One or two hikes, i think we are very close to the end of the global tightening cycle. are we out of the woods when it comes to a recession, talk of a recession, in this part of the world? i don't not think that we are completely out of the woods on that. i think the global economy has a risk of going into recession —— i don't think that we are completely out of the woods on that. i think the global economy has a risk of going into recession sometime in the next 12 to 18 months. that is a very large time horizon, but the recession odds just keep getting pushed back because the global econo...