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Alongside Samir, we're joined by Krishna Mamani of Lafayette College.

Jen, it's great to catch up with you both.

Samir first to you, Is bad news just bad news?

And could you define for us this Friday when we get payrolls what bad news looks like?

Yeah, John, you know, as you know, we've been cautious for some time and a lot of that caution has been driven by the fact that the Fed raised rates so precipitously over the last couple of years and although those kind of long and variable lags might be a little bit more long and a little bit more variable this time.

We've thought for some time that the economy will slow.

As far as Friday goes, I mean the tricky part is, you know, there's going to be some who are

hoping for rate cuts to come back to the forefront.

For those folks folks they'll clearly

want a worse number. I think the tricky part for us though is we tend to be

more fundamentally driven and if you do get a worse number you know at some point you do

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