alan ruskin of deutsche bank with us. is it a johnson rally? sterling, 1.19, 1.25. tions how this could play out. who knows? you could get movement for the end of october. that seems unlikely. our base case is that we have an election but that might be sterling positive as well. to be fair to my colleagues in this is aey have seen 50/50 bet. i have been traveling in asia. a gun to my head, you have a one year straddle range, where will it come out? that willhe 1.35 area get rid of the uncertainty, but we could have weakness before strength. tom: all of that is about the economy. how do your economists away from george sarah bellows trends -- intoelos translate this u.k. growth? is it a dampening of economic growth? alan: it is enormous uncertainty. in the world economy, uncertainty regarding trade and you are amplifying this with uncertainty related to brexit. the u.k. economy is not as weak as somewhat assume. you are talking about an underlying economy that is pretty resilient and going below the euro average were it not for this kind of instability. francine: if t

. >> i think it's an interesting take, mike, which is alan ruskin had this take from deutsche bank which is the key question going into this jobs report was answered in one of the charts that you showed, which is can we continue to rely on the consumer to carry this economy. you know, the answer is in some of those metrics, whether it's wages or hours worked. what you're looking at is that, yes. >> that remains relatively steady obviously it's industrial production, it's investment and exports, which are the swing factor in terms of additional growth or less growth on a gdp basis. but i think the basis at the core of the economy remains pretty healthy at this point. >> mike, thanks very much for that karen, overweight consumer stocks or not? >> well, i love the consumer i believe they'll spend through just about anything, so that is good i love target. i think they have really done a great job. we've seen a re-rating there from a very low p.e. to a medium p.e. something like footlocker has not worked although it's rallied back but the consumer, i think there's a lot of tailwinds there. i