- US Response to Brexit generally in line with our expectations.

- wait to see what will be the macroeconomic consequences of Brexit.

- relevant interest rate depends on the factors affecting the economy.

- the overheating of the US economy is not a danger.

- the Fed probably does not provide much stimulus as many believe.

- Fed has the tools for an adequate response in the event of a sharp acceleration in economic growth.

- for Fed is better to wait for new evidence of rising inflation.

- low interest rates may give rise to financial instability, but this may not be sufficient to justify rate hikes.

- currently there are no worries about financial instability, "bubbles" in asset classes.