Were 30 minutes away from the open of the cash market on the Chinese mainland and in HK. If you're joining from the region good morning, I'm Doug prisoner at the Bloomberg interactive broker studio in New York. And I'm Juliette Sully in Singapore markets coming online this hour also being sold off, but not quite as aggressive with some of the other moves we're seeing, let's get all the latest with Bloomberg's Brian Curtis in Hong Kong Brian. We are seeing some pretty aggressive selling in Taiwan at the moment the Taj down 1.6%, but much less so in Singapore, the straights times index just down a third of a percent in the early going right now China futures are moving down, but also not too aggressively off four tenths of a percent earlier hang seng index futures were down just four tenths of a percent. But around the cash markets that have been running for some time this morning, some pretty steep losses here, the ASX 200 down nearly 2% here, the nikkei trading off 1.6% and install the cost down 1.7%. And we don't have trading in India, but just looking at that astonishing number from yesterday. One lone green number here peaking out with a big gain of 2.7% in the sensex yesterday, pushing up ever closer to 60,000 on the sensex. So what's really happening? Well, it's a hawkish drum beat from central banks that is taking a toll on risk assets. It's supporting the dollar pushing up bond yields. We didn't have the two year yield up at 3.50%, so that's officially the highest that we've seen since 2007, so what is that 15 years? And the yield on the tenure now, 3.20%. So a lot of nervousness here. The dollar advancing, as mentioned, right up around 1300 on the Bloomberg dollar spot index, and we've got the yen getting close to one 40 against the dollar. Dalyan one 39 42 the Euro just over parody at 1.0026 and oils down as well, 89 19 a barrel. Doug to you. Thanks, Brian. Well, more fed officials, stressing the commitment to defeat inflation. Today, it was Cleveland fed president Loretta mester saying the fed needs to move its benchmark rate above 4% by early next year. And leave it there for some time. But mister also said 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 fed 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 master, she went on to forecast inflation moving to a range of between 5 to 6% by the end of the year, and she also said she's not expecting the fed to cut interest rates in 2023. Well, meanwhile, Morgan Stanley chief U.S. equity strategist Mark Wilson says investors should brace for more pain. He told us U.S. stock indexes haven't yet hit bottom for the year as investors have been too preoccupied with the fed. 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 the 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 outlook. Wilson said the market will probably hit bottom between September and December as earnings get cut. 5 minutes past the hours we update global news