let's talk about it, what it all means, pimco's chief economist, paul mcculley is back with us here. ul, good to see you, welcome back. >> good to see you, bill. good to see you, kelly. >> what do you think? do they take this out and if so, is that significant at this point? >> i think a done deal they have take that out before they hike. there are two phrases they have to take out. one is that there's substantial underutilization of labor resources and, two, that they will have a considerable period after ending qe before they hike. we know those two phrases have to change before they hike so therefore, the marketplace is telescoping forward the hype based upon the change of language that's potential at any time on those two phrases i in the next number of meetings. >> the hawks and the doves want to get rid of the lang badge with you they have two different outlooks on how rapidly the economy is improving. >> an important point you make that both the hawks and the doves are uncomfortable with the language because the language is connected to the calendar and has been for a number of