jonathan golub is here, but you are not here to talk about that.eral weeks. they basically all wanted to do the same thing. we don't know when we will need to he's in the future, so let's hang back now, keep our powder dry. we may need tools in the new year future. what do you see as the downside risk that these three are worried about? jonathan: the first question is does any of this matter? we don't believe in communist central planning but we believe central banks, through optimizing its perfect monetary policy, can push economic activity forward. i'm not sure that is as true as we think it is. if zero rates are not helping, getting back to something that is a long-term normal, which is what the fed is beginning to do, is probably healthy. is risk when the fed moves that the dollar gets strong, and that is destabilizing for the economy, pushing commodity prices lower. eu andu saw out of the they kept in japan, the dollar from getting too strong and perhaps gave janet yellen some room to read allies policy. aboutn: if we are talking underlying de