The Fed's Recession Risks

There has to be some sort of your view about the likely recession risks we're facing, and the intensity and duration of any of any coming recession. So what sort of recession risks have you built into that view? Our base case base case is that we will start we've already seen peaking inflation certainly in the US,. We start to see peak inflation in UK and Europe, and that we will continue to see a slowing but continued upward cycle.