countries. of g10 fx at merrill lynch joins me. help me make sense of this. financial market stress. it is at the lowest point since 2014. when i look at the political stress in europe and the west, that is falling. when i look at china, north korea, around the australasian basin, that is rising. are markets mispricing political risk, in terms of their sanguine nature of financial ease? >> it is actually true that this political uncertainty has increased for a number of reasons, but markets are not pricing anything. is very low,lity equity markets are at an all-time high, risk assets are performing very well. you could say this is a positive, but if you think about it, if you are an investor, it