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Speaker 1: Live from the Bloomberg Interactive Burger Studios is Bloomberg Daybreak

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Speaker 1: for Monday, September twelve two. Coming up this hour, Promising

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Speaker 1: signs for Ukraine as military forces retake key territory from Russia.

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Speaker 1: The UK enters a week of mourning as the public

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Speaker 1: prepares to pay respect to Queen Elizabeth. And on Wall Street,

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Speaker 1: It's all about inflation? Is traders await the next greeting

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Speaker 1: on consumer prices? The New York police officer was killed

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Speaker 1: while heading to nine eleven ceremonies, plus the sentencing phase

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Speaker 1: continues for the Parkland High School shooter. I'm Michael barr

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Speaker 1: More ahelf. I'm John stash Owen Sports a thrillion season

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Speaker 1: Open and went for the Giants. The Jets lost the

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Speaker 1: Mets and Yankees one on Carlos Alcarez one the US Open.

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Speaker 1: That's All's training ahead on Bloomberg day Break on Bloomberg

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Speaker 1: eleven Free on New York, Bloomberg N one, Washington, d C,

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Speaker 1: Bloomberg one oh six one, Boston, Bloomberg nine sixties, San Francisco,

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Speaker 1: Syrius x AM one nine Team and around the World

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Speaker 1: Old on Bloomberg Radio Dot. Carmen via the Bloomberg Business app.

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Speaker 1: Good morning, I'm Nathan Haker and I'm Karen Moscow. US

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Speaker 1: DOT index futures on the rise this morning. We're going

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Speaker 1: to have to fago went on Wall Street and we

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Speaker 1: checked the markets every fifteen minutes throughout the trading day

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Speaker 1: on bloomberg S and P Future is of twenty six bys,

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Speaker 1: Dow futures of a hundred seventy five and NASTAG futures

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Speaker 1: up ninety two. The ten year treasury up three thirty seconds,

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Speaker 1: held three point to nine percent, and they yield on

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Speaker 1: the two year three point five three percent and nine X.

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Speaker 1: Screwed oil is up three quarters of a percent at

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Speaker 1: eighty seven dollars forty five cents of barrel. Nathan, Karen. Thanks.

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Speaker 1: We begin this morning in Ukraine. It's been more than

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Speaker 1: two hundred days since Russia invaded the country, and now

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Speaker 1: we are seeing promising signs for Ukraine as the country's

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Speaker 1: military advances in the east and retakes some key territories.

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Speaker 1: Bloomberg's Amy Morris has the latest from our newsroom in Washington, Nathan.

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Speaker 1: Unconfirmed reports overnight suggests the Ukrainian troops have retaken hounds

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Speaker 1: in and around the Kharkiv region, not far from the

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Speaker 1: Russia Ukraine border. Ukraine's top commander says they've returned about

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Speaker 1: three thousand square kilometers of lost territory back to Ukrainian control.

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Speaker 1: Russia's Defense ministry published a map showing that much of

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Speaker 1: the country's forces are out of the Kharkiv region now,

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Speaker 1: but they didn't comment further. Military experts tell Bloomberg News

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Speaker 1: Ukraine should watch for an unexpected reaction from Vladimir Putin

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Speaker 1: in Washington. I'm Amy Moore as Bloomberg Daybreak. All right, Amy,

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Speaker 1: thank you. We turned to the UK now, where the

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Speaker 1: nation continues its period of mourning in the wig of

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Speaker 1: Queen Elizabeth's death. King Charles will speak in Westminster today

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Speaker 1: as political leaders gathered to offer their condolences. Then the

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Speaker 1: Queen lies in state for twenty four hours in Edinburgh, Scotland,

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Speaker 1: where the public will pay their respects before she's moved

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Speaker 1: to London. Bloomberg's Lizzie Burden has more details from Buckingham

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Speaker 1: Palace to plority lining up to pay their respects. They

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Speaker 1: have been since before the sun even came up, just

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Speaker 1: to take a quiet moment of reflection. The King Charles

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Speaker 1: the Third over the weekend. Of course, he formally took

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Speaker 1: the throne trust swore allegiance to him in the last

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Speaker 1: Prime Minister do do. That was Winston Churchhill. For the

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Speaker 1: rest of the week as well as she's going to

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Speaker 1: accompany him on a tour of Britain. Tomorrow, the Coffin

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Speaker 1: will return here to Buckingham Palace, and then from Wednesday

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Speaker 1: until the funeral now confirmed for September nineteenth, the Queen

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Speaker 1: will lie in state at Westminster Hale and Bloomberrys. Lizzie

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Speaker 1: Burden at Buckingham Palace says the Queen's funeral be hounded

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Speaker 1: Westminster Abbey one week from today. Man. President Biden is

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Speaker 1: going to attend that funeral next week, Karen. But back

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Speaker 1: in the US, it was a somber weekend for the

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Speaker 1: White House. Politics hit the pause button Sunday as we

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Speaker 1: marked twenty one years since the attacks of nine eleven.

