. >>> let's continue the conversation, joining us schwab asset management ceo omar aguilar and david zervosavid, let me start with you you were with us a few days ago and described this process as baby steps to the fed's endgame. is this another baby step? >> feels like a bigger step, carl, 5-plus on the nasdaq it's a big miss to the downside. it's a lot of relief i think it takes away from the aggressiveness we heard in jay's press conference after the last fmoc meeting it's nicely consistent with the statement. the statement was talking about lags, about cumulative tightening, and i think we're going to start to see that play more in fed commentary, maybe more like what charlie evans was talking about earlier. and i think it takes -- takes us much more into this fine-tuning phase. we've done the heavy lifting we got 400 basis points done already. we're going to have, you know, 450 or so bythe end of the year, maybe 475. and we've got a lot of qt to get through. we'll have $500 billion of qt by the end of the year. there's a lot of tightening in the offer. we're starting to see, you know,