fed meeting after janet yellen's dovish tone and testimony in front of congress joining us is richard fisher the former president of the dallas federal reserve and cnbc contributor. great to have you back, good morning. >> glad to be here. >> thoughts and reflections on the testimony last week and do you agree with the general consensus this week that they did lean dovish? you're beginning to see price demands in labor but i think this is what they're watching. they're still mindful and she still expects cellular communications to see that 2% target being approached and i didn't see any shyness about pursuing what some are calling quantitative tightening or reversal as they invest the rollovers in the fed portfolio so i didn't see change there it was the reaffirmation of the direction they were taking a lot of what they tried to put in place including the rollover issue in the portfolio has been well communicate sod there was nothing new and there was relief on that front. i still think the market is digesting the possibility of tax cuts if not reform and maybe something on health care still

. >> that's my strong belief we had members of fed, richard fisher among them, talking about people with>> art cashin. let's bring in paul christopher. gentlemen, good to have you back good morning. >> thank you. >> ethan, a viewer wrote in this morning and said yellen couldn't be hawkish if she tried. could that sum it up morning. >> we had just gotten the third week core inflation meantime in a row. she sounded like she had about seen the data. and sounded positive today i thought big thing was they'll need some real data. >> paul, are you on board with that >> yes there is some question about the inflation camp that should give the fed all the cover they need to continue to make rates we think december is the more likely time. >> ethan, what do you think about the intraplay of the balance sheetd reduction and the rate hikes obviously they're saying, we don't want you to think the balance is taking the place of rate hikes the market seems to feel you can call it normalization if you're draining off the balance sheet and maybe it gives you room in terms of future rate hikes how does tha