The European Economy and the Macro Outlook

I think there's a good chunk of the kind of revaluation has happened, meaning the bad news has been priced out again. I think they're going to be seeing slower inflation as we go in the next year, just like we will. The downside would be as if growth slows too much and it does become look more recessionary. But I don't see in the US it's certainly a possibility in Europe, but I don'tsee it right now.