joining us today is andrew levin. also with us, tim dewey.'ll ask the same question of both of you. what is your big take away from today's announcement? >> janet yellen saying long-term normal twice. that is a sea change. they can't be saying normal in terms of what we thought of before the recession. we are entering into a new era of persistently low interest rates. joe: professor 11, your big take away? professor levin, your big take away? >> janet yellen said you might have noticed the changes in a couple of adverbs, but the truth was that it was not until several weeks later when the minutes came out that people understood that april was a peopleall and a lot of on the committee expected that june was a very serious possibility. we could be in the same situation in july, later this year. this is a repeated problem. other major central banks like the ecb and boj, the head of the central bank has a press conference after every meeting to make sure every meeting is a live meeting. i think the federal reserve really needs to do that. >> i li