earlier, i spoke to frederic neumann from hsbc, who gave us his assessment on whether the fed's language was clear on the next step. well, not 100% clear, because the chair left the door open. they could hold the next time round or they could raise rates again, and we usually see that prevarication at the end of a tightening cycle, but as the central bank says, "you know what, we've done a lot, we need to see how "the previous interest rate hikes affect the economy, "so we're watching the data". so we are not 100% certain what's going to come next. opinions seem to be split, in terms of the european central bank, and what they are going to do next as well. what is your assessment on that? well, here we have a fairly clear signal actually that the ecb is still raising interest rates, but here too in europe, going forward, we are probably closer to the end of the tightening cycle than the beginning, because you see the economy is starting to respond to early interest rate hikes, and eventually inflation will drift lower, and of course central banks look forward six to nine months, so we ha