When you get your news from Bloomberg, you don't just get the story. You get the story behind the story.

How your Evie's battery may not be as green as it seems.

Why a decrease in global birth rates could send countries scrambling to increase immigration.

You get context.

And context changes how you see things, how you change things, because context changes everything. Go to Bloomberg

dot com to get context. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene.

Daily, we bring you insight from the best in economics, finance, investment, and international

relations.

Find Bloomberg Surveillance on Apple Podcasts, SoundCloud, Bloomberg.com, and of course,

on the Bloomberg. John Faro and Tom Kane and we welcome all of you particularly on Serious and

XM in Texas and in the District of the Federal Reserve System of Texas.

With us Robert Kaplan he is president, the chief executive officer of the Federal Reserve Bank of Dallas.

One of the high points for my year was our extended conversation at the Council on Foreign Relations.

Also one of the high points of my year

was when Michael McKee was given the honor

of final questions, the Chair Yellen

and insulted the chair by asking,

which dot was heard.

Did you ask president

Kaplan of Dallas which dot was his I did actually we'll do it again because you know the idea of how many rate increases from the Fed next year is paramount in everybody's

mind on Wall Street, so why don't we start with that?

Oddly for some reason, Rob Kaplan has always been a longtime fan of

...