>> welcome to bloomberg markets. to get off of the check with what is going on in markets. rallying again, s&p 500 gaining .6% at 4500 even per year nasdaq 100 up more than 1% after the ppi data we got this morning brought the word disinflation back to our vocabulary. that is good news if you do not want the fed to hike too much. 10 year yield coming down about 10 basis points. two year yield coming down more. the short end of the curve more sensitive to fed expectations. the bloomberg dollar index down about 25% but the fifth consecutive day at a clients for the dollar index. losing ground against the euro

and the yen today and finally all you'll gaining again. it has been up and down today but right now it is up $.19. a lot of action going on in asset prices today. the former ceo of crypto network associates was arrested for fraud accused by prosecutors of orchestrating a years long scheme to mislead customers and manipulate crypto prices. southern district attorney, >> i'm an charging celsius founder and ceo would overstating a scheme to defraud customers of celsius do a series of false claims about the fundamental safety and security of the celsius platform. and for participating in a scheme with celsius chief revenue officer to inflate the price of celsius

token. >> what do we know about this case and the fact that he seems to have disagreed with the deal that the company, celsius, is going along with? >> we had the criminal charges that you just saw and we also have civil allegations brought by securities and exchange commission, commodity trading commission, and federal trade commission. the allegations are centered on the fact that he allegedly lied to investors and customers making misleading statements knowing they were inaccurate and at one point and they say he had a livestream video series and staff would have to go back and edit the video series because they knew the statements were misleading. that is at the core of what we

are talking about addition to the inflation -- inflation. >> $4.7 billion fine is unbelievably high and it is not going to get paid. why bother? >> is probably sending a message that you cannot be doing that she cannot take these type of action against customers. we note $4.7 billion fine was from the federal trade commission and they did say they were going to suspend that temporarily so creditors could continue trying to get their money back from celsius in bankruptcy proceedings. we will see were all of this goes but it is sending a message to the rest of the industry. matt: what does this mean for the rest of the industry? how does a broader crypto industry

look at this case? was it a surprise? allyson: we anticipated some of this was going to happen last week i reported the cftc investigators concluded the rules are broken, commissioners were voting on whether to proceed with the action which now we see has come to fruition. we also knew the investigating as well. some of this was anticipated. the broader messages that enforcement is going to continue. we have seen that signal from u.s. authorities but i think this proves it and especially if you're one of the companies last year that collapse and investors lost a bunch of money, than you can expect there will be focus on you. matt: thank you very much. talking to us about the ftc case against celsius, the arrest of mashinsky. as they do with celsius, the chair testified on capitol hill

this morning as lawmakers question her record. here's what she had to say about the progress of activision from earlier this week. >> this was a staff recommendation. staff always looks closely at an opinion and looks at whether there are certain areas they are worth of link on, those of the determinations that go into whether the ftc is up the building -- appealing. matt: kailey leinz was at the hearing. she has a lot going on from this headline making $4.7 billion fine that has been suspended and not expected to be paid. the microsoft activision ruling of the letter i find more interesting because they are appealing the federal court decision that allowed the acquisition to go through. kailey: she had to face questions surrounding that in her testimony today.

i asked her the same question in the hallway outside the committee, why was she a and did she think it would be successful? she did not answer me but it is a different position we are answering lawmakers. republicans are talking to her in this hearing about the fact she seems to have a losing record, questioning their or not she is pursuing cases internationally to lose them to get congress to pass antitrust regulation and his hearing she was called a bully, the chairman of the committee, jim jordan, called her leadership a disaster but it speaks of the partisan nature of this. she had kind words from democratic members of this committee then republicans today. i spoke to several of the outside of the hearing. get a taste of the words. >> i think she has been doing a good job in protecting the american consumer. >> she seems to be pursuing a lot of litigation that is ultimately unsuccessful because she's got strong views about

using the laws is a social toll. >> she's not trying to lose, but i think she's bringing cases she think is right and i am sure they are and consumers would benefit from advocacy. >> i think we will be better served with a clear process and a better focus and maybe better management. kailey: that is just some democratic and republican members of the judiciary committee but was excite the hearing room, they also had questions surrounding ethics related to her handling of the case brought against meta. questions of morale about staff at ftc. just a lot of questions and doubt cast on her leadership of the agency, at least on the republican side. there republicans are in charge here. matt: thanks very much. up next, betsy duke former fed

governor, former wells fargo chair on the state of the banking industry and what the fed will do next. this is bloomberg. ♪

