let's bring in jason brady great to have you both here. jason brady, start with you. in the tug of war between the u.s. and china on trade talks, how much of a setback are these reports that china's not necessarily interested in pursuing a big deal? >> if you look over a long period of time, each headline has been something you don't want to follow you don't want to say are we taking two steps forward and one back i think what you have is the economic environment in each country weak enough that it's going to cause capitulation? you've seen some, but not enough >> what do you think is priced in right now >> look, i think what we have is slowing economy in both places certainly in china with a lot of stimulus so i think investors are trying to balance those >> what about on the deal front? >> the deal to me, i don't think there's much priced in either way i think there's so much volat e volatility what we're pricing in are what what are the outcomes and it is causing slower economies >> and trenor, if i may call you that because we have two jasons today. >> i've been c

jason brady, bloomberg investment management, and sarah ponczek. mnuchin says they will decide later on lifting the china currency manipulator designation. there is a lot that is still uncertain out there. of the aside the details trade discussion for now, and i don't think anything is going to be totally buttoned up for a , and maybe even that is optimistic, what is your view on the economy? do you see evidence that from a global perspective, at least, maybe things are trough and -- troughing, that maybe we are behind the worst? >> i'm not sure things are troughing. pmi affected a lot by this trade tension. those tend to be leading, and they continue to climb in the u.s. what i'm watching is as we look at the fed and central banks generally who have pulled forward a lot of demand by keeping rates lower the last decade or so, are they going to move to the idea that this is no longer an insurance or small midcycle correction? are we really going into kind of preventing recession? to me, that is pretty critical. if you see that three-month or 10-year

brady here. who wants to make a deal? i need a couple. doughnuts, come on, doughnuts, i love doughnuts. everybody else, have a seat. jason: five years. - we just got married. wayne: give them a round of applause.