nikolaos panigirtzoglou is still with us.pull you are making in terms of what happens from here. why do you expect that 100 basis point rise in 10 year treasury yields and further moves in the s&p 500? nikolaos: the fed told us they are done in terms of rate cuts. any rate cuts, if they happen from here, will be because -- data'sata'd wakes wake. opinion,vitable, in my that the market focus will shift sooner rather than later. we are already seeing that in the forward curve. if you look at the spread of the one-month rate in two years time minus the one-month rate in one year, that rate is about to turn positive for the first time in more than a year. a change both in terms of rate markets but also in terms of how markets think about the fed. it is effectively getting credibility by that re-steepening of the forward curve. that happened in 1995 and 1998, which were the previous midcycle adjustments when the fed delivered 75 basis points of insurance rate cuts. we had a very rapid re-steepening of the forward curve. it is less