if you go to page 2, kirt. the economic environment. i'm not going to spend a lot of time on this, you will see that this environment is characterized by 3 factors weak but positive gdp growth and earnings and jobs. job creation continued which is in the typical of a recessionary environment. off setting that, inflation continues to rage. there has been indication that it is slowing and every time that happens the markets rally. our belief is long-term inflation is under control and likely to continue to see high inflation and that environment the third and most important factor the fed conditions to try to tame inflation by raising interest rates the fed did yesterday by 50 basis points. 10 year treasures at 3 and a half. anythingingly below the short term. we have a yield hump. they start the year 1 and a half %. 1%, we seen an extraordinary rise in enter rate when is rates rise if causes those to experience declining value and losses and challenges eckwit witty markets you will see on the next page if you look at the market environme