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I'm John Bachelord with Joseph Sternberg, member of the editorial board of the Wall Street Journal.

He's in London. He writes political economics, watching very carefully the report within these

last hours of inflation in the United States.

There's inflation in Europe as well. The ECB has its own governance and it's talking

dovish, according to Bloomberg in these hours.

And the question is, is the Federal Reserve in Washington talking dovish or hawkish?

Dovish means you don't raise rates dramatically or perhaps you pause.

Hawkish means full speed ahead.

I read the headlines that in these last hours of influence Wall Street in some fashion,

there's a rally underway, but I'm not quite sure whether that's good news or bad news,

given the extreme excitement of Silicon Valley Bank.

It reads, US inflation cooled in February as Fed confronts bank failures.

Subhead, consumer prices rise 6% from here earlier.

Smallest annual gains at September of 2021.

Joe, these are definitely a challenge to interpret.

I understand there's also a thing called the core rate that was disappointing.

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