Simon Jack

Doesn't he say it's like all the other ones added together?

All the other ones put together.

He does say that.

And at the same time, you say the stock market, it actually set an all-time high earlier this week or at the end of last week.

So again, the similarities come in.

Stocks at or near all-time highs.

surging energy prices, potential economic shock there, stretch valuations.

And what was interesting about Sarah Breed, and I sort of pushed her, she said, I expect to see an adjustment in stock markets.

When you say adjustment, do you mean stocks go down?

She said, yes, I do mean stocks go down.

Now that's pretty unusual language for a central banker.

Usually they say talking code.

Alan Greenspan's favourite expression was irrational exuberance, or the risks are to the downside, all that kind of stuff.

She actually said, I expect,

Stock markets to go down because they're not fully reflecting the number of risks that we've just talked about are being reflected in those prices.

There is.

We will get some code.

Yes, on Thursday.

And it's a toss-up at the moment.

I think the prevailing...