sonali: joining us now is jamie patton of tcw group and blake gwinn of rbc capital. when you listen to powell today what was new, if anything? jamie: nothing was new. what is new is the market expects to hear new things. governor waller's comments this week were played up a lot in the markets. the markets started pricing in the chance of a cut as soon as march and our view is that powell reiterated most exactly what he said at the. . november press conference he still has a strong bias to continue fighting inflation. this feeds into the view that the fed is likely to keep rates too high for too long. powell reiterated today that he is not entirely confident that the fed has done enough or held rates high enough for long enough to get inflation down to that 2% target sustainably. powell has been very clear all along that his bias is to ensure inflation gets down at the risk of over tightening, at the risk of hurting the economy. so, we heard the same thing we have been hearing from powell. we are long-duration and happy about the move, but we think the market is misint