Guy as a markets reporter, lunch unch is something you never want to see. That is where the stoxx 600 is. But it is just above the 200 day moving average. Marks and spencer, intentionally going back to the ftse 100. There is a review going on. It was up 4 yesterday and today. It tells you about the consumer. Consumer is spending money. Admiral, here is another interesting story. This stock is up by 6. 9 . Its auto business is doing better. What is happening is renewal rates are going sharply higher. The inflation rate within the auto sector is high at the moment, being pushed through and sticking. As part of the business is recovering. The stock is up five 6 . Alix the reason i think this one is significant is it closed below the 50 day average yesterday and we are not getting followthrough selling. This is a sign. The filly helping target. It closed at 23 low yesterday. The bars pretty low. But they did lower their forecast so it was not all sunshine and roses. This is where it gets disruptive. You look at the dollaryen and at one point you look at levels that triggered intervention in september. The stronger dollar also putting pressure on the u. N. The u. N. Is getting hit too. Youre a 2014 low. I had not registered how low how much it got hit recently. Do we like this . This that wind up helping . I am not sure but i am wondering where that becomes destabilizing, if it does. Guy we do need to keep an eye on the destabilizing markets significantly. The u. K. Has had a rough couple days. It was the way to story yesterday and today is the cpi story. It is the details within the cpi story indicative of where the bank faces. Headline inflation is coming off but holidays are still causing issues. They are very expensive. What we are seeing your Services Inflation remaining very sticky and core remaining sticky as well. These are the issues he is having to focus on. There has been hence we are going to see a pause. It is this white line, this very sticky services number, that is quite problematic. 7. 4 is the figure. It raises the question of whether the bank of england can pause here. The banks pricing significantly more work for the bank to do that here. Is the bank of england prepared to do it . Alix if you are data dependent but the data is good, how does that work . Governor Andrew Bailey spoke to Francine Lacqua earlier this month. Bailey it is the last mile where policy is doing the work. It will have to remain restrictive to have this effect of urging inflation down, particularly next year. Guy governor bailey talking to francine. The word restrictive is what triggered the notion of the bank was almost done. The data does not point us in this direction. We will adapt the question from the last hour and continue in this hour. As a pause possible given the data . Joining us to discuss this, Bloomberg EconomySenior Reporter kristine aquino. Bloomberg markets managing editor. Philip, let me start with you. You cover this touring day in and day out. Has been a growing expectation the ink is near the end. The last mile. Does the data support the idea we are in the last mile . Philip it does not at the moment. The wage data was massively above their expectations. Services inflation you pointed to work acting 7. 3. The previous Inflation Report or Monetary Policy report forecast was below 6 for their expectation on this print today. It has gone up significantly and is way above where they were expecting. There is definitely no immediate indication they can pause. Alix does the market have it right . The market price in 6 . Kristine they are also reacting to the data. We know especially in the u. K. That markets have continuously pushed the break of england one way, only for the bank to push back. That is what we are seeing again now. Looking at the inflation data, as philip mentioned, it looks there looks like there is no way they could be pausing. An inflation surprise for the third month that we have seen Something Like this. I think what we heard from the bank of england is kind of a tacit admission that in addition to needing to maybe keep rates higher for longer, it is also potentially admitted inflation may have to be above target longer than expected. Guy alix steel, you talk about the markets being right this time. And i were joking just a moment ago. The market has been right. The market has continued to be right. I think philip asked a question to the Deputy Governor at one preference at one conference. The market continues to be right. Alix as i said these words, i was going to say the markets have been right the whole time and guy will call me out which you did. What else is the market telling the bank of england . Philip they are obviously very worried and thing much more needs to be done. Then again, just a few days ago, only 5. 