With Bloomberg, you get the story behind the story, the story behind the global birth rate, behind your EV batteries' environmental impact, behind sand, yeah, sand, you get context, and context changes everything. Go to Bloomberg .com to get context. This is Bloomberg Radio. We still think rates are somewhat too high over the long run. As long as the politics lets the U .S. be exceptional, you can have higher yields and a stronger dollar. Turning to the U .S., we are a lot weaker than consensus with U .S. growth. Inflation expectations are fairly well behaved for consumers. What we're seeing is the lagged impact of fairly aggressive monetary tightening really starting to bite. This is Bloomberg Surveillance with Tom Keane, Jonathan Farrow and Lisa Abramowitz. This is Bloomberg Surveillance live from the city of London for our audience worldwide. Good morning. Good morning. Alongside Tom Keane and Lisa Abramowitz, I'm Jonathan Farrow, your equity market positive here by 0 .2%. It's been a rough, dicey couple of days in this market. Let's put it all together. Biggest one -day loss on the S &P 500 in about six months, yields we haven't seen for more than a decade, cycle highs on a ten -year, on a two -year. This morning in today's session in Asian trading, we went through $4 .50 briefly on a ten -year. We come back about a basis point, $4 .48. TK, putting it all together, what a ride it's been over the last few trading days. I'm going to go away from the equity market. I really take issue with the worry and the doom and gloom on equities. It's barely a pullback here with a VIX at 17 .12, I believe, as a level. You think we had a 20, a 22, a 25 VIX. We got nothing. It's been resilient equity markets with the bounce back today. In the other areas, you're right, John, in foreign exchange, I can tell you it's an interesting study. It's not one or two pairs. It's like 10 or 12 pairs you can study. Sara Velles with us from Deutsche Bank.