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>> we have great news today that inflation has been cut by two thirds so my message is take yes for an answer chair powell and let's stop with the rate increases. done. matt: this is bloomberg markets. that was senator elizabeth warren on balance of power last night talking about what she hopes the fed will do or stop doing. also bank earnings kick off tomorrow as investors await the health of the industry following the collapse of credit suisse,

svb, and signature. the fed is getting involved with stricter regulations. let's discuss all of this with betsy duke, former fed governor and former fed chair of wells fargo and the global financial crisis. it is a pleasure to have you with those. i would love to get your view on the fed. it seems that this dangerous man as elizabeth warren has called him has done a pretty good job so far. we are not in a recession and we still have unemployment at 3.6% and he has taken inflation in when you're down from 9.1% to 3%. how do you view it? betsy: if you do a report card on a pair chairman i would say he's getting good grades right now. early on there was scoffing at the idea that could potentially be a soft landing and i so do not think that is a given the but it is looking more likely than it did originally. . i would agree that low inflation

is great news. the problem with that is when you look at core inflation, you didn't just below 5% and it is harder to declare victory -- you just dip at below 5% and is hundreds of -- it is hard to declare victory at 5% per unit. matt: how much further do you think the fed it needs to go? the market has priced in a clear high in this meeting, july, but the media's going forward is where the questions are. betsy: the real question is going to end up being, what is the real rate of inflation that is going to take to get inflation not just down, but down below 3%. real rates have just gotten positive the last several months. that is what is going to come down to. my guess is it takes more than one additional increase. i do not think it is going to

get up as high as 6% but i think 5.5% would be likely. although that will have to be determined. the easy decreases are already in place because you have some components that are now disinflationary so there bringing the totals down but over time in stickier pieces start to come down, some of those will reverse. matt: let the talk about long variable lags that last at least according to some economist 12-18 months and if that is the case, shouldn't we expect the bulk of the rate hikes, 525 percent we have gotten so far, to start hitting us in 2024? do you expect that to decrease or contract growth? do you expect that to boost unemployment significantly? betsy: i think the lags are difficult to measure.

i've never seen any place where those where somebody could come up with a definitive measurement. i am watching what is happening to real rates even that is tricky to estimate. the longer variable lags the ultimate effect of credit tightening i think are tougher to suss out. matt: we asked elizabeth warren about bank consolidation and the state of the industry. listen to what she had to say. >> we still have a lot of problems. too much concentration in the banking industry. we have too big to fail banks that we did with the economy crashed in 2000 eight. too big to fail banks are bigger than they were back then. we are not out of the was yet but i feel a lot better when i guys talking about how we need to tighten down on banking regulation, go michael. matt: we listen to her, get a

little bit scared come on the other hand when i talk to other bank analysts they said industry is in much better shape than it was 2007 and 2008. how do you view it? betsy: the industry is in better shape than it was then. the resilience of the industry the last six months shows for the failure of good size banks. in terms of the size, i do not think it is necessarily the size of the number of banks, but you need to banks in full size range both to provide varieties in level of service they provide but also to have acquired in place of a bank gets in trouble the fdic can find a buyer or someone to take on the business and to take over the uninsured depositors which are then reduces the potential for panic. matt: what do you think of the number of banks? i think we have

well over 4000 banks in this country. it's great to have regional lenders to understand the community in which they operate it on the other hand, difficult to regulate that many institutions. should we see a consolidation? betsy: i make you an easy banker at heart. i was for most of my career and i really believe in the importance of community banks. but there are probably of that 4000 there are 3800, 39 hundred of them that are very small and serving local communities. you have variation in size but you got probably less than 100 that are significant size. matt: what should we expect for earnings season as we look ahead at the big bass getting ready to report? you see goldman sachs trying to guide analysts down. how do you view that? betsy: the big banks, i think their earning calls will be

interesting for investors in the individual banks but i think the real story for the industry is going to come out when you get the originals and midsized bank starting to report. what i want to see is what are they looking at in terms of their net interest margins and for the future what is happening to their funding because, looking at what is there levels of loans and uninsured depositors, what kind of liquidity coverage do they have on uninsured deposits. for those in midsize and regional, for those that will be covered under new capital rules significantly, how are they going to look in terms of what has been -- what is being proposed or talked about by michael barb. matt: lexington to get your insight. more fed governor and former wells fargo chair talking about the banking industry and the economy. still ahead, jeffries analysts on the growing demand for

