with us now i subadra rajappa, tony rodriguez, gershon distenfeld. bank of england has already made a move. can the ecb really sit this one out? i saw the german print for gdp this morning, dreadful. do you think they can? subadra: i think they will. it is still too premature for them to have any pivot. the market is pricing in aggressive policy normalization, rate hikes for this year. there is still focus on asset purchases, moving away. that is where the focus will be in the first quarter, especially with the slow down with omicron, like the bank of canada. they will be cautious as they are still actively purchasing assets. jonathan: let's start the rapidfire around on that question. rate hikes from the ecb this year, yes or no? do we get any? gershon: no. tony: no way. subadra: no. jonathan: credit spreads, wider or narrower from where they are by years end? tony: modestly wider. gershon: unchanged. subadra: wider. jonathan: final question. you know what it will be because i keep coming back to it. if you put all my shows together over the past th