5 was fully priced in for the peak interest rate. They have moved themselves. To be honest, he has got some time. It does not have to make a decision until midseptember and by then, it would have seen the next inflation print and next wage data. These metrics have been moving around. If you think back to the other star of the year, around february, the bank debt first indicates it may be nearing the end of the rate hike cycle. Then things swung back. Everything got very inflationary. The next two releases are going to be critical releases. The releases we have have this week are important. But we can see a complete reversal and have a big collapse in wages or inflation. This is going to be the determining factor. Guy the other thing the question poses is about a pause. And whether or not, kristine, we have had so much policy still to come through that what we now need to do is think about the impact this is going to have. If you look at the average numbers at the moment, lets call it circa 3 and wages are higher. You have to close the gap between where the average of mortgages that people are paying and the average wages are. I am wondering how the bake judges this and what it does with this in terms of its understanding. A much have we done so far . How much is to hit . How much of an affect are we going to have . That may be takes as to the pause. We have tightened a loss, lets see what happens. What case can be made for that . Kristine that is exactly what the bank of england is working with at the moment. They recognize they have the policy like they are contending with in the u. K. Because of the way the mortgage is structured. But also in general when it comes to Monetary Policy, you can easily gain a situation where the economy is already feeling the impacts of policy you delivered six months ago. Guy but the bank has been pushed into rate rises by the data. That is the conundrum. The longer a variable lags, i am wearing whether a bank model is the Bank Understanding of the economy and its models are good enough to understand the data pushing toward rate hikes and the understanding of how much of the policy is still to come through. Kristine when it comes to the forecasting ability of the bank, there is a reason. It is being reviewed by ben bernanke. They have seen time and time again surprises from the data versus their own forecast. It is particularly a huge thing in the u. K. , especially because they have the highest nominal inflation rate of all major economies. The fed has less then half the inflation rate they are contending with but Jerome Powell and the rest of the fed is trying to walk the hawkish line. Our data dependent but you can tell they want to air on the side of more rate hikes. The bank is unique in this, perhaps this guided lease so. Depends on what the review reveals. This is part of what makes the u. K. Inflation growth conundrum particularly interesting. Alix also things like Airline Tickets and hotels will come down. Philip, say we get to 6 and stay there a bit. Happens to the economy . Or even just higher for longer with these rates . Philip once again, we have been saying rates at 5. 5 would crash the economy. 6 will crash the economy. The economy is appearing to be more resilient than all of us. The latest tvp numbers have been better than expected. We have the stock market showing resilience in peoples pockets. It is entirely possible that we can sustain 6 rates without crossing into a recession. We will be in the sight inflation territory we are in now until nation disappears. Alix guy is going shopping for jeans with will have an whole different impact on stuff. You never know. Philip aldrick, u. K. Economist Senior Reporter and kristine aquino, managing editor. Thank you. Coming up, is the pause possible given the data . Emma wall Hargreaves Lansdown joins us. This is bloomberg. The first time you made a sale online with godaddy was also the first time you heard of a town named dinosaur, colorado. We just got an order from dinosaur, colorado. Start an easy to build, powerful website for free with a partner that always puts you first. Start for free at godaddy. Com i definitely think it a posits not only possible but probable. The Biggest Issue we are all trying to grapple with is be want the fed and economy to look like it did the last 10 years. It is more likely to look like the fed we had 10 to 15 years earlier than this where you had Interest Rates that were not negative and are getting used to that. Guy caros life, chief Investment Officer at bmo carol schleif, people Investment Officer at bmo. Is a pause possible given the data . Depends on what side of the atlantic you reside. If i am american, am i thinking about the answer to this question differently than if i live in the cave . Emma i think very much so. The news in the u. K. This morning is very welcome but if we are playing whackamole, that is changing. The service upi is changing. There is risk we can see in the u. K. Which is different from the u. S. Which is like optic inflation. In the u. K. , the bank of england still has more work to do. The Federal Reserve potentially has less. 3 is still higher than their target but much closer than high 6 area then the high 6 in the u. K. Alix what is the case for playing whackamole and just for this . Emma if we are talking about the u. K. , they will continue to whack the they cannot afford to continue to whackamole because the u. K. Consumer is, despite headwinds and challenges, looking considerably robust. People are getting wage increases. The jobs market is looking reasonably healthy. It is patchy and some ways inflation is up to certain sectors, not across all sectors. People were spending an mns. People are managing somehow to absorb Insurance Premium increases between 20 and 30 thats 20 and 30 . Premiums are really going up in the u. K. People are managing to absorb increases in prices across the board. If you are the bank of england and trying to walk the tightrope of not setting the consumer and not setting corporate, you can have further to go. There is also the fact of timing. U. K. Did take longer to start raising rates so technically we are behind in terms of our rate cycle but it is quite a difficult time. Guy what does it mean for bank of england assets . Do i pause by guilt . We are of 4. 