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The wind? >> yes, it's a great question, i personally think and i don't have data to back this up, just anecdotally speaking speaking to ceo market participants, i believe american company which is used to have a tendency to hire and fire quickly i think given the labor issues, the shortages and the wage inflation of the last few years, they're starting to think a little bit more long-term strategically about labor, keeping people on longer, i think they're hiring even if they're not completely sure what the year will hold because they don't want to be in a situation they were in a couple of y...

>> what do you think is going to happen with inflation? because the number was not just high, but it was surprisingly high, over 8%. >> yeah, the thing that really stood out for me was housing within that. really huge housing bubble in this country. again, housing is the epicenter of all the easy money being pushed into the system. you have bubbles and the pandemic. people work from home. you have bubbles in mplaces tha we've never had them. add in higher interest rates, and the cost of a mortgage on an average home is up about 50% year on year. so that's what i'm thinking about. >> now, one o...

Because the number was not just high, but it was surprisingly high, over 8%. >> yeah, the thing that really stood out for me was housing within that. really huge housing bubble in this country. again, housing is the epicenter of all the easy money being pushed into the system. you have bubbles and the pandemic. people work from home. you have bubbles in places that we've never had them. add in higher interest rates, and the cost of a mortgage on an average home is up about 50% year on year. so that's what i'm thinking about. >> now, one of the things you talk about in the book is how -- we're ...

Highs at the same time that we have this new delta variant, we have a real main street economy that, as many people know, certainly doesn't feel very good. could get worse before it gets better. but all of that money pouring in from central bankers has kept wall street at record highs even though the result is pain on main street. that divide and those bubbles in the asset market are very worrisome to me. it puts the fed in a strange position because even though things look great in the stock market, there are a lot of worries on main street. what's going to happen? are they going to pull back...

China moves to slow yuan’s rise as concerns rise over hot money flows, asset bubbles People’s Bank of China raises the reserve requirement for banks’ foreign exchange deposits to 7 per cent from 5 per cent But analysts say move likely to have only temporary effect to slow yuan’s rise and will not alter long-term appreciation trend