 we're getting increasingly close to the start of fed cuts it does look like we're going to get that first rate cut in september um obviously we'll have a meeting at the end of this month maybe we'll get some kind of signaling of that um but yeah we do think rates are cutting down i think markets are starting to price our our base case outcome that the fed is actually cutting every meeting this year um i think they're probably pretty worried about so that's measured you don't see any literature in speeches or your secret people