mr. liberatore: two or for having me. have the yield notes -- the highest nielsen the december auction. what does that tell us about a potential rate hike? mr. liberatore: it's indication that the markets are thinking, look at the way the fed has been discussing their intentions, but they have made it very clear they would like to hike, that is where yields have risen. the market today -- the auction went well. it was rated outstanding. i think it is a further indication of how much the market is no somewhat fighting -- is still fighting the fed and its view going forward. let's talk more about that. it seems up the fed has been telling you guys in the market this could be coming, we're dead-dependent, etc., etc. what accounts for the disconnect, as you see it? mr. liberatore: we have had some any opportunities with the fed has said we want to raise, and then they postponed because they were faced with a variety of issues, whether it was economic data or geopolitical issues. they have come up with whether or not the fed i