andrew hollenhorst will save us. the chief economic density group. there is a phillips curve, now there is the andrew hollenhorst curve, which is a certain number of interest rate increases. where on the curve does jay powell become restricted? andrew: a great question. thanks for having me. that is what we are seeing. fed officials trying to find where that restrictive point is. we have had a concerted shift towards the hawkish direction and inflation continues to run strong. you're looking for a point where the economy slows down. we have mortgage rates higher, above 5%. maybe that will slow down the housing market. the jobs market is where i would look. still does job openings for every unemployed individual. needing a lot of restrictions to slow the economy down enough to take away that inflationary pressure. jonathan: what is the data point for you, the employee -- the employment cost index? andrew: this was the data point for q4 when chair powell looked at the data and we started to have this concerted movement towards more hawkish rhetoric fro

andrew hallman horst -- andrew hollenhorst talking about his call for back-to-back interest rate hikes. can the ecb make a move and get rates back into positive territory? that is the conversation as well . german bund yields higher on the two-year, and bleeding into some euro strength as well. euro-dollar just short of a one dollar -- of a 109 handle. tom: it is job voting waiting for economic data and these next meetings. jonathan: the elephant in the room is still the war in ukraine and the policy response from the european officials, and what that means for this european economy. lisa: there was a fed research report that said inflation was transitory, but then it changed because of the crisis and how there was no inflationary input. what happens if you don't get an end to that inflationary input, even as the economy recovers? tom: the amount of pushback -- jonathan: the amount of pushback you get, people just don't quite believe it can happen. euro-dollar just short of 109. let's get some single names in movers and say good morning to romaine. romaine: it is all about tesla today,