ms. yellen's comments. if indd the nextove by the fed was a cut, what might the market reaction be to that? >> well, i'm not going to say that steve is leading the witness, but if you ever ask if the next move is going to be a cut or a raise, she's always going to say yes. ithink the point we are seeing a global economic slowdown. that's different than what we t experienced lyear. so in the second half of last year we started to see a llover in global activity. her point is if that slows down enough, then ito has seep into the u.s. economy and certainly a move by the fed to be even more accommodative than they are right now. so i think the fed thinks they're at neutral right no g i wouldss the next move the fed does is top the run off of the balance sheete they lower rates again. i certainly don't think that was a prediction by jat, it's much more of an is there a possibility and we're seelog slowerl activity. >> you do acknowledge the chinese economy is clearly slowing if that's happening, it's going to af