and i want to go to the comment that we got from rafael bostic of the fed saying that the higher peak rate is possible and i suppose the markets have been pricing nazi in over the last few days to your point about how far weve come on the yield story so much so that actually are we now talking about a situation where the market isnt necessarily fighting the fed when it comes to how high rates go they are absolutely still fighting the fed in terms that the fed isnt talking about cuts next year maybe theyre getting closer to where the fed was in december on the terminal rate but remember thats still from a while ago theres a chance that by the time we get to march of data projections we still could get a higher terminal right now i am in the camp that the cuts price this year are absolutely bonkers unless you expect the us economy go into a hard recession as ive always kind of maintained i think a soft landing is impossible the issue at the moment is we might not even be getting a landing this year in the us ie we may not be getting any severe growth slowdown at all the economy may stay resilient and that means rates stay higher thats not just no cuts as its priced in the market but as you play out maybe we should be starting to talk about a slightly higher terminal rate as well even higher than the federal projecting back in december right no landing is a nice problem to have im not sure it is if you were at the fed of course let me ask you about emerging markets then because in amongst all of this repricing of bond markets and rethinking expectations around the fed we see an impact on the dollar we see a resurgence in the dollar and then that is knocking emerging markets yeah and i think this could get you know quite bad for a few weeks i think the much bigger picture ryan emerging markets stays valid that over the last 10 years these a lot of these markets have underperformed us markets and really theyre in a much better place structurally they dont have the debt overhangs they have better external balances they generally have better growth rates than many developed markets theyre ahead on the rate hiking cycle and the world is underexposed so i think the multi year story that were potentially at the early stages of for emerging market is valid but i think that the much shorter term lens is that jan people got very excited by emerging markets and now theyre getting rapidly cleaned out thats trade in a very short term basis ok maam thank you very much thanks for your thoughts so far of course remember you can get up to date analysis and insight from the rest of the monkees ive seen him alive he gave us the functions he use on the bloomberg technology