ella hoxha.hank you for joining us. let's kick things off with this question. how are you positioning ahead of the speech? ella: ok. over the course of the last few weeks, we have been reducing the portfolio level. not necessarily driven just by the jackson hole event. predominantly from valuations. if you look at the general consensus for 10 year treasuries by the end of the year, we have been trading towards the lower end of that range. it's a position that we have been increasing in terms of buying duration. using the selloff is a good opportunity to add. the current valuations made it opportune for us to renew at the portfolio level. given the risks around jackson hole and the tone of the fed, we retain a curve flattening bias in the u.s.. we have a preference for the long end of the curve. tom: you have a preference for the long end of the curve. to what extent are you looking at the details, the language from jay powell? there were different scenarios. it could be a nothing burger. it could