Podcasts about federal reserve chair janet yellen

In this episode, Sri Iyer, Head of i3 (i-cubed) Investments™, and Portfolio Manager at Guardian Capital LP, joined us for a provocative conversation about the banking crisis, the Fed, monetary policy, ChatGPT and AI, and the case for dividends as a core and resilient equity allocation for all portfolios. We discussed the current state of regional bank stocks in the US, which took a hit due to the uncertainty surrounding the Silicon Valley Bank meltdown/collapse. However, Federal Reserve Chair Janet Yellen's statement guaranteed all deposits, implying that the US government will guarantee 100% of deposits, providing some relief.Turbulent TimesIn a turbulent period, investors are seeking companies with wider moats and stable or growing dividends, as well as companies whose moats have shrunk. Depositors may pull their money out of lower-tier banks and shift them into tier one banks, while investors default back to high-quality, dividend-paying stocks. So, it's essential to focus on consistent companies with a proven track record of growing dividends during uncertain times.Stagflation?We also discussed the concept of 'stagflation', which is a recession amid high inflation. The market believes that the Fed can engineer a soft landing, but this is a mistake. The main components of inflation are supply chain problems and persistent high labor costs due to labor force participation issues.More Market Volatility AheadGeopolitical issues, such as the Ukrainian war and China's impact on supply chains, are structural issues that cannot be solved by mere rate increases. These structural issues will lead to market volatility and turbulence, making it essential to separate beta and alpha. As a result, many experts believe that active management may be better than passive management right now.Democratization of AIWe discussed the democratization of AI through open source tools such as Pytorch, which is making AI accessible to a wider audience. Chat GPT is one such AI tool that can be used for making decisions. It has the potential to revolutionize several industries such as software development, big data storage, cybersecurity, search engines, media content generation, music, legal sector, healthcare, pharmaceuticals, predictive analysis, and aerospace engineering.Dividend InvestingLastly, we talked about how dividends can provide a good conduit to capture duration visibility and have a mid space between safe deposits and risky duration, playing a vital role in this market. Also, we discussed how the Fed's response to the market cycle is measured, and it's more concerned about protecting the average investor than bailing out failing institutions.Thank you for listening to our podcast. Stay tuned for more exciting episodes!Timestamped Highlights:[00:01:46] The Fed is responding to the market in a measured way, balancing inflation and protecting the average investor; not bailing out failing institutions.[00:06:06] ChatGPT revolutionized the average person's interaction with AI, leading to new levels of "humans and bots merging" and the emergence of new forms of AI like regenerative AI.[00:09:00] AI processing data and training has been drastically changed with the introduction of ChatGPT, leading to democratization of AI.[00:15:30] ChatGPT is a revolutionary AI that can change software development, data centers, cybersecurity, search engines, communication, media content, healthcare, pharmaceuticals, banks, and aerospace engineering.[00:26:32] Dividend paying stocks help investors in turbulent markets with low volatility, downside capture, cash flow visibility and increased yield at cost.[00:31:35] Secular cash flow/dividend growth gives consistency to company/cash flow, allowing for cleaner valuation and better market mismatch detection.[00:39:51] Fed guarantees bank deposits to protect against cascading credit risk and inflation. Dividends provide mid-space between deposits and risky duration.[00:51:59] Recession and high inflation due to labor costs and geopolitical issues, leading to market volatility and the need for active management.[00:55:35] Dividend strategy has no cuts since inception; trained model on COVID data to recognize behavior and infer future trends.[00:59:24] AI using transformers to create abstract data and learn from predictions of other models.Guardian Capital LP is a sub-advisor on numerous funds for BMO Global Asset Management, BMO Exchange Traded Funds, and Horizons Exchange Traded Funds, in addition to managing its own suite of investment funds, and assets for large institutional clients.Copyright © AdvisorAnalyst.com

On today's show we're taking a deep look at the 1970's inflation narrative and seeing if there are any history lessons for us. This past weekend, Treasury Secretary and former Federal Reserve Chair Janet Yellen was on PBS Face The Nation. The discussion centered around inflation. Back in the 1970's the politicians blamed the consumer for inflation. Politicians blamed union leaders for demanding higher pay. The White House blamed the middle eastern nations for holding back oil. In fact, the OPEC nations didn't want to be paid in Monopoly Money. They were used to being paid in a gold backed currency. They trusted the US dollar. But when Nixon took the dollar off the gold standard and started the slippery slope of printing more money than could be accounted for, the OPEC nations quite rightly concluded that they were being cheated by being paid in a devaluing currency. We now know that the inflation was not the fault of OPEC, or the unions, or greedy businesses. It was the result of grave mistakes that were made in central bank monetary policy. That was the cause then, and it's exactly the same cause today.