international travel as airfares subside. this is bloomberg. ♪ somebody would ask her something and she would just walk right past them. she didn't know they were talking to her. i just could not hear. 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 we've 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 1-800-miracle and schedule your free hearing evaluation today. i don't want to outlive our money. i keep eating all these chia seeds. i could live to be 100. we work with empower, even if we do live to 100 we don't have to worry. eh, not worried.

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matt: this is bloomberg markets. the ftc has as an appeals court to pause microsoft activision deal. if the appeals court agrees that could put the acquisition off the appeals court does not come i do not know exactly how long this takes, but i know the plan was for this deal to be close over the weekend or early next week. we will continue to look for details on this.

microsoft shares currently up 1%. it is the activision piece that sees the volatility whenever we get these kind of headlines. we will continue to monitor this. i want to get to delta, it is sought second quarter profits soar as a rebound in international travel keeps planes up. sheila kahyaoglu has a buy rating on it. thank you so much for coming in. let's talk about delta first. their planes are packed. everybody is trying to get tickets which is why prices are high and these airlines want to buy more vehicles, more airplanes. how are they doing in relation to their competitors? sheila: delta is well-placed given their premium offering. it was up

year-over-year. that number was not positive for the sector. their international revenues are exploding. atlantic was really good for them. i believe up 20%, higher yields so better pricing in the region. you want to on the carrier that has a premium offering as well as an international focus that is growing in the business. matt: growth is another thing you want and is that a possible right now with a supply chain problems we had and during the pandemic the shutdown made it difficult for these companies to get new planes. they parked a lot of them and have not gotten the bite out of the desert. what is that picture look like for delta? sheila: we get the retail and is going on with the supply chain. one of the reasons we favor delta is there only expecting 43

or so aircrafts this year, lower than what southwest and united has on the books. they do not get it it impacts their capacity going forward. else are we cap related and are expecting 83 21 -- a321 and amx's. we are seeing airbus with supply constraints. matt: who gets first dibs on the planes that gets made? sheila: whoever pays more. whatever is being produced right now is being sold at a discount. the max was grounded at the 2019 parish show. the body that is getting intercut right now, united and southwest are probably getting discounted because they were big orders when boeing needed it. after that it gets better and it's laws are becoming more restrictive if you get in a mega

order which we saw thanks ago, those orders because people want to hold onto the 2020-2029 slots. matt: what is the picture look like in because the? fuel has been relatively cheap but labor was the problem. has that changed at all? sheila: whenever you see fuel come in, you see pricing come down but that is not happening. q2 were expecting pricing up 18% year-over-year versus 2019 levels and 2023 expecting 15% but 2024 we have priced flat. at one point a price for an airline is about 5%, so it is a huge move but could be 10% market cap move. that is what we think is really interesting as these airlines are going to have pricing opportunities next year. the cpi number four airfares were is not good yesterday but

delta discouraging that core relations think it is not necessarily a good way to look at pricing for the airlines. when you think about 15% versus 2019 levels, not many things are only 15% above. i think airlines will have pricing power especially giving the capacity constraints and not even mentioning the issues we are seeing. matt: they've not had pricing powers the last 20 years. this is a generational shift. sheila: i think that is what folks are finding interesting about the large network carriers. the first time in a long time they seem pricing power and potential networks proving to be better positioned. we will see if that holds the but i do think only 15% versus 2019 levels four airfares, there is no other way for somebody to move around the country. matt: delta is your pick him up u.s. carriers. what you think about boeing airbus rivalry? sheila: we love -- we like

boeing but really what we want to play in aerospace and defense is tranzyme and general electric. tranzyme has 30% after market, general electric is -- and when you're seeing delays as services are going to be higher than 2019 levels and we think consensus is missing that and potentially there is 20% upside through 2020 five. a lot of upside on the aftermarket players rather than the police and the lp -- oe's and oe's see an improvement there. matt: awesome. jeffries analysts covering the aerospace and airlines industry. coming up, pepsi cfo hugh johnston joins us after boosting guidance for the rest of the year. can they maintain pricing power? can they get ahead of inflation? we will ask hugh johnston next. this is bloomberg.

