jonathan: still with us robin marshall.ot the first time we have heard lagarde comment on the fed, that offering time contingent. >> i think it is a question of if the u.s. interest is not sooner rather than later. it means the impact on the emerging market is going to be quite severe. it is going to catch a lot of volatility, and that is going to put it low. we had very noisy data coming out of the u.s. with the bad weather and the stronger dollar having a big impact. it has picked up a little, but it is still a low level. if the fed is going to be data driven, the data will not indicate the fed rises there. >> which is one reason they are still off the hike from september. if you have dollar denominated debt, you don't want a stronger dollar, but americans don't want a stronger dollar going forward either. there has been a lot of noise over the last few weeks. do you think she has to deal with it again? >> she will keep her options open. this is a difficult position she is in. if they are worried the market is not expecti