This is it. This is Trady Spaces. Okay, we had a, we had a big week. I mean, heading into the week, right? We knew that we had, what, 35% of the S&P 500 reporting earnings. We had the Fed meeting. We had the GDP on Thursday. We had all covered that on our podcast, on the tape podcast that dropped last Friday. We also had one that dropped this

Friday. We had Danny Moses, Guy Dami, myself, breaking down the week that was, but in a different

way than we're going to do it right now, because we're definitely going to take some guests, some

questions here. We also had David Rosenberg on today's podcast, which was pretty great from

Rosenberg research, and he had some takes that I

thought were really interesting. Guys, without kind of, you know, you got to listen to that interview

with Rosie, but, you know, Rosie thinks that there's a very strong likelihood that the Fed does not go

in SEP. What does that mean, Danny? Does that not go?

What does that mean?

That means that they don't raise, right?

But he's been making the point that you've been making for some time that QT effectively

is what?

He said it was about so far.

It's been about one full percentage point.

Would you say that as far as tightening the Fed funds? I mean, I don't know how it's been about one full percentage point. Would you say that as far as tightening

the Fed funds? I mean, yeah, I don't know how it's exactly measuring that in terms of what

the impact is. It's probably even more than that. But the fact that the Fed thought it would be a quarter

to a half point is laughable. Because as I mentioned before, a lot of that volume will be front

run out of their trade,

meaning if you know that they're not buying mortgage back securities and they're not going to buy

treasuries, obviously loses its bid. So people go out and they sell ahead of that. So it exacerbates

the anticipation, right? Legal front running, we will call that. So that's why I think that's

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