Around 5.1%. He was very clear, though, these are his words the most important question now is how long will the fed remain restrictive? Little bit of weakness right now in Sydney, the ASX 200 down about, let's call it a half of 1%. Crude oil remains at higher level 77 34 here in the electronic session. We were up more than two and a half percent in New York trading after the international energy agency said that oil prices next year may rise as sanctioned squeeze. Russian supplies and demand beats earlier forecast. There you have it that market action for you. Let's get some global news next. Head Baxter is in the Bloomberg newsroom in San Francisco Eddie. All right, Ken Douglas, China this is going to stop counting asymptomatic COVID cases says it's impossible with a rollback on testing. China's majo group has assigned an agreement with Pfizer to important distributed packs of it on the mainland. China has removed 6 counselor officials from the UK rather than have them testify to the attack on a Hong Kong man. It was protesting outside the consulate in Manchester, U.S. president Joe Biden holds an African summit today in the face of increased Chinese investment on the continent. Several U.S. legislators have stepped up with legislation to regulate the digital currency industry, China says it will go ahead with its economic forum that it had postponed. And Twitter has suspended Jack Sweeney and the account that he runs on social media platform known as Elon jett, which tracks the movements of Elon Musk's private jet. Neither Musk nor representatives have responded Sweeney's last tweet before his account was suspended, said, can I have my $8 back? In San Francisco, I met Baxter while Twitter is still fun, Yvonne. Certainly is. Yeah, that's certainly the Tesla stock. I mean, that's one thing that we've been watching out for here as well. Let's take a look at this what we've been hearing on Wall Street's Doc trading there looks set for an overhaul in the latest SEC proposals joining us now discuss this as Katherine Dougherty, Bloomberg finance and market structure reporter, Catherine, just walk us through what the proposals are and how sweeping they could be. So the proposals are in four parts and each there are interconnected in a lot of ways and they're also very granular in other ways. But the heart of the matter is that the SEC and chair Gary gensler wants to level the playing field. He says that the way that the market operates today benefits a few dominant players. So he's hoping to change that and to give new participants and even participants that currently work in the market and ability to compete and fill orders and show how they can give the best price for each order from retail investors. And it's not to say that retail investors aren't necessarily getting good prices today. I think everyone is in agreement that that is the case. But the question is, could it be better? Well, the implication is that the prices from virtu financial and Citadel securities are not as good as they could be. So what does it mean for those two companies and others like them now? Well, those firms would say that they have been operating and fill their customer orders to better prices than what we've been seeing in the past two decades. But what gensler is arguing is that there could be more competition and more firms that are dealing with these orders that could basically improve them even more. So again, it's that question of, could it be pushed to a further even a further limit? So the brokerage industry, I'm guessing they're going to push back on this quite a bit. So there's going to be many, yes. The brokers here, their business model, they get paid by the wholesalers by Citadel securities and virtue to send their orders to those wholesalers and in turn fulfill their customer orders. Now, if that changes in the economics are different, they're going to have to figure out how to make up for that revenue somehow. They might charge commissions, which in turn would be passed on to investors. There's a lot of questions, and then in terms of the wholesalers, they also would have to figure out how this model changes their economic incentives and whether or not to fulfill orders in different scenarios