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00:00Let's talk about the markets in a few minutes then, Mark. And if you were listening for hawkish commentary, you could find that you could have found a few hawkish lines in just those clips. We played them up, but that the market didn't see it that way. That's been very much the trend of the past, while this is a market that wants to see dovish lists and therefore they hunt for it in these statements. Overall, though, big picture. I thought Powell did an excellent job in the messaging yesterday in terms that net net. He didn't move the market that much. He is CAC top, not optionality to kind of go, look, we've always maintained we're going to have to do more hikes. We've always said the war against inflation is not dead done by yet. We're not going to overreact to one big jobs print. I think he's kind of leaving the market, kind of guessing and saying you should be reacting to the data. I say this in the context that I was one of the most scathing people ever. Twenty twenty one laid twenty twenty one. What about the inflation? Probably by 20 that the Fed were trying to maintain that was transitory. I thought they really messed up that. But I think the the communication now at the moment has been very, very good about keeping their options open and making the markets pay attention to the data rather than just trying to pass random messaging from the Fed. Yeah, it's interesting though, when the market does pay attention. So that's a sad. But then the Fed wants to say, well, let's wait for a little bit more day. So in the end, we find ourselves where we are. Let's get to the politics. Then the State of the Union address, a lot of the coverage, focus on the mood in the room, the way that the Republicans responded to what President Biden was saying, that there were moments of unity Saturday around China. Seems anything that caught your eye is something that could be market moving then, Mark, I thought there was some great kind of statements there. But this is you know, it is politics. I think many of the big plans were known. I thought that, you know, some of the interesting comments were planning to reduce the deficit. I think people are pretty suspicious. How is fiscal plan will reduce the deficit by 2 trillion. But that sounds great. And in line with what you're saying about much more by bringing more than many of their supply chains onshore, which doesn't sound like it'll help reduce the deficit and doesn't help like it will control the inflation problem. It does sound like bad news for some of their closest trade partners, the margin things like Canada and Mexico. But will they follow through this or is it just words? We have heard presidents say this before. What are the big risks for you around the investment and the investment universe? Mark and I ask this because our colleague Sonali Basak has done a great job of bringing together the thoughts of three investment chiefs who between them have two trillion dollar sons in management. The things they worried about, a longer, deeper recession, labor markets or inflation fueled by climate risks. Did you think that these less taps into the things that you were concerned about as you look ahead to 2023? I think this is an outstanding article and anyone should actually look it up and read it. It's very much big picture. It's beyond the horizon of most traders, which are kind of looking well. I guess anything from day traders to the next year to this is really at a five or 10 year horizon. The structural problems out there and I thought that what angle particular that was a little bit needs me. The idea of a longer, deeper recessions because of how Fed policy and fiscal policy will now interact in the post pandemic world. OK. Interesting stuff. If you want some more thoughts from Mark in the Western markets 19 and a life, he go east, the functions he's on your Bloomberg terminal.

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Markets Live: Top Investment Risks, Reaction to Powell and Biden

Mark Cudmore and Anna Edwards discuss today's key themes for markets including top investment risks and reaction to Jerome Powell's speech and Joe Biden's State of the Union address. (Source: Bloomberg)

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