we just heard from jeffrey rosenberg of the labor market is kept on trucking.hat has been the predominant reason for the markets to fantasize about these no lending outcomes. we just have to wait it out. we were having this discussion last week. if all the major central-bank hydrates at their january or february meeting, with the economic data that we see today look any different? no. you have to think about the difficulty in calibrating policy finally. the tightening that happened in 2020 was extreme by any measure. certainly by recent history. it is a plate of fantasy to think they could have any meaningful effect on the economy. as input we are going to get a recession. is it possible to have conviction in this market? quickly so to the non-core central banks in recent weeks. history says when you go on pause, there is likely to be cut. we have been beaten into retreat on a couple of occasions. that is relative to our medium-term base case. there brother speaking means a steeper yield curve. under stronger dollar. >> 4.6% right now on the two year yield. wha