The S&P taking its year to date losses now to 17% Brian. Yeah, from stocks to bonds to commodities, every major asset fell in the month. It was a pretty tough month just about everywhere except for the dollar. The dollar had some sharp gains. Traders have changed their rate height expectations now after central banks pretty much across the globe all vowing to step up their fight against inflation. It's not quite the same with China and Japan, but just about everywhere else. That is the case. And all the major U.S. indexes had their worst month since June. Treasuries in August faced their biggest monthly loss since April, oil with a third monthly drop in that marked the longest losing streak in more than two years. So I was looking pretty rough out there right now Hank sing index futures down about four tenths of a percent. Nikkei futures are suggesting maybe a 1% drop in the cash market once we get up and running. Australian futures are down 1%. S&P E minis down another three tenths of a percent after falling 31 points in the regular session. It was a drop of about three quarters of a percent. Well down below the 50 day moving average now. So the S&P 500 failed to get above the 200 day that wrapped up the gains that we had seen since the lows in June. And now is trending lower. Quite distinctly now in a bear market. We've got yields here like this, the ten year up close to 3.20%, three 19, but the gain of 9 basis points the two year up to three 49. And WTI $89 and 12 cents a barrel, dug to you. All right, Brian, thanks. Well, fed officials continue to stress the need to defeat inflation today. We heard from the head of the Cleveland fled to Loretta master, she was saying the fed needs to move its benchmark rate above 4% by early next year, and leave it there for some time. However, mister did say the fed's next move will depend on a variety of factors. The size of rate increases at any particular FOMC meeting. And the peak that funds rate will depend on the inflation outlook, which depends on the assessment of how rapidly aggregate demand and supplier coming back into better balance and price pressures are being reduced. That is Cleveland fed president Loretta mester, she is forecasting, by the way, inflation moving in a range of between 5 to 6% by the end of the year, mister also said she doesn't expect the Central Bank to cut rates next year, Rashad. All right, absolutely. We are looking also what is going on with equity markets because in the meantime, we've got Morgan Stanley chief U.S. equity strategist, Mike Wilson saying, investors should brace for more pain, telling us that stock indices in the U.S. have not yet hit bottom for the year as investors have been far too preoccupied with the Federal Reserve. Wilson told us an earnings risk is now upon us. We're cutting numbers and we think the numbers are going to come down even further over the next two quarters. So the bottom line for us is PE multiple is wrong again, not because the fed is going to be hawkish, but because the equity market is being too optimistic about the earnings outward. Wilson's saying the market will probably hit button between September and December as earnings get cut. Coming up on 5 past the hour as we update global news