back to you, ross. >> thank you very much. >>> gina sanchez is still with us as well. na, it's interesting. you look at the japanese stock market first quarter of this year a long with the dax, one of the best performers in the world. >> right. >> i suppose if this turned around temporarily, would it outperform again? >> that outperformance was probably on the back of stimulus, because of the reconstruction post-fukushima, so i wouldn't necessarily expect that to happen again. in fact, we're underweight japanese equities currently. >> to what extent -- this is a classic political gam but. you increase sales tax. how is the effect from that spending likely to stack up against the rebuilding sxh reconstruction effort n your view? >> it's hard to say. i mean, i think that you always have to be aware of equivalence to the extent people know taxes coming down the road. you wonder to what degree they'll save. this is i nation of savers naturally. i think there's a challenge. they've been pushing -- the japanese have been pushing on a string for some time to try to create dema

joining us now, president of chase investment capital and gina sanchez, after ribny global assets. gina, first to you. bottom line, are we going to get, as john wrote in the journal today, top line, big font, front page, the possibility of more fed easing here? >> well, this is interesting. i mean, we're a little surprised by the results of the beige book. we would have expected it to come out a little weaker given a lot of the data in recent weeks has actually been pretty weak, especially you know auto sales came out weak in may. so we're a little confounded. now, this could be interesting going into the fomc, but we don't think the beige book necessarily matters that much in the broad scheme of things. >> what would you be looking at instead? if we should be putting aside the beige book for a second, what would you say is the most important indicator right now to give the true picture of what's going on in the u.s. economy? >> well, we're watching the data. you look at the restatement of q-1 gdp, it was restated from 2.2 to 1.9. we also have seen some weakening in the labor market