nobody basis points is probably a done deal today from the fed what are you looking for in terms of the language what would be hawkish will be damage i think that the fed will think about the effects on the economy i think the fed has room to raise rates they have room within the labor market that target back tight is that they can continue on this path and i think it is for me is whatever the fed says it will be put into markets depending on what investors think i think so i think im not sure he can really walk a tightrope without somebody reacting however you did see it in the last rate hike where the market reaction was pretty muted after the first 25 basis points so do you expect that to be the same i mean given just the pounding that weve seen in april whether its stocks whether its bonds how do you see any signs of optimism in these markets now i do i think the equity risk premium which is the premium over bonds for equities is still positive bonds are heading towards a more normal market environment youve seen no negative yielding bonds have reduced significantly over the last year so from that perspective monetary policy is rising we have to remember that monetary policy is at emergency levels so we have to get rid of the emergency levels first before then we can start to see what global monetary policy looks like so i think the fed will continue to walk that tightrope and i think investors will react as they get calling people moving to i guess normalization of monetary policy away from the emergency measures of emergency levels that youre talking about here but why do they seem to have all this confidence that they can actually control this type of inflation i mean you can probably control the second round effects of it on demand but certainly not the supply side i know thats what the fed has mentioned already that they cant create more supply they dont have the tools to do that they do have the tools to fight inflation theyve staved off deflation thats why youve had emergency levels and now theyre moving towards saying well we can fight inflation by raising rates thats what were going to have to do and we think that you know the 10 rate hikes that are priced into markets for the moment are probably too high for this year and i think that the fed will continue to move it will have some room in the labor market it will take into consideration whats going on in the data in the us and how its affecting that and how aggregate demand in the us starts to react to higher month much higher interest rates and tighter monetary policy so i mean are your long term investors and if youre in for the long haul youre going to be looking at certain parts of the market which have been beaten down and on top of that have quality give us a sense quickly what you are at the moment heading towards rebecca the underlying 16th some teams have yielded flatness so they are very much thinking that were getting closer to a six month view that the longer some rates have reached the point where they will stabilize rather than be on this most away from home for eight to three so from that perspective i think were going to see some stabilization in longer term rates for us we remain longer term investors in terms of thinking about equities but also the sustainability side of things as well where as we go forward well see as the carbon transition the target carbon zero targets come more more into play so were really focusing on that for a longer time colin i asked for the ecb given where you are as well theyre also edging towards some sort of quantitative tightening or maybe at the end of easing is it inevitable that that europes gonna head into a hard landing and what sort of exposure do you have to europe right now so overall europes elite least favorite regions along so yeah with emerging markets we prefer with higher growth than the more stable things which are in the us we have seen europe actually increase their earnings expectations for this year which goes against japan or china for the us so there is hope for europe we just think its yet too many uncertainties around monetary policy to run the uncertainties around the common economy and the effects of the conflict thats on its borders