steen jakobsen: the fed is wrong.[indiscernible] into the future, they all agreed three .5%. in the short-term, the divergence between the high-end in low expectations from evans in chicago and fisher is very different. it is ironic, it usually isn't the other way around. more certainty and short-term full it shows you how wrong the whole setup is. if you have a contradiction in terms of the surveys, it is wrong. by definition, it is so wrong you shall put short-term into long. mark: one guest said the fed will raise rates because they need to start normalizing and have ammo and their toolkit. if it starts flipping once again. do you take that on the board at all? steen jakobsen: i think fisher in particular is doing a margin call. business has nothing to do the economics. manus' question it doesn't matter. it's about making a margin call. the banking sector, almost 25%. way too high for the economy to function. probably 10%, 50% maximum. continuously increasing requirements, capital requirements on the u.s. bank and