joining us, danny blanchflower. it is great to have you both with me.rofessor blanchflower, let me start with you. if i look at rates, markets are very confused. they don't seem to know what the market is going to do. what is your call? professor blanchflower: they really are convicted. -- conflicted. something june. some think april. i think they are trying to follow the data. i think the answer is the market is right to say there is not much happening at all. some people want to raise pretty quickly. there are some who think wage is rising. i don't think we will see a rate hike based on these numbers. alix: you don't think the first rate hike will be in 2016? that's a think it will be in 2016. we have seen this impact from the exchange rate. the concern is maybe it's the bad weather. it certainly looks like this is probably too early. if it starts to rise that will raise the exchange rate further. i think they will gain some allies as time moves on. alix: what do you think? >> let me ask a quick question. if we got a couple months of 3000 plus jobs an