joining us for the hour is john studzinski of last on. -- blackstone. l banks right to start normalizing? john: i don't think we should spend too much time talking about inflation. less timethspend document economies. economies are doing well -- less time talking about economies. economies are doing well. about theking more geopolitical recession rather than economic reces sion. francine: you say inflation is a tier three problem. is it because markets are confident? john: i think markets are robust at the moment for all the reasons we know of the laissez-faire trump administration. markets are robust because of the relatively stable global economic situation. people don't know how to understand the impact of geopolitical risk. the are confident that leadership of the world, while of, verbally sort confrontational, it will probably still handle this with a significant amount of diplomacy. francine: are we changing the way we do diplomacy? your "matt percent when it comes to doing business. has donald trump and other politicians changed the way countries