always timely, alisha levine at b and y levine -- alecia levine -- alicia levine at bny mellon. explain to an audience with a domestic portfolio by dollar-yen crisis matters. alicia: good morning, and it is great to see you even though the world seems to be giving us issues every time we wake up. our central bank is much tighter and much more willing to hike rates than anywhere else in the world because our economy is stronger than any other economy in the world, and what that means is a much stronger dollar for the u.s.. it is great if you're traveling, not great if you are a multinational company that has business overseas because your business is sourced in euros and those have to be converted back to dollars at a much more expensive dollar. so you've got pressure on earnings from overseas companies , and in general it is not great to see these currencies of our major trading partners so week because it suggests there is real strength in the system here because of the differential in central banks. jonathan: the trade used to be go long equities. that is not the trade anymore

alisha levine, head of equities and capital markets advisory joins bloomberg at 2:00 p.m.. ♪ guy: the u.s. added close to 5 million jobs in march. the unemployment rate fell by more than expected. wages are picking up. we potentially could see this have a major impact on corporate profit margins. capital has had no impact. that outlook looks like it is now changing and quite significantly. the real story is how does that translate into the stock market? how does that translate into valuations? mike wilson joins us now. i read your note, really interesting on this subject. how quickly do we see this manifesting itself? this new, stronger hand that labor has and the impact it will have? mike: it's not a new phenomenon. we started worrying about this almost five years ago with brexit. you had some of the nationalist policies and deglobalization. this topic has been around for a while. covid and the pandemic highlighted the fragility of the current system and how labor is going to get the upper hand. it started a while ago. i want to bring that up. it is not a new phenomenon.