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Thank you, John.

Thanks, John.

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Left me hanging. That we have. I know.

That was cold. Good Tuesday morning and welcome to Tech Check. I am John Ford with Frank Holland.

Back with me on the desk. Despite that, Carl and Deidre are off again. Today, one of the stories for

2022 for growth stocks, floors and ceilings,

interest rates, yield, central banks providing a ceiling that the bulls can't seem to cross

while private equity buyouts and M&A staying active, providing a floor. And today, more news,

perhaps, on the ceiling after the Bank of Japan surprised many with a shock policy shift on yield,

widening their target range, adding to a growing list of hawkish behavior from central banks that could mean even more pain ahead for gross stocks.

Let's get to senior markets commentator Mike Santoli with more.

But Mike, that's not what's happening to gross stocks today.

Exactly. And look, I think that has been the general macro overlay, John, that it's caused a rethink

evaluations. Yields clearly have been part of the story for growth stock underperformance this year.

But also, if you look back at prior cycles, it's not really the full driver.

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