This is a CBSI and the world. I'm John Bachelor. The European Union, the

vote. The swing toward the right says the European Union newspapers.

That would be the London Financial Times, the London Telegraph, the Times of

London, the Paris reporting, the Berlin reporting swing toward the right.

Not exactly, however, I welcome Joseph Sternberg.

Remember the editorial board of the Wall Street Journal?

He's in London watching the European Union day after day after and also observing a

meeting that's happening over the next two days in the United States his

most recent column address to Federal Reserve so we'll begin there and then

we'll go rust to Brussels and ask what changes are coming in our European

allies.

Joe a very good evening to your new column for the journal points to a responsibility

that the Federal Reserve could take up or the Treasury could take up which is

the price of the dollar compared to its colleagues in let's say South Korea or

Japan or the rest of the world the currency exchanges what can the Federal Reserve do

to help us understand the dollar which is very strong right now and our trading partners who are very weak?

Good evening to you, Joe.

Hey, John, so I think the key point here is that as you pointed out the Federal Open Market Committee is meeting this week for another of their regular sessions to set US monetary policy.

They are expected to keep interest rates where they are at a relatively high level compared to the past 15 years because inflation in the U.S. is not whipped.

But a consequence of this is that other countries, other economies are drifting further and further out of sync with the Fed.

Last week the European Central Bank cut interest rates for the euro, the Bank of England and the UK is expected to do that soon. The Bank of Japan is way behind the Fed in terms of fighting inflation.

And this I think is going to create a new risk for the global economy, especially in the

...