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-- -- what is going on with these markets our economy what's like shortly to happen -- we enter a period of extraordinary events.
We have -- presidential election European efforts to resolve their banking and sovereign debt crises.
China preparing for a change of national leadership.
Perhaps a change of direction of course the prospect of the -- court.
Now -- ahead of us joining us to analyze assess and divine what is going on -- -- about my favorite and one of the best economic thinkers in the country.
A lot of to have with us Josh Fineman.
Chief global economist managing director of Deutsche Bank good to have you here great to be -- well let let's let's get the Fed out all the way -- so many people.
Would like -- what do you expect if anything.
Nothing much the Fed I think you know that after the last meeting where they you know -- a lot.
I think you're probably gonna last stand pat just keep keep on doing what they've been doing which is the asset purchase program.
And saying that are going to be holding rates low for a long time.
We see any evidence as far as you're concerned significant evidence of flattening of the yield curve are we seeing any evidence that the that the Fed chairman's.
Intent of moving money out of that nasty bond market and equities is working.
A little bit I -- I think that that financial conditions -- these the little of course is always hard to disentangle how much of that is because of what the Fed's done damages because of other things.
But there has been some improvement in market sentiment.
I think some of that is what's because of what's happening in Europe.
Some of the tail risk in Europe has been taken off the table or at least -- I think that kind of got the market rally started.
And the Fed's actions maybe you know and -- -- that a little bit and the data out of the US have been while hardly roll pops up at ten that.
A tad better housing stronger -- realty track however been talking today about the local markets 65% -- -- showing.
Weakness and in fact being weaker than four years ago as you sort of scratch your head at that sort of expect well the market was you know in in in in disarray for a long time -- I think it's it's in the process of stabilizing.
And may be beginning to improve.
I'm not looking for anything like -- housing boom or something like that but but the beginning of up turning what had been a tail wind for the economy to be.
Head when the economy into a little bit of -- -- And you know they're all sorts of headwinds I don't know that there -- any sharper.
Let's assume that we can.
Hold stable with Europe for an hour that -- -- yeah.
We've we've got to change of leadership.
Coming up next month -- in China.
Your significant questions about what is happening there seven point 4% GDP growth just reported.
It looks like -- nonetheless a strong.
Still at work.
China strong engine but not as strong as it used to shore and and I think that that's something the world economy's gonna have to get used to I think China's transition over a period of time to somewhat more modest trend growth.
Still rapid growth by the standards of the advanced countries.
-- but not as strong as it's been for a variety of reasons they're demographics becoming a little less favorable some -- the low hanging fruit have been picked.
So I don't think you're gonna get the same kind of out of China over the next decade or so as you you've been getting in no -- -- Capitol Hill when it comes to dealing seriously.
Or this White House for that matter.
With the fiscal -- that awaits at the beginning of the -- are concerned are your your expectations.
-- to us is going to be done before the election I am expecting that perhaps at the eleventh hour a deal will be put together to avert the fiscal cliff.
And maybe create a window in 2013.
For starting to deal with the longer term budget problems.
But it's gonna depend on the outcome of the election to be sure.
And and what is the outcome of the election.
Prop up a judge Harvard we thank -- prepare.
-- appreciate it.
And what's your wanna answer no will wait for the election will await that will await the determination of about -- over to get a clue tonight and Overture going to be excited about that I am a -- -- -- -- that.
Just -- and we appreciate.
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