Liesman: But the markets right now just pricing in one [hike in 2016], and it's consistently been below. The guidance seems to be, you know, you start a normalization process which makes people think that you're heading up towards something that's higher than zero and perhaps higher than the 37 base points where you are now but right now it seems like all bets are off that you could be in this permanent neutral here.
Evans: Well, so look, the dot charts give the current best assessment of what we think the economy is doing and the appropriate monetary policy. You're right. We've used the term "normalization, renormalization" to kick things off and eventually we certainly want to get the funds rate up to a normal level, that 3% 3.5% rate, but look I have got to tell you I thought the chair was terrific yesterday when she said, you know, the dots aren't set in stone. There's a lot of conditionality that will depend on how things play out. We did use this term normalization, I think that's still correct but that doesn't mean we're going to get there tomorrow.