Hi everybody, our three of the program, thanks for joining us here on Bloomberg daybreak days. You good morning if you're tuning in from the Asia Pacific, good day if you're listening elsewhere, I'm Brian Curtis in Hong Kong. And I'm Juliet sali in Singapore. Let's get over to New York City for a check of how things are shipping out for the Asian trading session. And Doug krisna David and gless made a very interesting point that U.S. stocks haven't had a single day of gains since pal's speech at Jackson hall. Yeah, I think the market is really coming to terms with the fed's new mission of fighting inflation even at the expense of growth. We'll talk more about what we heard today in the U.S. from the head of the Cleveland federal Loretta mester momentarily here on daybreak Asia. I want to begin with what's happening in the foreign exchange, the Japanese yen, weakening quite a bit against the dollar we are down now about three tenths of 1%, a level one 39 35. We got as weak as 139 44 or thereabouts, that's a year to date low for the yen, Vis-à-vis the greenback, the weakest that we have seen since 1998. Now, futures for the Nike had been weak right up until the open and indeed we gapped down right now, trading weaker about 9 tenths of 1% in the nikkei two 25 with the loss of nearly 270 points in Seoul, the Cosby sagging by more than 1.2%. We had a revision to South Korea's second quarter GDP and expansion at a rate quarter on quarter of 7 tenths of 1%. That is exactly what we had in the initial estimate. Also, we're at a short while ago that 3M is planning layoffs to cut cost a given on an economic slowdown that the company is seeing globally. This is a good benchmark or a barometer I should say for the global economy since a 3M has its fingers in so many different pies. The stock finished in the late session down by just a tenth of 1%. In the late U.S. session. Right now in Seoul, I mentioned the Cosby being weak by about 1.2% in Sydney, ASX 200 down, 1% E mini futures for the American market sagging quite a bit. I'll take another look when we check markets again in 15 minutes brain. All right, Doug, thanks very much. Fed officials this week stressing that commitment to beating inflation. Today, Cleveland fed president Loretta mester said that the fed needs to move its benchmark rate above 4% by early next year and then leave it there for some time. But mister said that 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 supply are coming back into better balance and price pressures are being reduced. Mesh to forecast inflation moving to a range of 5 to 6% by year end, and she said that she doesn't expect the Central Bank to actually cut rates any time next year. Well, meanwhile, Morgan Stanley chief U.S. equity strategist Mike Wilson says investors should brace for more pain. He told us that U.S. stock indexes haven't hit yet bottom for the year as investors have been too preoccupied with 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. Coming up in a few moments we'll have Jeff Schultz with this director and investment strategist at clear bridge investments. The time now four and a half minutes past the hour. It's time for global news. California is under blackout warnings as the new heat wave