steven saywell. ♪ >> welcome back. you are watching "countdown." steven saywell.the u.k. economy the rate decision let's call it that. nobody is expecting it. what is the discussion? >> it is really important because of the market has pushed that is expectations for the timing of the first rate hike considerably. last time i looked around october 2016. remember, not that long ago were talking potentially november of last year. that is a big move. it has stalled the rally and sterling to some extent. it is going pretty well against the euro. our view is that is too late october 20 16. our call is february. the reason is there's a lot of similarities between the u.s. and the u.k. particularly they both are seeing unemployment fall quickly and faster than the central-bank. falling unemployment is a classic indicator of inflation for a central-bank. a central banker is not looking at inflation today but two years out. from our perspective, we think the market will reassess those expectations. when they do, the pound will do well. >> a time for carney to put his foot d