now for more on what to watch and how to position into the new year, i am joined by brian weinstein, morgan stanley's investment of global markets and brian levitt invesco's global market strategist. the two brians, if you will. i'll start with the gentleman standing right to my left mr. weinstein. let's talk about the yield picture and i noted that the benchmark yield is at session high, but session highs is a hair over 4.25%, 4.28 and it's a far cry from where it was at the cycle highs and maybe 5.02% this time around. what do you make of the move and is this a new regime for yields at these lower levels? >> yeah. it's an interesting question. listen, we came a long way. no one thought we would see 4.25 and we flew past it and is it cheap? we're about to find out. it's a bit of a new regime and the fed even if they ease aren't going back to zero. growth still seems strong, so i think it's hard. we had notes that were closer to seven a couple of days ago and it was a tough level and we're betting on a lot of slowdown. i think when you get in this 4.10 to 4.50 range you'll see a lot o

paul: so, brian, we just heard the ceo, josh weinstein, the ceo of carnival mentioning he was in a newnd not having a great experience. some of the services maybe have been cut back. initially when things were opening back up hotels would say, we are not going to make your room everyday, we will make it once every two or three days. we did see some service issues as that industry did try to get back on its feet. where are we in terms of the hotel industry and staffing and service levels? are we back to pre-pandemic levels? brian: we are not a pre-pandemic levels. in the mid tier they took the pandemic as an opportunity to rollback room service, cleaning. you kind of still have to argue at some of those midtier properties to get those same perks back. i think on the luxury side of things the luxury hotels are now competing like never before. i think the service levels are back. at the high-end of the spectrum. but in general a lot of hotel chains took this as an opportunity to cost cut in the name of safety. and then really take it back to where it was. kailey: you talk about the high-e