that's welcome michael gallagher from idea global.ive us your favorite trade for 2014. >> the first is dollar yen. we are looking for a move to 110. the fed will keep tapering through 2014. ,n contrast, the bank of japan we expect them to accelerate the purchase program roundabout april to try to get inflation towards 2% and try to keep the recovery on track. that's kind of the clearest trade. is a very good relationship between the bank of japan, fed balance sheets, and bank of -- and the currencies. behe think this will dictating foreign currencies. when do you think diapering -- when do you think tapering will wind down? >> for the first half of the year, the tapering itself and how much the tapering actually as will be the dominant issue. we expect $10 billion over seven meetings. as we get to the middle of 2014, the markets will then be saying we know there's a bit of a gap before we see tightening, but how much of a gap? the market is expecting sometime in the second half of 2015, we will get tightening. we think it is construct

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