Council. On the latest edition of the tape podcast, a fed roundtable with Neil Grossman, Priya mizra and Danielle dimartino booth. Some of the frustration of the bed I think remains next year because we're going to look for the pet to eat and I think they're going to struggle to ease with inflation still high next year. Speaking of frustration with the fed, let me bring in Neil Grossman here. And first, let me say, you got to differentiate between how you feel about the fed what the fed should be doing in your take and what you expect if that actually to do. Yeah, you're right. Very fed up by the way. And then a couple of things. First of all, as you know, I don't think they've been hawkish. They barely done anything in the way they should have, because I call it, as you know, infinitesimal incrementalism. They haven't even done one Volker yet as far as I'm concerned. Paul Volcker raised rates 4% intermediate on a weekend. That would have been something. And I'm sorry for you, but they don't haven't done quantitative tightening either. Letting something slowly drip drip away after they bought a 130 billion a month for ten years is not tightening. So I mean, yes, there are effects, but to be honest with you, I would stop tightening now and announce this afternoon that I'm going to start selling bonds at a clip of 50 to a 100 billion a month. That would be effective per se. Now, what are they going to do or not? I'm not going to disagree too much. Other than I think the thing you need to watch or consider is a liquidity. I'm going to push back as hard as I possibly can about quantitative tightening not taking place. Now, there's something called the employee retention credit in the 9 months through November. It injected a 120 plus $1 billion into the economy, so there is still stimulus money running around out there. Catch more of this and other conversations on today's edition of the tape. Subscribe on Apple, Spotify, and anywhere else you get your podcasts. Plus, listen anytime