janet henry of hsbc. through scenarios for the year and how difficult it is to draw conclusions. i've heard from rick rieder of blackrock, marc keast all of pimco, -- the one thing they have in common, they are carrying more cash into 2022. tom: that was absently brilliant by janet henry. ira jersey has written about this at bloomberg. the linkage in dynamics between balance sheet dynamics and higher rate dynamics is complete original mystery. jonathan: the balance sheet reduction piece, no one can agree on. how big it will be and what it will achieve. lisa: the fact they are still expanding their balance sheets and we are talking about how much we are all trying to get out ahead of ourselves. i go to morgan stanley's andrew sheets saying $2 trillion combined for the four major market banks. they will reduce their balance sheets by that much by the middle of 2023. the implications of that are hard to know, especially if you have this backdrop of a lot of liquidity and growth. jonathan: and 70 people think