EXCLUSIVE-BOJ leaning toward keeping rates steady next week, sources say
Trending News
1 week, 3 days ago

EXCLUSIVE-BOJ leaning toward keeping rates steady next week, sources say

Live Mint  

* BOJ in no rush to hike as yen's rebound moderates price pressure * Void of renewed yen plunge, BOJ prefers to gauge more data * Trump risk, wage uncertainty favour standing pat - for now * BOJ to meet Dec. 18-19, Fed decision due hours before BOJ's By Leika Kihara TOKYO, Dec 12 - The Bank of Japan is leaning toward keeping interest rates steady next week as policymakers prefer to spend more time scrutinising overseas risks and clues on next year's wage outlook, said five sources familiar with its thinking. But overall, many BOJ policymakers appear in no rush to pull the trigger with little risk of inflation overshooting despite Japan's still near-zero borrowing costs, they said. Unless a renewed, rapid yen fall heightens inflationary pressure, many BOJ policymakers likely prefer awaiting information on whether firms will keep offering bumper pay hikes in next year's wage negotiations with unions, the sources said. If the Fed surprises by holding rates and triggers a dollar surge, that could pressure the BOJ to hike rates to slow any sharp yen selloff, the sources said.

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History of this topic

Over 90% of market players expect BOJ to keep rates steady this week, survey shows
6 days, 13 hours ago

Over 90% of market players expect BOJ to keep rates steady this week, survey shows

Live Mint  

TOKYO, - Over 90% of market participants expect the Bank of Japan to keep interest rates steady at this week's policy meeting, a survey by money market brokerage Ueda Yagi Tanshi showed on Tuesday. Of the total, 91% said they expect the central bank to keep short-term interest rates unchanged at 0.25% this week. Sources have told Reuters the BOJ …

BOJ leaning toward keeping rates steady next week, sources say
1 week, 4 days ago

BOJ leaning toward keeping rates steady next week, sources say

Live Mint  

* BOJ in no rush to hike as yen's rebound moderates price pressure * Void of renewed yen plunge, BOJ prefers to gauge more data * Trump risk, wage uncertainty favour standing pat - for now * BOJ to meet Dec. 18-19, Fed decision due hours before BOJ's By Leika Kihara TOKYO, Dec 12 - The Bank of Japan is …

A top Fed official leans toward December rate cut but says it depends on economic data
2 weeks, 6 days ago

A top Fed official leans toward December rate cut but says it depends on economic data

Associated Press  

WASHINGTON — A top Federal Reserve official said Monday that he is leaning toward supporting an interest rate cut when the Fed meets in two weeks but that evidence of persistent inflation before then could cause him to change that view. But he noted that there’s a risk that inflation “may be getting stuck above” the Fed’s 2% target, which …

BOJ’s Ueda Says Rate Hike Getting Nearer With Wage Trend Key
3 weeks, 2 days ago

BOJ’s Ueda Says Rate Hike Getting Nearer With Wage Trend Key

Live Mint  

-- Bank of Japan Governor Kazuo Ueda said interest-rate hikes are “nearing” as inflation and economic trends develop in line with the central bank’s forecasts, helping strengthen the yen without explicitly supporting an increase in December. Japan’s currency had already gained nearly 1% earlier Friday as market bets on a December rate hike rose following data showing inflation in Tokyo …

Asian shares slip, yen aims for best week in 4 months on BOJ hike bets
Trending News
3 weeks, 3 days ago

Asian shares slip, yen aims for best week in 4 months on BOJ hike bets

Live Mint  

By Stella Qiu SYDNEY - Asian shares slipped on Friday while the yen was aiming for its best week in four months as strong local inflation data had traders favouring an imminent rate hike from the Bank of Japan. "We note that the acceleration in inflation, combined with the solid recovery in monthly activity, increases the odds of another BoJ …

US Fed rate cut: First inflation uptick in 7 months does little for Powell-led FOMC’s December plans; here’s why
1 month, 1 week ago

US Fed rate cut: First inflation uptick in 7 months does little for Powell-led FOMC’s December plans; here’s why

