as long as they are slow and cautious, we should be size -- fine, that will be ok. , theylation doesw up no longer have the luxury of being slow. that is why watching what they do next week and with wages and other inflation indicators becomes important of whether they will continue. joe: i have a chart maggie sent me earlier. this is the 10 year real rate. what are we seeing? at real this is the gdp rate. german, u.s. and japanese together, you see on a global scale -- joe: this is essentially global interest rates. matthew: right. you can see the big collapse from brexit, and then we have been grading -- grinding sideways until the bad isn report here in the u.s., and that it spiked up. then it spiked up. investors want to see the yield curve steepening but they want to see it steepening after economic data. scarlet: for the right reasons. matthew: not when they come out in a press conference and the markets are going haywire. you juxtapose that with the fact we are getting a yield curve steepening at risky assets like stock-price is a going down , that is that steepening you don't