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matt: welcome to bloomberg markets. we have a lot of action in the markets to date with s&p 4500. up to those of 1% banking just on that round 4500 number right now. i continue to rally for stocks here in america. we see a continued rally in bonds with yields falling across the curve. 10 year yield down eight basis points. two year yield rising higher. bloomberg dollar index continues to fall five consecutive days pushing the bloomberg dollar index down to almost 1200 even. crude rallies of $.43 in new

york. we got ppi number out of this morning that boosted investor sentiment. spans assets from stocks to bonds to commodities. what are you looking at? jon: creating a risk on mood and you mentioned oil trending higher today. deal with denver, nearly $5 billion in six years times as a continues is a pipeline push. delta in headlines today, stocks swinging over the course of the session but the bottom line is they have been very busy. we saw that in quarterly results and outlook from the carrier. you talked about the general risk on tone today and we have seen that with the nasdaq, the technology stocks whether it is amazon wish to market generally has received some of those prime days that with an encouraging

thumbs up within alphabet of almost 4.5 percent at this hour as they continue to roll out futures types to their ai chatbot. and roll it out in new markets. matt: a lot going on with the giant mega cap tech stocks. disney is another notable name. bob iger had his contract extended another two years. here is some of the reaction we heard to that news last night. >> i am thrilled by the news. i know bob iger for many years personally and i think he is one of the best ceos i've ever seen. disney shareholder should be throughout. >> bob is one of the greatest ceos of our time. he cares a lot about disney. the news does not surprise me. it is a part of what you want ceos to be doing, acting like

owners and feeling the important things the legacy of the company they hand on to their successors , employees, society, i think bob is that guy. jon: ed ludlow in sun valley and joins us now live for the first sun valley gathering cents succession ended. get to talk about the continued rain of iger. ed: that line bob iger is that man is so universal here. everyone i spoke into agrees that of all the challenges that face disney, he's pretty much the only person that can get a grip on it. when they announced the extension, the board put emphasis on leadership continuity. but succession is the bigger question. is he that extended interview with cnbc, he was pretty pointed in saying yes, i feel people internally can step up to the next level if we're talking

about internal candidates. but they just want more time to allow that process to take place. i understand it has been taken place. the board has been thinking about it and reviewing internal candidates. it is good to beat bob through december 31 june 26. matt: i'm not sure if you'll be able to do anything to change the economics of streaming. nobody can pay for this. even a super genius, superhero like bob iger will have a difficult time turning profit in the business. ed: he stated in the interview that disney plus was be profitable which i thought was interesting. i spoke to a disney board member but this whole concept and she makes the point you have to distinguish those platforms that are making the constant and selling it directly to the consumer themselves, netflix.

disney has multi channels but it made a big bet on the scene plus. it continues to make movies that go out in theaters and it manages some of the reasons on the platform. they will spend a lot less on making the content and are going to make less of it in terms of volume, number of shows and movies, as a way of moving towards profitability. jon: it is also a place where historically everybody wonders if there is deal conversations and certainly, you think back to michael i zero days at a sun valley and the deal activity that reshaped disney but i think this is a different chapter because it is not just wheeling and dealing in traditional businesses. i imagine the ai conversation continue to takes hold at sun valley. ed: it is one of the main topics here. everyone is talking about ai. we have leaders from the ai space here. hoffman is a part of the

conversation and told me we will see consolidation. historically 90% of injured back companies do not survive. they think the survival rate will be higher in ai because of how transformative the technology is but there are many start ups doing similar things. the u.s. commerce secretary is here as sources tell me a big part of what she is meeting technology executives about is ai which i find interesting. were talking about elon musk because we finally learned what he is up to their they publish the details of the team they put together. matt: thanks very much. ed ludlow covering sun valley for us continuing to to check in with ed at the day. i want to get to the bank tech theme, ai, how it plays a role in our daily lives. here in new york city there's a lot to navigate ai and cyber

security and access to broadband can influence everything from crime to the wealth gap. matt fraser leaves the charge -- leads the charge and joys us now. i would love to know how ai is going to change the way we operate in the citi. i noticed today there is a new first of its kind ai bias all put into place to monitor the way people are using the technology. talk about it from your perspective. matt: when you look at artificial intelligence and what i can do, it means a lot for government services and advocate historically how people have applied to services, think about public health benefits like food stamps or quick or cash assistance, a lot of those processes where paper-based use in applications and go through a process where someone, human reviews into. ai can be use the fast track to

