a lot about inflation, and why, according to the fed chair, he thinking it would be temporary krishna guha at the september meeting and tapering to begin in the november meeting that seems to be where wall street is now. >> i think that's a bit right, where you do expect it in september teeing up in effect a tapering decision and tapering plan in november there was nothing in powell's speech today that suggesting the fed is getting cold feet more broadly he said a dovish framing around inflation and employment and the rest look, what is not to like here from a risk asset perspective? he was optimistic about the outlook, right he was dovish, edefiantly dovish at a point, and while he made clear they moving toward that tapering, nothing hurried, nothing rushed that suggested the fed might be, you know, turning hawkish, and, you know, as he said the actually flagging out that in the post-reopening world there's a risk things could be too soggy, so powell is selling us a dovish taper. that's what the market wants >> that certainly is the stance that powell is striking right now. he went back a

krishna guha of evercore says investors see more downside to the near term growth than the fed, the bond be betting amid the tape r, bet that inflation will come under control. becky, they're not really taking the punch bowl away that quickly. >> no, no, and that's probably -- excuse me, steve probably the biggest takeaway with that. let's talk more about this right now we want to bring in sarah bloom raskin, former deputy treasury secretary and visiting professor at duke university school of law and cnbc contributor sa sarah, we spoke of this yesterday. steve was all over this, telling us what he thought would be happening and where things will be headed next it doesn't seem that extreme maybe it's not a surprise that people weren't already anticipating. >> i think that's right, becky you've got to keep in mind that chairman powell has made it ab unde abundantly clear that there will be a lot of signaling before the tapering i think we're seeing just that it is the beginning of a very well-choreographed and intentional set of moves, set of signi signals that will eventually culminate wi