In the current year, global financiers have gotten so brazen about their total control over everything that it is plainly admitted in the pages of Fortune magazine that Bretton-Woods constituted a "New World Order", and that a NEW New World Order is in the pipeline -- a GLOBAL New World Order based on openly Marxist buzzterms like multipolarity, inclusion, and diversity. If you had predicted this ahead of time, you would have been called a conspiracy theorist. I know from experience. Central banking has always been a plank of the Communist Manifesto but Treasury Secretary and former Federal Reserve Chair Janet Yellen is modernizing and globalizing the concept for the current year. She says we will have a "New Bretton Woods" next week that, in not so many words, prioritizes the discrimination against and exclusion of white western people, and which creates a "new global economy from the ground up." Apparently promoting the interests of other countries to the detriment of America isn't sedition when central bankers do it... Also: John Merrill dropped out of the Alabama Senate race after a recording was leaked in which he admitted to getting sodomized by the woman he committed adultery with. Political prisoner Christopher Cantwell also joins me for commentary on recent events. This is EPISODE 651 of So to Speak w/ Jared Howe!

*) Iran says satellite-based attack killed scientist remotely A top Iranian security official says the assassination of a nuclear scientist was carried out solely with electronic devices and without anyone present. Mohsen Fakhrizadeh's funeral was held on Monday in Tehran. The government has accused Israel of his death, with Iranian General and Chief of Security Ali Shamkhani saying it was a satellite-based attack that caught the country off-guard. *) Trump suffers another crushing defeat US President Donald Trump's hopes of overturning the results of the 2020 election appear to be fading. Two more states, Arizona and Wisconsin, have certified votes for President-elect Joe Biden. Meanwhile, Joe Biden is set to formally announce former Federal Reserve Chair Janet Yellen as his pick for Secretary of the US Treasury. *) France to rewrite controversial police security bill France has given in to days of protests over its controversial police security bill, and agreed to completely rewrite the proposal. The bill would have strengthened government surveillance tools and curbed the public's right to film police officers in action. On Saturday, tens of thousands of people held rallies across the country, saying the bill will curb freedom of the press and reduce police accountability. *) UK retailer Topshop faces closure UK retail giant Topshop is among several brands facing closure, after its parent company, The Arcadia Group, collapsed into administration, putting 13-thousand jobs at risk. Falling sales due to the pandemic have been blamed for the company's financial troubles. Arcadia is owned by British billionaire Sir Philip Green. And finally… *) Destruction of Amazon rainforest hits highest level in 12 years The destruction of Brazil's Amazon rainforest has hit its highest level in 12 years, according to Brazil's national space agency. Deforestation in the Amazon has increased by almost ten percent since last year. The area lost between July 2019 and August of this year is 11,000 square kilometres – roughly twice the size of Rio de Janeiro.

Jordan Rich fills in - President Elect Joe Biden has been assembling his cabinet and it has now been announced that he has chosen former Federal Reserve Chair Janet Yellen as the nation’s Treasury Secretary over Sen. Elizabeth Warren. Furthermore, this comes on the same day that Biden selected John Kerry to be the nation’s International Climate Envoy on the National Security Council. Did Sen. Warren ever have a real chance at Secretary against Yellen? It looks like the Senator will not be leaving Massachusetts anytime soon…

P.M. Edition for Nov. 24. If former Federal Reserve Chair Janet Yellen is confirmed as President-elect Joe Biden's Treasury secretary, she will be taking on the role during a time of deep political division and significant economic challenges. Senior writer Jon Hilsenrath discusses Ms. Yellen's career and the roadblocks she could face at Treasury. Plus, the Dow Jones Industrial Average closes above 30000 for the first time. Markets reporter Akane Otani discusses how it got there. Annmarie Fertoli hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

President-elect Joe Biden is set to nominate former Federal Reserve Chair Janet Yellen as treasury secretary. Plus, states are waiting to see which vaccines come first and under what conditions. Do they have everything they need to start distributing vaccines as soon as possible? And, differences of opinion in retail about just how festive stores should be this year.

