S&P 500
      7,135.95
      Arrow Down
      Nasdaq
      24,712.70
      Arrow Up
      B500
      2,578.44
      Arrow Up
      US 10 Yr
      4.39
      Arrow Up
      Crude Oil
      104.64
      Arrow Down
      FTSE 100
      10,372.56
      Arrow Up
      Gold
      4,650.50
      Arrow Up
      Euro
      1.17
      Arrow Up
      Pound/Dollar
      1.35
      Arrow Up
      Lagarde Signals ECB to Consider June Hike After Latest Hold
      The ECB left the deposit rate at 2% as officials haven’t seen convincing evidence in the data of the need to tighten monetary policy.
      GERMANY-FINANCE-ECB-EUROZONE

      War With Iran

      LatestHypersonic MissileObstacles to a Deal

      Watch: US Eyes Fresh Iran Military Options: Report

      Iran’s New Leader Pledges to Guard Nuclear and Missile Tech
      The US and Iran showed little sign of breaking their impasse and agreeing to another round of peace talks.
      Exclusive
      US Seeks to Deploy Hypersonic Missile for the First Time Against Iran
      Oil Sinks From Four-Year High as War Fears Vie With Economic Hit

      Today’s Videos

      3:47
      US Eyes Fresh Iran Military Options: Report
      US Eyes Fresh Iran Military Options: Report
      1:58
      BOE Holds Rates as Officials Signal Future Hikes
      BOE Holds Rates as Officials Signal Future Hikes
      9:44
      Kansas City Mayor on World Cup, US Politics
      Kansas City Mayor on World Cup, US Politics
      56:47
      BlackRock's Rob Goldstein on the Next Megatrends in Finance | Odd Lots
      BlackRock's Rob Goldstein on the Next Megatrends in Finance | Odd Lots
      3:47
      US Eyes Fresh Iran Military Options: Report
      US Eyes Fresh Iran Military Options: Report
      1:58
      BOE Holds Rates as Officials Signal Future Hikes
      BOE Holds Rates as Officials Signal Future Hikes
      9:44
      Kansas City Mayor on World Cup, US Politics
      Kansas City Mayor on World Cup, US Politics
      56:47
      BlackRock's Rob Goldstein on the Next Megatrends in Finance | Odd Lots
      BlackRock's Rob Goldstein on the Next Megatrends in Finance | Odd Lots

      Latest

        See all latestChevron Right

        In Focus

        Steve Cohen
        Zak Bennett/Bloomberg
        Steve Cohen Relinquishes President Title at His Point72 Hedge Fund
        Cohen is creating an executive committee to help him lead the firm’s strategy and direction, becoming the latest hedge fund billionaire to broaden leadership ranks.

        Related

        Blue Owl Asset Growth Meets Estimates Amid Direct Lending Slump
        Berkshire’s Ailing Share Price Clouds Abel’s First Annual Meeting as CEO
        40th Anniversary Visit to Chernobyl Exclusion Zone
        Andrew Kravchenko/Bloomberg
        Exclusive
        Zelenskiy Says Iran War Leaves Kyiv Hanging for Peace Talks

        Related

        Magyar Focuses on Ukraine’s Hungarians Before Backing EU Bid
        Kyiv Says Russia Exported 850,000 Tons of Stolen Grain This Year

