eric lonergan, co-portfolio manager, m&g still with us. he did not get his guitar. what are your first thoughts after yesterday's surprise meeting and that massive hawkish tilt? eric: i think manus hit the nail on the head, which is it has changed at every meeting, it will be game on. this is the very beginning of the process of the market repricing its expectations and beliefs about the fed. do we really think we will wait until 2023? it is highly likely there are rate increases next year. it is an entirely reasonable thing for the fed to be doing, and i agree that the markets need it to happen. for me, the big question is one of the features of the last decade has been that markets are a lot more sensitive to monetary policy than the real economy. markets are priced for perfection currently across the major asset classes. i am anticipating opportunities. we have been patient this year. we have the view that markets are very vulnerable to a shift in fed expectations. that is the big question, how significant the reverberation is through markets. manus: we will dance