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We have a Fed here who is not backing down. What is the market saying? I dont believe you. Its cutting in its pricing and rate cuts. Its already seeing the data roll over. The way theyre feeling now is comfortable that they may be done enough or getting close to having done enough. At some point, you have to move to 25. Because youve done a lot. You dont know how much damage that youve done. Expectations for the remainder of the year to 2023 are quite bleak. Earnings are supposed to go down. This is Bloomberg Surveillance with Tom Keene, Jonathan Ferro and Lisa Abramowicz. Good morning, everyone. This is Bloomberg Surveillance Jonathan Ferro in London, Lisa Abramowicz. Back from the Alps and Im Tom Keene. I dont have a life. I did absolutely nothing unlike London in the Alps. We welcome all of you. John Farrell with us here. Coming up on Foreign Exchange, an important discussion with Germanys stretch. And we say welcome back from a Happy Vale. Thanks. It was kind of happy, a