| the dow falling more than 400 points but | 4.08 | Jump to 9.679 |  |  | 
              
                
                  | with the dow up nearly 400. let's bring | 5.28 | Jump to 13.759 |  |  | 
              
                
                  | the action today is that we've had three | 4.079 | Jump to 56.0 |  |  | 
              
                
                  | 2022 when we've started to learn to just | 5.361 | Jump to 68.479 |  |  | 
              
                
                  | airlines is one of those cyclicals are | 3.761 | Jump to 79.119 |  |  | 
              
                
                  | next six to 12 months | 4.159 | Jump to 86.32 | 
                      
                        
                      
                        DATE
                      
                      
                        next six to 12 months
                      
                     |  | 
              
                
                  | sure and the two biggest uncertainties | 4.0 | Jump to 101.04 |  |  | 
              
                
                  | respect to covet 19 and then of course | 4.96 | Jump to 107.36 |  |  | 
              
                
                  | do in 2022. as we learned last week | 5.52 | Jump to 112.32 |  |  | 
              
                
                  | environments with three potential rate | 5.681 | Jump to 120.159 |  |  | 
              
                
                  | hikes at 25 basis points each next | 5.76 | Jump to 122.24 |  |  | 
              
                
                  | our perspective in fact one area that we | 4.64 | Jump to 129.599 |  |  | 
              
                
                  | theme for 2022 | 4.881 | Jump to 148.959 |  |  | 
              
                
                  | 2021 | 3.04 | Jump to 159.12 |  |  | 
              
                
                  | 2024 the fed may only only i put in | 5.64 | Jump to 204.2 |  |  | 
              
                
                  | quotes raise rates by two percent that's | 4.0 | Jump to 207.599 |  |  | 
              
                
                  | this is kind of a new one here in that | 4.239 | Jump to 226.56 |  |  | 
              
                
                  | number one are you still anticipating | 3.84 | Jump to 233.36 |  |  | 
              
                
                  | three rate hikes and number two how | 4.56 | Jump to 235.28 |  |  | 
              
                
                  | now one thing that investors should be | 3.201 | Jump to 248.879 |  |  | 
              
                
                  | between the 10-year and the two-year | 3.76 | Jump to 254.319 |  |  | 
              
                
                  | three times in 2022 sure it's possible | 5.52 | Jump to 273.28 |  |  | 
              
                
                  | lower bound is still below one percent | 4.72 | Jump to 278.8 | 
                      
                        
                      
                        PERCENT
                      
                      
                        below one percent
                      
                     |  | 
              
                
                  | and historically for markets the first | 3.44 | Jump to 281.68 |  |  | 
              
                
                  | to where the 10-year treasury is trading | 4.72 | Jump to 296.479 |  |  | 
              
                
                  | expecting the fed to get much past 1.5 | 4.401 | Jump to 301.199 |  |  | 
              
                
                  | accident given where the 10-year is | 4.96 | Jump to 305.6 |  |  | 
              
                
                  | somewhere between 1.4 and 1.5 as the | 4.8 | Jump to 307.36 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        between 1.4 and 1.5
                      
                     |  | 
              
                
                  | expect it to do in 2022 which would be | 4.319 | Jump to 312.16 |  |  | 
              
                
                  | the one risk that you think investors | 4.0 | Jump to 341.039 |  |  | 
              
                
                  | ahead to 2022 so much talk about the | 5.521 | Jump to 345.039 |  |  | 
              
                
                  | that one event that we're not | 3.68 | Jump to 355.68 |  |  | 
              
                
                  | think 2022 is going to be a year where | 4.88 | Jump to 370.0 |  |  | 
              
                
                  | especially valuations i think that 2022 | 5.28 | Jump to 376.56 |  |  | 
              
                
                  | basis and in 2022 i think that false | 4.479 | Jump to 390.72 |  |  |