>> yeah, it's tough to take any direction from august here in the spirit of terrell davis just being here. the giants were undefeated in three seasons doesn't mean they will win the super bowl. august has many, many different snachlts here's the signals we're taking, first and foremost, the veracity of the yields and how they've fallen, in august. so for us, it's reduce some equity risks okay and the, order to really take your equity risks much, much lower, you have to believe three things first the fed won't be successful if getting this economy to stay at trend you have to believe that we don't believe that second thing you have to believe is that there is actual political will for a trade war actual political will for a trade war on both sides that will affect earnings we don't quite believe that. the third thing, melissa, u.s. consumer we believe the u.s. consumer is the strongest they've been in all cycle. you have to take the other side to reduce equities even further. >> the first implies you believe the fed can use monetary policy to offset any impact of a trade war. is that