we have wendy carlin coming on here later from ucl.f you look at the dampening of reflation, is it within conventional models? >> i think what has surprised people is, we have had the stronger growth coming through. we have not even see wages pick up, the labor markets continue. the conventional models are there, but they are being pushed to the limit. the economists don't really know -- tom: i agree. do the central banks not really know either? >> they don't know either. tom: does guy johnson know what we are doing? [laughter] guy: that goes without saying. draghi says he will only withdraw stimulus when the economy can be sustained without stimulus. tom: that is right. guy: therefore, the pale on monetary policy will be enormous. >> the ecb and fed and other central banks have had loose policy. the fact that inflation stay low will limit how far the fed ultimately has to time. for the ecb, there is a real question about what draghi is doing because the economy is improving. two they need to have -- do they need to have -- guy: inflat

we had wendy carlin., you are one of our of this strange thing called imperfect information. what is our imperfect information about brexit? >> no one knows what they are doing. tom: thank you. >> now everything has to be on hold until the election. we know absolutely nothing about brexit. may how does prime minister or mr. yogurt mouthing off -- junker mouthing off, how do they move forward in the bargaining? if you are an economist, it is bargaining, not negotiating. how do they do that with the imperfect information that is overwhelming them? >> the more reasonable approach is that you give in on one thing that the europeans want. it is the sort of kitchen table divorce. tom: i would not know anything about that. who is he talking to here? everything at the lawyers at the last day, in this case at the negotiators, you said this is the outcome. a lot of unknowns? >> and the market hates that. that is probably why the volumes in the u.k. have come down. it now accounts for less than 20%. there has been a