bob bruscoe, chief economist with fact and opinion economics. and joef n n tachltaroff. joe, you see rates moving a quarter point at a time all the way through the end of next year so we end up at 3.25% by christmas of next year. you heard what steve said. do you really believe that the fed would risk slowing the economy in the face of an election campaign and risk deflation by raising rates that far, that fast? >> well first of all, i don't think it's that far, and i don't think it is that fast. it is a quarter a point a meeting. we get eight meetings so you wind up with two percentage points a year. if you think about it people are panicking that the fed might be all the way at 1% by the end of this year prp. interest rates don't affect business investment it is not affect being the interest sensitive sectors. >> bob, we heard a little bit of what you were saying in steve's piece a moment ago. you're not sure there really is solid economic growth yet. >> i don't think there is. strong job growth by numbers but we know the job growth hasn't been strong enough to push up