i think that is giving fed officials confidence that policy rates are richard bove. essentially a 0% chance. jonathan: thank you. andrew hollenhorst of citi. this is sounding more and more like most dfc in reverse. we have talked about it a few times around this table. the calls for cuts now sound like the calls for hikes coming out of the financial crisis in 2009. they were always 12 months away. it was sort of a rolling 12 months. i heard the same idea, talking about 2015 in reverse, when we had the first hike and had to wait 12 months to get the next one. lisa: it is the reason why there is zero conviction right now when you talk to a lot of people. we do not understand the inflationary regime we are in. we did not understand it in the post -- i will speak for myself. it is hard to understand where we are now, whether we are in a substantially higher inflationary environment for the foreseeable future. jonathan: a lot of people equally confused. coming up in the second hour of "bloomberg surveillance," darrell cronk of wells fargo, jeannette lowe of strategas, cra