have they put that to rest, michelle gerard? >> i think they probably have because they're winding down the treasury program. let's face it. as long as the balance sheet remains as large as it is. as long as there's this looming threat of the fed continuing to grow the balance sheet, those fears will not be put to rest, they will not be put to rest until the fed ultimately goes on course and shrinks the balance. >> no mention of the dollar, michelle, no mention of the dollar, none, zero, i'm not surprised, i'm fighting a losing battle here even though i have a peculiar view a stable greenback is good for america. >> no mention of the dollar. in our view, the dollar will continue to weaken. >> you said it. michelle meyer and michelle gerard, you're both terrific. thank you. >>> coming up earthquake off the coast of japan tonight. conflicting reports for tokyo. >>> when we come back, bullish signs from the housing sector. how about that? we will hear about an exclusive interview from toll brothers ceo bob toll. next up. we are "th

joining us now is the leader of capital ceo portfolio manager and michelle gerard. 'll start with my old friend michelle. i won't say how long we've known each other. >> let's not start counting back those years. >> we both look really old. >> you can't say things like that. but it started in grade school. >> you're lucky, she's so gracious. >> but what's going to happen? >> i like sort of how we came out of the june meeting, maybe a whole lot of nothing. we're most focused on what they say about treasury buying program and there, you know, online there is not going to be any meaningful expansion of the program. aie mean whether or not they are explicit or implicit about that is maybe some debate but in the end, we just don't see them, the fed is moving toward winding down the balance sheet not sort of stepping up. so if they even say anything, i think it will be just sort of a signal that the program is in fact in the process of being wound down. >> john, what about you? >> well, you know, we think that the fed would have already begun to raise rates if it wasn't fo