he used that word on top of rosengren. goolsbee, don't judge a trend by one month's number, jenny. >> i think that goes back to what i was saying before, an overreaction because people are looking for an excuse. the interesting thing is, your point about what if we just get there, take a breath and go on -- or maybe jim made the point -- move on from there instead of waking up every day and worrying about it. i think that's the way the market is programmed this year. when i wrote my year-end letter, it's back to basics of investing. we worry about interest rates and earnings. why interest rates from the stock market, they will tell us what valuation is reasonable to put on the market. i don't think -- >> i think it's almost backwards. earnings may matter more. if earnings are good, interest rates won't spook us that much. interest rates are already high. >> good earnings, i can take that scenario. >> good earnings and main this 20 times, fine. >> i don't think we can get away from worrying about the fed. i don't know how g

rosengren says there is a big overreaction. it's obviously the view you have, but what about the market reaction to it ? >> relative to the fundamental information it was a really big move. of course we had seen a pretty big move in the other directions that was of course often what you end up getting, but i would totally agree with president rosengren that the fundamental information just shouldn't have been -- >> it raises the stakes for ppi and pce. how should we view that? >> again, there is a january effect. we saw it in the api and the ppi. and in the pce index particular. actually the pce index is where we are expect another fairly sizable print, somewhere .3 .4. it will depend on the import price numbers and on the ppi so we will see but i think it's also going to be a bigger sequential threat but at the same time i think the year on year rate will continue to come down because last year core pc was 51 business points. i don't think this year core pc will be close to 51 basis points which means the year on year rate whi