00:00I do think a 25 basis point hike is sort of an insurance hike it also allows them to keep
00:05control of the back end of the bond market which in my view is the most important thing it shows
00:10credibility that they're going to be willing to fight this if they need to I don't think they're going to
00:13need to hike three or four times but if they hiked once it would be negative probably in the short
00:18term but to me that would not derail us we've backed our serious view that we're going to defend inflation
00:26the credibility issue and by the way we're still learning about
00:29Kevin Warsh and how he's going to communicate with us we don't really know that and that digestion by the
00:34way a lot of people were predicting this including us that you know when the new Fed share comes in
00:38you get market turbulence that's what we're having so this is not surprising that people are uncomfortable still with how
00:43he's going to talk to us and how he's going to manage the reaction function
