guestet's bring in our julian killingsworth. morning. guy: is to bullard is saying we could see turmoil appearing when the markets wake up to the fact that the fed is more aggressive. that is great except the market was pressing zero chance. maybe we will see that become even further lower. julian: the markets for the whole of 2016 are suggesting on -- to rate rises. that is where we are now. -- two rate rises. that is where we are now. it reflect what we are seeing in choppy markets. probably slower growth than some had expected when we started the year. more of the same to come. cautious -- caution is arrived. guy: you prefer u.s. stocks. how critical the fact that the fed is going to remain dovish then maybe we thought six months ago to your thesis as to why you should belong to that market? julian: why would like the stoxx u.s. has great investments from the bottom-up point of view you to more importantly, it is an economy that is still moving forward good in the last few weeks, we have seen a lot of traction being gained by pmi numb