let's bring in frank labella from franklin templeton solutions.ones are the best dividend payers and where would you go in this environment >> it is just another indication that the fed will continue being aggressive and that includes the risk of a policy error so the type of dividend payer you want to go into is those in the economy that are going to be able to withstand more of a slow economic slowdown. things like beverages and pepsico, health care, johnson & johnson, utilities and american electric power these are areas of the market that have higher than expected dividends and 20% higher than the s&p 500. they're in more stable industries and so the idea that they're going to be less impacted by any slowdown and most importantly, their volatility profile is extremely low. so all of the big drawdowns we've had this year, these types of characteristics have held up significantly better than the market as a whole? >> how about the energy trade? we know the dividend payouts have had an equity capital market of things and the stock prices are on t

jonathan: franklin templeton set the same thing to us recently. blerina uruci echoing some of that. citi looking for 4% year and on fed funds. tom: this is still not in the market, a set of people looking for a term all right about percent. it is not priced in. jonathan: talking about rate cuts next year and some are saying that is premature. tom: the gdp number will be a big mystery. i like what we heard earlier, there is a gap between fed meetings where you get a lot of data. our affiliate in canada, 8.1% inflation. jonathan: downside surprise. on the month they hiked 100 basis points. timing. these are numbers we have not seen in a long time. likewise, the u.k. tom: can i note, curve inversion breaking down, breaking evermore inverted, except for one day? jonathan: the whole curve is shifting lower. the 10-year is down more. tom: sub 2.95. we don't get economic data here. 8:40, i guess we missed that. jonathan: what are you looking for? we had mortgage applications earlier this morning. soggy. coming up, catching up with troy, talking about markets. he thinks there is more volati