joining me now is jake and brian weinstein is head of global markets. welcome to both of you. who said this is the last cut. >> that is me. >> go ahead. make your case. >> i think it is been a very odd couple of points. so the fed was going to ease a couple of basis points in the summer. regardless. there is nothing about today's data that would have changed that. we could have gotten a .4 but we haven't had that in a while. it wasn't a big story. yes, you could take out housing and it looks better and they calibrated. things are weakening and they don't know why neutral is. i think 4.5, they have to pause here for a long time because you have policy coming in as a tail wind and earnings looking strong and inflation is not going back to 2, so they're waiting, you don't think this is a story of cpi because market rents are much lower than the rent readings that are showing up here. >> no, not particularly, you could slice and dice and make the story however you want it to go. inflation is what the fed said if the forecast. so they could easily getting into december. no one woul