constance hunter, sebastian and lisa abramowitz. the headline as peter cook told us, patients language has been dropped. >> they are going to be patient and they told you they will be patient by what they tell you they are watching for. they will watch for signs of falling inflation is not transitory and they will watch for signs that we get continued quality of improvement in the labor market. >> how is the dollar reacting sebastian? >> weakened a lot. the market is aggressive. fx is a higher volatility asset class. it has over anticipated and will continue to do so. over the next few days come with going to happen is people need to move back into the dollar. short-term is dollar down and equities up. >> lisa abramowitz has been pouring over how the bond market is reacting. >> the two-year yields dropped the most since january 30, 2015. not that far ago. people are ratcheting back their expectations for when and how much the fed will hike interestingly if you look at futures trading, it does look like people are increasing the prob

also joining us, constance hunter, chief economist at alternative investments.x strategist. these are brought moments -- lisa abramowitz standing by. let me begin with this. 69% of the 49 economists surveyed by bloomberg news believe the fed will remove the word "patient" from its forward guidance language. will it be taken out and will it be replaced by some other form of guidance? >> i think they will take it out. i don't think they will replace it with another word per se. they realize having this word creates a bunch of interest of when it gets removed. i don't think that stops them from being patient. the fed will be patient. they will be data dependent. >> will they take it out? >> we have a 5% probability it doesn't happen. they will take it out. we are going for a rate hike in june. >> what is the bond market expecting? >> the bond market is expecting that they will take patience out. if they don't, that will be a bitter surprise and will say something about the confidence they have in the u.s. economy. the bigger surprise is that they don't take outpati

speaking of important, we are joined once again by constance hunter, kpmg's chief economist.e next catalyst for productivity? is it robots, and if so, can we enjoy the same lifestyle? >> so there's all these people always afraid when new productivity or a new device comes on, are we going to have the same lifestyle? is i'm going to tell you two stories, really brief. first is when mills first came into being in massachusetts, people thought, oh, my god, what are we going to do? we're not going to have as many workers. but, in fact, what happened is you went from people having one or two pieces of clothing -- that's it, their whole wardrobe was two pieces of clothing -- to the costs coming down so much, the people now have wardrobes. people's closets today, can you imagine if you said to the average american, you have two pieces of clothing, that's it? your weekday clothes and your sunday best, that's it. so that completely changed the demand structure for clothes. second example, ipads. if i told you in march 2009, okay, five years there's going to be a product, it's going to