we are back with jeff rosenberg, jonathan bienner, and harry ishihara.ant to begin with euros -- eurozone inflation. this friday, in europe, north of expectations and jeff, the highest in almost four years on the core print. president draghi -- does he have the right approach? jeff: it is a risky approach because you are setting up a split between the data and what you are telling the market, and putting central-bank credibility on the line. so we will see. clearly looking at the chart, it is telling you a clear message that the reflationary theme is predominant throughout most markets is showing up nicely in the european data. the tune from the ecb will have to evolve. jonathan: john, is the ecb falling behind the curve? is this just early data and the effects are going to fade as the months progressed? jonathan b.: the fed is behind the curve and the ecb is not. we are believers in the fact that this is transitory. they have had an uptick in headline inflation, a small pickup in core inflation. although their mandate is clinic the headline, obviously,

we are back with jeff rosenberg, jonathan bienner, and harry ishihara. let's wrap this up quickly.ng at the french election and the federal election potentially. >> we have had a lot of election surprises, but given that the polls are not correct in the first round, people are looking past it to the parliament tree elections. >> i agree. looks like macron is a done deal. never say never, but the polls have him with a big lead. jonathan: the payroll's report. does the federal reserve matter next week? >> it does not matter for the markets. we are looking for a june hike actually. that should be the last one next year. -- this year. jeff: all meetings are alive, but some are more like than others could -- than others. jonathan: do you think they should move up a rate hike anytime soon? >> i agree with jonathan's earlier comment. we priced out a lot of the fed hikes. if we are not there to, we can have a repeat in march, which is to get the expectation closer. markets are moving closer in a direction. doing be the focal point. >> i think the balance sheet might be a feature of the sta