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performance not guaranteed. A warm welcome to the Risk Reversal podcast. Always delightful to be joined by the great Peter

Bookbar. Peter, as you know, does extraordinary work. He's with us on a weekly basis. We're

fortunate to have him. Peter, how are you? Guy, great to see you again. It is great to see you,

and we're doing this talking on Tuesday afternoon. So ahead of some of the rhetoric or some of the emotion or some of the news we're going to get out of this Fed meeting.

But clearly the market's in a buy-by-everything mode and throw caution to the wind.

We'll see how long that lasts into this Fed meeting and the subsequent commentary we're going to

hear from Jerome Powell. So set us up a little bit here. All right. A couple of dynamics. On the

market side, I think you're right. Market participants for for many, many years, as we know,

have been trained to buy stocks upon rate cuts. And that's certainly what they've been doing.

And it's not just stocks.

They've been buying corporate bonds. Treasury has obviously been rallying. The metals have been

rallying, essentially everything or most everything has been rallying in anticipation of these cuts

because that's what people do. That is what has worked. I think one thing that's that's forgotten

though is the question of well why is the Fed cutting interest worked. I think one thing that's that's forgotten, though, is the question of, well,

why is the Fed cutting interest rates? I think that question is not really being analyzed enough,

because if it is now happening, more so because of the weakening labor market and a rise in the

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