6 at the moment. What is this befriend the best assets. Do i look at the 250 or a saint tournament. At the 250 or . How does this change the narrative . Emma they do not like the idea that there will be more rate hikes. We saw this at the beginning that they believe there would be stronger wage data. Ftse came off actually. The mix you are talking about is interesting because from smaller domestic stocks, they have had such a difficult time over the last few years. There is interesting value to be heard about that and Smaller Companies in the u. K. Have been bashed again and again. Lets not forget brexit. Also, a lot of the pain has been have been hlaved. If you are a small u. K. Company and have managed to make it through brexit and covid and restructuring, you have been able to build in efficiencies not across the board but there are Smaller Companies have done the work to get themselves to where they are more robust and resilient. Alix what do you do about cyclicals . In europe, cyclicals have started to decrease. I am wondering how much more this has if we wind up seeing noah pozner higher for longer . Emma europe is an interesting case. Talk about the euro but it is a group of Different Countries with very different drive. Germany has had a hard year in terms of growth. France has had better in terms of the stock market because luxury stocks have absolutely helped the French Market outperform two seemingly form resilience against things like price rises and luxury stocks. In europe, it is more difficult to tell. There are opportunities potentially that we are slightly underweight versus on the markets. Guy our bonds a balance to equity at the moment . How do you there is a lot of uncertainty so you do not diversify . But how much correlation is there between assets . I keep seeing days when bonds and equity go down. Emma it depends whether you are investing for growth or income. Price volatility is here to stay for a little while. You cannot have this much macro uncertainty and Political Uncertainty as not have stock market volatility. If you are looking for income, bonds are incredibly competitive. Deals like this despite inflation being high. If you can fix 5 for 10 years inflation will not be 5 for 10 years but that is very attractive. If you are looking for growth, granted when things become strange, they become more correlated, but it should be for the longterm. Over the longterm, you see good diversification if you mix up the asset classes. Alix coming up, the view from the worlds biggest sovereign role funds. We will had to worry norway about what is worrying an executive 20. Trillions of dollars. I was hesitant to get the hearing aids because of my short hair. But nobody even sees them. Our nearly invisible hearing aids are just one reason weve been the brand leader for over 75 years. When i finally could hear for the first time, i started crying. I could hear everything. Call 1800miracle and schedule your free hearing evaluation today. This allnew ariya is an elegant ev. Yeah, with 389 horsepower. And allwheel drive. Its beautiful. Its a beast. Its electric. With an edge. Oh, lets go with that. Alix norways Sovereign Wealth Fund is one of the biggest in the world. Spoke with the ceo about some big risks he is factoring into investment decisions. One of the new things is the length the link between climate and inflation has become stronger. We have seen the climate affecting prices and all these kind of things. But the new thing is the change from Global Warming to Global Change is fantastic. There are parts of the world where you cannot even work. Therefore the leap between climate and inflation is stronger than before. Guy in spain, for a long time, that has been trained. They call that the siesta. Are there places we will look in europe outside . In italy, you stop working in the middle of the day forever. Where is that a new development . Nicolai it is a new development in many countries. We have seen heat waves we have not seen before. July is the hottest month we have seen since the world began. It is not called a siesta anymore. It is called global boiling. Jonathan from your perspective, what have you chance . Nicolai i think you need to take into account that inflation may be higher for longer. Guy the ceo of the Sovereign Wealth Fund. This talk about global boiling. That sounds of a step change. We are at boiling or simmering. That is something