. >> thank you let's go to gina finelli let's go to geena? okay. steve liesman. >> thank you, thank you mr. chairman mr. chairman, one sort of technical question and one question or principle. the question is if you're going to discuss balance sheet at the next upcoming meetings and won't become balance sheet reduction until after you bick rate hikes, seems to me technically you can't begin balance sheet reduction until the summer is that correct? second of all, with balance sheet running in the background, that you would possibly be raising rates and running off the balance sheet at the same time that's sort of a technical question, part of it the principle question i have, you said running in the background but the statement on, on the balance sheet principle says, the committee's prepared to adjust any details of its approach based on financial developments, which suggests there's something of a reaction function associated to the balance sheet and it won't be running in the background. could you give us any sense of distributionary recommendati