during yesterday, geraldine sundstrom, a managing director at pimco, and peter dixon from commerzbank. geraldine, how do you see brexit? there seems to be a line in the market that says he will get a softer brexit or even know brexit. how realistic is that? >> the queen's speech will give us a hint today. yesterday's speech by philip hammond hinted towards a softer brexit. today we will get a little bit more of a hint and of course, there is the majority, and may will have to navigate with a number of people in parliament trying to satisfy all sides. if anything, that might point more towards a softer brexit than not, but at this stage, the queen speech will give us the flavor. francine: peter, what do you see in the queen's speech. so far, what have you learned? >> basically, we have heard the likelihood is the speech will be oriented on brexit, which is slightly ironic because the election campaign focused on domestic issues and brexit was in on the back burner. i think my problem with the legislative program, which the government has likely set out, is to a large extent, it could t