. >>> for discussion we have peter rosenstrike head of market strategy around the desk. does the fed need to hike twice this year if the reflation story under trump is not playing out? >> two things. one, we need to look at what is important to the fed. they keep on acknowledging that the labor markets are strong. probably the best gauge of economic activity in the u.s. and we are seeing an extremely strong labor market in their view, that's aey economic indicator. second of all, with the potential passage of the u.s. healthcare bill, you know, trump is finally putting in line very powerful tool, which is a republican house and senate. so all of this, the jokes and trump will never be able to put anything through, he will be a lame duck president, all the way through, he may have to start changing the story quickly. that trump reflation trade may come on hard and fast and quickly. >> do you think along with some others in the market that this friday the jobs report could be the turning point for the bond market but by extension the u.s. dollar? when you say it is all abo