we will begin with a big issue, a market gripped by federal reserve confusion. message yesterday was so prophetic, it was taken badly by the market. >> it was a dovish hike. >> not as dovish as the market had discounted 10 minutes ago. >> that is a fairly dovish signal from the fed. >> three months ago, he was quite hawkish, and then dovish,. >> dovish on interest rates but hawkish on the balance sheets. >> the fed seems quite bullish on gross. >> he did not deliver an early christmas present. >> to some extent, the point seems to be lost on the markets. >> to underscore the dovishness, the market reaction -- it is going to try to be more dovish. >> the rule should be, we pause. all he had to do was say that and markets would be at ease. jon: joining me around the table -- eorge: claves, and cohead of