and let's look outside of this group, actually, to see other improvement that bob mcteer brought up.korean wan. now, this is the dollar versus the wan. and you see up on the right, yes, we're down on the year, but it's done better of late. let's look at the mexican peso. dollar versus mexican peso. same dynamic. look at the right. so the point of this is, we could look at and evaluate the dollar in a lot of ways. remember, you can't take a currency in isolation. it has to be compared to something else. and i contend that the end of zero interest rate policy and the end of quantitative easing is the reason. and as it dawns on more that there's no escape hatch here, in my opinion, no matter what metric you use, the dollar's going to do even better over the next 6 to 12 weeks. back to you. >> all right. thanks so much, rick. >>> the dollar's been doing well as it is. so we will see if that's the case. when we come back on "squawk alley," severe drought conditions in california have pitted neighbor against neighbor and created a new phenomenon. and it even has its own hashtag. drought sh

we want to discuss the tasks ahead and joining us, former dallas bank president and ceo, bob mcteer,ou to join us and good to see you. >> my pleasure. >> judging by the market reaction, strong dollar, strong stock, higher treasury yields. she didn't disrupt this remarkable rally that we have seen. obviously, there's a thoughtful debate going on within the federal reserve. how tricky is it for her going to be to defend easy policy, worry about the slack, and at the same time, return to the world where they think about normal policy again in higher rates? >> she's made progress in moving towards her critics. i don't think this talk was as dovish as it could have been. i think it was not hawkish, but i think she struck a good middle of the road cord. >> if you were still on the fed, obviously, every regional fed has a different flavor, and fisher is vocal, criticizing some of the easy policy, where would you think the interest rates should be right now? move it up earlier? >> yes, but not as early as richard would have. he's had that position a long time when i still thought the feds' p