jeremy schwartz is here with me. good morning. >> thank you, frank. >> jeremy, i think i have two big questions for you. first, you believe we're on track for a soft landing and does this dovish ztone set us u? >> it is a worry of too sticky and we have a stop and go policy. we were worried they would have the false narrative of that. that lowered the risk dramatically. we're not fully out of the woods of potential recession next year. if we came into the meeting saying it is 50/50, we're lowering probability of recession. now we're saying a higher chance of the soft landing. yes, one of the big risks for the market next year came off the table. the fed is showing flexibility. >> you are seeing less risk in the market right now. i want to ask about the risk-free part of the market. the bond market. jeff gundlach was on yesterday. he believes there will be a rally in the bond mark next year. take a listen. >> i would guess we see the ten-year treasury yields in the low threes next year. that is consistent with the fed