mr. timmer: that is one of the big questions over the next few years that we have to grapple with.est rates around the world are much lower than they really otherwise would be because of all of this very interventionist monetary policy where the bank of japan and until recently, the fed, were buying basically tens of billions of dollars or euros or yen of security every month and the balance sheet at the top, five or six central banks, is now 16 or 17 trillion. when those securities role of the balance sheet, will that cause a large reset in interest rates and if that is the case, that will be very significant because low interest rates directly or indirectly speed into every other asset class. if you value equities or corporate bonds, they all are derived from the risk-free rate plus the spread. or 200 rate goes up 100 basis points, that has implications. but i think the fed is being very careful. they have these caps in place and it is going to be very gradual and even the ecb, when they announced their taper to $60 billion they also extended qe by a fair amount time so i think t