if you look at eduction, look at housing, if you look at lending standards, all of those are weakening and i think the fed will have to eventually look at the trade-off between growth and inflation and maybe soften down a bit. jonathan: we do not defend chairman powell here, it is a safe place to take shots at the federal reserve. these little pockets of weakness, i think that is what fed into the surprise today. around such a big number. we were anticipating the step down, not an celebration but a step down and maybe a sign of weakness. given that, how do you think the fed responds going forward from here? i'll ask the same question how we reconcile the gap between what the fed is telling us they will do implied by the. what and what the market is looking for. kathy: i have a fairly high regard for the wisdom of the market and that is not to criticize the fed per se but the dot plot has always been this growth of estimates at a moment of time. i think we tend to take it a little too seriously. what they are telling us i think is powerful. what they're saying is we will keep tightening