louis we , we have brian rehling. ian, i want to begin with you and talk about this issue around the balance sheet. is it going to be as boring as the federal reserve suggests and hopes? brian: absolutely. the whole point for the fed is to not use the balance sheet reduction as a policy tool, in my opinion. they used it once they wanted to drive rates lower and the point is to get out of this with no disruption. jonathan: this will not be a policy tool for those hoping they would move on balance sheet and pause on rates. will they be disappointed? gregory: i think so. i am not sure it will be as boring as the fed thinks. just because they say it will be boring, does not mean it will be boring. it introduces each fed meeting into play. they are talking about slow and steady but at the end of the day, they have to readjust, and what happens when the economy slows down and the signaling is, we need to actually reduce the number, not increase the number? i am not as convinced. bonnie: i think the fed did a very good job in