let's bring in ed clissold, of ed davis research. it's good to have you on. here we are, at these incredible levels. how reliant are we on rate cuts, is that why we're here? >> i think that's part of the story. it's not just rate cuts, but the fact that the economy is doing so well, inflations coming down. that seems to allow the fed to cut rates -- like we've seen the last few cycles, but instead go ahead into move at a measured pace. and allow rates to come down, -- help earnings, help multiples, and it's overall, pretty benign goldilocks environment. >> when do you think the first cut happens, how do you think we need? what happens do you think to the market if it doesn't go according to plan? >> the feds been pretty clear, maybe most likely, but june has been -- the feds also been signaling slowly, that's actually a good thing. you look back historically, the fed has moved slowly. that is fewer than five cuts per year. the markets doing pretty well, s&p 500 up -- not saying it's gonna happen this time, but have to be bullish -- which is seeing the feds qu