with us now, bruce kasman chief economist from jpmorgan chase. good morning to you. in the u.s. justify the record highs we keep hitting? >> i don't think by themselves. there's two things playing out here. one is the idea that u.s. policy is changing in a pro corporate fashion. i've been describing that as u.s. exceptionalism because what's happening here is so different than the rest of the world. but also a global reflation story playing out. one that's increasing pricing power for companies as well as increasing volumes. that is a big boost for corporate profits. it's not particularly u.s. sent tri centric but helping the u.s. >> could we not only see the fed tighten but other central bankers around the world if inflation moves higher than expected? >> i don't think we're in the same position in the business cycle. i think we will see a more hawkish tilt elsewhere, but it's unlikely to leave rates moving up in the major central banks. it's quite possible we see the ecb announce a dialing back of its qe program later this year. it's possible that the bank of engla