oppenheimer chief investment strategist john stolings fuss and phil blancato. phil, april showers i wouldn't say drenching the major indices is, but month to date they don't look healthy. anywhere town from 1% to 3%. giving investors a good soaking. what do you think is at work here? >> generally, you have to understand that chairman powell came out and reiterated that that they're just not going to cut rates anytime soon, inflation is still very high, and even if we get 3% earnings growth this quarter, it's not enough to justify stock prices. stocks were expense i, second quarter's a very difficult time, generallies this is a tough quarter. you'll be seeing some cracks in the labor market, it's time for stocks to sell off which, by the way, are totally normal. liz: okay. john, after 11 hikes we're now at 6 skips or pauses as it were. we're about to get another one because there's another meeting in may. and we know that there's no move expected at this moment, at least that's what the markets are looking at. so why does the market continue to be shocked and gr