President-elect Joe Biden is set to nominate former Federal Reserve Chair Janet Yellen as treasury secretary. Plus, states are waiting to see which vaccines come first and under what conditions. Do they have everything they need to start distributing vaccines as soon as possible? And, differences of opinion in retail about just how festive stores should be this year.

11.24.20 Show Breakdown: A Daily Message: Today's message YOU'RE NOT A PRIVATE INVESTIGATOR - Stop IG Stalking it's a rabbit hole ! National News: President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen. National News- *COVID-19 Update* **Special Delivery** Celebrity News A hair vendor claims rapper Mulatto stole her from her (YIKES) Gucci Mane wants in on another Veruz! Are you here for it? Nicki Minaj has a docuseries coming soon on HBOMAX! Does anybody want to join a watch party with me?! Transparent Thought: When your mind is all over the place, you need to return to the sender or, better said, center! Triggered: Am I going to be around people who enhance my life, or am I choosing people who hold me back? Thank you for listening; you can hear me live weekdays on Taste Radio via the Dash Radio APP; it's free! Love, Peace & Transparent Yulissa Delgado

The ASX200 is eyeing a rise of 0.6% at the open. If it does rise at the open, it is likely to set another 9-month high.AstraZeneca and Oxford University's COVID-19 vaccines was deemed 70% effective. This 70% rose to 90% when patients received a half dose followed by a full dose of the vaccine. CSL began producing 30 million doses of the vaccine a few weeks ago.President-elect Joe Biden earmarked former Federal Reserve Chair Janet Yellen as Treasury secretary. When she led the Fed from 2014 to 2018, rates were low and the S&P500 gained 60%.What to watch today:Keep an eye on Energy stocks today: UBS has Buy ratings on Origin Energy (ASX:ORG), Santos (ASX:STO), Woodside (ASX:WPL) and Worley Parsons (ASX:WOR).National Storage REIT (ASX:NSR) and TechnologyOne (ASX:TNE) report results today.Brickworks (ASX:BKW), Bravura Solutions (ASX:BVS), Mesoblast (ASX:MSB), Nanosonics (ASX:NAN) and Ramsay Health Care (ASX:RHC) hold their AGMs today.RBA Deputy Governor will speak on monetary policy, he is expected to unveil how much bond buying the bank has been doing. Local trading ideas:Emergency services construction company, Johns Lyng Group (ASX:JLG) was upgraded as a Bell Potter Buy with an increased target of $3.60, implying 15% upside in a year.Buy now pay later new entrant, Laybuy Group Holdings (ASX:LBY), was reiterated as a Bell Potter Buy with a $3.00 price target, implying 120% upside in a year. Bell Potter says LBY is a stock to watch as it continues to fly under the radar, despite increasing its merchant value by over 160% in a year, reducing its bad debts and increasing its transaction margin from -0.6% to 1.7%.Whisper (ASX:WSP), Enero Group (ASX:EGG) and Harris Technology (ASX:HT8) are all showing bullish charting signals according to Trading Central.

As President-elect Joe Biden looks set to nominate former Federal Reserve Chair Janet Yellen to the position of Treasury Secretary, we speak to Joe Quinlan, Chief Market Strategist at the US Trust-Bank of America Private Wealth Management, for his thoughts on whether this will herald a significant shift to US economic policy. We also ask Joe whether it's time to jump on the cyclical train, as more vaccine news emerges.

As President-elect Joe Biden looks set to nominate former Federal Reserve Chair Janet Yellen to the position of Treasury Secretary, we speak to Joe Quinlan, Chief Market Strategist at the US Trust-Bank of America Private Wealth Management, for his thoughts on whether this will herald a significant shift to US economic policy. We also ask Joe whether it's time to jump on the cyclical train, as more vaccine news emerges.

