to the market reaction. the market seemed to rally on this news. why do you think that was? well, remember that this particular move was targeted way in advance, and the market had adjusted to it. the only question that was out there was what was going to happen subsequently that, not that you could actually make certain happen but with what the policy was. as it became apparent the fed was going to just raise the rates and then not do a whole series of rates, then basically the markets said uncertainty is gone. therefore income earning assets go straight up. this is just a classic case. i ran into it many times in the sense that choices that we had were always, do you want the market to know exactly what the plans of the federal reserve are or not? it depended on a very, very technically difficult problem. how much risk do you want in the system? if there is too little risk, you re bubble creating. if there s too much risk, you re suppressing growth beyond what it should b