i mean that happened last century. but could we see a rise in interest rates? possibly. because one like here in europe you chance are getting to near full employment. if you have full employment and that builds up inflation consequences it s morally good. but the fed feels it has to respond. all those economists who thought we wouldn t get a rate hike in 2015 is worried it s the start of the cycle. that s why the market took a little bit of a jetty yesterday. the other problem as you have higher rays and we have low rates here in europe the dollar rallies. what does it do? it makes it less competitive for those u.s. exporters and that s why these major indices took a bit of a wobble. they had a very long run. 3.5% off the peak which they hit on the 2nd of march.