P.M. Edition for Nov. 23. AstraZeneca and the University of Oxford say their two-dose Covid-19 vaccine has proven to be up to 90% effective. But its efficacy varied widely depending on the dosage. Reporter Joe Walker discusses how this third Western-developed Covid-19 vaccine is different from others and could be more widely used globally. Plus, President-elect Joe Biden plans to tap former Federal Reserve Chair Janet Yellen as the next Treasury Secretary. Annmarie Fertoli hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

On February 26, former Federal Reserve Chair Janet Yellen addressed the economic issues most important to everyday Americans, such as wage stagnation and retirement security. Later, Ms. Yellen was joined by Sandy Baruah, Molly Kinder, John Paul Rea, and David Wessel for a panel discussion. Subscribe to Brookings Events on iTunes, send feedback email to events@brookings.edu, and follow us and tweet us at @policypodcasts on Twitter. To learn more about upcoming events, visit our website. Brookings Events is part of the Brookings Podcast Network.

Today's episode discusses the recent fines levied against Wells Fargo in connection with two specific acts of egregious fraud against consumers.  Is it enough?  Is it proof that Trump (and Mick Mulvaney) intend rigorous defense of consumers at the CFPB?  Listen and find out! First, we delve into a grab bag of items, beginning with a heartfelt apology and Andrew Was Wrong regarding trans language.  Next, we deal with a couple of wacky legal cases, before settling in on a bevy of new gun control laws passed in Maryland.  Phew! Then, we move into a discussion of Trump v. Hawaii, which was argued before the Supreme Court last week.  What's the latest on the Travel Ban? After that, our "C" segment breaks down everything Wells Fargo. Finally, we end with the answer to Thomas Takes the Bar Exam Question #73 about lessees, assignees, and joint and several liability.  Don't forget to follow our Twitter feed (@Openargs) and like our Facebook Page so that you too can play along with #TTTBE! Recent Appearances As this show comes out, Andrew was the guest masochist on Episode 141 of God Awful Movies; check it out! And if you'd like to have either of us as a guest on your show, drop us an email at openarguments@gmail.com. Show Notes & Links From our grab bag:  here is a link to the Kobach memo that's PROBABLY NOT WORTH ARGUING; this is the New York Post report on the hilarious Make America Great Again bar lawsuit; and this is the link to all the gun control bills passed in Maryland. We first discussed outgoing Federal Reserve Chair Janet Yellen's cease-and-desist order against Wells Fargo back in Episode 146.  The current enforcement action by the OCC can be read here. We first discussed Trump's (then only proposed) Muslim ban way back in Episode #16, when the conventional wisdom was that it was so unthinkably awful it might lead the Republican Party to replace him at the top of the ticket.  Ah, good times. Since then, we've discussed the legality of the ban again (in Episode 39), the 9th Circuit's ruling on EO-1 (in Episode 43), and, most recently, the status of OA-2 in Episode 114.  In this episode, we cite to the Government's reply brief before the Supreme Court. Support us on Patreon at:  patreon.com/law Follow us on Twitter:  @Openargs Facebook:  https://www.facebook.com/openargs/ Don't forget the OA Facebook Community! And email us at openarguments@gmail.com  

During her speech to the National Association of Business Economics on Tuesday, Federal Reserve Chair Janet Yellen made a rather startling admission: The Fed may have “misspecified” its models for inflation and “misjudged” the strength of wages and the job market.

Federal Reserve Chair Janet Yellen announced the bank would begin selling assets it has relentlessly bought since the Crash of '08. The financial press, including the Wall Street Journal, dutifully praised Yellen for her steady hand. But our guest Dr. Mark Thornton has a different take on what it all means for stock markets, investors, and the US economy. Can quantitative easing—a roundabout form of monetizing debt—actually work? Can monetary policy make us rich? Or, are Fed officials just groping in the dark, putting off a day of reckoning? Jeff Deist and Mark Thornton unwind the narrative.

Federal Reserve Chair Janet Yellen announced the bank would begin selling assets it has relentlessly bought since the Crash of '08. The financial press, including the Wall Street Journal, dutifully praised Yellen for her steady hand. But our guest Dr. Mark Thornton has a different take on what it all means for stock markets, investors, and the US economy. Can quantitative easing—a roundabout form of monetizing debt—actually work? Can monetary policy make us rich? Or, are Fed officials just groping in the dark, putting off a day of reckoning? Jeff Deist and Mark Thornton unwind the narrative.]]>

Federal Reserve Chair Janet Yellen announced the bank would begin selling assets it has relentlessly bought since the Crash of '08. The financial press, including the Wall Street Journal, dutifully praised Yellen for her steady hand. But our guest Dr. Mark Thornton has a different take on what it all means for stock markets, investors, and the US economy. Can quantitative easing—a roundabout form of monetizing debt—actually work? Can monetary policy make us rich? Or, are Fed officials just groping in the dark, putting off a day of reckoning? Jeff Deist and Mark Thornton unwind the narrative.