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Speaker 1: President Biden used the events of our vigilance against future

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Speaker 1: terror threats in remarks made at the Pentagon. What was destroyed,

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Speaker 1: we have repaired, what was threatened, We fortified what was attacked.

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Speaker 1: The abdominable spirit has never ever wavered. President Biden later

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Speaker 1: reef at the panda on that has become a tradition

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Speaker 1: for US presidents on the anniversary of nine eleven. Well,

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Speaker 1: it was indeed a somber weekend, Nathan, And as we

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Speaker 1: emerge from it, President Biden faces a possible labor crisis

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Speaker 1: that threatens to shock supply chains across the country. US

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Speaker 1: railroad workers are threatening a strike, and we get details

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Speaker 1: from Bloomberg's Lisa Mateo. Tens of thousands of US rail

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Speaker 1: workers could be on strike by the end of this week.

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Speaker 1: Their warning of potential disruptions as soon as today. Negotiations

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Speaker 1: have been challenging and ongoing for more than two years.

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Speaker 1: Current rail labor contracts are frozen at levels, and the

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Speaker 1: White House is urging negotiators to continue talks throughout the week.

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Speaker 1: According to rail officials, a strike could snarl supply chains,

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Speaker 1: disrupt agricultural deliveries, and cost the US economy more than

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Speaker 1: two billion dollars a day. In New York, I'm Lisa

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Speaker 1: Mateo Bloomberg Daybreak. Al Right, Lisa, thank you. As inflation

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Speaker 1: sees workers fight for higher wages, it also remains front

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Speaker 1: and center on Wall Street. Janet Yelling came out to

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Speaker 1: address the matter this weekend. The Treasury Secretary tell CNN

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Speaker 1: she's hopeful the FED can bring down prices without sending

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Speaker 1: the US economy into recession. The FIT is going to

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Speaker 1: need great skill and also some good look to achieve

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Speaker 1: what we sometimes call a soft landing, which is bringing

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Speaker 1: inflation down while maintaining the strength of the labor market.

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Speaker 1: And my hope, I believe there is a path to

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Speaker 1: accomplishing that, and my hope is that we will achieve

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Speaker 1: the soft landing. Jenny Gellen says taming inflation is the

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Speaker 1: main priority for the FED and that the US cannot

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Speaker 1: have a strong labor market if prices remain high. Well, Nathan,

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Speaker 1: we won't have to wait long for the next reading

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Speaker 1: on inflation consumer prices headline the list of economic data

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Speaker 1: on TAMP this week. We get that rating tomorrow and

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Speaker 1: Bloomberg Schress Condon says it will be key for the

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Speaker 1: Fed's next meeting. There's still ten days to go before

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Speaker 1: this meeting, but we're gonna get a lot of data

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Speaker 1: this week, so the Fed is going to want to

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Speaker 1: not by seventy basis points as they seem to have

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Speaker 1: signaled to the markets. Then they're going to have to

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Speaker 1: change that signal by the end of the week, and

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Speaker 1: of course that will be data dependent. Mer Chris Condon

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Speaker 1: says CPI data is not the only key indicator this week.

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Speaker 1: The FED will also be looking at readings on producer

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Speaker 1: prices and retail sales. But we're seeing the dollar weekend

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Speaker 1: sharply this morning, Karena. That's giving a lift of the

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Speaker 1: euro and the pound. It also gave a boost to

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Speaker 1: stocks in Asia overnight. Bloomberg's Juliette Sally joins US from Sydney,

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Speaker 1: Australia with the details. Good morning Juliette, Good morning Nathan

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Speaker 1: and Karen. Semiconductor stocks led the games, t SMC, rising

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Speaker 1: more than three percent in Taipei, boosting Taiwan's gage after

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Speaker 1: August sales rose from a year ago and Routs reported

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Speaker 1: the US plans to broaden curbs on ship shipments to

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Speaker 1: China reopening. Stocks in Japan gained after fn N and

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Speaker 1: The Decay News reported the nation may soon ease travel

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Speaker 1: curbs and scrap daily passenger cabs. Australia as a sex

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Speaker 1: two hundred grows more than one percent in Sydney, and

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Speaker 1: markets were closed for a holiday in China, Hong Kong

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Speaker 1: and South Korea. In Sitney, Juliet Sally Bloomberg, daybreak. All right, Juliette,

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Speaker 1: thanks SMP futures. Right now, we're up twenty five point

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Speaker 1: staff futures up a hundred seventy four and NASTAC futures.

