narayana: that is a great question.y own feeling is, this is something i called for that the fed should do. it is very unlikely to do it. partly because of culture. they worry a lot, suppose we cut rates and then two months go by and we have to raise them back up and people will criticize us, that we made a mistake. so they really prefer to have clear evidence before they move. with that said, i want to applaud the fed for moving last year. i think they moved in response to increased risks to the world economy. i am optimistic that even if they do not make a mid-meeting move, they might move at their next meeting. scarlet: they are going to look at the data. they capes -- they keep saying they are data-dependent. we have the market purchasing managers index last week falling to 49.6, which really concerned a lot of investors. this is not usually a market-moving data point, but we are looking at anything and everything we can get our hands on. what data point will you be looking at carefully to determine whether this has