Trading Block: Stocks to Watch: Mylan, Herbalife, and Caesars Entertainment. Mylan on Monday said it would launch a generic alternative to EpiPen at a 50% discount after being criticized for dramatically raising the price of the lifesaving drug. Shares gained 2.4% to $44.05 in premarket trading. Carl Icahn bought more shares in Herbalife on Friday, just days after he weighed selling his stake in the controversial nutritional-products maker. Herbalife shares rose 2.7% to $62.11 premarket. Federal Reserve Chair Janet Yellen speaking from Jackson Hole indicated that the U.S. central bank was nearing the point of raising the short-term Fed Funds rate once again, possibly at their September meeting. VIX index (13.65%) ticked slightly higher last week trading above 14% Friday, indicating that investors were once again increasing their bids for option premiums. Odd Block: Reviewing a trade from last week in Big lots Inc. (BIG), MSFT strangle seller, Possible roll of MOMO calls, and breakout calls trading in GNW. Mail Block: Listener questions and comments Question from Hemet: What is the best way to trade diagonals on VRX? Question from Jesse: So, I am LOVING The Options Insider, wish I had discovered you a long time ago.  You were asking Rock Lobster listener feedback - and you mentioned something like "even though you get all your juice for free..." Was that a pop-culture reference, or is he somehow buying call options for free... or just super cheap that it seems free? Do you mind clarifying? Thanks for the great shows. Around the Block/This Week in the Market: Aug 29: Personal Income Aug 30: Consumer Confidence Aug 31: Chicago PMI Sep. 1: Jobless Claims Sep. 2: Unemployment, International Trade, Factory Orders

Trading Block: Stocks to Watch: Mylan, Herbalife, and Caesars Entertainment. Mylan on Monday said it would launch a generic alternative to EpiPen at a 50% discount after being criticized for dramatically raising the price of the lifesaving drug. Shares gained 2.4% to $44.05 in premarket trading. Carl Icahn bought more shares in Herbalife on Friday, just days after he weighed selling his stake in the controversial nutritional-products maker. Herbalife shares rose 2.7% to $62.11 premarket. Federal Reserve Chair Janet Yellen speaking from Jackson Hole indicated that the U.S. central bank was nearing the point of raising the short-term Fed Funds rate once again, possibly at their September meeting. VIX index (13.65%) ticked slightly higher last week trading above 14% Friday, indicating that investors were once again increasing their bids for option premiums. Odd Block: Reviewing a trade from last week in Big lots Inc. (BIG), MSFT strangle seller, Possible roll of MOMO calls, and breakout calls trading in GNW. Mail Block: Listener questions and comments Question from Hemet: What is the best way to trade diagonals on VRX? Question from Jesse: So, I am LOVING The Options Insider, wish I had discovered you a long time ago.  You were asking Rock Lobster listener feedback - and you mentioned something like "even though you get all your juice for free..." Was that a pop-culture reference, or is he somehow buying call options for free... or just super cheap that it seems free? Do you mind clarifying? Thanks for the great shows. Around the Block/This Week in the Market: Aug 29: Personal Income Aug 30: Consumer Confidence Aug 31: Chicago PMI Sep. 1: Jobless Claims Sep. 2: Unemployment, International Trade, Factory Orders

Market Analyst Clive 'ntozabantu Ramathibela 1. Asian stocks rose and the dollar weakened before remarks by Federal Reserve Chair Janet Yellen that will help shape expectations for U.S. monetary policy 2. Britain's Stocks Advance Most Since February as Trading Surges 3. Brexit doesn't scare Chinese homebuyers

Federal Reserve Chair Janet Yellen gave her news conference after the central bank kept interest rates unchanged. Market expectations for a Fed rate hike dwindled ahead of the meeting, amid a lackluster May jobs report and concerns about a British exit from the European Union. Joining the broadcast to discuss the economy, bond prices, the Fed and housing is Brent Nyitray, Director of Capital Markets at iServe Residential Lending.  Brent is responsible for managing iServe’s origination pipeline and Ginnie Mae securitizations. Prior to iServe, Brent was an analyst and trader at several hedge funds as well as ran the European Risk Arbitrage trading desk at Bear Stearns.  Brent is also the author of The Daily Tearsheet, a blog focused on the economy, financial markets and real estate.

