you ran volaris before you came to cnh.ou guys brought indian for my nothing brand to a real challenger to harley davidson. can you do the same at cnh versus john deere or another tractor maker? >> i had a great 12 years and it was a great place to be the market leader and go to being the number two. i am watching with some of my competitors did their about how we should react. it's filling whitespace with new products and driving fundamental performance in improving the relationship with our dealers. it is really about delivering on the fundamentals and i'm really proud of the way the team is getting after that. with how much money we are pouring into r&d to give better precision and autonomous solutions to the farmers, it gives me a lot of confidence in where we are going in the communities we have. jon: let's dive a little deeper into that. i would argue that your industry gets a little less wall street attention on subjects like autonomous vehicles or ai than the average automaker. you are talking about that investment

i depends on what happens in dollar cnh, we can continue going higher.e have a target of eight, if that continues to be the case, the aussie dollar prefers the downside. the dollar looks ok. i think the dollar yen, i think we are thinking it will be close to 145 here, we are noticing the inflows from japanese pension funds some people have been speculating, it would happen if we were to see yields moving up to 1%. we are not seeing those slows at the moment. the dollar is benefiting from this exceptionalism story, the u.s. is the best place in g10 at the moment from a growth perspective, and i think the 120 basis points that are priced in for next year are looking a bit punchy in my opinion. we get down to 1%, i think that will be supported, the dollar-yen continues higher, the dollar cnh is important and we went up to eight despite the intervention from the pv ac to push back. shery: you see the u.s. credit rating downgrade will not necessarily have a major impact that when you are talking about as you said potentially japanese funds going back home, be

you had cnh, a smaller tractor maker talking about how they are going to be more circumspect about the, we may be reaching the limits of what farmers can tolerate. guy: let's talk about what is happening in aviation. everyone is over here, not over there. does that explain everything? does that explain lower yields in the u.s.? inflation data says prices are going down. our prices going down? has the consumer cracked on the travel front in the u.s.? brooke: the you -- the airlines are saying that is what is happening, it is hard to tell to what extent that is playing out. there are some red flags around consumer spending on travel. we saw this huge resurgence in travel spending as people were able to leave their homes. it started domestically and then expanded internationally. that might be playing out already. we have the pent-up demand and now people are rethinking how they spend their money. fares are under pressure. in the u.s., we have capacity additions hitting the market this quarter and next quarter. some of that is timing, the airlines could not get the planes when they wanted

it is firming its euro, it's sterling, firm against cnh. it is hard for me to embrace those short dollar call woodard is just not on the charts. tom: i'm looking at a pointed bank index which includes a lot of emerging-market in china. on the trading level of two standard deviations, you suggest it is stronger. chris: if you look pair by pair, it is hard to come up with a compelling short dollar call. even aussie ust, that has been -- usd about that has been soft. the euro has been so strong for the better part of the last year, that seems to be changing. it is in step with the idea that something is changing with china, perhaps a stronger cnh relative to euro is one more sign in that direction. jonathan: do you have a call for christine lagarde, next month? chris: when i look at german rates as our barometer, they have effectively been in this range for six or seven once. my experience in this business is always surprises break in the direction of the trend. trend in global rates is still up. if there is a surprise it is rates have one les

we see that number, as long as there is no big surprise, people will reengage building up the yen, cnh: i just kind of wonder, this diversions we are seeing with the basket, which is showing strength against its peers and the dollar where we see weakness, how will this up payout? -- all payout? >> the cps market does look too strong given the backdrop in china. the problem for the pboc is that when the dollar is strong in makes the fixing strategy more complicated because they don't want the dollar to go to quickly because that might lead to click -- capital flight. at the same time, i don't think that basket is stronger -- getting stronger than current levels. they will try to stabilize the dollar-see and why, but the ultimate stabilizer will allow basket to move forward. i think it does underperform over the next couple of months. rishaad: please stay with us, a lot more to talk about, with asia, of course, and what is happening with the tumult in global economies. we will be joined exclusively by india's minister for communications, and information technology. as parliament approves

dollar-china, dollar-cnh, dollar-reminbi, they have told states to step up intervention in the currencyut that movement starting to fade the last 10 minutes. lisa: where's the conviction there will be some action to backup the rhetoric? that is lacking right now because there has been a very big noise from chinese officials but not necessarily the actions to back it up. that has been consistent the past weeks. jonathan: china the story every morning the last couple of weeks or so. a treasury selloff in the spotlight this morning, pushing bond yields to 15-year highs. we have had stronger data, confusion along yield control, more supply, the boj all over the place, problems in china, take your pick. lisa: i am unclear why there's not were buying? if you wanted to lock in yields, here is your moment. where are they and who is selling? this is something technical? right now, the feeling that there is a c change in terms of quantitative easing changing and being reversed on a global scale with all those underpinnings been released. jonathan: getting closer to 5% on the 10-year. u.k. 10-year