joining us is jeff killberg, and michael shoemaker, wells fargo global head of macro strategy.nk you very much for being here. we'll start with the macro big picture, michael. can we talk about how things stand with regard to your forecast with regard to how things are shaping up in america? i feel as though the markets are telling us that things are not as terrible as they were feared to be just six to nine months ago. >> that's right, dom. inflation is down a ton. we can see that. i would say the path forward is a bit bumpy. we probably always knew that would be the case. you can't have inflation go from very low to 9% back to two to three very quickly without some turbulence. but the interesting t ing thingw much of the recutting has been taken out. so it's more of a slow progression. the underlying economy looks pretty good, but not hot enough to spook the fed. so a good comfort zone for a lot of people. >> it's to goldilocks i mentioned in the open, the idea that things are not as bad but not as good, this middle ground scenario, but it took one hot inflation print to send