sonali: we're going to talk markets with peter kraus, chairman and ceo of aperture investors. thank you for joining us because i bring this up every time, you were so early to target inflation. you have a lot of warnings out there. larry summers saying you can see a lot of lectionary spike. do you think the fed job is anywhere near over a given the uncertainties we have seen in wage growth, oil markets or anywhere else that can see further price increases? peter: you're nice to say those kind words, thank you for that. i think part of the problem of talking about this period of time is yet to talk about the time horizons that we are focused on. you have to talk about soft landings for the next three months, it could be a soft landing. but if you talk with the next six months to nine months, the fed actually has been aggressively raising rates to slow the economy down. we know the economy is going to slow. what we do not know is what the long-term inflation rate is going to be. we know it will take the short rate that is come down but it is not to wear the fed wants it to be. t