joining us live from london. powell's remarks sends stocks reeling. and saying to stop using the word transitory when it comes to inflation. give a sense of what he said yesterday and the impact it had. >> jonathan, yesterday, markets were driven by two big factors. one, those factors around the omicron variant. and secondly, the testimony from the fed chair jerome powell. essentially, he struck an unmistakenly different tone than what the market is used to hearing. saying that he does think that we could be looking at wrapping up the fed asset purchase program sooner than originally anticipated. he said that we've basically seen elevated inflation pressures. we've seen very strong labor market data without any improvement in dab supply. and we've seen seen strong data as well. investors held the comments on