well, still with us is robert minikin rob, we were talking a little bit before about what it possiblee would mean for the dollar. what doesn't mean for the rest of the asian currencies? rob: actually, it reinforces the policy of divergence thm emes and it would be dollar constrictive. i think we need to keep in mind, it has been a much bigger dynamic. we have had a very powerful bull market in bond markets globally. we estimate that roughly half of the developed bond markets are trading on yields between -1% +2%. that is supportive for the emerging market currency. francine: remains intact until we see inflation, and that can reverse very quickly. rob: the inflation seems to be relatively subdued globally. we had some uptick in energy prices, but that has now stalled out. it is very difficult to see a specific spark for much higher global inflation. francine: i guess the problem is isf this hike, even if it december or september, could spark a dollar rally, which could hurt some emerging markets. rob: yes, the view we are taking is that the bigger dynamic is one in which we see moneta