there are a

huge range of very sophisticated frauds developing.

It could be everything from promises about buying whiskey to crypto and property and other areas of financial markets that are extremely sophisticated.

And what a lot of these fraudsters are doing is they're trying to play on trust, but also a feeling on some investors that they want to become involved in an investment that other people don't have access to, that they're somehow privileged.

And I think that's where they can get in the door.

And what they then do is really build up trust.

And the problem is people often do want a kind of get rich quick scheme.

of all, there

Susanna, what have markets made of what they've heard so far?

Well, I think his words seem to have reassured markets to some extent.

Certainly, an interest rate hike doesn't appear to be bolted on for September.

It's still considered to be around 50-50.

So what you're seeing is the S&P 500 and the tech-heavy Nasdaq rising in early trade.

Walsh's message was, let's wait and see, really, for more data to come through.

But given he still appears poised to raise rates if inflation stayed worryingly high over the longer term, It does seem to have reassured bond investors.

What's happening here?

Suzanne, before we move on, just broadly speaking, what sort of welcome do you think awaits Mr Burnham from the men and women in the city?

Well, I think it's been pretty sanguine so far.

I think the speech on Friday, he said he would be pro-business.

I think there's a lot of scepticism still around about the very fact that there could be higher taxes introduced depending on where they land.

That's not necessarily going to be pro-business.

So I think there's going to be a lot more of interest in the detail that comes forward.

And also, of course, who the pick for chancellor will be, whether or not the party will then veer to the left or more to the right.

Wait and see mode also possibly for the folk at Thames Water, because they'll be viewing Burnham with an interesting eye, won't they?

Can you put that price into context against what the cost has been typically?

Yes, well, that is scorchingly high, isn't it? Even headed higher at $1.226 a barrel, but it's retreated.

But even at the price that it's currently trading, this is on the futures market, $113 a barrel right now.

It is still 60% higher than just before the conflict began.

So, really high.

And the problem is – is showing up in the futures market because the expectation is that this situation is going to continue for a lot longer.

So, this may be the price that we're going to have to pay for many months to come.

But you're saying that traders believe, based on future markets and the current price, that this war is going to continue for some time, yes?