jonathan: jim cielinski, does the argument she presents resonate with you? mr. elinski: i think it does. i think we often get too fussed about the dots. the key message is they upgraded their growth and inflation forecast. and also the terminal rate forecast. they are giving you a clear message as to where they think they are headed. i think you don't get too caught up in this they are going to do two or three additional hikes, i think that's probably a mistake. these are forecast and we are talking three years in the future. the dots, you need to remember, they are not actual forecast. they are how the fed thinks will -- the fed think things will work out based on their models and their expectations. and these are models that have been largely wrong for many years. in a lot of uncertainty still remains. jonathan: looking at the dots, i don't know what they are worth at this point, but we can bring them up on screen. the big wager going into the federal reserve was wages looking for the spread between december 19 and 2020. we saw a record volume come into -- reco

jonathan: jim cielinski, does the argument she presents resonate with you? mr. ski: i think it does. i think we get too fussed about the dots. the key message is they upgraded their growth and inflation forecast. and also the terminal rate forecast. they are giving you a clear message as to where they think they are headed. thisget too caught up in they are going to do two or three additional hikes, but i think that's probably a mistake. these are forecast and we are talking three years in the future. dot, you need to remember, they are not actual forecast. they are with the fed thinks will work out, based on their models and their expectations. and these are models that have been largely wrong for many years. in a lot of uncertainty still remains. jonathan: looking at the dots, to what they are worth of this program but we can bring them up on screen. the big wager going into the federal reserve was wages looking for the spread between december 19 and 2020. we saw a record volume come into that trade and the fed delivered exactly what that volume was looking for