let's bring in a global investment strategist to answer that question elyse ausenbaugh. ,anna was talking about the idea that earnings are where the next leg of movement will come. at the end of the day, saying that things are not that bad. do you agree? elyse: so far, they have been holding up better than expected, but we are still $10 below with the street is currently estimating. that is based on the fact that we see growth slowdown continuing to accelerate, especially with a fed that has continued to maintain this hawkish bent, and that is not something we expect to change between now and at the end of the year. i will say the sooner companies recognize the tailwinds and we get more pre-announcements, like we have over the past week, that could be good news because it could allow earnings estimates to move lower and finally given investors the chance to focus on what comes after that. kriti: i am curious about how that goes in the face of funds -- here. the idea that if you have a recession on the horizon in europe, you have a chinese economy, or even an asian economy broadly that is