Are We in a Bare Market?

We're in a bear market. We are going through the different cycles and parts of a bear market, but this is a process that still has further to play out. And i think the market has made good progress on the inflation front. Ind we start to see brak evens come down, I think the market is clearly getting more comfortable with te long term inflation story. But there's still a growth slow down ahead of us, and we still think that not enough of that is in the price or reflected in earning's expectation.