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Welcome back. As you were. Yields up, stocks down were down nine tenths of one percent from New York City this morning. Good morning. Good morning. The countdown to the open starts right now. Everything you need to get set for the start of us trading. This is Bloomberg. The Open with Jonathan Ferro. Life in New York, counting gap equity, self-doubt as Wal-Mart forecasts a rocky year. President Biden, speaking in Poland after visiting Cage and Credit Suisse stock hits a fresh all time low. We begin with a big issue. The bearish roar growing even louder. Morgan Stanleys Mike Wilson delivering another warning. The bear market rally that began in October from reasonable prices and low expectations has morphed into a speculative frenzy based on a Fed forced pivot that isnt coming. JP Morgans mis love mistake a elaborating on that rating. We could indeed see a Fed pivot, but perhaps only in response to a much more problematic macro setup than the market is coming looking forward to. Whil