joining us now is michael gapen from barclays. good morning to you.n international question and what it means for the u.s. economy. great gdp data out of japan recently germany's this morning was the best for a couple years, and a weaker dollar. does that support the case for the u.s. economy but this time because of foreign demand as opposed to domestic? >> it does the dollar used to be a major headwind for the u.s. economy in 2014 and 2015, even into the middle part of last year that is reversing. so from headwind to tailwind, there is the story i think in the second half of the year the weaker dollar should support trade it should support import prices. you're right the really big story has not been so much what's happening in the u.s., but what's happening outside the u.s. it's the better growth story in europe and japan and other areas that is filtering through. the dollar is moving in response >> as for the last two days, and last week of trading off headlines around north korea and heightened rhetoric, what have we learned about the way the mar

can we get our priorities straight jason pride joining us now and covering the economic angle is michael gapenbarclays who is used to being called on first, because he's 6'8" it's like look at that guy i'm not doing that >> we're all the same height here the chairs are just adjustable >> he says this is not fair. >> and we're not playing basketball >> you know what you spoke to me. your notes, your notes spoke to me are equities too expensive here? listen to this valuations are a challenge becoming a larger challenge. evaluations now sit at the top level historically historically these levels hold back returns limiting gains, restricting further appreciation and rising values as a result we expect equity markets to continue climbing >> quite inspiring, right >> no. you're right you're right about all those things, valuations usually are not enough to stop something from happening >> we actually have done the historical analysis on this, we looked through the data. we found when you're at the line between top and second quarter valuations that generally returns are limited. you get 1% to 2% les