sonali: joining us now, marilyn watson from blackrock and jonathan mantilla from aberdeen.e will talk about whether you see the fed rate hike but what kind of risk is it? >> we have been thinking for a while that september is our best case. they will probably tee things up potentially in july. we know the fed have been very data dependent. the market has been incredibly volatile over recent months. particularly looking at last year when the market was pricing in steep cuts. this year, they were pricing in a hike. now i think we have seen a lot more data. the fed has been very patient. with the labor market in a robust place, but softening. cpi and other data is coming down. we think the fed is very well-placed to cut in september. maybe once more again before the end of the year. july may be the point where they indicate that. sonali: what is interesting as you moved your expectation to september after you saw the cpi data. do you still see risks around the september cut at this point? >> it is pretty much priced into the markets at this point. i think headed into this week