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Speaker 1: You're hired by ninety two points ten. Your treasury is

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Speaker 1: up three thirty seconds, the yield three point to nine.

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Speaker 1: Straight ahead, your latest local headlines and a check of sports.

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Speaker 1: This is Bloomberg five oh seven on Wall Street, sixty

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Speaker 1: nine degrees in Central Park. We've got two accidents on

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Speaker 1: the northbound FDR Drive in the upper east Side. Details

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Speaker 1: coming up in traffic. First, Michael Barr, What else is

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Speaker 1: going on in New York and around the world? Morning, Michael,

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Speaker 1: Good morning, Nathan and New York Port Authority police officer

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Speaker 1: was killed yesterday while heading to a nine eleven ceremony.

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Speaker 1: Anthony Vavarro from Staten Island was heading to serve at

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Speaker 1: the World Trade Center Command on Sunday morning when he

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Speaker 1: was killed in the car crash near the Holland Tunnel.

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Speaker 1: Vavaro voluntarily retired as a picture from Major League Baseball

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Speaker 1: from the Braves to join the Port Authority only a

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Speaker 1: few days later, and Enny of Vavarro was thirty seven

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Speaker 1: years old. The trial resums today in the sentencing phase

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Speaker 1: of the Parkland High School shooter Nicholas Cruz, who is

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Speaker 1: twenty three years old, pleaded guilty in October to the

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Speaker 1: eighteen attack that killed seventeen students and staff members. The

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Speaker 1: jury will decide where the Cruise will be sentenced to

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Speaker 1: death or life without parole. In Madara County, California, officials

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Speaker 1: are now saying the Fork fire is six contained. Chris

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Speaker 1: Hamilton's and her husband Rick have been lucky so far

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Speaker 1: and their house has remained unharmed. But Chris Hamilton's says

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Speaker 1: one of their friends hasn't been as fortunate. One of

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Speaker 1: the gentlemen that helps many of us up here with

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Speaker 1: our yards, he did lose his house. It's just heartbreaking.

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Speaker 1: What I know. There's nothing you can say that makes

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Speaker 1: it better. Um, because we've been there. They'll go through

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Speaker 1: the motions and do the best they can. The fire

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Speaker 1: so far has consumed at least twenty eight structures in

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Speaker 1: fifteen outbuildings. We reached the halfway date of the Atlantic

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Speaker 1: hurricane season. It was supposed to be above average year

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Speaker 1: for storms, but for now, experts say the odds of

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Speaker 1: a quiet season are increasing with each passing day. Last spring,

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Speaker 1: federal forecasters predicted as many as twenty one named storms,

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Speaker 1: including three to six major hurricanes. The seventy four Annual

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Speaker 1: Emmy Awards takes place tonight. One show nominated Netflix Squid Game,

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Speaker 1: the first non English speaking show to be nominated in

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Speaker 1: the Outstanding Drama category. Global News twenty four hours a

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Speaker 1: day on air and on Bloomberg Quicktake, powered by more

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Speaker 1: than dred journalists and analysts more than a d twenty countries.

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Speaker 1: Michael Barr, I'll get under the table. This is Bloomberg, Nathan,

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Speaker 1: never too early to creep us out. Thank you, Michael.

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Speaker 1: Five O nine on Wall Street, Time for the Bloomberg

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Speaker 1: Sports Update. Football's back, John stash Our, Yeah, Nathan, the

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Speaker 1: giants are want to oh that doesn't happen off and

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Speaker 1: in Nashville they fell line thirteen uphing and then two

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Speaker 1: big plays in the third quarter of sixty eight yard

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Speaker 1: run by se Kwan Barkley, who had a huge afternoon,

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Speaker 1: a sixties six yard touchdown past Daniel Jones, the Sterling

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Speaker 1: Shepherd those two plays longer than any plays all of

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Speaker 1: last season. Giants took the league with just over a

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Speaker 1: minute left, converting on a risky two point conversion. Titans

