market so far but a lot of activity on the ipo front t chatting with ron and mike about some macro stuff, too. mainly the fed. we had fisherut that september taper. i wonder how important you think that was, ylan? >> you know, i think that he is an important member of the community. certainly well respected. had the evans rule before, sort of saying if we reach 200,000 in jobs per month, start to taper. i am not sold on september taper actually. >> really? >> i think that the data that has come in is efficiently murky. you have the second half of the sequester kicking in in the fall that, you know, it could be hard for them to pull trigger come september. >> you could have said the same thing almost in may and it's clear the fed is quite anxious to exit here. >> i think what the fed wanted to do is make sure that we got qe infinney out of everybody's mind. to persuade people that it's going to end, whether it's in september, whether it's a little bit later, i do think the direction of surprise obviously would be later. i think there is room in the data do do that. the inflation data in particular. so i feel like once they