anthony: allen meltzer said the fed has lost some level of kred built here. -- of credibility here.o you think they will try to regain some credibility with a rate hike? >> we don't spend much time trying to figure those things out. but millennials will set interest rates for the next 10-15 years. everyone is wondering when rates will go up. the only way rates will go up is if money gets demands. the largest population group haven't demands. people below 35, 15% bought a house. anthony: when did you buy your first house? >> i was 25. >> how old were you? >> 25-26. the demographic shift will be incredible. this is 88 million people. 28% of the entire population in the u.s. now and in the next 10 years, they are entering important decision-making time. when you think about how they grew up, they are the most educated generation. they are one of the most compassionate generations we have seen. they care about their parents. they are rent aing generation. when they transition, what does that mean? >> we were looking for modest pullback. we were overbought. >> we are constructive on risk