scott minerd to of -- scott minerd of google time -- guggenheim. surveillance at 6:30 p.m.onight in hong kong, 6:30 a.m. in new york. ,"onne: and on "daybreak asia stephen roach joins us from the new renminbi reality event this morning. betty: muddy waters joining bloomberg markets tonight at 10:30 hong kong time, 10:30 thursday morning in hong kong -- new york. this is bloomberg. ♪ ♪ we are counting down to asia's first major market open. nikkei futures carrying the rally today. tech shares and financials in the u.s. -- this is "daybreak asia," i am betty liu in hong kong. -- in new york. yvonne: i am yvonne man in hong kong. scott minerd, it is good to see you. i know you have a different take on what the ecb did the last 48 hours. a lot of people are asking if this will be the pivot for the markets. do you see this as an inflection point? last 48moves in the hours sustainable in your eyes? scott: i do not think this is the inflection point. one thing i have been talking about is, the vulnerability of markets to a surprise announcement of some kind. given where volatility

>> i'll take it, steve thanks very much $600 billion we are year scott minerd what does that mean toat we should expect start slow build up the real question in my mind at this point is, where is the terminal funds rate? we are not getting the increase in the neutral rate, which we expected, because the trump policies aren't getten implemented. we could find out that the fed has to abort tightening somewhere around 2% to 2.5%. >> didn't you hear softening, anying the exact same thing? >> i think so. >> mod every adorate oerated th. and key for the bond market moving forward. >> inflation declined somewhat a change from what was said before, meaning they don't have to keep hiking rates as aggressively as they thought. >> and forecasting the longest economic expansion in u.s. history. >> yes. >> given where they say the unemployment rate will be, not this year but next also added verbiage saying they'll shrink the balance sheet this year. we heard before, beginning 2018. >> david, is this another case of a fed sort of now matching what the markets had been expecting? >> i think that, u