jou joining us, steven wieting. by phone. >> are you surprised by last week?ink you can see that the futures have come off the bottom. a good deal of expectations that this would be a significant setback. are already in play last week. even the delay from thursday, created a good deal of the damage. and, you know, the question now is how fast do they regroup. what compromises are made. and is this total play? on tax reform going to be smaller in scope. >> steven, of course, the yield moves which are linked to politics. the yield moves that seemed to be a vehicle from last week. ke didn't see actually much. move today. both factors are playing out. how closely are you watching that? >> well, you know, taking back expectations of a real massive stimulus in the united states is going to put us closer to a trajectory than we were. i think those expectations were naturally going to wax and wane. there's still four months for congress to get its agenda down. i think there would be a view that there would be no setbacks along the way. we were just surprised at the co

let's do our single best chart with steven wieting of citigroup. bloomberg dollar index.ound this index. can be these indexes flawed. here is the financial crisis over here. here is cyclical dollar stability. moonshot. this is the elephant in the gop room. tohe gets 2%, 5%, daresay percent strength of the dollar, that changes a lot. steve: if it is because of an excel a ration any was growth, the premium growth rate and higher real interest rates for all of the right reasons, then you can live with it a lot better than disruptive dollar strength. tom: full this into the different parts of the world. it is not just presumed dollar strength. it can be dollar strengthened against asia versus less of a dollar strength in the continent of europe. steve: we have been concerned about this issue and investing along the lines that if you want your returns in dollars, it requires a little bit of caution. i think if you look at the euro, for example, we are seeing somewhat higher interest rates. today, the italian government bond yield is approaching u.s. bond-year-old despot yield