the project consists of building out all the maritime improvement, the park, northeast wharf tip, ballards provisioning et cetera to make it a functioning cruise ship terminal which is its primary purpose and then we'll begin to see about 200,000 visitors to san francisco through our cruise lines. it's a 9,000 square foot building. it's got a large gta, 2-1/2 acre park plaza and a tip at the end. so, it's quite a large facility. we already talked about the design services. in terms of the budget for the project, it was phase 1 cost $66.31 million. total project is estimated to cost 112 million, but we added a 2 million dollar contingency to manage project risk in the budget analyst report. this slide shows phase 1 ask title 1 and 2 project costs [speaker not understood]. the budget analyst report notes that we have all the appropriations for the project, but 23.78 million. the supplemental before you would make that final appropriation. other sources for the project are varied and it's been great for the port to have support in building this project. we have 58% port sources, 16% a passeng

little surprised at how i guess blase the committee seems about them with the exception of president ballard. inflation looks remarkably low on board -- both corn headline, pc and cpi. your projections that it rising to at most 2% in 2015. you say that inflation expectations have remained sort of within the range that the fed is traditionally comfortable with, but they have fallen by a good half a percentage point. as you know, when interest rates are stuck at zero lower bound a defined in the inflation expectation translates into an increase in real rates. why is the fed not more concerned about this? seems to me that earlier in the recovery there were more concerned about declines in inflation like this. wouldn't you say that to even if you're happy with the pace of labor market recovery that other things, this sort of inflation performance, you should be pushing harder on the salary. >> i don't disagree with anything he said. i think low inflation is a it increases the risk of deflation. it raises real interest rates. means that debt deal averaging takes place more slowly. now, there is a

i noticed at the bush library like at our library it is a world of ballards. >> well, ours is even more strictly controlled than yours. because it was built, designed after 9/11 2001. so the security is much higher. >> now the interesting thing b i think you were the first place where there was an emphasis on the digital collection. >> that's correct. however he like president bush and like president reagan, is a two term president. there are 80 million pieces of paper. there were 80,000 objects including a mustang that he owned. all of that had to be housed. we're near a river. a flood plane is a major issue and it is for that reason that there isn't one entrance for scholars and for public. because the archives is essentially underground. only the scholars reading rooms were in public. >> before both of did you this did you go and visit every presidential library in order to get a sense or did you try to acquaint yourself with them. did you want to see what was done for president reagan? >> i've been to some but i haven't been to all of them. >> i've been to 7 or 8. >> i mean-- includ

louis fed james ballard in ten minutes. he's probably going to reiterate the theme.e point is not that this is disaster for stocks that we're talking about, transition towards fed exit, but the talk that we're having, i guarantee more volatility. >> it would be something if the ten year were up 100 basis point this quarter. this is an expected move. a jarring sea change. i believe it can play havoc with equities. this pace maybe doesn't freak people out but this is not what if you own stocks, you want to see. >> interesting, as well what have we been saying about the rally? don't fight the fed, right? the question is now, is the fed itself worried about the increase we've seen in stock prices this year? just wanted to put this up. a note over at citi group, kind of get together point of saying, actually, is the concern now on the fed's part partly this increase that we've seen which would change the reaction function and change what people should think about markets. take a look at his quote. he's saying the likely fed pullback from full-blown qe either suggest they