where you have circuinflation ts essentially exceeding the pace of economic growth that's not good for cnier quick point i would make, is that when we think about rising rates, oftentimes, we can talk about net spinterest margins and talk about multiples. stock multiples will tend to incline in that type of environment. that is not bullish for financials and not for anything else the other thing we need to talk about is financial assets. when rates rise, what happens to the value of a financial asset that is paying you fixed amounts of money over time the longer that period of time, the higher the duration, the worse it's going to be and the lower rates are where you start from, the higher the co convexity. none of those things get talked about that much, but that is a potential area of weakness as we look at the space. and when we take a look at the rally we saw this week, that's an opportunity for us to potentially hedge. i was looking out to may, the 35/39 put spread normally, when i'm looking at vertical spreads, i'm normally looking to spend about 25% on the downside with put spreads

i have noted epa i'm sure you have a better sense than i do the state department, the pentagon, cni and cia director addressed the concern that russia will stage a false flag chemical attack as a potential pretext for doing the unthinkable. i think even the horrors of war playing out there and ali is closer than us. it is still a horrific red line in most human beings' minds. what is the degree of concern about the likelihood of that? >> all that we can get from the officials spoken about this today is that they have indications that russia may be making the claims which they call categorically false that ukraine or the united states working in conjunction for a chemical or biological weapons attack. the u.s. is flatly categorically denying that they have any part in that and ukraine and saying that russia may be using the claims as a way to set up for a pretext, a pretext for russia actually employing the weapons. we asked over and over today has the united states seen russia moving chemicals in, into ukraine, the area? we can't get an answer to that. we keep hearing there are indicati