        Listen, Watch and Catch Up

        Spain’s Economy Bucks EU’s Iran Concerns
        Newsletter: Brussels Edition
        Spain’s Economy Bucks EU’s Iran Concerns
        Pernod Ricard Eyes a Future Alone After Ended Merger Talks
        Newsletter: Paris Edition
        Pernod Ricard Eyes a Future Alone After Ended Merger Talks
        Warsh Faces High Hurdle for Rate Cuts as Powell Readies to Pass the Baton
        Newsletter: Economics Daily
        Warsh Faces High Hurdle for Rate Cuts as Powell Readies to Pass the Baton
        Hormuz Blockade Boosts Inland Container Flows at UAE Port Outside the Strait
        Newsletter: Supply Lines
        Hormuz Blockade Boosts Inland Container Flows at UAE Port Outside the Strait
        Nordic Landlords Find Eager Buyers in Institutional Investors
        Newsletter: Nordic Edition
        Nordic Landlords Find Eager Buyers in Institutional Investors
        China’s All-Out Push to Overtake US in Drug Development
        Newsletter: Health Monitor
        China’s All-Out Push to Overtake US in Drug Development
        BlackRock's Rob Goldstein on the Next Megatrends in Finance
        Listen (56:12)
        Odd Lots: Rob Goldstein on Finance’s Next Megatrends
        Brent Crude Hits Wartime High with Little Mideast Progress
        Newsletter: Morning Briefing: Europe
        Brent Crude Hits Wartime High with Little Mideast Progress
        Spain’s Economy Bucks EU’s Iran Concerns
        Newsletter: Brussels Edition
        Spain’s Economy Bucks EU’s Iran Concerns
        Pernod Ricard Eyes a Future Alone After Ended Merger Talks
        Newsletter: Paris Edition
        Pernod Ricard Eyes a Future Alone After Ended Merger Talks
        Warsh Faces High Hurdle for Rate Cuts as Powell Readies to Pass the Baton
        Newsletter: Economics Daily
        Warsh Faces High Hurdle for Rate Cuts as Powell Readies to Pass the Baton
        Hormuz Blockade Boosts Inland Container Flows at UAE Port Outside the Strait
        Newsletter: Supply Lines
        Hormuz Blockade Boosts Inland Container Flows at UAE Port Outside the Strait
        Nordic Landlords Find Eager Buyers in Institutional Investors
        Newsletter: Nordic Edition
        Nordic Landlords Find Eager Buyers in Institutional Investors
        China’s All-Out Push to Overtake US in Drug Development
        Newsletter: Health Monitor
        China’s All-Out Push to Overtake US in Drug Development
        BlackRock's Rob Goldstein on the Next Megatrends in Finance
        Listen (56:12)
        Odd Lots: Rob Goldstein on Finance’s Next Megatrends
        Brent Crude Hits Wartime High with Little Mideast Progress
        Newsletter: Morning Briefing: Europe
        Brent Crude Hits Wartime High with Little Mideast Progress

        Bloomberg Opinion

        UBS Group AG Posts $3 Billion in Profit, Signals More Buybacks to Come
        UBS Has a Problem: It’s Too Profitable
        By Paul J. Davies, Columnist
        Fossil Fuels No Longer Offer Security. Clean Energy Can
        By Lara Williams, Columnist
        OpenAI Has Just the Right Person to Curb Its Wild Spending
        By Parmy Olson, Columnist
        A Crude Awakening on Inflation Is Hitting Markets
        By John Authers, Columnist
        AUTHERS
        In Troubled Kosovo, a Wannabe Amazon.com Offers a Glimmer of Hope
        Atdhe Mulla/Bloomberg
        Jobless Grads Get Lifeline From Tech in Europe’s Youngest State
        The nation's vibrant IT scene is helping dent stubbornly high youth unemployment.
        Europe’s Embattled Software Firms Rise Above AI, Iran Challenges
        India’s Homegrown $1 Billion High-Speed Trading Unicorn Goes Global
        731 Photos: Getty Images

        Today’s Videos

        3:47
        US Eyes Fresh Iran Military Options: Report
        US Eyes Fresh Iran Military Options: Report
        1:58
        BOE Holds Rates as Officials Signal Future Hikes
        BOE Holds Rates as Officials Signal Future Hikes
        9:44
        Kansas City Mayor on World Cup, US Politics
        Kansas City Mayor on World Cup, US Politics
        56:47
        BlackRock's Rob Goldstein on the Next Megatrends in Finance | Odd Lots
        BlackRock's Rob Goldstein on the Next Megatrends in Finance | Odd Lots
        3:47
        US Eyes Fresh Iran Military Options: Report
        US Eyes Fresh Iran Military Options: Report
        1:58
        BOE Holds Rates as Officials Signal Future Hikes
        BOE Holds Rates as Officials Signal Future Hikes
        9:44
        Kansas City Mayor on World Cup, US Politics
        Kansas City Mayor on World Cup, US Politics
        56:47
        BlackRock's Rob Goldstein on the Next Megatrends in Finance | Odd Lots
        BlackRock's Rob Goldstein on the Next Megatrends in Finance | Odd Lots

