geraldine sundstrom who is with us for the first half of the show. raldine, great to have you here. thank you for coming in. there are a lot of them out there and we talk about china, local election. when you listen to the imf, we should be worried. is there any optimism we should focus on? geraldine: pimco agrees with the imf, there is a recession around the corner. growth is positive but risk is out there. china is one of the big one which i think we are coming at a very important moment for china. the first quarter was pretty weak in 2015 in china and all of the data we are seeing now is flattered. the truth about what is going on now in thell come second quarter. next, you will have a brexit which we will see the u.s. election looks like something very far down the road. this week we have the oil prices and what may happen here. are looking better certainly compared to what we had in january and february. francine: we don't have the turmoil. central banks are doing wrong. they are doing too much and maybe need to force more structural reforms. ger