ebrahim: absolutely. one of the implications of this past few years of globalization on the back foot, that will be reinforced. these u.s.-china tensions are one of the factors, but many economies learned from this crisis that having the capacity to produce onshore can be quite valuable, and that applies obviously to the health care actor but more broadly to range of strategic industries. we think global trade will for cyclical reasons. contractto significantly in inflation, but it will take a hit in these issues linked to supply chains tightening and re-shoring. francine: what kind of recovery are you expecting? ofahim: we see signs activity is bottoming right around now. maybe mobility metrics, high-frequency metrics bottomed in countries outside of asia right in the first two weeks of april. that means with a broad brush, if you have a one third decline in gdp in q2, we should be expecting a significant rebound from these extreme low levels of activity as low as q3. let's call it with a broad brush aro

ebrahim: we think it is more euro positive.till have risk premium for purchaseseuro asset bring down that risk premium. in that sense, we think if the ecb did not increase asset purchases, the euro would end up setting off, and so would the subindex. periphery tom: you mentioned a hamiltonian moment. many people are thinking the broadway play. i am thinking way back, where .aybe it was fractious you can't have a hamiltonian 27 countries, can't you -- countries, can you? ebrahim: i wouldn't completely write it off, but i think certainly, this isn't it. in this specific case, as i mentioned, there's no transfer of fiscal powers or political powers, and we are dealing with the construct that is not even easily scaled. inappropriate to refer to this as a hamiltonian moment. out, your to broaden base case is that the dollar will resume its strengthening and you will see a weakening in the euro going forward, and that the dollar will end the year as the dominant currency just as it was a couple of years ago, correct? ebrahim: broadly

ebrahim rahbari with us and moments. president trump finds dr. on children and the virus." the good doctor is hopefully humble. "surveillance," we are seeing glimmers of life in our