stephanie flanders knows for certain that larry summers is rude. ou write a speech for the smartest guy in the room? stephanie: with great fervor and trepidation. when i first joined, there had been stories about speeches being thrown out the window and trampled on the floor, but that never happened to me. we had a beautiful working relationship. tom: i think it helps you in writing speeches for the queen. secular stagnation taken from 80 i spoke withagony, him at length in dubai and i would suggest he is taking a victory lap. are we and secular son -- stagnation? stephanie: i think those that he mentioned almost off-the-cuff when he first raise it a couple of years ago. i think it just captured the mood. there were some of the things that he was talking about that other people have talked about as well, but he found this historical example. he has added to that these is over the years and i think the progress of the global economy has fallen out to some agree. i am not sure at the heart of this debate whether it is really about a shortage of demand

tom keene will be joining us from new york to kick off the conversation with stephanie flanders.alk about boj and a little more about the fed. these are what the markets are doing in terms of pressure around the world, markets overall not as lower as they were about an hour ago but we are still seeing a little bit of pressure, the dollar strengthening, watch out for the yen. trying to weigh the need for stimulus after economic growth in japan beating. this is what it looks like. ♪ francine: two for two, a fed rise in june is still possible. hike 2016.t to recession,ing a consumer spending leads to growth in japan. super forecasters say a 24% chance of brexit. not all banks in great -- agree. this is bloomberg surveillance.

stephanie flanders, who often appears with us. alberto golomb with algeb ris.s been the response to your 200 letter moment? prof. yates: overwhelming. we did not get anyone writing bachelors, telling us they oppose the lesson. we did get some against letters in principle, and there was a debate over whether economists should poke their nose into public affairs. tom: what is your point versus gerard lion's in the times of london? think we need about one hour to go through all of that. tom: you have 30 seconds. it seems to us the best we could hope for with the norway-like deal where we have access as a single market. for that, we subject ourselves to free movement of labor and the cost of leaving the eu will be relatively small. however, one suspects that the leave count will what to infringe on free movement of labor and that will have to be paid for by reduced access to the single market. francine: madame lagarde is in london giving a speech for article 4. she is talking a lot about the brexit. she is saying there's anxiety around the world about the brexit. t