t hour fed jumping on the news seeing smaller rates coming soon joining us, former kansas city thomas honig>> great to be kwi you. >> slowing down seems to be expected what the end rate, terminal rate should be. seems to do be the question, thomas i wonder how you think about that where should that be markets pricing 5% by june, although bullard, this week, last week, said between 5% and 7% the restricted zone what's your take >> i suspect given the discussion i read in the minutes that rate will be -- you're right. slow it, 50 basis points in december no surprises and i think given that they were looking at maybe potential gdp growth being around 2.5% getting rates up to 5% they'll want to that will be kind of the target if inflation comes in higher they'll move it higher than 5% that's where a lot of the discussion in december will focus on should be the end rate and i think you're talking right now at least -- public statements, 5%, 5.25% the number and probably the number they will be and once they get there, and i suspect before june, once you get there, then the discussion will turn t