means we are down. equities are higher and i think it is a large reaction it friday out of the states. currently if i look at the fair value of the bloomberg for what the s&p will be like tomorrow morning it is down about a half of a percent. that is whether futures are telling us. still up .6 but this is the one it focus on. this is the dump contractor in europe and they are signaling concern that europe will run short of natural gas very soon. we could see a cutoff of russian supply next week or this week later and we have supply out of the united states. that is having an impact. we are seeing the first german trade deficit in 30 years. the question we are asking at bloomberg is what do i need to worry about. do i need to worry about inflation or in the second half about recession. this is what some guests have been telling us. high inflation is probably worse over the very long term. at this point inflation rules the game. that s why the fed is committed to really curta