we will check in with lori calvasina in a couple minutes. lisa: pretty much across the board, perhaps we have come across people pessimism. the idea of my ozone of morgan stanley saying we will probably start to see company start to remove some of the fuzzy forecast and downgrade even further what their profits are likely to be, and that will lead to the next leg lower, but this is not a a wholesale freak out we saw a couple weeks ago. jonathan: do you want good news? quiet period for the fed started. lisa: does it really matter? i do wonder. i was driving this weekend and saw it cost about $100 to fill up your gas tank, somewhere between $70 to $100 to fill up, and this will have a material effect regardless of what the fed does. inflation has a real downward shift growth even without the fed, so how much does fed speak really make a difference? tom: this is not a small point. the second derivative of a gallon of gas is what we call convex, which means it has an accelerative force higher. jonathan: and jpmorgan talking about six dollars and

tom: lori calvasina of rbc capital markets.ers, tweaking, making adjustments here in the volatile, the toxic through that is out there in the equity market. what are you looking for in equities? lisa: right now, the second quarter earnings. how much they are going to be revisions downward to the earnings rejections. -- the earnings projections. we've already had the right volatility and this question of the repricing there. now it comes really down to profits. tom: helane becker joins us now. this could be a three hour conversation on air travel as we come out of the pandemic. let me get out of the way. spirit, frontier, and jetblue. to borrow a phrase from cfa level four, is this dinosaurs mating? is this much ado about next to nothing? helane: well, we will see what happens. it is certainly not a done deal in any case because they need regulatory approval and the regulatory hurdles in the current administration are pretty high, so there is no guarantee either deal gets done. obviously spirit thinks they have a better proposal