Live Mint  

The US Federal Reserve will likely stay on course towards delivering another interest rate cut in its December policy meeting even after the latest inflation print revealed that consumer prices rose for the first time in seven months. Wall Street analysts say that October's inflation data "will change little for the US Fed'' when the Federal Open Market Committee will …

BOE Likely to Cut Rates Amid Budget, Trump’s Election
1 month, 2 weeks ago

BOE Likely to Cut Rates Amid Budget, Trump’s Election

Bloomberg  

00:00 All of the economists in our survey expect a quarter point cut today. Ever since Rachel Reeves sat down from her speech, you saw the gilt market reaction because this is the biggest fiscal loosening in decades. But also Jp morgan Asset Management's Karen Ward saying that if there is a fiscal response to Trump's tariffs, then actually that …

Ueda's Focus on Right-Sizing Normalization: Keeping Him Awake 24/7
1 month, 4 weeks ago

Ueda's Focus on Right-Sizing Normalization: Keeping Him Awake 24/7

Live Mint  

Bank of Japan Governor Kazuo Ueda hints at more interest-rate hikes, saying that figuring out the right size and timing for further normalization of Japan's easy monetary policy is his over-arching preoccupation. Ueda also spoke shortly after Japan's currency slid as much as 1.4% to 153.19 per dollar on Wednesday, the weakest level since July 31. While the BOJ chief …

'The time has come' to lower interest rates: Fed Chair Jerome Powell
4 months ago

'The time has come' to lower interest rates: Fed Chair Jerome Powell

NPR  

'The time has come' to lower interest rates: Fed Chair Jerome Powell toggle caption Drew Angerer/Getty Images North America Federal Reserve chairman Jerome Powell says he's increasingly confident that inflation will soon be tamed, setting the stage for the central bank to start cutting interest rates next month. Speaking at one of the most closely-watched annual gatherings of global central …

Japan hikes interest rates for only second time in 17 years to shore up yen and tame inflation
4 months, 3 weeks ago

Japan hikes interest rates for only second time in 17 years to shore up yen and tame inflation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Japan’s central bank has hiked …

Why the Reserve Bank is highly unlikely to lift interest rates next week, even if inflation climbs
4 months, 3 weeks ago

Why the Reserve Bank is highly unlikely to lift interest rates next week, even if inflation climbs

ABC  

The inflation figure due to be released to is different than most. But I think there's a good chance the Reserve Bank won't push up rates, even if the inflation number is high, for a number of reasons. One is that the Reserve Bank itself has been forecasting inflation of 3.8 per cent in the year to June. Inflation in …

Bank of Japan to outline bond taper plan, debate rate hike timing
4 months, 3 weeks ago

Bank of Japan to outline bond taper plan, debate rate hike timing

Live Mint  

* BOJ concludes 2-day meeting, decision expected 0300-0430 GMT * Board to debate rate hike timing, July move likely close call * BOJ seen halving bond buying in 1.5-2 years' time in QT plan * Governor Ueda likely to brief media 0630 GMT By Leika Kihara TOKYO, - The Bank of Japan is expected to detail plans to taper its …

Fed Chair Jerome Powell: US inflation is cooling again, though it isn't yet time to cut rates
5 months, 3 weeks ago

Fed Chair Jerome Powell: US inflation is cooling again, though it isn't yet time to cut rates

Associated Press  

WASHINGTON — Inflation in the United States is slowing again after higher readings earlier this year, Federal Reserve Chair Jerome Powell said Tuesday, while adding that more such evidence would be needed before the Fed would cut interest rates. After some persistently high inflation reports at the start of 2024, Powell said, the data for April and May “do suggest …

US Fed holds interest rates and pencils at just one cut this year
6 months, 1 week ago

US Fed holds interest rates and pencils at just one cut this year

Hindustan Times  

The US Federal Reserve left its key lending rate unchanged on Wednesday and penciled in just one rate cut this year, down from the three expected in March after inflation stalled in the first quarter. Kevin Dietsch/Getty Images/AFP The Fed voted unanimously to keep its benchmark interest rate between 5.25 and 5.50 percent, and said that "modest" progress had been …

