with us, geraldine sundstrom.e had really interesting comments over the past couple days and really interesting movements in the japanese currency. we heard from shinzo abe a couple days ago. do they choose from the boj governor. they have to speaking wish and read of a list of qualifications required. but does anybody really believe there are other candidates out there? something bloomberg has done previously, suggesting the market expectation is that credit gets another term. >> that remains the same. given the move in the market, the alternative is for a more dovish person than the last of his person. the bank of japan is probably the most dovish and it has the most credibility. anna: risk off events really do help, don't they? this chart shows that move higher in the japanese currency, it shows the japanese weighted currency for the end. it shows the rising in and the strength we have seen the currency. as we said during the break, this is not necessarily the case during the height of the equity sell. but what

geraldine sundstrom joins us yesterday despite inflation overshooting expectations, stocks moved higherwe're on track for our fifth day of gains what does that tell you about markets and how they're perceiving this rise in consumer prices is it a sign that investors should not attach this much importance to inflation? >> good morning. markets will be markets. and the volatility we've seen over the last few days has been disconcerting for a lot of us. the bigger picture is the tradeoff between growth and inflation and are we seeing a deterioration of this. the ten-year treasury at 3% was something we were looking for during 2018. inflation rising as well is inflation getting out of control? i wouldn't say it's running away it's accelerating, but nothing that would be out of the forecast i think now stocks are taking comfort on that. looking at the importance of tax reform and those huge cash balances on the balance sheet of corporations, which probably now is being put at work and supporting the markets >> one thing that maybe investors are worried about now is whether or not the macro e