that we will talk later about what is happening it hawaii at the moment. The impact it is having and the impacts on markets has not even gotten started yet. The pushback is enormous. That is the other fascinating part. Alix but we are still seeing the government spend. I think it is interesting we are seeing the connection made between government and climate change. Other areas around the world, particularly in the u. S. , are putting a lot of money on that. That is interesting that he has proved it. Guy we are going to watch with other ships. Inflation stays higher. Have the markets and a Central Banks go back to that. As talk about some things we are watching in the european close. A bunch of single socks. And a macro raid. The reason i bring the chart of his look is he the one year. It is up by nearly 70 . Talks about the changes happening in the company but the consumer as well. There are a few out there that we are focusing on. It is not all oneway traffic at the moment. The market is reasonably well balanced. You have a market going sideways. Anglo american is the one i wanted to highlight. These were all 52week lows. They are chopping around but this is a market fighting direction hard to figure out. The closes next. This is bloomberg. Wow, you get to watch all your favorite stuff. Its to die for. And its all right here. Streaming was never this easy, you know. This is the way. You really went all out didnt you . Um, its called commitment. Could you turn down the volume . Here, you can try. Get way more into what your into when you stream on the xfinity 10g network. So, youve got the power of xfinity at home. Now take it outside with Xfinity Mobile. Like speed . 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The dax is flat. Diabetics is doing nothing. That is the narrative around europe. The stoxx 600, the chart today. Not much. On the day down by less than. 1 , trading for 5523. A number of people of people flagged the next chart for me, the 200 day moving average, something you want to keep an eye on. Technical levels massive at the moment. In the middle of august. Keep an eye on some of the levels. I hope we can bring that up for you. As if by magic things appear. The dotted line is the 200 day moving average, basically just below where we are the moment. I want to get a number for you. 25331 is where we are. There we go. 25331. The other averages are up here, the shorter ones. The 200 could be an interesting line in the sand. It has been critical going back a few times throughout the year. Pay attention to what is happening on the technical side of things. Keep an eye on what the story looks like. Single stocks, marks spencer, a great run this year. Looks like it could go back to the ftse 100 that has a tracker impact. I think its emblematic of what is happening within the u. K. More broadly around the world. The consumer is holding in. Markets are the beneficiary of that. Admiral another great case and point. It is pushing through significant price rises. You have probably seen them when it comes to your auto renewal, insurance, car renewals. Admiral the beneficiary of that macro story, the inflation story the consumer is of your being area a big Construction Company out of the u. K. Is the opposite. This is where maybe you see policy have an impact. The stock is down by 11 today. And number of factors. One is a slowdown in a number of critical projects. It is starting to impact big construction and the end of the market. Today that is going to manifest itself in the share price. That stock is down by nearly 11 . Normally at this time i would be going through what is on the day ahead. We are in the middle of august. To be honest we looked to the day ahead and scratched our heads and realized there is not much. Tomorrow will be really quiet. We thought we would talk more about china, the story both of us, every time we wake up in the morning seem to be looking out. I get up a little earlier. I was doing the 5 00 a. M. Show this morning. It was dominated by china. That seems to be the narrative at the moment. It seems to be the factor affecting the european equities and the fx trade. Alix i got up at 5 00. I do not know if you got up earlier. I saw that on the night before before you go to bed. I am waiting for the next thing the government is going to do tonight. I wanted to get a read on it with james lloyd. The latest was ejecting cash, sitting a stronger you and fixing. What you think we will see tonight from china . James the good news is a lot of the data we have had from china from july is behind us already. I think a lot of what the market has been reacting to recently has been just how poor the data have been relative to expectation. I think a good news of the good news is a lot of that is behind us. Now everybody is very focused on what the government will do with the data. I think so far the Market Reaction tells you it is actually a little underwhelming. We have also been expecting a bigger policy response. Like, rate cuts were certainly part of the agenda for us. But we need more fiscal stimulus. I think ultimately that will come. It is just being rolled out very slowly. I think in the