        Latest

          See all latestChevron Right

          In Focus

          Listen, Watch and Catch Up

          Spain’s Economy Bucks EU’s Iran Concerns
          Newsletter: Brussels Edition
          Spain’s Economy Bucks EU’s Iran Concerns
          Pernod Ricard Eyes a Future Alone After Ended Merger Talks
          Newsletter: Paris Edition
          Pernod Ricard Eyes a Future Alone After Ended Merger Talks
          Warsh Faces High Hurdle for Rate Cuts as Powell Readies to Pass the Baton
          Newsletter: Economics Daily
          Warsh Faces High Hurdle for Rate Cuts as Powell Readies to Pass the Baton
          Hormuz Blockade Boosts Inland Container Flows at UAE Port Outside the Strait
          Newsletter: Supply Lines
          Hormuz Blockade Boosts Inland Container Flows at UAE Port Outside the Strait
          Nordic Landlords Find Eager Buyers in Institutional Investors
          Newsletter: Nordic Edition
          Nordic Landlords Find Eager Buyers in Institutional Investors
          China’s All-Out Push to Overtake US in Drug Development
          Newsletter: Health Monitor
          China’s All-Out Push to Overtake US in Drug Development
          BlackRock's Rob Goldstein on the Next Megatrends in Finance
          Listen (56:12)
          Odd Lots: Rob Goldstein on Finance’s Next Megatrends
          Brent Crude Hits Wartime High with Little Mideast Progress
          Newsletter: Morning Briefing: Europe
          Brent Crude Hits Wartime High with Little Mideast Progress
          Spain’s Economy Bucks EU’s Iran Concerns
          Newsletter: Brussels Edition
          Spain’s Economy Bucks EU’s Iran Concerns
          Pernod Ricard Eyes a Future Alone After Ended Merger Talks
          Newsletter: Paris Edition
          Pernod Ricard Eyes a Future Alone After Ended Merger Talks
          Warsh Faces High Hurdle for Rate Cuts as Powell Readies to Pass the Baton
          Newsletter: Economics Daily
          Warsh Faces High Hurdle for Rate Cuts as Powell Readies to Pass the Baton
          Hormuz Blockade Boosts Inland Container Flows at UAE Port Outside the Strait
          Newsletter: Supply Lines
          Hormuz Blockade Boosts Inland Container Flows at UAE Port Outside the Strait
          Nordic Landlords Find Eager Buyers in Institutional Investors
          Newsletter: Nordic Edition
          Nordic Landlords Find Eager Buyers in Institutional Investors
          China’s All-Out Push to Overtake US in Drug Development
          Newsletter: Health Monitor
          China’s All-Out Push to Overtake US in Drug Development
          BlackRock's Rob Goldstein on the Next Megatrends in Finance
          Listen (56:12)
          Odd Lots: Rob Goldstein on Finance’s Next Megatrends
          Brent Crude Hits Wartime High with Little Mideast Progress
          Newsletter: Morning Briefing: Europe
          Brent Crude Hits Wartime High with Little Mideast Progress
          Bloomberg News Now

          Listen to the latest: Iran Pledges to Guard Nuclear Tech, GDP Rises 2%, More

          6:29
          Day Four Of The Spring Meetings Of The International Monetary Fund And World Bank
          Yen Jump Spurs Speculation of Intervention After ‘Final’ Warning
          Big Pharma Companies in Spain
          Lilly Boosts Sales View to $85 Billion on Obesity-Drug Surge
          Central Nuuk, Greenland.
          Trump’s Greenland Envoy Landry to Make First Visit to Nuuk
          Chrysler, Dodge, Jeep, and Ram signage at a dealership in Richmond, California, US.
          Stellantis Drops as Investors Bemoan One-Time Earnings Gain

          CityLab in Madrid

          CityLab 2026 Madrid MIS
          A Lesson From Urban Icons on Designing Public Space: Get Rid of Traffic
          Nadia Calviño on April 29.
          Cities Need to Boost Green Investment for Safety, EIB Chief Says
          CityLab 2026 Madrid Opening Plenary
          Highlights from Bloomberg CityLab 2026 in Madrid
          Madrid Locals Are Fighting to Preserve the City’s Soul
          Madrid Locals Are Fighting to Preserve the City’s Soul

          Watch

          Video: Manus Becomes Cautionary Tale As China Blocks Meta Deal

          Video: Tech Earnings Show AI Is Driving A Massive Spending Race

          Video: UAE to Leave OPEC in May as Iran War Reshapes Oil Market

          Video: The 10 Billion Startup Training AI To Do Your Job

          Video: Mamdani vs. Griffin Standoff Puts $6 Billion Tower at Risk

          Video: Trump Fires Back at Merz Over Iran

          Opinion

          Video: Will Doomscrolling Come to an End?

