keith lerner, and peter chacinni. lauren, it's actually refreshling with the stony lines. soft landing, on top of a maybe a trump trade. has it caused you to rethink where you want to be positioned? >> only on a tactical basis. this is a market, a fed pivot market two, three months before we expect a cut exactly as we would expect to see it. a lot of uplift in areas like small caps, where capital is unlocking. the reality for the market is we've already been in a soft landing for the next nine months. as we look to why the fed is cutting rates, it might be a couple months from now, but we expect that the economy is still liable to slow. portfolio balance is really the name of the game here. we can talk about politics all day, but of course that layer is important as well. >> when you say why the fed might be cutting, you suggest it's in response to slowdown fears or a slowdown underway as opposed to, hey, inflation is back toward our zone and it's time to be less restrictive? >> right now it's the latter. the data is not reflecting a stressful amount of slowdown. we will c