wait untilt inflation is back to 2% to begin tightening. let's get the investor take. global market strategist at j.p. morgan. i want to read what you said to me on friday before this interview. intoaid that hiking september would likely be viewed as a policy error while delayed you would be seen as a problem. told you expect the fed match a delay with modestly hawkish rhetoric. is that what this was? the federal setting up to delay rate hike maintaining discipline for the market? >> the hawkish tone was definitely there. i didn't get the sense that they were trying to explain that they were delaying the rate. to me it was surprising the upbeat tone of central bankers and jackson hall and their confidence in boosting inflation. when i look at market anticipation i do not feel the inflationary dynamic is there yet. if you look at five-year inflation swaps you see they increased extensively but lost almost all of the gain during the summer. you'll see the selloff in inflation bonds. i can acknowledge there might be some inflationary dynamic in the u.s. although wage grow

untilt( 2013 when the supreme court removed that critically important o protection. >> now every timethe vra was renewed under a republican president.w3 nixon in 1974, and '75. reagan in '82 and george w. bush in 2006. every time it was renewed there was a big ceremony for the white house where the president gave a speech about how wonderful the vra was. were those presidents all lying? >> well, it is -- fascinating because i think many people think of the vr arntion as a democrats and piece of legislation passed by lyndon johnson in the hay day of the great society but they've been in passage of the vra but reauthorization as well there's been a strong bipartisan consensus per the voting right it is act in congress, and what is interesting that the voting right it is act has been reauthorized four times even though many of those republican presidents really did not want to reauthorize the act and tried hard to subvert it. first richard nixon with a southern strategy did not want to sign a reauthorization of the vra but forced because of republican moderates in his own party pushing b