our guest host, michael cloherty, is that rbc capital markets.en as the collapse of oil rigs habit across the -- wreaks havoc across the market. >> the fed has spelled out that because of won a seat of easing, they put so many reserves in the banking system, the traditional way of tightening, which is to remove some reserves, there are just too many for them to reserve them all. now they are going to use interest on reserves, raise that rate to 25 right now, it will go up to 50, they will use the reverse rp facility to try to do the funds to help the banks. >> to try, to hope. >> right. >> there are lots of intentions. what did the fed learned from october 15, the volatility that we saw? >> that is a reason we think the fed has to move earlier. the fed can either wait until we actually see inflation and then tighten really hard and really fast to catch up at that point, or they can move earlier and gradually. fed even talks about tightening hard in the future, you will get egg market sentiment swings. october 15 with the data we had a softer repo