you have tcw positioning for a hard landing. jamie, how much are you fighting back against the notion of a soft landing? jamie: we still find long-duration positions attractive and expect a hard landing. this market is priced for perfection. we have interest rates implying a 4% policy rate at the end of next year and a round a 360 policy rate at the end of the year. four years after the start of the hiking cycle we still have restrictive territory. that is one of the reasons we find tremendous value in owning duration and owning treasuries. combine that with the fact that historically bonds have rallied when the fed enters their on hold and cutting cycle, and the price action with what you are seeing in equity markets, it screens goldilocks, which is a fairytale, literally. when we put this all together we just do not see a scenario where we will get this immaculate landing. but even if we do that is what we are priced for. the risk/reward in being long-duration is hugely valuable. sonali: you have written recently to clients, b