meantime it will put a little pressure on trades that are sensitive to how chinas Growth Outlook is looking. Guy james, if we do get big stimulus, talk me through the pairs i want to be looking at that will play that best. James i think big stimulus and, i would assume, it would also involve some defense of the currency. We are pretty close to the highs we saw in october, 735 or so. I would imagine the pboc would want to defend that level for some time. I think you would say remember rebound. We have been expecting to see some outperformance of the remain the relative to asian peers on the view the pboc comes out to defend the currency more fiercely. Alongside stimulus you will see that. I think it will rebound on the back of more substantial stimulus. If the stimulus would be more focused on the policy market and you see Consumer Sentiment on the back of that as well i think some of the commodity names that have started to be a little bit affected by the weakness in the Property Market would also rebound. Things like other currencies. Maybe the rand. These to stabilize. Alix i find it interesting that every person we have on the show says china will have to do fiscal stimulus putting money on atheists people in peoples pockets and it still does not happen. If they still do a lot of nothing, what happens to them renminbi . James i think what happens to the renminbi is what has happened to the renminbi up until this point. Alix how much lower can it go . Past 30 735 . What . James is the if the policy risk is overwhelming there is a risk it will go above 735 asheboro 735. I think the pboc will not allow the currency to be too volatile because that can damage domestic sentiment as well. I think with an economy in deflation, struggling for export competitiveness as supply chains are being reorganized, you need support for your economy. One of the easiest things you can do is let the currency weekend a little bit. I think at that i think that would be the outcome if you do not see aggressive stimulus boosting demand. Guy lets talk about the dollar. We had a great run over the last few weeks. Is that trend instead trend is still intact . James it is quite interesting to me that you have had this huge outperformance of the u. S. Economy in terms of relative to expectations at least. The chinese economy has been a bit disappointing. Europe is stagnating a little, but more or less in line with expectations. But clearly the data in the u. S. Has been better than what a lot of economists and the market was expecting. Get the dollar has not done a huge amount. Yes you have seen it rebounding the last couple weeks. But that is after it had fallen quite substantially following previous downside surprises in uscp i. The growth for rental itself does not seem to be enough to push the dollar up in a sustained way. I think of the china story continues if the china story continues to deteriorate the dollar pressure will broaden out more likely against gm. I mentioned Commodity Currencies earlier. I think that will come under a little pressure, particularly, because a lot of the em Central Banks are starting to cut rates, some quite quickly. You have a combination of u. S. Outperformance from the growth side, u. S. Rates still under a lot of upward pressure and em Central Banks cutting, not a good combination for their currencies. Guy absolutely not. James lord is head of em fx strategy joining us from morgan stanley. European stocks done for the day. The numbers. These are the final numbers. A little weakness in the ftse 100 today. A few results are causing that. It is the current ongoing china trade i think that is showing up in the ftse 100. The dax is absolutely flat and so is the cac to be brutally honest. We will keep an eye on the 200 day moving average. Coming up, whats happening in hawaii. How can hawaii avoid another devastating wildfire . We sit down with survivors and look at the technology that could help in the future to save lives if we see a similar disaster. That is next. This is bloomberg. Degree onl ine, snhu can help you get there. I felt supported throughout the whole process, even from the first call. [graduate] my advisors consistently reached out and guided me along the way. It was like i was talking to a friend, like someone that i had known for years. The instructors were very helpful with everything that i was going through. [announcer] well be with you from day one to graduation to your dream job. It all starts the moment you find your program. [announcer] go to snhu. Edu to get started. Guy Bloomberg Markets looking at live pictures of the principal room. U. S. Treasury departments Wally Adeyemo joining bloomberg. This is bloomberg. Alix shares of all why an electric down 50 this week. Investors are looking into the possible source of maui wildfires and are worried the Company Might have played a role in it. Theres no proof of that yet. Joining us is bob marshall whisker lab ceo. Whisker lab develops Smart Home SoftwareSensing Technology that helps prevent electrical fire in and out of the home. What are your Smart Technologies and sensors tell us about the maui wildfires . Bob we have nearly 1000 of these sensors