over 12 months, it adds up. on the flip side with higher rates favors are rewarded. customers see noticeably higher saving rates. the only trick about that is, it takes time to make its way through the system. so this is of course what we ve been talking about and what we re seeing. the point is that the fed, while it said it wasn t perhaps going to be as aggressive as previously thought, it was not really as dovish as investors thought. since 1960, there s been one fed chairman who has engineered a soft landing, that was greenspan in the 90s. it s just tough to get this balancing act exactly right. neil: and compounded by saying the markets don t bother me. now let s go to the president of