that dichotomy -- we'll and mccafferty on the one side.ll said he will vote for a rate hike in august. and then the member of congress saying he thinks the strength of the pound more than offsets wage increases. it looks to me like the market is looking at all of this and the timing of the first fed rate rise and saying, sometime around the middle of the next year as late as august is when the bank of england will hike it. jon: the other thing, i remember you saw sterling rallying and a lot of people sat here and said what this means is tighter fiscal policy and looser monetary policy. as we go to the budget, is that the story? >> i think it very much is. if the austerity measures are strong next week it will mean that the bank of england will feel less inclined to tighten sooner rather than later. it gives them more breathing space because they won't feel the need to tighten as quickly. jon: you bring up the fed. if you and i had this conversation last year we would say who goes first? the fed or the bank of england? but now we are talkin