installed across hawaii, 78 on maui. The network monitors the utility grid with embeddable accuracy and precision. Basically what the data shows is that there was a pretty rapid did hear her duration deterioration in the house of the grid at monday night going into tuesday. We document 122 different faults measured by different sensors across the island of maui, any of which could cause a big flash that is actually an ignition source for wildfire. Guy is this something you see regularly . Is this an anomaly . Walk us through the history of the data and what you generally see from the system . Bob great question, and, no. On in a normal day in hawaii there are few faults in the utility grid. It is a very reliable and safe. But when the wind picked up monday evening we immediately saw a degradation of the grid and his faults. On a normal day there might be only a handful of events on the grid. We saw 122 faults on the grid. Measured by literally tens and dozens of sensors. Alix what line does that draw up for you to Hawaiian Electric . I dont want to speculate because it there is no concrete proof. But we need to understand the role utility Power Providers play in turning off their equipment so these things dont spread. Bob that is right. The first fire, not the big one that ultimately impacted lahaina, we actually have direct Video Evidence of the admission of that fire. There is a video camera, not ours, that captured the explosion. The flash, then the fire starting. It is on camera. We have data that is coincident, the exact time, the exact location. We know that that explosion, the flash, was generated by the utility grid. So it is confirmed by our camera and our center network. Then you take that fact and that fire and follow it forward and see that there were dozens, 120 two additional advents we detect on the Sensor Network area any one of these events can produce an art flash like what is seen on the video. Those are caused what causes these events could be a tree limb touching a wire, the wires touching each other, or a faulty piece of equipment on the grid. Guy where else do you have sensors, bob . Bob we have 325,000 sensors across the u. S. The primary use case is to monitor the homes electrical network. We detect arcing and faults inside the homes that cause electrical fires, preventing 80 of electrical fires in the home here an individual sensor. The home. Thats an individual sensor. When you put out a community of sensors the network is able to monitor the resilience of that utility grid and that is data that has not ever existed before. We are able to track the performance, the health, the resilience of the utility grid across the u. S. Ultimately, resilience is a big deal. The grid, the grid has to be resilient to the weather and climate conditions that it will face. Unfortunately, it looks like what happened in maui was the grid was not in it was not capable of handling those conditions. So, we are trying to document this in a way that has never been done before across the u. S. Yet u. S. The i incredible. Alix are you in talks with the government or local municipalities to do this on a broader scale as climate changes and you get different kinds of weather in different places they are not expecting it, basically . Bob yes, we partner with insurance companies. The Largest Insurance Companies in the United States provide ting are sensor, to their homeowners and customers for free because we prevent electrical fires. At the same time we are working to make the Data Available to utilities, working with a number of utilities in the u. S. There is no other source for the data. The utilities can, if they get the data, use the data, and the intelligence from it to prevent these kinds of fires. I mean, it is much better to predict and prevent rather than react and replace. With the consequences of these terrible fires. Guy is one of the takeaways, bob, that aboveground power lines are not a way to go . I know it is more expensive to bury. I know it is more expensive to take remedial action, to coast. What are the lessons we can take away in your data that we as individuals and communities can use toa harden our Electrical Systems . Bob great question. Look, underground power is definitely something that potentially can help, but, it has downsides to it too. You referenced the cost. A lot of what people are talking about is the power shutoffs. Can and should the utility shut on the power . Because, if you do shutdown the power there is no energy to produce these arc flash as we see in our data that can generate a fire. But obviously, that has consequences too. People do not like to have the power turned off. So, it is a tough call. Its a tough policy issue for utilities. But i think it is data like ours that can help utilities make that decision, right . If you are monitoring your grid in real time like we are able to do when you see the resilience, the health of the grid is declining, you can use that information to potentially make a decision to shut power down. Again, that is a more complicated decision. Many factors have to go in to a decision like that. But i think data, using sensors and data and intelligence, is it the way to go in the future to help predict and prevent these things. Alix bob, we super appreciate this conversation. I really appreciate important one. Bob marshall the whisker labs ceo, thank you for coming on. Coming up from a division over decisions on what the feds minutes reveal over disagreement over the Central Banks top policymakers. This is bloomberg. Alix the overall index, abigail is tracking the moves. Abengoa there certainly is. This is the asia tech index down 7. 