Dariusz Kinski: I want to go back to the three main points that you made a minute ago. The first one is the US economy is probably more resilient than people think. And then the second item that you said is that's going to mean the fed will tighten more. But hang on if I think about investor psychology I'm having a little bit of trouble reconciling the first two because when you say the economy is not likely to go into recession as soon as people think it is normally at least in the old normal that would be caused for celebration. So which one wins that tug of war and what should we expect in the first half before we get to the second half when