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Starting with Chris on inflation because
this will really have big repercussions

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for the markets what are we expecting.
Well the CPI report is due on Tuesday.

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I think within the context of the Fed
what's important is the Fed has laid

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down quite clear market signaling
there's still 10 days to go before this

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meeting.
We're going to get a lot of data this

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week and then the blackout period begins
at the end of the week.

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So the Fed is going to want to not
to hike by 75 basis points as they seem

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to have signaled to the markets.
Then they're going to have to change

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that signal by the end of the week.
And of course that will be data

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dependent.
We're also going to get a dusting of

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production with the CPI.
So it is definitely a very important

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week.
But I do think the base signal at this

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point is for another 75
basis points from the Fed.

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Chris we've also been hearing from
Treasury Secretary Janet Yellen herself.

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She used to be in charge of the Fed of
course.

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What advice does she have in this fight
against inflation.

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Well she had a very interesting
interview held this morning.

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It was it was one of the Sunday talk
shows.

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She was pushed by the interview about
the risk of the Fed going too fast and

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too hard and pushing the economy into
recession

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basically asking her you know if you had
to choose between maximum employment and

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price stability.
Which one comes first.

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And she left no doubt about it.
She said my hope is we will achieve a

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soft landing.
Then she added Americans know it's

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essential to bring inflation down.
And over the long run we can't have a

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strong labor market without inflation
under control.

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So she's saying right there that price
stability is a prerequisite to a

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sustainably strong labor market.
That leaves no doubt about where she

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stands.
Of course you would like to see that

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soft landing with continued strong
employment.

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But if you have to choose you've got to
go for and that is quite nicely with the

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Fed and the language that we've heard
from Jay Powell.

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Just the same question.