          Video: Who Attended the State Dinner With King Charles

          Bloomberg Businessweek

          It’s Boating Season, But Only If You Can Afford Fuel
          Rita Harper for Bloomberg Businessweek
          It’s Boating Season, But Only If You Can Afford Fuel
          In normal times, boaters spend their money at marinas, tackle shops and dockside restaurants, keeping local businesses buzzing. This year, they’re spending it all at the pump.
          By Charles Gorrivan
          May 1, 2026

          More from this issue:

          What It Takes to Land Your First Job TodayRed Lobster’s Last GaspTrump’s ‘Fake News’ Enforcer
          The Messy Reality of AI’s Much Discussed Gender Gap
          The Messy Reality of AI’s Much Discussed Gender Gap
          Women are using artificial intelligence at lower rates than men. But are they being “left behind”?
          Outrage Over Pesticides Is Alienating Some Trump Voters
          Food Babe and her MAHA followers rally in Washington to call out White House support of the Roundup maker.
          Running America’s Second-Busiest Airport in Turbulent Times
          From TSA staffing shortages to surging fuel costs, it’s been a tough year for the aviation industry. Dallas Fort Worth International Airport’s Chris McLaughlin is trying to stay calm and rise above.

          Markets

          Odd LotsETFsCryptoDeals
          TOPSHOT-SKOREA-US-CHINA-DIPLOMACY
          Andrew Caballero-Reynolds/AFP/Getty Images
          Chinese Investment in US Seen Stagnant Even After Xi-Trump Talks
          EU Eases Merger Rules to Compete With US and Chinese Giants
          Banks Kick Off $3.1 Billion Loan for CoreWeave Amid AI Boom
          BlackRock's Rob Goldstein on the Next Megatrends in Finance
          Listen (56:12)
          Odd Lots: Rob Goldstein on Finance’s Next Megatrends
          Fed Dissenters Send a Clear Signal to Bond Investors
          Newsletter: Markets Daily
          Fed Dissenters Send a Clear Signal to Bond Investors
          Odd Lots podcast series logo
          Odd Lots
          Rob Goldstein on Finance’s Next Megatrends
          Listen: 56:12
          Odd Lots
          What’s Actually Going On With Private Credit
          Listen: 50:46
          Odd Lots
          Understanding the Most Viral Chart in AI
          Listen: 56:53
          Odd Lots
          The “Orange Wave” Realigning Latin America
          Listen: 50:00

          Ideas and Culture

          Weekend NewsletterThe ForecastThe Interview
          Riz Ahmed: ‘Just Like Hamlet, We’re Being Gaslit’
          Riz Ahmed: ‘Just Like Hamlet, We’re Being Gaslit’
          Trump Stumbled Into a Global Economic War. Xi Jinping Was Ready
          Trump Stumbled Into a Global Economic War. Xi Jinping Was Ready
          Pokémon’s Multibillion-Dollar Card Boom Sparks a Crime Wave
          Pokémon’s Multibillion-Dollar Card Boom Sparks a Crime Wave
          Asia’s Billionaires Are Bankrolling a Push for More Babies
          Asia’s Billionaires Are Bankrolling a Push for More Babies

          Bloomberg Originals

          24:01
          How NFL Legend Steve Young Built a $10 Billion Fund
          The Deal with Alex Rodriguez and Jason Kelly
          How NFL Legend Steve Young Built a $10 Billion Fund
          24:01
          The Race to Merge AI With Humanoid Robots
          Bloomberg Primer
          The Race to Merge AI With Humanoid Robots
          15:51
          How to Spot a Russian Deepfake
          Bloomberg Investigates
          How to Spot a Russian Deepfake
          10:17
          Why Anthropic’s Mythos Is Sparking Alarm
          Weekly Docs
          Why Anthropic’s Mythos Is Sparking Alarm