4 , the worst four days going back to early june. Of course we have seen chinas tech struggle over the last couple years starting with regulatory concerns. An economic slowdown fears out of china. There is a sympathy affect. The contagion effect is on u. S. china, essentially, and this index. As for the u. S. Tech stocks, a bit of a mixed bag at this point. On the upside microsoft. Early up about. 2 . But there is green there. Nvidia as well. Nvidia will be reporting next week. Metaplatforms down 1. 7 percent. Similar to other tech stocks down about 10 from recent peaks. Tesla down 2. 2 . They are lowering prices again in china, two times in one week. The stock is down 24 from its recent peak. Investors are on edge to some degree there. We will receive the fed minutes later today. Something that is interesting, i have not heard the fed talking about cuts at all but the market sees it differently. Earlier this year the expectation was for a cut of 1. 5 next year. Now it is closer to 1 . That is still a decent cut, but to my ear, i have not heard the fed talk about that. I heard fed chair jay powell say cuts would be years away. Thats another area where markets really disagree with the fed. Guy absolutely. You had that from Neel Kashkari as well in the last 24 hours. We are about to get the fed minutes from the last meeting, abigail, what will they tell us . 2 00 p. M. Eastern, i think. Economists are working closely for disagreement among policymakers. How much divergence will we see . Matt, the key question, how many of the members are in camp Neel Kashkari . How many are in pause mode . What do we think the breakdown really looks like . Matt thats the key question. We are in a light period for fed speak at the moment. A lot of people are on summer vacation. You had people come out, notably pat harker yesterday coming out saying we dont need to raise rates anymore. We had others like the fed governor Michelle Bowman saying we do need to do more hikes. So they are famous for the different descriptors they use. Many or most officials thought this or that. We will be king in first and foremost today on the line that may be fleshes out the numbers a little bit more and gives us the size of the relative size of these two camps on the committee. Alix if that is the case, matt, good to see you, by the way, what do you think the data we have gotten since the last fed mating meeting may have changed the dynamic we will hear about today . Matt that is kind of the other big thing in the background, right . A lot of the data we have gotten since the july fed meeting have been broadly positive on inflation. We got lower inflation numbers. On the wage growth side that we know the fed is really keen on we saw the celebration in things like the employment cost index, the unit labor cost index. Another thing we will be looking at in the minutes is trying to see what they think about the liver market and then labor market and then trying to read across to how some of the data we have received since the fed meeting that will not necessarily be reflected in the minutes might be being digested by fed officials since then. Guy anticipation is growing. Jackson hole is almost upon us. How useful an indicator as to what jay powell will say there will these minutes be . Matt i think they will be a pretty solid indicator as long as we do keep in mind a lot of the data, again, since then, have been broadly positive. I think the big question for jackson hole at the moment is going back to one year ago, chair powell had a very clear message. Interest rates were still below 1 at the time. The path forward was pretty clear. Now, one year later, perhaps, the message will not be as strong and clear. I think that is the big question. What will he say . Alix we appreciate that, matt bosler joining us from d. C. Coming up, the ceo of bitcoin will join Bloomberg Technology with Caroline Hyde and ed ludlow. You make it through wednesday. Stay with us. This is bloomberg. announcer enough with the calorie counting, carb cutting, diet fatigue, and stress. Just taking one golo release capsule with three balanced meals a day has been clinically proven to repair metabolism, optimize insulin levels, and balance the hormones that make weight loss easy. Release works with your body, not against it, so you can put dieting behind you and go live your life. Head to golo. Com now to join the over 2 Million People who have found the right way to lose weight and get healthier with golo. This is Bloomberg Technology with Caroline Hyde and ed ludlow. Caroline im Caroline Hyde in new york. Ed this is Bloomberg Technology. Caroline coming up, intel. We will break down the implications. Ed