Federal Reserve sees some progress on inflation but envisions just one rate cut this year
6 months, 1 week ago

Federal Reserve sees some progress on inflation but envisions just one rate cut this year

Associated Press  

WASHINGTON — Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled that they expect to cut their benchmark interest rate just once this year. The policymakers’ forecast for one rate cut was down from their previous projection of three cuts, because inflation, despite having cooled in the past two months, …

US Fed Rate Decision, Domestic Inflation Data To Drive Markets This Week, Say Analysts
6 months, 2 weeks ago

US Fed Rate Decision, Domestic Inflation Data To Drive Markets This Week, Say Analysts

ABP News  

Global trends, domestic inflation figures, and the interest rate decision from the US Federal Reserve would drive markets in the week, analysts noted. The experts said that with the Lok Sabha elections result and the RBI interest rate decision announced, the markets would be impacted by the macroeconomic announcements in the week. Additionally, investments by foreign portfolio investors and domestic …

Fed’s Powell: Elevated inflation will likely delay rate cuts this year
8 months, 1 week ago

Fed’s Powell: Elevated inflation will likely delay rate cuts this year

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell cautioned Tuesday that persistently elevated inflation will likely delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates. “Powell’s comments make it clear the Fed is now looking past June,” when many economists had previously expected rate cuts to begin, Krishna Guha, an analyst …

Mkt falls on valuation, global cues
9 months ago

Mkt falls on valuation, global cues

New Indian Express  

CHENNAI: Domestic equity market declined sharply on Wednesday with benchmark indices- BSE Sensex and NSE Nifty50 crashing more than 1% each because of high valuation concerns and sell-off in index heavyweights TCS, Infosys and Reliance and weak Asian cues after Japan’s central bank hiked interest rates after a gap of 17 years. While it is believed that the Fed would …

Fed Not Looking At Slashing Interest Rates Anytime Soon, Says Raphael Bostic
10 months ago

Fed Not Looking At Slashing Interest Rates Anytime Soon, Says Raphael Bostic

ABP News  

The US is not yet ready to implement rate cuts, the Federal Reserve Bank of Atlanta President, Raphael Bostic, said earlier in the week. The official added that while the bank has succeeded in managing inflation pressures, persisting risks mean that they are not yet ready to decide on interest rate cuts. Addressing a gathering organised by the Money Marketeers …

Financial markets are jonesing for interest rate cuts. Not so fast, says the European Central Bank
10 months, 4 weeks ago

Financial markets are jonesing for interest rate cuts. Not so fast, says the European Central Bank

Associated Press  

FRANKFURT, Germany — European Central Bank President Christine Lagarde pushed back Thursday against market expectations for quick interest rate cuts even as Europe’s economy sputters and financial markets froth in hopes of cheaper credit that would boost business activity and stock prices. was that it was premature to discuss rate cuts.” Financial markets have been expecting a cut as early …

Fed to begin rate cut discussions but avoid teeing first one up
11 months ago

Fed to begin rate cut discussions but avoid teeing first one up

Live Mint  

Federal Reserve Chairman Jerome Powell and his colleagues could be forgiven if they’re feeling a bit like parents on an extended road trip with their children. San Francisco Fed President Mary Daly on Friday said it’s “premature” to think interest-rate cuts are around the corner, noting she needs to see more evidence that inflation is on a consistent trajectory back …

Reserve Bank leaves interest rates on hold in an early Christmas present for borrowers - but here's why Aussies with mortgages should be worried
1 year ago

Reserve Bank leaves interest rates on hold in an early Christmas present for borrowers - but here's why Aussies with mortgages should be worried

Daily Mail  

Australian borrowers have been warned to expect another rate hike even though the Reserve Bank has this month left interest rates on hold. The cash rate is already at a 12-year high of 4.35 per cent after the RBA last month raised rates for the 13th time in 18 months. KPMG chief economist Brendan Rynne said the Reserve Bank statement …

Fed’s Powell notes inflation is easing but downplays discussion of interest rate cuts
1 year ago

Fed’s Powell notes inflation is easing but downplays discussion of interest rate cuts

