recession to begin with or a very hard landing >> what do you think is priced into the market right now, meara? >> i would agree that we haven't seen the worst of things priced in terms of recession. even a mild recession isn't reflected in the price right now. at the same time i don't think we're totally priced in for the upside of avoiding all of this we don't think we'll avoid a recession. we still do believe that the economy falls over in phases and we're in the early phases where housing and manufacturing are weak and profits are weak and getting weaker employment is still very strong, but we can't, you know, hang our hats on that it's too early, so we still want to be prepared for the fact that things could get a little bit worse. >> how has housing rolled offer? >>y with had an 8.5% increase in pending new home sales in january. >> let's not act like the party is restarted rates have come down let's back it up with another solid month as rates have moved a lot higher. >> two gdp quarters where you had a 25% contraction in the housing component and we've seen the numbers roll over pretty