olivia: i think the key spiller spillover affect everybody wants to know about is whether what is happeningeece has the potential to make janet yellen holdback the rate hike. jeffrey: exactly, and the connection between that is how would mario draghi respond, what would be the spillover effect to the rest of europe? would there be an anticipation that mario draghi would have to ramp up for for the european economy to limit spillover effects? i think that is very unlikely, but that is what bond markets would be looking for. and then the u.s. impact and onto janet yellen -- first, the market impact, and if mario draghi is doing more and a bond yields are going lower, it puts pressure on u.s. interest rates. and that if there is an economic spillover effect, it gives janet yellen and the fed more reason to delay the long anticipated liftoff. if you added all of that to a possible strong jobs number tomorrow, our own economist is forecasting 320,000, way above consensus. that makes it, in his argument, harder for janet yellen to raise rates because the dollar strength would affect the economy n