guy lebas, mark lindbloom, and sam dunlap are still with us.ng to see how going forward, we will be looking at what is going on with central banks, and everyone expects them to stay put. is there anything that could change that? do you think the fed could cut by the end of the year? mark: it's possible. we don't expect them to do anything in 2020, but more likely a cut than increase. i think it's a very high bar for them to increase interest rates this year. based upon what chairman powell has said in terms of higher and persistent inflation, even if we saw stronger growth and inflation percolating toward 2%, we don't think they are likely to move quickly. our high probability thought is they do nothing in 2020. sam: completely agree with everything mark said. i would just underscore the point that he made about seeing persistently high inflation before the fed actually tightens. that is really important for market participants as we look ahead. the fed wants to see very high inflation, in my view, to run things much hotter than where they've b