let's get back to david stubbs. nt about specifically, is the environment going to be better once interest rates start normalizing because it brings back volatility in the market? david: volatility helps on and invest your -- investor's trading banks. just not by higher interest rate, but steeper yield curves. i think that is what -- certainly but the potential -- certainly the potential in the next few years. when we get to -- more robust inflation, that injects a little more inflation uncertainty premium into the long end of the bond curve. we were talking earlier about the 2-10 spread in the u.s. gradually tightening. will they look at the yield curve not as an indicator of the underside, but a driver of it? i would like them to keep a decent spread between the short and the long end to allow banks to maintain profitability and .und euro increase expansion not just in america, but also in europe. about will not ask you other banks and put you in that position with your general counsel, but i will ask you about the

david stubbs from jpmorgan is with us. let's bring him into the conversation. is going on here, the inciting. are you concerned that time will run out on the brexit? david: absolutely some level of concern across the entire private sector and across the entire investment community. there is no deal in price and you have this tremendous cliff edge brexit. under the surface, even though there's a lot of infighting, on the u.k. side and on some the key issues, the discussion about transition deals on both sides is a clear positive for the market. i think it is a very high that clearer heads are going to prevail and there's going to be some kind of transition agreement and we will avoid that brexit. year, the market is going to start to price some of this worry in. it has to. for now and one knows the real deadline is in this meeting in october. what is going to be driving is -- if you get around to late summer next year if there are no details, the market is going to start to worry more. manus: let's focus in on energy which has a chart ready for us, the bloomberg

to davids talking stubbs in london the other day about the massive michael for early call on gdp, which way you do economics at jpmorgan. i want to take it over to reagan's world. the president of the united states led a catch beach yesterday at the heritage foundation. thank you for great coverage of that. he led with a greenspan, down 23,000, which alan greenspan always posited. do you buy that idea or is the 23,000 stock market only good for michael regan and the rich of the world? bruce: i think the idea of what we are seeing in the u.s. economy is a turn toward better business behavior, driven partly by a better global backdrop that is altogether helping to boost corporate products -- projects. that is the story that ultimately gets -- how things come up. sitting that we are here with that policy very easy and partly seeing equity markets go up on the back of a world in which markets do not expect the fed to do very much, we still have weak underlying supply-side labor markets. link, his world to the world of potential gdp, can you , as shift to a trump 3% view sustained morning in