Women in the headlines this week span the divide between what is right and what we think may be wrong? You decide.The most powerful woman in the US, Federal Reserve Chair Janet Yellen breaks the seven year drought and raises interest rates a quarter of a point.  Did it even matter to the world markets? In business news, Avon CEO Sherilyn McCoy agrees to a $435 million equity stake by Cerebus in hopes to keep her company alive, power house woman Padmasree Warrior, former CTO of Cisco Systems finds a new home at NextEV as CEO, will her jump from corporate america to entrepreneurship prove successful as well? And we discuss the dichotomy of cover stories, Bloomberg Business Week's cover of Elizabeth Holmes, Founder of Theranos Labs and Serena Williams on the cover of Sports Illustrated.  Both have and continue to be criticized for what they wear or not wear, have we progressed past our clothes as a defining moment for women in the headlines?We also have more updates on women headliners in business, entrepreneurship, sports and the media.  Listen to our newest episode On Demand! 

Women in the headlines this week span the divide between what is right and what we think may be wrong? You decide.The most powerful woman in the US, Federal Reserve Chair Janet Yellen breaks the seven year drought and raises interest rates a quarter of a point.  Did it even matter to the world markets? In business news, Avon CEO Sherilyn McCoy agrees to a $435 million equity stake by Cerebus in hopes to keep her company alive, power house woman Padmasree Warrior, former CTO of Cisco Systems finds a new home at NextEV as CEO, will her jump from corporate america to entrepreneurship prove successful as well? And we discuss the dichotomy of cover stories, Bloomberg Business Week's cover of Elizabeth Holmes, Founder of Theranos Labs and Serena Williams on the cover of Sports Illustrated.  Both have and continue to be criticized for what they wear or not wear, have we progressed past our clothes as a defining moment for women in the headlines?We also have more updates on women headliners in business, entrepreneurship, sports and the media.  Listen to our newest episode On Demand! 

1. U.S. stocks retreated from a three-month high, after data on payrolls and remarks from Federal Reserve Chair Janet Yellen lifted bets that the central bank is closer to raising interest rates. 2. Ten Asian Makers of Capacitors Get EU Price-Fixing Complaint 3. Eskom assures power until April 2016 4. Thursday Investment Theme: Child Education Plan

1. Asian markets slightly negative this morning despite mixed US equity market 2. Federal Reserve Chair Janet Yellen said the U.S. central bank is on track to raise interest rates this year 3. VW's new CEO set to change strategy

U.S. stocks rallied for a third consecutive day on Monday ahead of Federal Reserve Chair Janet Yellen's first testimony in Congress on Tuesday. With no major economic figures released Monday, investors were trying to digest a batch of data released last week. The U.S. Labor Department said Friday that total non-farm payroll employment increased by 113 thousand in January, falling short of economists' estimates. The major indices closed at session highs, with the S&P 500 and the Nasdaq rising to their highest in over two weeks. Nasdaq jumped 0.5 percent, while the Dow added 0.1 percent, and the S&P 500 advanced 0.2 percent. In Canada, the S&P/TSX closed up 0.1 percent. Across the Atlantic, European stock markets zigzagged around the flat line on Monday, with disappointing Italian and French factory data largely offsetting optimism over the latest round of corporate news. Nokia climbed 2.8 percent after the phone-maker settled all pending patent litigation with HTC. Under the agreement, HTC will make payments to Nokia. Shares of L'Oréal gained 4.5 percent after reports suggested Nestle is looking into ways to reduce its 30 billion stakes in the French cosmetics firm. Economic numbers weren't as upbeat as the corporate news, thus Germany's DAX 30 was down 0.1 percent. France's CAC 40 was up 0.2 percent. And the U.K.'s FTSE 100 added 0.3 percent.