for our global audience, that can only mean john ryding of rdb. ote a blistering note on friday, saying, consensus is wrong. explain your theory on friday. >> i think the market underestimates with the fed is likely to do. the fed has caused a real communications problem and created what is a catch 22 situation. influence the market. you get into problems. financial conditions are easier than they were back in december, closelyfed is monitoring them. how does the fed leads the market, and the central bank set the tone for the markets when the central bank itself is following the market? every time the fed is expected you get theing, volatility, and the fed says, we can't go. over communication. you do cycle research which goes back decades. is part of it.ns do you come to the same conclusion that the federal reserve is over communicating? >> probably. shiftis a bit of a regime on communication. it is a tough thing to do because they are data dependent. they tried to say, as you see on the chart, they were very optimistic, as was the consensus that