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question is have they moved too soon, have they been hawkish too soon, or have they been loose for loong-- long? i think as investors, you have to be humble and wait to see how this materializes. anna: he did sound optimistic on the labor market, given the emphasis that the fed is proof, talking about strong job creation and a very strong labor market. let's talk about other markets. into the european market, in particular. the gmm is dominated in asia. the asia fx selling off. sovereign bond markets reacting. yield coming very clearly on the gmm. from the bulk of the column, italy and belgium adjusting. spreading across the atlantic. is it going to be something we need to adjust to in europe? >> i thing history tells us the fed tends to lead the rest of the globe. when they become more hawkish, you find it globally. i see no reason for this to be different. the ecb, relatively hawkish hold. the steady hand, really quite nicely where the ecb keeps the financing commission -- conditions relatively stable. a more upbeat view of the economy. but all eyes are really on the u.s. rate. u.s. ra