tom: charles deval is with us. diebel is with us. charles: this is it.ing for more detail today from the fomc minutes. is reality is that inflation going to be weakening up over the next few months. so the case for the central banks to be aggressive isn't that obvious at this moment in time. and that is why it has been getting a lot of airtime from central bank officials, globally, trying to sit there and say they are looking through the short-term inflation. that noe, though, is one really knows what is what happened in the years to come at once they start producing their balance sheet, there have been great pains to tell everybody what they're going to do and to do it on a slow basis. would beonclusions that it isn't going to have a great impact when it starts but they will be nervous because it is an unprecedented experiment. they haven't tried a balance sheet unwind of this scale before. happen forgoing to the first time that they start the balance sheet? probably not. but at some point, it will. francine: at what point does the boe conundrum tell us