ms. lagarde: thank you. you know we essentially agree with the president of the fed in that the interest rate hike must be data-dependent and based on sound and as detailed and granualer data and analysis that is possible, which is clearly the line that has been articulated by chairman yellen. over and over. so we totally agree with that. what we are seeing in the data that the team has analyzed, is analyzing is that the inflation rate is not progressing at a rate that would warrant without risk i'll come back to that in a second, a rate hike in the next few months. which is why, to make the point, we are saying that the economy would be better off with a rate hike in early 2016 when hopefully the inflation data and numbers will have consolidated. and even if it is to a risk of a slight overinflation relative to the 2% rate that is mandated under the fed's rules, because we believe that the tradeoff between start too early -- starting too early and risking disinflation and having to return to lower rate is h

ms. lagarde: i think the i.m.f. membership continues to be disappointed with the five years' delay in implementing the governance reform that was actually decided back in 2010 and largely advocated by the united states of america. where the only critical step lagging or missing rather, is ratification by the u.s. congress of such ratification. i continue to have discussions with various members of congress on that particular matter. i very much hope that this ratification will take place in due course. i think that in many instances we have demonstrated our ability to mobilize resources, to provide technical assistance to give support as well as the case, for instance, in the three ebola-stricken countries recently. as well as the case in relation to ukraine recently as well. as well as napal. so i very much hope that by demonstrating day after day, country after country, program after program that we actually produce public good helpful for the economy of the united states, congress members will be convinced that i

ms. lagarde made a good point that there is stability.hat will be prevalent matter when they raise rates. the point they have been rateing the markets for a increase for one year, this is heavily socialized. i think when the fed is looking notll of this, they are thinking, what are the economic conditions for the first half of the year or even the third quarter? they are benchmarking where inflation and growth will be 6-12 months from now. even imf says it will be 6% growth. i can tell you with near certainty we will have headline inflation in january, maybe 3.5%. think quite contrary to the tone of the discussion this morning, when we come out of the meeting in june, i think the bond market will have a massive wake-up call, because i do not think the dots will be shifting lower. i think the prevailing bias will be to rate hikes. in june, only six months left after such week growth, that is something the market cannot dismiss. matt: eric green from td securities and josh wright, thank you to you as well. ahead on the bloomberg market day,

ms. lagarde: given that your question is so heavily technical, i'm going to turn to the mission chief ofthe -- so he can take you through the details of the assessment of the various parameters so that you have fully technical information response. mr. rice: certainly -- mr. chalk: certainly the slower growth in the global economy is weighing on the u.s. it's very hard right now to disentangle that from the effects of the stronger dollar and the effects of the west coast port strike on the trade data. i think we were quite encouraged that the trade data released yesterday was relatively positive. but it's just one data point. i think we are likely to see some weight -- some headwind on the u.s. economy from both weaker growth in the global economy and the trading partners, and also from a stronger dollar. so it is a factor that's feeding into our forecast. i can't tell you how much of our change in forecast is due to that. there's a lot of moves in oil, in the currency and global growth. we don't -- in terms of the boost to oil prices, i think we have been somewhat

ms. lagarde: thank you very much. welcome to this briefing on the united states.by now i spoke you -- i suppose you will have seen our concluding statement and i will briefly summarize our findings and then take your questions. but first of all let me note that this year we have focused a lot of the findings on the financial sector assessment. we do a financial section assessment every five years and all -- in all countries. it's a comprehensive exercise and the overall report what have we call the fsoc will be published on the eighth of july. the concluding statement includes some of the key findings but all the details work, the underlying assumption, the policy recommendations in the full extent, to the full extent will be found in that paper which is due to be published on july 7. that i highly recommend to you. we have also obviously commented upon the status of the dollar as a currency and we have also commented quite extensively on the timing of the interest rate hike expected at some stage in the future. i'll come back to that later. but before we get to p

ms. lagarde is very, very intelligent person. judge >> does she have influence with janet yellen?nce with everyone. it's not the impossible mission. >> i didn't say that. >> i think they are doing a new one. jeremy renner is in it again. >> really? up next. we've got stop trading with jim. >>> time for stop trading. >> i was talking about how crown castle sbi and american tower are screaming here. what's interesting, you pointed out a well capitalized competitor, dish and john legere's t-mobile might mean more towers. >> more spending. you've got to remember that spectrum is not being deployed right now you bring it over and you can match some of it. you've got to buy more stuff. more tower space. >> all these companies are well run. amt. these stocks are screaming. i'm not going to tell you not to buy them. the other group screaming, wynn resorts and mgm. these talks of tie-ups i mention -- i throw them out there and you shoot them down. >> we are in a robust m&a environment. it's indicative getting topee where you can throw stop out and everybody is like oh yeah. >> when the fir