michael metcalf is still with us.r expectation around the ecb, i was reading aligned that came from a guess. saying currency strength undermined return to our inflation target and we will be watching it closely and responding appropriately to make sure it does not endanger our progress. he says it is one way he could do it and it would not raise the hackles of the g20 because it's not explicitly targeting the currency. michael: that's a great line from stephen, he used to work at the fed. i think it is an important point that sometimes gets lost in these discussions. the ecb was presented with various stimulus plans. what we are talking about is less easing of monetary policy, but still easing. it's talking about fewer asset purchases. timing ofbated the when they will announce the change. they will likely announce the change for the future. even if they announce it in october, it probably will not begin until january or march next year. veryall about forward-looking, flagging as much as we can tapering that will calm