          Space

          SpaceX Has Filed Confidentially For IPO Ahead Of AI Rivals
          SpaceX Tapped for Industry Group Developing Golden Dome Software
          Trump Says Mexico, Canada, New China Tariffs Take Effect March 4
          Canada Unveils Space-Launch Bill Aimed at Cutting Reliance on US
          'Prada spacesuit' astronauts will wear on the Moon undergoes first vacuum tests
          NASA’s New Space Suits May Not Be Ready by 2028 Moon Landing
          Blue Origin Launches New Glenn Rocket with Communications Satellite from Cape Canaveral, Florida
          AST Drops as Blue Origin Rocket Places Satellite in Wrong Orbit

          Technology

          AICybersecurityScreentime
          TECHNOLOGY-COMPUTERS-SECURITY
          Philippe Huguen/AFP/Getty Images
          White House AI Memo Hits Issues Driving Anthropic-Pentagon Feud
          EU Chips Act Revamp Would Let Commission Invest Directly in Fabs
          Polymarket Adds New Detection Tools After Insider Bet Backlash
          Apple’s Cook Gives Ternus a Pipeline of 10 Major New Product Categories
          Newsletter: Power On
          Apple’s Cook Gives Ternus a Pipeline of 10 Major New Product Categories
          Qualcomm Bids for a Share of the Massive Spending on AI Chips
          Newsletter: Tech In Depth
          Qualcomm Bids for a Share of the Massive Spending on AI Chips

          Wealth

          Inside The Polish Mint Gold Refinery
          Gold Is Reclaiming Its Historic Reserve Status
          Tottenham Owner Joe Lewis Surrenders in Insider Trading Case
          Billionaire Joe Lewis Targets $200 Million Sotheby’s Art Auction
          Ackman's Pershing Square Fund IPO Raises $5 Billion For Permanent Capital Plan
          Ackman Ties $9 Billion Fortune to Public Markets With IPO
          handout
          Qatari Royals Seek to Recoup Costs on $400 Million LA Mansion

          Politics

          UKEuropeMiddle EastAsia
          Maine Democrat Graham Platner Is Winning Voters All 'Pissed At The Same Thing'
          Sofia Aldinio/Bloomberg
          Democratic Maine Governor Mills Drops Out of Key Senate Race
          Lithuania Prepares to Join US-Led Mission in Strait of Hormuz
          Trump to Sign Order to Expand Access to Retirement Plans
          UK to Fast-Track Terrorism Law After Wave of Antisemetic Attacks

          Explainers

          Switzerland’s population has grown by about 10% over the past decade
          Why Switzerland Is Weighing a 10 Million Population Cap
          Emirates Saudi Arabia
          Why the UAE and Saudi Arabia Have Drifted Apart
          MALAYSIA-WASTE-ENERGY-BIODIESEL
          How the Hormuz Crisis Is Driving a Biofuels Boom
          TOPSHOT-US-VOTE-POLITICS-ELECTION
          What the Supreme Court Ruling Means for Race-Based Voting Districts

          Industries

          LegalEnergyHealth
          LIV Golf Virginia - Day One
          Alex Goodlett/Getty Images
          LIV Golf Looks for New Investors After Saudi Arabia Stops Support
          UEFA Set to Hit €5 Billion Revenue Milestone With TV Deals
          Got ‘Ozempic Breath?’ Hershey Sees GLP-1 Boost for Mints, Gum
          The Deal: Steve Young (Podcast)
          Listen (23:14)
          The Deal: Steve Young
          NASA Chief Hits Capitol Hill in Defense of Trump’s Science Cuts
          Newsletter: Business of Space
          NASA Chief Hits Capitol Hill in Defense of Trump’s Science Cuts

          Green

          New EnergyGreener LivingESG Investing
          Crude oil pipes.
          Simon Dawson/Bloomberg
          Hedge Fund Manager ‘Ignoring Trump’ Nets 39% Gain on Energy Bets
          A New World Order Is Emerging. Can it Tackle Climate Change?
          Iran War Is ‘Supercharging’ the Energy Transition, UNFCCC Says
          Zero: New World Order Needs More Cooperation, Not Less (Podcast)
          Listen (42:22)
          Zero: New World Order Needs More Cooperation, Not Less
          An Optimist's Guide to the Planet Trailer
          Watch (1:45)
          An Optimist's Guide to the Planet Trailer

