let's now bring in michael purves. still with us in new york, chris rupkey. welcome to london. ancine: tell me about what the markets want to find out from these fed speakers. we introduced the lone dissenter when it comes to inflation in minneapolis. his is significant, the shift in how market should do this? michael: one of the things i would like for them to expand on more is how sensitive they are to the global growth. over the last three or four months, we have seen this more hawkish narrative developed. maybe three -- definitely three to four to who knows how many. something they need to address and articulate is how sensitive they are to the fact that global synchronized growth has moved a lot over the last few months. we have the u.s. story. that is pretty much understood. there is the unknown about t agenda.iscal that is the elephant in the room. the other elephant is how sensitive they are to globally synchronized growth. if growth falls off outside of the u.s., how much will that impact the narrative going forward? question.cleakey francine: how do you see inflation g