this is according to data we have from the fed of new york. we are at the nearest to the highest level of expansion at the moment. is it being too bearish being we are seeing a pickup in sentiment elsewhere? chris: it probably is, yeah. and i think the component that is pushing it is the shape of the yield curve. short-term yields are very high relative deal -- to long-term yields, which of course reflects that tightening. to some extent, maybe still these huge balance sheets caret by central banks, not just the fed but the ecb and boj, bank of england as well, that are putting downward pressure on long yields. andit is that flat curve, of course economists are debating whether that is meaningful and something we should worry about. it would be nice to have data so we could check it. shery: what do you make of the fed's massive communication campaign after their last meeting? what were they trying to achieve? chris: i think the most important thing, now that we