joining us is barry knapp and brian smedley. barry, when we start to think about what we have seen just this week alone, and what we have heard from fed officials in terms of the id of the market is doing the work for the fed, do you believe that? barry: i would frame it differently. we had -- there are three ways to diss advert the curve and make no mistake, the curve needs to be diss inverted by 2024 for the banking system to absorb the multifamily realistic projects that need to be ruled, the supply of credit to small businesses to flow in 2024, so of those three ways we could disembark the curve, we were on the benign path which was a potential full steepening with the fed cuts rates because inflation is coming down, not because employment weakens. but what began at the beginning of august was the most insidious way for the car to dozen bird which is a bear steepening come along rates rising, potentially through 5% on tens and 30's, which would leave a lot of carnage in its wake and securities portfolios for one and that was