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Speaker 1: had a chance to win at the end, Naps clean

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Speaker 1: tick on its way and doncer end and its left

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Speaker 1: one for the first thirty two thousand sixteen, the Giants

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Speaker 1: have won the season over twenty one twenty and Brian

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Speaker 1: Bables coaching debut, asked the Jets more of the same

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Speaker 1: couple of turnovers dropped passes. Jets only touchdown came with

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Speaker 1: a minute left. They lost to Baltimore nine. Jets have

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Speaker 1: lost thirteen games in a row in September. Last night

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Speaker 1: in Dallas, Tampa Bay won nineteen three Leonard four an

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Speaker 1: ad A hundred twenty seven yards Patrick Mahomes been five

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Speaker 1: TV passes, easy win for Kansas City, four teeny fasses

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Speaker 1: for Carson wentzon Is Washington a View. Minnesota upset Green

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Speaker 1: Bay easily for Justin Jefferson hundred eighty four receiving yards,

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Speaker 1: a couple of two vings. The day after the Yankees

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Speaker 1: one ten to three, they won ten to four over

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Speaker 1: Tampa Bay scored all ten and the first two innings

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Speaker 1: and four home runs, two by Glabor Torres yanks Nelly

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Speaker 1: the Rays by five and a half. Mets moved game

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Speaker 1: and a half ahead of Atlanta nine three win in

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Speaker 1: Miami after three straight five set wins. Carlos Alcarez won

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Speaker 1: the US Open finally in four sets over Norway's Casparou,

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Speaker 1: the nineteen year old Alcarez youngest Open winner in thirty

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Speaker 1: two years. John stash were Bloomberg scorts. Okay, John, thank you.

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Speaker 1: We're watching equities move higher this morning. You have SMP

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Speaker 1: futures right now twenty six points down, futures of a

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Speaker 1: hundred seventy five. Nast decks futures are higher by nineties

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Speaker 1: six points, leading the games this morning. Look at the

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Speaker 1: jacks in Germany up one point six percent right now.

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Speaker 1: We are seeing euro strength on stronger hawk ish talk

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Speaker 1: from European central bankers. The euro right now one point zero,

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Speaker 1: one eight zero against the dollar. Dennis Gartman, the former

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Speaker 1: publisher of the Gartment Letter, now chairman of the univer

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Speaker 1: City of Akron's Endowment Investment Committee, joins US next on

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Speaker 1: these markets. This is Bloomberg Bloomberg eleventh three. Weather a

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Speaker 1: few showers early then turning probably to mostly cloudy with

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Speaker 1: a high near eighty degrees. Morning showers a good way

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Speaker 1: to sunshine Tomorrow. Low eighties will be near eighty under

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Speaker 1: sunny skies Wednesday. Right now sixty nine in Central Park Markets,

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Speaker 1: headlines and breaking news twenty four hours a day at

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Speaker 1: Bloomberg dot Com, the Bloomberg Business at and at Bloomberg

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Speaker 1: Quicktake's a Bloomberg Business Flash, and I'm Camra in Moscow.

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Speaker 1: European stocks and US stock index futures are extending a

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Speaker 1: rally and the dollar retreating as traders bet inflation is

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Speaker 1: nearing peak, even as policymakers ramp up hawkish rhetoric. We

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Speaker 1: checked the markets every fifteen minutes throughout the trading day

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Speaker 1: on bloombergs and Key futures are up twenty six points

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Speaker 1: down futures up one hundred seventy and NASDAGG futures up

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Speaker 1: ninety two. The decks in Germany is at one point

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Speaker 1: seven percent, ten year treasury at four thirty seconds here

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Speaker 1: three point nine percent. The yield on the two year

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Speaker 1: three point five three percent. Nine max screwed oil is

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Speaker 1: up seven tenths per cent, or sixty one cents at

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Speaker 1: eighty seven dollars forty one cents a barrel. Comic schoold

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Speaker 1: is up half percent or eight dollars fifty cents is

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Speaker 1: seventeen thirty seven ten an ounce the euro one point

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Speaker 1: one seven five against the dollar, British found one point

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Speaker 1: one six eight three and again one forty two point

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Speaker 1: seven one. Look at bitcoin, it is up two point

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Speaker 1: eight percent at twenty two thousand, two hundred fifty dollars.

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Speaker 1: An Oracle is among companies schedule to report earnings today.

