torsten: i think that is right.e have talked about higher for longer. now the conversation is more restrictive or longer. they can still be restrictive if rates come down because real interest rates are what matter. as inflation comes down, the fed can gradually begin to lower rates, but note also that if you look at the outlook for futures, you still have the bottom around 3.5%, 4%, so one conclusion for asset allocation is that we are not going back to zero. we still have higher for longer, in the sense that the level of interest rates and the free risk rate on page one of your finance expert will be significant higher for the next several years and it was from 2008. jonathan: the interest rate of the u.s. economy, we have seen rates go up aggressively and not slow down the economy. as rates start to come in and financial conditions ease, you are suggesting the economy picks up. can you explain that to people that white easing financial conditions will boosted? torsten: the conversation taking place is it is impor