director at the jerome levy forecasting center. >> i think the market was already in a position aboutigesting a lot of things. when you look at this year, the rest of the world, emerging markets, europe, they have all been taking. they are catching up to the earnings outlook which is being downgrade and the broader economic outlook being downgraded for next year? volatility. so the significant outperformance for particularly em after underperforming the first nine months of the year. is there some fundamental change in dynamic you see here? >> not in the long-term, but in short-term, e.m. is down so much for the year and the u.s. is catching up to it. romaine: strong dollars. as was the story for most of the year. the dollar has weakened a little bit or flatlined a little bit. as we get into 2019 and the trade picture changes or progresses to some degree, is that story over? do we get to a point with currency differential with the u.s. and the rest of the world narrowing? srinivas: what drives the dollar, if you look at its and involved in the 2011, and the big rally in 2014, what dri