          Pursuits

          PURSUITS_WEB_Grandma Watches
          Gen Z Can’t Get Enough of Teensy ‘Grandma Watches’
          PURSUITS_WEB_Top Shelf
          Welcome to the Whiskey-Making Capital of the World
          PURSUITS_WEB_Picks
          The Best Movies, TV, Books, Art and Theater Arriving in May
          PURSUITS_WEB_Nightingale
          No Car Is More Luxurious Than the One Very Few Can Buy

          Economics

          Inflation & PricesIndicatorsCentral Banks
          DCA Hosts "Navigating New Beginnings: A Job Fair For Federal Employees"
          Ting Shen/Bloomberg
          US Jobless Claims Plunge to 189,000, Lowest Since 1969
          US Economy Grows a Solid 2%, Boosted by Surging AI Investment
          Canada Tracking 1.7% Annualized Growth in First Quarter
          Warsh Faces High Hurdle for Rate Cuts as Powell Readies to Pass the Baton
          Newsletter: Economics Daily
          Warsh Faces High Hurdle for Rate Cuts as Powell Readies to Pass the Baton
          Instant Reaction: Jay Powell on the Fed Decision (Podcast)
          Listen (20:48)
          Instant Reaction: Jay Powell on the Fed Decision

          CityLab

          Cabinet Meeting As UK Prime Minister Keir Starmer Shores Up Position
          Burnham Urges New Direction After May Vote Labour’s Set to Lose
          Private Credit Funds Cap Withdrawals As Exodus Grows
          Vornado to Buy Stake in NYC Office Tower Valued at $1.1 Billion
          BARCELONA MADRID COMP
          Spain’s Largest Cities Diverge Paths to Tackle a Housing Crisis
          President Trump Threatens To Cancel New York City's Long Awaited Hudson River Tunnel Project
          NY-NJ Gateway Tunnel Awards Contract to Dig Under Hudson River

          Work & Life

          Management & WorkEqualityBusiness of Sports
          LIV Golf Virginia - Day One
          Alex Goodlett/Getty Images
          LIV Golf Looks for New Investors After Saudi Arabia Stops Support
          UEFA Set to Hit €5 Billion Revenue Milestone With TV Deals
          Two NJ Malls Separated by Just Four Miles — and Very Different Fates
          Saudis to End LIV Golf Funding After Pouring in $5 Billion
          Supreme Court Curbs Use of Race in Drawing Voting Districts

          Markets Magazine

          Markets Magazine_GO_Mumbai_02
          Abeer Khan/Bloomberg
          Mumbai’s Skyline Is Soaring. So Is the Pressure on Housing
          As global businesses pour into India’s financial capital, millions of low-income residents face redevelopment deals that will determine whether they can stay.
          By Ranjani Raghavan, Advait Palepu and Chanyaporn Chanjaroen
          Bloomberg Markets The New Rules

          More from this issue:

          The Portfolio StatePrivate Credit Turmoil Has Retail Investors Eyeing the ExitsGrad Students Face Costly Private Loans After Federal Cuts
          Markets Magazine_Feat_Energy_10
          The Big Take
          Electric Bills Stoke Voter Fury Ahead of Midterms
          Voters across the US are angry about rising energy costs, making the price of electricity an unusual force in high-stakes midterm elections for the first time ever.
          Combative Mexican Billionaire Fights His Debts and Sheinbaum
          With echoes of Trump, Salinas challenges his tax bills, uses tough court tactics and flirts with the presidency.
          AI Threatens ‘Jobs With Dignity,’ Says Nobel-Winning Economist
          Simon Johnson warns the technology could erode middle-class jobs and widen inequality, unless policymakers start tackling the issue now.
          HomeBTV+Market DataOpinionAudioOriginalsMagazineEvents
          News
          MarketsEconomicsTechnologyPoliticsGreenCryptoAI
          Work & Life
          WealthPursuitsBusinessweekCityLabSportsEqualityManagement & Work
          Market Data
          StocksCommoditiesRates & BondsCurrenciesFuturesSectorsEconomic Calendar
          Explore
          NewslettersExplainersPointed News QuizAlphadots GameThe Big TakeGraphicsSubmit a TipAbout Us
          Terms of ServiceTrademarksPrivacy Policy
          CareersAdvertise
          Ad Choices
          Help©2026 Bloomberg L.P. All Rights Reserved.