still with us are cameron dawson , jim caron and, lotfi karoui. ecb decision might be one of the most interesting decisions we've seen in a long time. how much can they address the push poll accelerating and splintering european region? lotfi: this situation is challenging. you are facing an energy crisis and you have the likes of italy in the periphery. that is an incredible he difficult equation for the ecb to solve. what we think that will do likely? in the near term, that a look through some of the supply chain issues and the gas market and proceed with a lift off in july. after that, we think they go with 50 basis points in september. at the same time, we like many others expect to announce some kind of a backstop facility to deal with what the ecb has been calling fragmentation risk. that is something that is meant to essentially put a ceiling on how widespread spreads can go. after that, it does get more complicated and we will learn a lot between now and december. any sort of further deterioration in that's growth, inflation trade-off will