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This whole episode will turn out to be transitory, but the recent lies transitory, it is because the Fed reacted. The Fed is a risk manager. I think they need to stop. But this is a war that they won and theyre in danger of tipping the economy into recession. I think making the fiscal problem worse is the prevailing view now. And I think its right that were heading lower inflation and weve seen a peak. Inflation has a number of parts to it. John Williams talks about the inflation onion with that and the good news on the outer shelves. This is Bloomberg Surveillance with Tom Keene, Jonathan Ferro and Lisa Abramowicz. Earning season begins right now. Live from New York City for our audience worldwide. Good morning. Good morning. This is Bloomberg Surveillance on TV and radio alongside Tom Keene ISE Jonathan Ferro. Equity futures down about a tenth of 1 per percent on the SP this hour. Looking to hear from Bank of America in the next couple of hours from Goldman. Perhaps a little bi