joining us now is matt toms, luke hickmore, and here in new york, jim keegan. nt to start with you, jim. one thing i'm struck by, yes, we are seeing bets for a rate cut being priced into markets but it is not giving a boost to risk assets. what do you take from this? jim: you have to look at how risk assets have performed. if you look at 2018, it looks like we had a peak in growth rates, inflation, interest rates, and risk assets. if you look at stocks for instance, globally, stocks peaked in 2018 and the s&p is up very little from where it peaked initially at the end of january 2018. you have basically collected the dividend. at the end of the day, i think fed policy has just created asset inflation, which is why you have this divide on the fed where there are several people concerned about financial stability risk. if you look at asset inflation, it leads to asset bubbles. if we mean revert -- which the laws of mean reversion have not then repealed yet -- it tells you where assets could head. lisa: the concern for asset bubbles has been persistent for a long t