alix: with us still is david lebovitz of jp morgan. l: i think what's interesting when we look at monetary policy outside the u.s., and this is much more of a developed market issue than a emerging-market issue, they are really pushing astray. could continuean coming up with new ways to stimulate the economy, but frankly, i'm not sure it is going to work. what is striking to me is i almost wonder if the fed is cutting rates because of the effectiveness this -- because the effectiveness of rate cuts from other central banks is not there. the fed is very concerned about what is happening around the world, reminiscent of what we saw in 2015 when they paused the rate hike campaign given the instability in china. i think what we are seeing is a fed getting pressured into cutting rates because of what's happening outside the u.s., and frankly, given my own view that the ecb and back of japan will say they have arrows in their quiver because they don't want to undermine the credibility, but i wonder if that is the case. david w: does that's ad