Associated Press  

WASHINGTON — Inflation is slowing steadily, but it’s too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said Friday. Nor is it time to “speculate on when policy might ease,” Powell said, referring to the possibility of cuts in the Fed’s benchmark interest rate, which affects many consumer and business …

Powell reinforces Fed’s cautious approach toward further interest rate hikes
1 year, 1 month ago

Powell reinforces Fed’s cautious approach toward further interest rate hikes

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell suggested Thursday that the Fed is in no hurry to further raise its benchmark interest rate, given evidence that inflation pressures are continuing to ease at a gradual pace. “We are not confident,” Powell said, that the Fed’s benchmark rate is high enough to steadily reduce inflation to 2%. Last week, at a …

Federal Reserve leaves its key rate unchanged but keeps open possibility of a future hike
1 year, 1 month ago

Federal Reserve leaves its key rate unchanged but keeps open possibility of a future hike

Associated Press  

WASHINGTON — The Federal Reserve kept its key short-term interest rate unchanged Wednesday for a second straight time but left the door open to further rate hikes if inflation pressures should accelerate in the months ahead. The central bank’s latest statement noted that the economy “expanded at a strong pace” in the July-September quarter and that job gains “remain strong.” …

Slower economic growth, rate hikes needed to bring inflation under 2%: Powell
1 year, 2 months ago

Slower economic growth, rate hikes needed to bring inflation under 2%: Powell

Live Mint  

Federal Reserve Chair Jerome Powell said on Thursday, October 19, that inflation in the US remains too high and bringing it down to the Fed's 2 per cent target level will likely require a slower-growing economy and job market. More rate hikes to battle high inflation Powell underscored lingering theme at the US central bank and explained that despite a …

ETF Delay, Interest Rate Hike, More: Factors Affecting Current Crypto Prices
1 year, 2 months ago

ETF Delay, Interest Rate Hike, More: Factors Affecting Current Crypto Prices

ABP News  

While 2022 was a challenging year for the entire cryptocurrency market, the dawn of 2023 brought a glimmer of hope as most cryptocurrencies began to rebound from the losses incurred in the preceding year. This strengthening of the dollar typically signals a robust domestic economy and can be driven by multiple factors, including higher interest rates, increased investor confidence in …

Fed keeps rates unchanged but signals likelihood of another hike this year to fight inflation
1 year, 3 months ago

Fed keeps rates unchanged but signals likelihood of another hike this year to fight inflation

LA Times  

Inflation is still well above the Fed’s 2% target, and its policymakers made clear Wednesday that they aren’t close to declaring victory over the worst bout of inflation in 40 years. Yet it’s still well above the Fed’s 2% target, and its policymakers made clear Wednesday that they aren’t close to declaring victory over the worst bout of inflation in …

The Federal Reserve holds interest rates steady but hints at more action this year
1 year, 3 months ago

The Federal Reserve holds interest rates steady but hints at more action this year

NPR  

The Federal Reserve holds interest rates steady but hints at more action this year Enlarge this image toggle caption Saul Loeb/AFP via Getty Images Saul Loeb/AFP via Getty Images The Federal Reserve left interest rates unchanged Wednesday, but signaled that it's open to an additional rate hike, if necessary, to combat stubborn inflation. Sponsor Message Economic projections released Wednesday show …

Economy’s solid growth could require more Fed hikes to fight inflation, Powell says at Jackson Hole
1 year, 3 months ago

Economy’s solid growth could require more Fed hikes to fight inflation, Powell says at Jackson Hole

Associated Press  

JACKSON HOLE, Wyoming — The continued strength of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said Friday in a closely watched speech that also highlighted the uncertain nature of the economic outlook. “We are prepared to raise rates further if appropriate and intend to hold policy at a restrictive level until we are …

Federal Reserve raises rates for 11th time to fight inflation but gives no clear sign of next move
1 year, 4 months ago

Federal Reserve raises rates for 11th time to fight inflation but gives no clear sign of next move

Associated Press  

WASHINGTON — The Federal Reserve raised its key interest rate Wednesday for the 11th time in 17 months as part of its ongoing drive to curb inflation. This time, though, Powell said the Fed’s policymakers may or may not raise rates again at their next meeting in September. They know inflation moves in fits and starts.” Powell acknowledged that the …

