dan is a global investment .trategist at tiaa-cref studio.now here in welcome back to bottom line. good to see you again. the fed -- it seems to be backing away from that commitment where they would consider raising interest rates if the unemployment rate fell below 6.5%. regard thedoes not threshold, how will the markets react? i guess it's a question of whether people really thought that was credible in the first place. people understood that they were going to evaluate what the conditions were and what the strength of the economy was and based on that. -- and base it on that. ofwe have had a series weaker than expected economic reports recently. is this an aberration or a sign of slower growth? >> you also have something similar in china. we are asking ourselves, is this something that will be temporary? if we look at the longer term drivers for the economy overall in terms of improving implement rates and wages, we think it is going to turn out to be an aberration. i think it really should be a wait and see deal. we have been seeing recen

i'm joined by the equity the live -- equity derivatives .trategist >> absolute levels are so small -- look at the correlation in the market and it has been trending down. this market remains winners and losers. not just the fact that you are betting equities are the most sensitive asset classes the fed tapering? >> they are, but if you look, overall equity volatility has been coming down since two weeks ago. >> one stock we are watching is tesla shares, surging to an all-time high yesterday. above $200 on word that he met dealmaker.s top we have an exclusive interview with elon musk tonight after the earnings. sewed do turn -- do tune in for that. what is your take on tesla right now? >> the stock has gone up quite a bit -- >> 400% over the last 12 months. >> and the short is quite high. the stock valuation is even at most. if you are bearish, one toeresting way to lay it is buy the strike and sell the put for a little less of a credit. money, but ife elon musk is joining you guys, that's not going to happen. >> you think the stock is going that up every time happens? >> i don't know.