The Terminal Rate Is Getting Closer to Zero Right?

The market is priced in an entire hiking cycle, becauseit looks like the terminal rate is being achieved a year and bit out. And wt, we are still finishing quantiatiove easing. I think that what's different this time is that the private sector balance sheet is vastly improved. But i am completely with you. The terminal rate is at least a hundred basis points too low, and it could be 200 basis points toolow.