US Fed: More rate hikes are likely this year to fight inflation
1 year, 6 months ago

US Fed: More rate hikes are likely this year to fight inflation

Al Jazeera  

‘Process of getting inflation back down to 2% has a long way to go,’ central bank chief Powell tells a congressional committee. Even with more increases expected, the Fed last week kept interest rates unchanged after 10 straight hikes so it could take time to gauge how higher borrowing rates have affected the economy, Powell said. Asked on Wednesday to …

Fed’s Powell: More rate hikes are likely this year to fight still-high inflation
1 year, 6 months ago

Fed’s Powell: More rate hikes are likely this year to fight still-high inflation

Associated Press  

WASHINGTON — With inflation in the United States still excessive, most Federal Reserve officials expect to raise interest rates further this year, Chair Jerome Powell told a House committee Wednesday. Even so, the Fed last week kept interest rates unchanged after 10 straight hikes so it could take time to gauge how higher borrowing rates have affected the economy, Powell …

Fed pauses interest rate hikes but signals more tightening ahead
1 year, 6 months ago

Fed pauses interest rate hikes but signals more tightening ahead

Firstpost  

The Federal Reserve has already lifted its benchmark lending rate by five percentage points since it began raising rates to fight inflation in March 2022. The US Federal Reserve voted Wednesday to pause its aggressive campaign of interest rate hikes despite “elevated” inflation while indicating a sharp increase could be needed before the end of the year. “Looking ahead, nearly …

US Fed holds interest rates steady, indicates hikes upcoming
1 year, 6 months ago

US Fed holds interest rates steady, indicates hikes upcoming

Al Jazeera  

Holding rates steady will allow Fed to assess information as it seeks to balance risk to economy and high inflation. In an effort to balance risks to the economy with a still unresolved fight to control inflation, “holding the target range steady at this meeting allows the committee to assess additional information and its implications for monetary policy,” the rate-setting …

Fed Chair Powell sees progress on inflation, though not quickly enough
1 year, 6 months ago

Fed Chair Powell sees progress on inflation, though not quickly enough

Associated Press  

WASHINGTON — Inflation may be cooling — just not yet fast enough for the Federal Reserve. Chair Jerome Powell offered a nuanced view Wednesday of how the Fed intends to address its core challenge at a time when inflation is both way below its peak but still well above the central bank’s 2% target: Give it more time, and maybe …

Fed is set to raise rates yet again. After that, then what?
1 year, 7 months ago

Fed is set to raise rates yet again. After that, then what?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Another quarter-point rate increase on Wednesday would leave the …

New BOJ head says banks stable, rules out major policy shift
1 year, 8 months ago

New BOJ head says banks stable, rules out major policy shift

Associated Press  

TOKYO — The new governor of Japan’s central bank signaled Monday that he plans no drastic changes in its ultra-low interest rate policy, sticking to earlier messaging on the topic. Japan’s central bank is seeing its first leadership change in a decade, at a time when inflationary pressures around the world remain a risk and central banks are fighting back …

Lessons from the US bank crisis
1 year, 8 months ago

Lessons from the US bank crisis

Hindustan Times  

Last week ended with the United States Federal Reserve raising interest rates by 25 basis points once again, taking the cumulative rate increase to 4.75 percentage points in the current cycle. Had the latest federal open market committee meeting not been preceded by two bank failures and the possibility of a crisis in many others, the rate hike would have …

US Fed's Powell Sets The Table for Higher, Possibly Faster Rate Hikes
1 year, 9 months ago

US Fed's Powell Sets The Table for Higher, Possibly Faster Rate Hikes

News 18  

The Federal Reserve will likely need to raise interest rates more than expected in response to recent strong data and is prepared to move in larger steps if the “totality” of incoming information suggests tougher measures are needed to control inflation, Fed Chair Jerome Powell told US lawmakers on Tuesday. Democrats on the committee focused on the role high corporate …

