jim paulson, chief investment strategist at wells capital management, up -- i guess -- that's not yourjobs report, but all in all, what do you think, jim? nch>> >>. this isn't just about the fed raise interest rates soon, i think it's a fact that the ball the is somewhere today never been in this recovery, so is the economy. we're the a crossroads. the whole premise of what's driven this recovery, what's driven the stock -- bond mark sets about to change, that's because we are headed to full employment. we are going to be at an employment rate within months and totally changes the premise and fundamentals of this stock market until now. this market was driven basically by being able to grow the economy up till now without negative consequences. it just sopped up unemployed resource, didn't create wage or price problems, cost push pressures, didn't erode profit margins shall didn't need -- necessitate a rise in interest rates, challenge the valuation of stocks or bonds and a whole time we had the great liquidity friend, the fed, underneath it. all that's going to change. and that's what

let's bring in jim paulson from wells capital management. you're an optimistic guy, very much a glass half full guy. why are you expecting disappointment and volatility regardless of what the fed does? >> i think they've waited so long, mandy, that i think we've got an expectation distribution today that's about 50/50. i think there's probably about half the investment world thinking they might do it and half thinking not. so either way the fed goes today, if they raise it or they don't, you will have probably half of the investment community disappointed or, you know, seeing an unexpected event they weren't prepared for. i think there's going to be some volatility out of this either way they go. i also think they don't really settle much. today. if they don't raise rates, then the countdown clock to the october meeting starts immediately. just like this one was. and if they do raise rates, then the discussion about whether this is just one and done or whether this means they're going to have to do more before the year is out also starts. so