joining us around the table in ,ew york, jurrien timmer fidelity investments director of global macroah alliance bursting lp head of fixed income -- alliancebernstein lp head of fixed income. jurrien: the fed is doing what many people thought was unthinkable, which is just to normalize policy. we thought the fed was painting itself into a corner. the fed is doing exactly that and under the current leadership, they really paved the way forward and as was mentioned, the real question is what happens if and when investment goes above the fed target? how preemptive will they be? policy will they push and will that trigger a yield curve inversion? we are still a fair way away from there. before we think about and overshoot, let's talk about the here and now. how are we going to reconcile? ashish: i think data is going to become more important. one of the key issues for the coming year is that the fed has become quite predictable and the market has become a low volatility market which is a challenge for the fed because the fed is raising rates. they want conditions to be tighter and they ha