Federal Reserve hikes interest rates 0.25 percentage point
1 year, 10 months ago

Federal Reserve hikes interest rates 0.25 percentage point

CBS News  

The Federal Reserve is raising its benchmark interest rate a quarter of a percentage point, officials with the central bank said on Wednesday, its eighth consecutive hike as policy makers try to subdue inflation. "Over the past year we have taken forceful actions to tighten the stance of monetary policy," Fed Chair Jerome Powell said in a press conference Wednesday. …

Nov inflation print provides impetus to end rate hike cycle: SBI economists
2 years ago

Nov inflation print provides impetus to end rate hike cycle: SBI economists

Live Mint  

The November inflation print of 5.88 per cent provides impetus to end the rate hike cycle, economists at the country's largest lender SBI said on Monday. The officiald ata showed that consumer price index based inflation cooled to 5.88 per cent in November, the first time that it has come within the RBI's target band this year. The economists termed …

RBI May Opt For Small Rate Hikes As Inflation In October Eases: Report
2 years, 1 month ago

RBI May Opt For Small Rate Hikes As Inflation In October Eases: Report

ABP News  

The Reserve Bank of India is likely to opt for a 35 basis points rate hike at its policy meeting in December, after three consecutive 50 bps increases, as inflation eased in October and is likely to dip further, quoting analysts news agency Reuters said on Tuesday. Still, inflation eased to a three-month low of 6.77 per cent in October …

Jerome Powell expected to be quizzed on whether US Fed will slow hikes
2 years, 1 month ago

Jerome Powell expected to be quizzed on whether US Fed will slow hikes

Firstpost  

So far this year, the Fed has raised its key rate five times in an aggressive pace that has sent borrowing rates surging across the economy and heightened the risk of a recession. The home market, in particular, has been badly bruised as a consequence Washington: Looming over the Federal Reserve meeting that ends Wednesday is a question of intense …

Powell says rate hikes may slow, but inflation fight is hardly over
2 years, 1 month ago

Powell says rate hikes may slow, but inflation fight is hardly over

LA Times  

Federal Reserve Chair Jerome H. Powell has led the Fed to raise rates aggressively to try to slow borrowing and spending and ease price pressures. “That’s why the market was so confused.” The Fed’s meeting occurred as financial markets and many economists have grown nervous that Powell will end up leading the central bank to raise borrowing costs higher than …

Fed attacks inflation with another big hike and expects more
2 years, 3 months ago

Fed attacks inflation with another big hike and expects more

Hindustan Times  

Intensifying its fight against high inflation, the Federal Reserve raised its key interest rate Wednesday by a substantial three-quarters of a point for a third straight time and signaled more large rate hikes to come — an aggressive pace that will heighten the risk of an eventual recession. Fed officials have said they’re seeking a “soft landing,” by which they …

US Federal Reserve unleashes another big rate hike in bid to curb inflation
2 years, 4 months ago

US Federal Reserve unleashes another big rate hike in bid to curb inflation

Firstpost  

The central bank’s decision follows a jump in inflation to 9.1 per cent, the fastest annual rate in 41 years, and reflects its strenuous efforts to slow price gains across the economy Washington: The Federal Reserve on Wednesday raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive …

Race for relevance: The Hindu Editorial on the U.S. Federal Reserve’s steepest interest rate increase in more than 27 years
2 years, 6 months ago

Race for relevance: The Hindu Editorial on the U.S. Federal Reserve’s steepest interest rate increase in more than 27 years

The Hindu  

The U.S. Federal Reserve on Wednesday implemented its steepest interest rate increase in more than 27 years as it fights to rein in runaway inflation. Acknowledging that inflation had ‘surprised to the upside’ since the Federal Open Market Committee had last met in May, he said the committee agreed that the larger increase was required to anchor inflation expectations. Even …

Fed attacks inflation with its largest rate hike since 1994
2 years, 6 months ago

Fed attacks inflation with its largest rate hike since 1994

Associated Press  

WASHINGTON — The Federal Reserve intensified its fight against high inflation on Wednesday, raising its key interest rate by three-quarters of a point — the largest bump since 1994 — and signaling more rate hikes ahead as it tries to cool off the U.S. economy without causing a recession. “We thought strong action was warranted at this meeting, and we …

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