and look, the market could be right here, and seth carpenter, who i'm going to hear from in a second,ld well be right here about his inflation outlook. but i still think there's some risk. if we don't get a better report, a better inflation report in the march data that we get in april, i think there's going to be some back tracking of the optimism out there right now. that's my take. sorry to be like this on this fabulous day of a new ipo and the market having so much fun after the fed. but remember, the market -- the bond markets are backtracking from december. there's another discussion to be had, and i'll let seth speak, which is that the stock market seems somewhat disconnected from what the fed had been doing. >> seth, react to what steve just said. and i guess my question to you, you're holding to the idea of maybe three, maybe even four rate cuts between now and year end. if inflation continues at its current sort of trajectory level, which is a little hotter than expected, and in light of the fact that the fed increased, boosted its gdp numbers, that would argue for maybe a s