scarlet: all right, ellen zentner, you are sticking with us.conversation with ellen zentner continues. and joe, mike and i dive into the bloomberg terminal. ♪ scarlet: this is the bloomberg special report. i am scarlet fu with joe weisenthal and mike mckee. michael: i went to get back to ellen zentner, chief economist for morgan stanley. this should fall into the category of what they should do versus what they will do, but when you look at the fed raising interest rates and what we are talking about between now and the end of the year, is this really just angels dancing on the head of the pin? here is a chart that shows the corporate darling spread, basically, your average corporate bond, and the fed rate increase and we have seen corporate spreads come down, borrowes paying less to even though they pay interest rates. it is not look like they will hurt the economy of they try to move higher and solve some of the problems they created in the markets. ellen: those are all fine points, but they have to be sure that as they move further through t

we ask ellen zentner from morgan stanley. she joins us next.anywhere. >>> the dollar hitting a 17-month low against the japanese yen this morning. also watching futures pointing to a lower open with dow futures now showing a more than 80% decline into the open. s&p futures down ten. joining us now is ellen zentner, managing director at mohr dpan stanley. when i look at the jamie dimon shareholder letter, he talks about the risks in china and brexit. the risks are coming from overseas. the theme remains resilience of the u.s. economy. do you agree with that? is that why our market is doing better than the rest? >> that's the theme. it's been the theme for about a year and a half now. key in the minutes is when the fed says we're data dependent, right, they clarified in the minutes that, that data dependence dependent si also means what's going on abroad. political actions abroad. fiscal policy, monetary policy abroad. when you have got that big of a world, financial conditions and other that you're looking at, the policymakers here are bufted ev