. >> from beautiful jackson holliday, michael mckee. joining me around the table is matt, global head of separate strategy of morgan stanley, and the managing director of head of u.s. rate strategy. and coming to me from atlanta, is rob, chief strategist and head of fixed incomes. >> it seems like it is chair powell saying more of the same at the same pace. >> yes. i think the message is very clear. it is one of caution and grads walism. wallism. -- grad basically they have been hiking once a quarter, and there is notice reason to squeeze in a lot of hikes over the coming year. they are going to be cautious, assess every meeting if more hikes are warranted, and then proceed as required. >> matt, it seems they are just trying to take the price action and trying to explain away and link it back to jackson hole, wyoming. forget the dollar a moment, there is nothing that has changed from jackson hole and nothing change the from chairman powell from the month before that and the month before that. >> that is right. the market probably got ah