still with me, gershon distenfeld, kathleen gaffney and over in london, james athey. i want to get to the recent comments from the vice-chairman of the federal reserve speaking to cnbc. he said the following. "if you're in a dark room without your shoes on, the want to go slow so you don't stub your toe. data dependence makes sense right here." is the market taking this as they are about to slow down the pace of rate hikes? james: i will be opposing that to be honest. obviously we are about a broader committee than one single-member. he does take up an important position, but i'm looking to chairman powell for my signal. i have a different interpretation to that from his speech. commissioned the fact there are global headwinds but he has been very clear since day one of his time as the chairman of the federal reserve. he is not going to be buffeted around by the short-term gyrations. from an economic perspective there are risks of going to fast. you would possibly know about those risks sooner than the other risks. the one that concerns me more is he go to slowly, you

jonathan: james athey? i want to bring you into the conversation. your thoughts? o be realistic, i am pretty sanguine about the whole trade war thing. i agree with gershon. the u.s. is really able to withstand this because it is a closed economy. actually, when i look at china and the decline in the growth rate over there, to me that very much tallies more tightly with the deleveraging effort, the consolidation of power of president xi and his stepping down on excess capacity, some of the old china heavy manufacturing and the leverage that has driven the infrastructure, etc. to me, the growth really has been flowing in a line with the domestic policy. the trade is laterally more doubling down on some of the negativity. i do not think that is the proximate or primary cause for the slowdown we have seen in germany and sectors across europe and china. trade is a bit of a sideshow. both sides want a deal. whether that can be done as soon as the g20, i'm not sure. it will continue to bug markets, but the underlying fundamentals -- i'm pretty sanguine about that. jonatha

james athey is sticking with us from aberdeen standard investments.he bloomberg first word news. sebastian: the board of nissan made it official, dismissing carlos ghosn. he was arrested in japan on allegations of financial misconduct. the board also dismissed director greg kelly who facilitated the misdirection of income. department causes questions of the alliance. the e.u. and u.k. have agreed with their relationship will be like after brexit. it is based on a freebase area -- free trade area. they will work on the so-called backstop to keep the irish border open. china is denying the u.s. allegations it conducts state run campaigns of intellectual property and technology theft. they say the trump administration is basing it on hearsay. said beijing is stepping up cyberattacks on american companies. global news 24 hours a day on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm sebastian salek and this is bloomberg. anna: thank you very much. 1:12 in london. we will stick with u.k. themes