review of those applications but also make suggestions as the other been you may be entitled to. does not only about the faster processing of information, but also about bringing information you would not have otherwise known you were eligible for to the surface. we look at the laws that are coming out now, is make sure as the technology evolves, we are controlling the bias to make sure we are illuminating -- eliminating certain people out. matt: some of these large language models have inherent biases built into them. how do you monitor against that kind of thing so we do not have these issues we are hiring citi employees? matt f.: we look at the big language models like chat gpt, one of the things that made it

very different as they created the construct of immoral compass where certain information gets submitted before the model s it, it lags it so human can't review it? the historically artificial intelligence, met with modest and not new things. around 2014 microsoft lost a similar model and expose it to social media and within 12 hours and being live social media potted racial bias. we look at the concept of what which models bring forward into flag content and have a constant monitor, that is the way you make sure it only learns a bit behavior but you have to be very careful that when you're ingesting and you know what you are learning from. jon: on the subject of identifying bad behavior, it then opens the door to what the enforcement looks like. have you start to think about that part? matt f.: we have been conscious about where we choose and move

into from artificial intelligence perspective. want to make sure as he put this technology out, we have the appropriate safeguards in place and we learn bad behavior, we can block that from being built into the model. by doing that, as a part of the office of tech and innovation come we have a team that focus exclusively on artificial intelligence in management and policy systems that use these types of technology with the safeguards they put in place and all the things that new york city's ambiguity is doing to make sure and the various actors do not impact these type of technologies, we take every steps to make sure we keep our new yorkers safe. jon: i'm glad you brought up cyber security predict your mind are audience -- to your mind are audience what daily threat the citi is facing? matt f.: new york city is unlike any other major citi you find in

the u.s. our saarbruecken when t is a team of over 200 resources and we collect data from over million endpoints per unit of weekly averages about 90 billion. we have a lot artificial intelligence we use to distill those 90 billion events down to less than 50 things people look at to make sure we get rid of the noise and we deal with the most pressing threats. from a national perspective, the closest that comes through the cyber command might be u.s. army cyber command. matt: my main question when thinking about technology and new york is access. how can you get access to the kind of technology, kids in underserved communities need, to learn, access to technology that people in small businesses need and cannot necessarily get to lift us all up for better results? matt f.: it is funny we are here

talking about risk associated with ai. some of the biggest challenges about the deal with is having basic connectivity for new yorkers. one of the things we looked at was across our public housing community over 40% of the people that live in public housing did not have access to basic broadband. you think about that 2022, luckily we fixed it 2022 so 2020 three we can say we have largely solved the challenge. if you go back one year and we dealt with in 21, we sent everyone home and had the average school aged kid doing school from their house and he think about that as he contacts were over 40% of the people live in public housing did access. that means you have an entire portion of community that needed access markedly -- suffering from things like learning laws because they did not have

access. as you look at connectivity and the digital divide, so it is he 2022 program called the apple connect where we went across every public housing development in new york city and we brought the program that gave them access to freedom broadband and basic tv. in public housing we treat broadband like water. when you walk in it get heat and hot water and then you get a broadband is a basic right. we have school age kids that come home or older new yorkers that may be -- have mobility challenges or you have those that need access to digital telehealth, they can do all of those things from their home without worrying about where are they going to pay for food. matt: thank you so much for joining us. matt fraser, nick citi chief technology officer per unit coming up to my conversation with cfo of pepsi, hugh johnston as the company tops estimates

