sonali: joining us now is brian rehling and noelle corum. t here on the idea that inflation has been coming in hot, how has that changed your thinking about how you play the bond market? brian: going into the year we were early looking for three rate cuts even though the fed and the markets were looking for six or seven. obviously we have to dial that back even more. we are still expecting a couple. we continue to kick the can down the road on rate cuts and it would not surprise me if we do not see any this year. we would have a much bigger problem is folks at the fed start talking about potential rate hikes. i do not anticipate we will be there anytime soon but that would be more upsetting to the markets. sonali: how do you think about the idea we could see fewer rate cuts to the idea that there might not be any this year? noelle: it certainly takes the risk to reward benefits for having a strong rates position either way off the table, which is why we are taking our hedge for a risk off scenario. . in terms of our fed view, they did have ju