mr. luzzetti: that is our expectation. we expect that after the fed delivers 50 basis points we expect them to step down to 25 in february. going down to 25 to maximize the potential of a soft landing and it also reduces the risk of possibly having a rate hike. that will be a difficult thing to do to condition the market in that direction. the latest cpi data we got yesterday allows them to step down 25 basis points. in the february meeting. i do not inspect chair powell to signal that in this meeting he will say what the interest rate looks like but we do expect them to step down 25 basis points in february. >> you reference the 3.2% market reaction in the cpi print. with the disinflation we are seeing it as it sell rating, but is that a temporary phenomenon? will be be here in a year talking about a repeat of the 70's and that inflation is not coming down and that was a temporary move? what you think? mr. luzzetti: we know some components will be low specifically within cpi with health care inflation week over the next c