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Speaker 1: That's a Bloomberg business flash. Now here's Michael Barb with

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Speaker 1: more on what's going on around the world. Michael, good morning,

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Speaker 1: Good morning Karen. Ukrainian soldiers are taking back territory that

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Speaker 1: had been controlled by Russia for several months as part

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Speaker 1: of a swift counter offensive. The Ukrainians are claiming gains

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Speaker 1: in the northeast and south of their nation. Queen Elizabeth's

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Speaker 1: flying Draped Confidness slowly percessed through the Scottish country reside

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Speaker 1: on a journey from her bell Moral Castle to the

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Speaker 1: Scottish capital of Edinburgh. In football, the Giants won, the

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Speaker 1: Jets lost to the Ravens. The Commanders won the Patriots

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Speaker 1: and Forts lost. In baseball, the Yankees and Mets won,

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Speaker 1: the Nationals lost, the Red Sox beat the Orioles one zip,

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Speaker 1: The A's and Giants won. Global news twenty four hours

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Speaker 1: a day on air and on Bloomberg Quicktake, powered by

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Speaker 1: more than journalist and analysts more than a hundred twenty countries.

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Speaker 1: I'm Michael Barr, and this is Bloomberg, Nathan, Michael. Thanks.

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Speaker 1: It's five nineteen on Wall Street Live from the Bloomberg

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Speaker 1: Interactive Brokers studios. This is Bloomberg Daybreak. On the morning

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Speaker 1: when we're seeing pretty strong gains in equities, looks like

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Speaker 1: risk on this morning, let's bring in Dennis Gartman to

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Speaker 1: help us kick off this trading week, the chairman of

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Speaker 1: the University of akronin Downmin Investment Committee and of course

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Speaker 1: former publisher of the Gartment letter. Dennis great as always

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Speaker 1: to speak with you. As a stocks are coming off

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Speaker 1: their best week since late July. Do you expect this

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Speaker 1: rally to continue? What do you think is driving in

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Speaker 1: I think there's some optimism about what's happening in Ukraine

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Speaker 1: and the fact that the gig ping in China has

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Speaker 1: decided to travel outside of China for the first time

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Speaker 1: in months, indicating that there's some reduction, and the concerns

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Speaker 1: over COVID in China. I think those two things are

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Speaker 1: driving prices higher. There's no question that the FED is

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Speaker 1: going to be very uh uh is going to tighten

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Speaker 1: monetary policy again at the September meeting. The question shall

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Speaker 1: be what will they do in the November and December meetings.

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Speaker 1: I think they'll tighten again, and I'm I've been bearish

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Speaker 1: of the stock market since basically January this year, and

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Speaker 1: I continue to be bearish. I think the rally that

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Speaker 1: we're having is on extremely light volume, and good bull

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Speaker 1: markets always go up on good volume, fall on light volume.

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Speaker 1: Bear markets go up on light volume and down on

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Speaker 1: heavy volume, and what we're seeing is a rally on

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Speaker 1: very light volume. So I continue to say that this

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Speaker 1: is a bear market. It's nice to see the market rally.

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Speaker 1: Everybody feels better when stock prices go up. Everybody feels

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Speaker 1: bad when stock prices go down. But I think if

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Speaker 1: you're long the stock market, I think you should be

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Speaker 1: using this rally that we've had the first one in

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Speaker 1: a long while to lighten up your positions. That's what

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Speaker 1: I've been doing, and I think that's the right course

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Speaker 1: of action at this point to FED is gonna FED

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Speaker 1: is going to continue to take nine billion dollars out

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Speaker 1: of its assets over the course of the next several years,

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Speaker 1: and that was the fuel that drove the stock market

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Speaker 1: and drove the economy higher. Now they're taking that fuel away.

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Speaker 1: We mentioned some of the exogenous indicators like the gains

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Speaker 1: in Ukraine and a Chinese president she moving out of

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Speaker 1: the country now, so much of the inflation we've seen

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Speaker 1: has been driven by exogenous factors. When you see the

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Speaker 1: developments like this on a headline basis, does that raise

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Speaker 1: the possibility that we could see a stronger gain for

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Speaker 1: risk assets given what central banks can do against inflation,

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Speaker 1: which is fairly limited. It's it's possible. I've been in

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Speaker 1: the business for forty forty five years, have been training

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Speaker 1: for my own account for that long period of time.

