joining us right now is paul mccully, he is chief economist at pimco and paul, great to see you today. >> good to see you, becky. >> the jobs number was better than a lot of people had been anticipating. were you surprised? >> i was surprised at the precise number, because it was so robust. but in general, i think the jobs report was reflecting a very nice economy. we are healing wonderfully from the crisis of five years ago. and that trend has been in place and we saw it manifest today in spades. so i think the exuberance, the rational exuberance we have seen in the stock market this year was validated. >> when does that translate into something that the fed has to start paying attention to and say, wait a second, this is a strong economy. things are on solid footing. as a result, we need to raise rates? >> i think that will probably happen in 2015. i think the contours of the fed decision first are about declaring success. over the last five years, there have been a great deal of nattering neighbobs about the fact the fed would not be successful, would not be effective, that they we