that was half lane hunter. -- half lane hunter. -- kathleen hunter. good to see you.waking up to a nicer of relief. theone day does not make underbelly of support for equity markets, a progressive step in the past 24 hours? guest: one thing you are seeing from all these companies is cash flow. companies are bringing at results and buying back their own shares, that shows they have cash flow in future earnings which could only be positive. manus: you mentioned earnings and i wanted to pop the s&p into my chart monitor. we have done such great work even in the face of it, we have the tax cuts and i know we have looked at ford and gm and they told us it will cost us in regard to terrorist but we are in spitting distance of that record high. do you still like u.s. stocks relative to the u.k., relative to asia? or just out right? times the s&p 500 is 225 earnings as a court -- as opposed to 14 times. you need to look at what kind of growth is priced in. you can be brought back down to earth very quickly. i would prefer europe where we are in terms of valuations, good, high

hunter, good to have you back here. talk about the ecb, it was no secret, we knew this was going to happen. constance: i think kathleenighlighted that mario draghi pointed out that growth was a little bit stronger. in addition to the clip we just about are you talked stronger capacity utilization, one of the other things he said was that lending was continuing to grow and lending demand is continuing to grow in the actual lending by banks was continuing to grow. that is a good sign. i think the devil is in the nuance, the devil is in the details. the way the fed when about normalizing rates is that they started to raise rates and then they began to taper their balance sheet. so the ecb is doing it a little bit differently. they are tapering first and then they are going to start raising rates. one of the things that happened that we've seen in the bond u.s., is that in the there many economic forecasters that are not looking for term premium to return. if you talk to the fed, many fed officials mention the return of term premium, so that would be higher rates at the longer end of the curve. this is an important thing