i see further downside not because of the fed statements, but because like always they hedged their bets in the sense that the tapering off would not necessarily stop mr. bernanke said if the economy does not improve along the lines that we expect, we will provide additional support. so i think the markets are worried about something else. first of all, interest rates have been rising now for a year. the ten-year treasury note and 30-year treasury bond yield bottomed out last july. so we’ve been in an uptrend in interest rates. then, as i maintained for a long time, the chinese economy is much weaker than the official statistics suggest. my view would be that at the present time the chinese economy at the very best, the very best, is growing at something like four percent per an um and without a huge cred expansion there would be no growth at all. the other emerging economies are essential flat.