thomas harr joins us from danske bank. what do you make of the fed's comments and the market reaction which was more interesting than what the fed had to say. >> it was interesting. i think this reduction of balance sheet is coming up. we had initially expected it would happen the early part of next year, but it seems it could happen earlier. that's a big story for markets as is always the expectations around the ecb. >> you minuentioned the ecb. draghi talking about lou thehowb policy remainsen changed. remains unchanged. >> we think inflation is coming off in europe. we're not seeing a lot of core inflation. in our view, ecb will extend qe next year, continue with the 60 billion euro per month and this is in line with that view. this is not a lot of underlying inflationary pressures in europe in our view. >> a more dovish ecb, but more hawkish fed, if you will, for the markets. you say the quantitative tightening is moving closer. that would lend more strength to the dollar, wouldn't it? >> on the short-term, that's the