The Importance of Credit Tightening in the US

John Defterios: I don't think that the Fed is seeking a sufficiently restrictive level of policy. He says it would be clear rightly pointed out that the underlying inflation rate is in the force and he cited the Dallas Fed or all the other measures they're pretty firmly in the mid four percents. Now there is a question how much does a credit tightening have an impact here and does that substitute for additional rate hikes but Jim also said that loan demand has been strong. So we have to see how that plays out but when I said we've you know the US is these twin markets where if the banking system has issues there's still the capital market.