earlier today jay polaski of tbw spoke about the currency's importance. jay: the dollar is key for us. if the dollar rolls over it is bullish on the exposure for 20 25. american exceptionalism at risk. there is no room for mistakes and in the u.s.. that is the main take away. there is room in the rest of the world. so, that audibled anova suggests to us -- the dollar rolling over suggests to us, where are there opportunities elsewhere? scarlet: morgan stanley has a note out focusing on some of those opportunities saying traders looking to sell the dollar are actually far more common than thought. matt hornbeck is morgan stanley's global head of macro strategy. great to see you. before the opportunistic trades you might be looking at, i want to get to the knob -- nub of morgan stanley's short dollar thesis. is it that there is less market strength. the market realizes or that the dollar has peaked and is ready for a regime change? matt: our thesis is a combination of factors. what is usually required to get the dollar to move in a big way. certainly, the i

coming up, jay polaski sticking with us. we will get more of his thesis.g to the first fed decision of the year. libby cantrill of pimco on president trump's economic agenda. we begin with stocks mixed. on track to close at a second case negative week higher. some breathing a sigh of relief as president trump seems to back off aggressive universal tariffs. jay polaski saying we anticipate year three of bull market type u.s. equity returns. much tariffs risk has been priced in. we are focused on the dollar. tariffs are usd bullish. we are not so sure." jay joins us now. even if you're not listening, the one place listening to trump loud and clear is the currency market. jay: yeah. the dollar is key to us. if it rolls over, that is bullish for the non-us equity exposure we are focused on for 2025. as we wrote, the u.s. will be single-digit type returns for this year. that is what typically happens in year three. a bull market needs to rest. no room for expansion. american exceptionalism at risk. there is no room for mistakes in the u.s. that is the main thin

polaski filed that amendment and timely engaged with the program within the initial 30 day span. >> i'm glad to answer any other questions that commissioners may have about this matter. thank you. i don't have any questions. i thought the writeup was very clear and helpful. >> i agree with that. i agree it's well there's public comment. is there anyone in the room wish to make public comment on this item? seeing none. mr. clerk would you check if there are any callers please ? >> chair found that there are no callers in the queue. >> thank you mr. clerk i move to adopt staff's recommendation an agenda item number seven second on the motion to adopt staff recommendation for agenda item seven chair fellow high commissioner salahi i commissioner francois i chair friendly with three votes in the affirmative the motion is approved unanimously. thank you sir john item seven is now closed and i call agenda item eight discussion and possible action regarding proposed step stipulation decision and order and that julio ramos and julio ramos for college board 2024. >> for the record, eric willett,