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THE FED AS WE KNOW HAS INTEREST-RATE SIDE ELEVATED LEVEL. I DO NOT THINK THEY SHOULD -- IT IS TOO SOON TO EXPECT THAT THE FED WILL THROW IN THE TOWEL, SO TO SPEAK ON THEIR INFLATION FIGHTING. IF THE FED IS HAWKISH, IT WILL PROBABLY MEAN HIGHER REAL YIELDS. YOU DO NOT WANT TO PLAY AROUND WITH BANKING CRISISES. THIS IS BLOOMBERG SURVEILLANCE EARLY ADDITION. IT IS 9:00 A.M. IN LONDON, 5:00 A.M. IN NEW YORK. WE WILL LEARN TODAY WHETHER POLICYMAKERS DECIDE TO CONTINUE HIKING INTEREST-RATES. THE SWISS GOVERNMENT -- UBS OFFERS TO BUY BACK BILLIONS IN BONDS IT SOLD JUST BEFORE THE DEAL. PROFIT AT THE ATHLETIC WEAR GIANT NIKE COMES UP SHORT. IM TOM MACKENZIE. MATT MILLER IS OFF. MADAME LAGARDE IS SPEAKING RIGHT NOW. THE FED IS UNCERTAIN. A LOT TO DIGEST FOR SURE. IT IS AN INTERESTING DAY BECAUSE TO YOUR POINT THE FED WILL BE IN THE SPOTLIGHT TODAY. THIS HAS BEEN THE TRADE GROWING -- GOING BACK OVER A YEAR. THIS TIME IT IS DIFFERENT GIVEN WE HAD THAT RALLY YESTERDAY. I WOUL