it is verio -- very romantic.pollo put out a note the risks are rising inflation will be sticky at the 4% to 6% level and may accelerate over the coming months. if inflation stays high, it will bring back the trading environment we had in 2022 because equity and credit markets will conclude the fed has not succeeded yet and rates need to go higher to generate more demand destruction. eric, let's meditate on that. headline cpi, it's forecast to drop to 4.6 2% from 6.5%. walk us through how bumpy you are expecting that path back to 2% to be. >> certainly, the commodity price element is one of the biggest question marks for headline inflation this year. there is a lot more expectations now. we could see oil prices break higher. with china reopening and the russian news today. from a core inflation standpoint, i think there is a little more disinflation there. the wage picture continues to look relatively favorable for the fed. the question is, in the second half of the year, the labor market that continues to prove m