that they will actually have to capitulate and reach a lower ceiling that they had projected apco -- had projected? >> we do not see it. the reality is we are a very far cry from the to percent target. there is core components are particularly sticky at the moment. the fed still has work to do. i do not think we are close to victory which is why we maintain we should take the fed seriously and the dot plots seriously and that will be looked take 5% or slightly north terminal rates. that they will likely hang at that for the balance of 2023 and well into the first quarter of next year. katie: you touched on something i have been wondering. have a life people declaring victory, saying we are out of the was on inflation. was getting from 9% on headline for your cpi to 6.5% the easy part? what is the path to 2% look like in terms of timeline and what does that mean for interest rate volatility apco >> -- interest rate volatility? >> we are going to have to decelerate faster than we have been to get close to 2%. i think we still have a ways to go. one of our top line cpis has been largely