axel weber talking about watt impact of those interest rate moves could be.also talked about the challenge of trading in europe right now. current market conditions are difficult as we know. the first quarter was weak for the banks in terms of their capital market aoperatioperatio. right now, second quarter also looking tough. let's just hear what he had to say about current conditions. >> markets are still good. you could really see the support that equity markets in particular had through very extensive monetary policy. but that's going out. and global liquidity still in a difficult place. given the uncertainty in markets many of our clients are actually stepping away from trading their sort of low activity levels, not just on the trading side, even in management. the uncertain environment basically means that a lot of the clients sit on cash. avoid long-term decisions and really are not very active. and that's a difficult model to be in. be it if you're advisory-based. be it if you're transaction based. >> do you see any likelihood that that will change la