margin pressures and expects multiples to flat line as inflation remains stubborn joining us, jonathan golub what are you seeing in earnings and why the move at this point >> so, we're lowering our earnings for 2023 by $5, which is not a lot and it's primarily -- there's really two drivers first of all, margins are coming in broadly worse the one change is that the energy sector, which had fantastic margins last year, those are now expected to roll over along with other areas like tech but that's a small adjustment. the really big adjustment is the market is expecting a huge v-shaped bounce in earnings in 2024 and we just think that that's just not going to materialize. we're more likely to be in an anemic economy, consensus view is that gp over the next two years runs 1%. so, we avoid a recession kind of the no-landing scenario. if there's no landing, no v in earnings, if there's no v in earnings, the 2024 numbers are way too high and we took those down as well >> is any of this contingent on february and march data, especially in the labor market sort of ratifying what january told us, or