subadra: i don't believe this is coordinated.a conference about communication and communication strategies. communication has been a struggle. if you look back at the last two decades, we have seen an evolution of the communication strategy of the fed, between greenspan, bernanke and yellen. the market tends to overreact sometimes the small things they say. we saw a large selloff after the taper tantrum in 2013 when ben bernanke spoken jackson hole. bund markettly the sold after medically after draghi's comments at sentra. i think you medication is more art than science, and that is something that needs a lot of work. jonathan: player the struggling to community so much? henry: i think there are a great number of constituencies looking for different messages. it is a challenging role. you are talking about markets hanging on your every word. i frankly think they are not doing as awful a job as you might say. the yellen fed has done a good job. there are a lot of expectations about what the order of operations would be and they cl

subadra: absolutely.y the time and extra session comes and you don't have the ability to cut rates. what you need to to provide more accommodation. i think central bankers world over are concerned about, you are moving accommodation, yes, but having room in case of a slowdown in the future. jonathan: the flatter yield curve makes whole percents. the market has the same concerns come along and coming down. they are saying they will carry on rate and rates and the front end should come up. the flattening, with that argument in mind, makes sense. steve: the chair of the fed, paul, coming in, they are weighing two different priorities. it is not the mandate of growth and inflation, it is where they inieve there is a softness the inflationary data. the institutional requirements saying they will have a high enough rates or when the recession hits there something to lower. there is a dual mandate, but it is an institutional requirement to raise while the getting's good. the economic data is less compelling. eur