It's a better based on what we've priced For Peak rates in this hiking cycle of Both the ECP and the Federal Reserve Close to four at the ECB 550 Plus may be At the Federal Reserve is one more Achievable than the other Um no you know it's hard to know I think We are a very very efficiently priced in If you will for both in the US as well As in Europe for a path towards higher Yields Um and also for a huge policy adjustment The the real risk right now is that if If the data disappoints in the next Month then the risk to us feel like it's More asymmetrically skewed towards uh You know lower yields and perhaps a Miss In the Market's expectations for for Rate hacks in in the US as well as in Europe but broadly speaking I think the Momentum you know coming from the fourth Quarter are you looking at first quarter GDP in the U.S tracking you know quite Strongly so in this sort of context at Least over the near term the Market's Willing to give uh you know give in to Uh the data and start to pricing more Hikes from both the FED as well as the ECB
