jonathan: joining us is henry and lorimatt toms, heinel.is great to have you with me, and i want to begin with you, henry. what happened to the low rates guide the president nominated? henry: it is a change in narrative and we have to get used to that. bear in mind, what we had was an acknowledgment of the data coming into the meeting. i think the market was already leaning that way a little bit. it is an acknowledgment, but the storyline and narrative is changing and is going to take a while for the market to adjust to that and move to a higher rate, higher inflation regime. jonathan: matt toms? matt: i think ever person more inclined to speak as a money manager then an academic and the potential of a fourth hike doesn't signal an action, it signals a skew. it could be three or four. jonathan: the upside looks like four. the chart of the week, we bake in three for the year. lori, is that your read of things at the moment? did we open the door for four rate hikes in 2018? lori: our view is there will be three hikes. there is a balance, stro