that is solid, unspectacular -- but unspectacular.average is actually starting to point down. probably ontoe more solid and unspectacular payroll gains. i think we're still looking at the first rate rise after the election. hans: are you worried that the fed is running out of ammo? is the fed going to have enough ammo to respond? >> i suspect in terms of conventional monetary policy, they could do more qe, which is still in their armory. if things do slow down, they could resort to helicopter. it is not out of the question. guy: we are starting to see some of this which growth. >> again, it is solid, not spectacular. my colleague wrote a great piece this morning on the terminal. seeaid, we would probably the fed hiking more aggressively than it is, but the fed has international responsibilities and as a result, they look at the international headwinds. they say to themselves, we cannot be aggressive because the world can't handle it. you 30 much. thank u 30 much.yo i urge everyone to check that out. ♪ guy: beijing is set to intervene

calling and a whole lot of rancor, but for everyone on the stage not named donald trump civil, unspectacular was victory. >> real estate developer and businessman donald trump. [ cheering and applause ] >> reporter: the frontrunner was once again tonight where he is most comfortable, the center of the storm. the rules were made clear at the top. >> please do not talk over one another. >> reporter: for once guess what? they didn't. it was by far the most civil of the republican debates. the field is now whittled down to four candidates who seemed intent tonight less on bar brawls and frat parties and more on issues. >> so far i cannot believe how civil it's been up here. [ applause ] >> reporter: which doesn't mean it was, you know, a tea party. mr. trump was reminded that he said yesterday muslims hate america. >> did you mean all 1.6 billion muslims? >> i mean a lot of them. i mean a lot of them. you can say what you want and you can be politically correct if you want. i don't want to be so politically correct. i like to solve problems. we have a serious, serious problem of hate. politicall

given that our view is steady but unspectacular growth, it's where we like to be. >> where within thethat point you just mentioned? are you wanting more momentum within the u.s. market or less momentum? >> right now i do like where tech is. i think it's at the fulcrum of two factors that are going to drive the economy forward. one is solid consumer spending. the other is eventual pick up in equipment and software expenditure by companies. we are near an inflection point for this economy where spare labor supply starts to dwindle. wages start to rise. and margins come under pressure. that's going to force businesses to invest. i think tech can be a part of that. furthermore, i still like where some of the domestically focused financials are. i think at the moment we are in a period where people have taken down interest rate expectations. people have been questioning the health of some of the economy. i think there are some large names which also look good. >> david, we're going to have to wrap it up there. thanks very much for joining us. that's it for today's episode of "worldwide exc