this is bloomberg. ♪ i don't want you to move. i'm gonna miss you so much. you realize we'll have internet waiting for us at the new place, right? oh, we know. we just like making a scene. transferring your services has never been easier. get connected on the day of your move with the xfinity app. can i sleep over at your new place? can katie sleep over tonight? sure, honey! this generation is so dramatic! move with the xfinity 10g network. higher bezawada. he was among those speaking from jackson hole on friday and essentially saying that the inflation story in japan, because we've just been really monitoring that perhaps more of a weakening trend, at least on the headline level, really telling us that it does back the case for the boj to stick with its easy policy settings. so that was the message that ada had from jackson hole on friday. in terms of what else we're watching, it is currencies this morning trading in a fairly narrow range against against the greenback.

. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. jonathan: afford a losing streak and a second day of gains. morning. for our audience worldwide, this is bloomberg surveillance, alongside lisa abramowicz, and jonathan ferro. the equity market getting closer to chairman powell in jackson hole. does this sound like a week they were market do you? american airlines pilots approving a new contract that would provide 46% in cumulative pay rates there's spain raises and retirement contributions over four years. sounds like a tight labor market to me. lisa: wonderful way to start the show at a time when people are worried about what this could mean going forward, given the fact that not that there are shortage -- strikes, but there are not. they are willing to give extra money to the airline pilots and other workers. so that with ups and others. what does that say about how tight the labor market is and where the power has shifted? jonathan: 9.6 billion dollars in incremental costs we can discuss. the progress they've made on inflation ove

announcer: this is "bloomberg surveillance" with jonathan ferro, tom keene, and lisa abramowicz.ood morning, good morning. this is "bloomberg surveillance" on bloomberg. the united states is losing the aaa credit rating. a ton of treasury supply coming to the markets. some confusing actions from the boj. this is from the boe 20 minutes ago. there was a feeling they might go 50. it is 25 from the bank of england. looking at the moveon sterling. slightly weaker off the back of this. going through this decision outside the bank of england is lizzy burden. what jumps out to you? lizzy: this is what markets and economists had expected. there were doubts about 50 but after the cooler than expected june inflation print, they thought it would be 25. this is going to invite criticism over the bank's reaction function. in this decision and the last decision they are just reacting to what happened. they are focused on the rearview mirror rather than the road ahead given you have a two-year lag and policy. -- in policy. the last time you had a three way vote split -- which is what bloomberg