After a bit of searching I think this a nest of Bald or White faced hornets which aren’t hornets but a member of the yellow jacket family! I completely missed it hanging there in the tree if a friend hadn’t pointed it out I don’t think I would have seen it at all! I didn’t get to close as it was a very busy nest.  I was very glad for my zoom lens on my camera. Most of my reading said that these busy yellow jackets keep to themselves except when the nest is threatened then they will defend the nest vigorously by stinging the threat.