arend: clearly anything is now possible. the larger the market applied after the press conference they haven't done half months of a.p.p. if you stop in q-3 you do a.p.p. in july and skip the july 21 meeting and can't start until september. if now they say that actually you could hike in july, which must imply you change the guidance again stop in june which is not q-3 or do a half month. you have four meetings in play. kate lin: ok. kailey-ily: , it's only last week we were talk -- last week? arend: we are rethinking it by the day. after last meeting we had two hikes, september to december. now we need -- if they go in july rethink. the other thing it signals is more urgency -- if you have a gap between june and september to do the first one it implies you are at a pace. if you are going on an off quarter meeting. the quarterly projection meetings in july. then basically all the meetings are in play. we'll have to go back to the drawing board. anna: christine saying it's going to depend on the data. she warned in that same