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Problem we have is we have to address what happens if there is a Brexit and that is obviously

fairly weakness and downside.

It's not until a short raise in rate

that you're going to see the euro dollar curve

accepting more of the federal rate guidance.

The Fed, I think, has made clear that we should expect

a couple of interest rate increases this year and I don't think

it's going to affect the real economy very much at the stage.

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