let's get to callum pickering -- the fed, raphael bostic. let's get to callum pickering. the prospect of a taper in the autumn. loretta mester will come along later. talk to me about the speed of taper that you expect at barry berke. good morning -- you expect. good morning. callum: the taper will be gradual. by the middle of next year, the fed will no longer be adding assets its balance sheet. the thing to focus on here, listen to what central banks are saying very carefully. they are saying that qe seems to be very effective at a time of a crisis when there are severe liquidity issues but during normal times, it seems to be less effective. that is what the bank of england said last week. it basically thousand that internally, central bankers think that the assets they are buying are not affecting economic outcomes and that is where you get this conclusion. bankrate, fed funds rate, so the central banks, as long as they have a predictable path to the balance sheet, whether that is no change in asset or even a gradual passive rundown, it will probably not impact economic