jim bianco with us from chicago. my family guard says -- lagardere and says the fed can wait. the position that any move in interest rates should be data dependent. jim: it is hard to reconcile those statements. she had some contradictory statements. the economy seems to be fine but inflation is too low. i think the key of what she said was when she talked about regulation. she's talked about financial instability. if the fed raises rates, there were a vet markets around the world will have a bad reaction. they want to have more time to insulate markets. what she is not saying is the reason we will have this bad reaction is because monetary policy has been on zero for so long. it will be so hard to get off of it. it is a tough situation the fed is in. having regard was speaking for emerging market -- i think christine lagarde was big for emerging markets. to me, it is about financial stability. erik: great analysis. thank you for spending time with us and waiting to give your take after listening. jim bianco in chicago. some unprecedented activity. the imf weighing in on fed po

i was on a panel with jim bianco and jeff gunnlack. and the points brought up there are a little easier to drill down on. it's the rollover risk in high yield you want to be paying attention to. and there isn't a whole lot of it in 2015. $50 billion according to research where it really gets interesting around 2018 to 2019. you're looking at about $300 billion of junk to rollover in addition to close to $400 billion of fed paper rolling over. you need a catalyst for things to move. it's always about timing. well, those dates are probably giving you a better assessment of timing and pretty much every expert who calls to the end of bull runs is usually correct on just about everything except for timing. >> so you're worried about liquidity then is that right? >> yes. absolutely. it's liquidy and destruction of destruction of capital that's going to bring this one down. tina will stay in place until capital is destroyed versus moved. >> you know we had gary kohn on yesterday. we asked him about the liquidity issue that people keep bringin