i think deglobalization is here to stay. biggest risk from the trump administration, i completely agree with trade. but that is one area that the administration can act a lot more on its own, then in concert with the congress. scarlet: you have written about how a country's economic performance to tens to deteriorate when those at the to powerolitics cling for too long. what happens when it is the opposite? we have an administration now that is doing everything it can to reverse what the previous administration put in? what does that due to the economy? ruchir: i wrote a piece for "the back in may, and i wrote the good thing about the the united states is the strength of its institutions. despite so many negative headlines out of washington, you have not seen much impact on the markets. i think the strength of u.s. institutions is so much, that it is quite difficult for the administration to do that much for lack the economy, of a better expression. i think the big story in the united states is that. but yes, in emerging mar

things, such as the eurasian capacity, the potential for wage pressures to start building as we deglobalize and the pressures that might bring on inflation it seemed like this would note necessarily be a one and done rate hiking cycle but the potential for some more. >> you and i talked about this off camera, rbc put out a note saying mr. carney tried this hawkish instance before. once in 2014 once in 2015 it didn't lead anywhere this time might be different because the whole mpc is behind mark carney. do you think this time will be more different this is the start of a real tightening cycle >> you already have a couple of dissenters on the mpc, so the focus is what happens thursday and if dissenters join the ranks. some members thought some form of tightening would be warranted in the coming months so if they were to go for a rate hike or if carney were to push that forward, he would have the support of some members of the committee. i think that messages has been clear. the rates markets have adjusted for that we were pricing in the first rate hike in 2019 a week ago, now two prices hiked