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Speaker 1: Been very lucky over the course of those or in

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Speaker 1: a half decades. But what I've learned is follow the

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Speaker 1: follow volume more than anything else. Follow don't fade the

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Speaker 1: FED and follow volume. Those are the two things to

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Speaker 1: pay attention to. There's a lot of green on the

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Speaker 1: board today, grains are up, livestock prices are up, crude

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Speaker 1: oil prices are up. There's a risk off circumstance going

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Speaker 1: on right now. But I do think that this will

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Speaker 1: be very short term and duration. And again I'll just

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Speaker 1: simply say I've been bary since January five, and I

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Speaker 1: think that that's been the proper course of action. So

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Speaker 1: I'm going to continue to say the same thing. Don't

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Speaker 1: don't be a buyer here. If you've been lucky and

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Speaker 1: you've been long, use this, Use this rally that we've

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Speaker 1: had in the course of the past five five training

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Speaker 1: sessions to become less and less involved, less long raise

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Speaker 1: some cash. Well. Of course, a lot of attention is

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Speaker 1: going to be on the August Consumer Price Index coming

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Speaker 1: out tomorrow, because it's gonna be a big focus for

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Speaker 1: the FED as well. What are your expectations there in

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Speaker 1: terms of whether we could see peak inflation or at

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Speaker 1: least a trough uh in inflation. I think we're I

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Speaker 1: think we've been lucky with inflation for the US the

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Speaker 1: past month and a half or two. Crude oil prices

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Speaker 1: have fallen, obviously, from a hundred twenty dollars a barrel

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Speaker 1: earlier this year. To eighty one dollars a barrel. It's

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Speaker 1: bounced a bit. We've seen grain prices come off. We've

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Speaker 1: seen a weed, for example, which was trading thirteen dollars

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Speaker 1: a bushel falling all the way to eight dollars a bushel.

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Speaker 1: But that's turned higher and going from the lower left

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Speaker 1: to the upper right. Corn prices now have turned from

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Speaker 1: the lower left and are moving to the upper right.

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Speaker 1: Livestock prices are getting stronger. Comper prices are beginning to

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Speaker 1: turn better. So I think people who have hoped that

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Speaker 1: we'd have a peak and inflation, probably our ill advised,

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Speaker 1: probably are wrong. I think we've had a good month

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Speaker 1: and a half or two of weaker prices, but now

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Speaker 1: they're turning from the lower Now they're turning up again,

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Speaker 1: And I think inflationary problems will be incoming again, not

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Speaker 1: in the not too distant future. So don't get carried

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Speaker 1: away with a hope for peak in inflation. I don't

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Speaker 1: think we've seen one. Well, what are you looking at

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Speaker 1: the would give you some confidence that we could see

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Speaker 1: peak inflation? What what would need to change? Grain prices

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Speaker 1: have to turn lower again, live stock prices have to

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Speaker 1: turn lower again, copper prices would have to turn lower again.

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Speaker 1: Gold would have to trade under seventeen hundred dollars announced

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Speaker 1: uh bitcoin would have to trade back below eighteen thousand dollars.

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Speaker 1: You need all of those things to to convince me

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Speaker 1: that inflation has been negated. I I don't think that

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Speaker 1: that's possible. As as we learned in graduate school and

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Speaker 1: undergraduate economics, inflation is always an everywhere, a monetary phenomenon.

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Speaker 1: And the fact that the set has taken its assets

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Speaker 1: from nine nine nine billion, nine hundred billion dollars, get

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Speaker 1: it right, Dennis, nine hundred billion dollars to nine trillion

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Speaker 1: dollars over the course of the past decade and a half.

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Speaker 1: That's that was what supplied the impetus for inflation, and

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Speaker 1: it's going to continue to be a problem for years

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Speaker 1: to go into the future. So, yes, we may get

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Speaker 1: a better number two more. It's probably gonna be about

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Speaker 1: eight point one percent or so, a little bit better

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Speaker 1: than we had seen in the course of the past

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Speaker 1: several months. But I think that that's gonna be the

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Speaker 1: best number we're gonna see for quite some period of time.

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Speaker 1: Speaking for prices, labor, labor cross continue to rise and

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Speaker 1: that's the real problem. We're speaking with Dennis Gartman, the

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Speaker 1: former publisher of The Garment Letter now chairman of the

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Speaker 1: University of acron Endowment Investment Committee. Dennis, with your advice

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Speaker 1: that investors should take this opportunity to pile into more cash.

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Speaker 1: Where do you see the path for the US dollar

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Speaker 1: at this point? We've seen a lot of dollar strength

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Speaker 1: in recent days that we're starting to pull back on

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Speaker 1: that in the current session. Where do you see the

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Speaker 1: path for the dollar going forward? It's still the