kip jukes is with us now, chief strategist at socgen. -- kip jukes -- kit juckes is with us now. how challenges the fed put from your perspective? kit: is getting squeezed. that is the biggest long-term feature this year. markets think inflation will be somewhat higher for longer and the sense that once we get through the spike we are going back to the core pce deflator, we are going back to something above 2%. that gives the fed less leeway to be nice to markets every time we get an equity selloff, every time we get economic weakness. they may find themselves having to lean against this for longer. you have to remember we have 20 years since alan greenspan decided deflation was scarier than inflation and put rates down 1% and have a look at what has done since then. that era of being more afraid of deflation is almost certainly over. lisa: amid all of this we are seeing a little bit of dollar weakness after all of the dollar strength we saw over the past weeks. that even a mile away. now we have reflation back on. why has the dollar not strengthened on the heels of what you are