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jon: this is bloomberg markets. we're looking at shares of pepsico at a session high after the company reported a strong quarter boost of its sales and profit estimates. consumer still willing to pay up for brands even with inflation impacting demand. matt: it is interesting that been able to keep up. i guess great for shareholders. if we start to see commodities prices fall, can pepsi continue holding on to this pricing

power? let's talk about this with the chief financial hugh johnston. he joins us now. it is great to have you on the program are the earnings report, looks like you're doing a fantastic job of keeping the margins of even as prices for underlying commodities rise. if they start to turn around and we did see ppi dropped almost nothing today, do you think you'll be able to continue to hold your pricing power? hugh: good afternoon. i will tell you how we think about it a little bit. if you think about where we have been a year to date, our prices have increase exactly the same as our commodity costs have increase in well. the gross margin and improve as you see are the product of productivity initiatives we have launched. our expectation is we will continue to see commodity inflation, just at a lower level

relative to what is been the recent past. argumentation is that the number will come down -- our expectation is the number will come down and will price as inflation becomes more apparent to us. we tend to afford to buy him commodities about nine months so whatever is happening in the marketplace right now, takes about nine months to work its way into our financials by virtue of the hedging strategy we have. jon: hubble context on the price decisions. for consumers who are feeling stressed even as they lean into the brands you god, is there a breaking point at a certain point? hugh: if you look at what is happening with the consumer, they are both headwind until wins. headwinds are the ones we are just talking about, inflation, higher interest rates. challenging household budgets. at the same time, the job market

is strong right now. wages are escalating and people tend to underplay that side of things as well. the gig economy is offering new opportunities for people to earn money. when you net all that out, what you see right now is a consumer that is doing ok, they are just cautious and we are -- where they are cautious is big ticket purchases like personal technology and automobiles. wages are going up and they have money in their pockets. where the affordable treat or luxury you tend to spend money on anyway. he felt the car with the gas, you go and you might buy a pepsi or a mountain dew or back of sun chips. there a reason why a company like ours is a defensive stock and it is playing out well for us. if you think playing to our benefit is as consumers -- another thing playing out our benefit as consumers go out

more, we tend to be present in those places more than most of our competitors and that is a real tailwind for us. jon: helpful context. the industry has been preparing for a possible announcement from world health organization, specifically tied to as pertaining. we could hear that tomorrow. as pepsico planning or preparing for that as well? hugh: we have been but it is probably one of the most studied ingredients in all the food and has been for a long time. i like to talk about it and say it is one of the few things that has been around pepsico longer than i have for you have been here almost 36 years. over a hundred studies it is been deemed safe. over 90 regulatory bodies across country around the world including the fda and european food safety authorities have concluded it is safe.

even the w.h.o. is so passé it is safe as an ingredient -- has said it is safe as an ingredient. i do believe this is not going to be a significant issue with consumers based on the evidence. matt: why bother with it? we have get out of most of your products. as you have kicked it out of most of your products. hugh: what included at all? -- matt: by concluded all if everybody expects it is unhealthy? hugh: again, relatively small, the amount of consumption on this is attorney amount. i do not think consumers are going to lock onto this one is a significant concern to breed just based on the amount of time it is been out there and if i it has been declared safe by so many different bodies -- it has

been declared safe by so many different bodies. matt: great to have you on the platform especially when you raise your forward guidance. thank you for joining us. coming to have come a turning point in u.s. office space rebound -- coming up, a turning point in u.s. office space rebound. may be a rebound here. this is bloomberg. ♪

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jon: this is bloomberg markets. it's time for today's for what it is worth. 10.7% leasing activity rose in second quarter compared to the first quarter of the office market battered. the leasing gains are a welcome sign for the sector. in texas notable gains they are

and energy sector. even the technology sector they are subleasing according to the bloomberg story on this today less. they have been trying to get rid of some of their space and may be some trends for a hard-hit sector. matt: more space for servers if we all continue to use ai or at the same pace we are now. i have a chart that shows there was rebound in the office space sector in 2022 but then it came back down in 2023 is the big worry, the next shoe to drop. you can see the last part it just come up a bit. but now you may see a turnaround in the downward trend for 2023. that is the hope this research by jay ll. s&p 4500. this is bloomberg. ♪

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>> stocks get bought for a fourth day. the dollar gets sold for a fifth. the v.i.x. crawls back into its hole. live from studio two in new york, i'm roe mayne bostick. katie: here in the u.s., we're looking at another up day in markets. we got some unexpected p.p.i. to go along with yesterday's c.p.i. print. you can see the s&p 500 rising about .6%. once again, it's big tech leading the gains. the nasdaq 100 up by 1.4%. that's paired with pretty big rally in the treasury space once again. you're looking at two-year treasury yields down by 13 basis points. that is more so than what we're seeing out of the curve. as a result, if you look at the curve, still deeply inverted, romaine, but we're looking at 85 basis points of inversion versus over