kathy jones, what do you think the fed is going to do? when you consider the backdrop right now, the producer price index lower and continuing to move lower as the dollar moves higher here. do you think the fed is likely to remove patient from its language and start setting us up for a rate increase when inflation is not on the horizon? >> they seem to at least by their comments seem to be moving in that direction of removing the patient language. i have to wonder if the rise in the dollar and the drop in inflation numbers doesn't give them some pause along the way because, frankly, we have import prices falling by 8.5% on a year-over-year basis. >> wow. >> and even -- it's not all oil. it's a lot of prices across the board. you have the dollar rallying very strongly which is only going to reinforce that decline in import prices and wages are growing at about a 2% pace. so even though the unemployment rate is down to where the fed thinks it should be to start igniting higher wages, it's not happening, and as you mentioned earlier, consume

jones. the headline that made me pause today we could have a 1937 kind of situation with the fed rate hike. you're shaking your head, what do you think, kathys some risk, but they are also very aware of it, so i think they will avoid it. people have to appreciate that because the dollar has moved up so much, we have already had a tightening of malik -- monetary policy. the way that we calculate it, that's over 100 aces points of tightness that already occurred in terms of the impact on the economy. i am in the camp that says probably remove the word patient , but i don't know why they are in such a hurry and i don't think that they will actually in practice be as patient as people believe. alix: did mario draghi do her job for her? kathy: it was a matter of removing that stimulus in hinting at raising rates in a world where the rest of the world is easing and we are moving towards tightening. that is why the dollar is up. alix: you will your eyes at the 1937 market event? kathy: how many years did they spend trying to get us out of that situation? what signs that the economy is getting better? i don't leave that they will use harsh language