Have on the Auto Industry. Wherelets have a look at are right now. The fomc, the end of the two meeting. If you are janet yellen, you are looking at this function and you would think yes, investors have penciled it in and they are calm about the outcome of the meeting. Stocks are rising and all of these currencies are rising against the dollar today. Yields are declining and commodities are up. That is your market snapshot. I want to show you sterling, though. The pounde level of today. Sterling is rising. What is fascinating about this chart is what happened at 6 00 a. M. Yesterday and today. Because that is when the move took place on both days. Anderday, it went downwards today, upwards. Yesterdays decline no big news today, though. Poll for the times showing a 57 of scottish voters want to remain inside the u. K. Compared to 53 to seek independence. And now we are waiting the triggering of article 50 and theresa may says that will happen by the end of the month. And we are waiting when the actual brexit talks will begin. They could happen on june 20 which is three months to wait. A long time when you only have two years to discuss the brexit. Jobless rates here. Check it out, lowest level since 1975, quite astonishing. The lowest since 1975. Britain is seeing wages go nowhere. Unemployment unexpectedly dropping to 4. 7 . The number rising by 92,000. What is important is that basic wage growth is slowing to 2. 3 . That is the key there. A fascinating chart going back to 1970, quite near when i was born. Vonnie yes. Julie what is your exact birthday . Is on this chart. My exact birthday is on this chart in this area, right here. Julie that is as precise as we are going to get. Lets take a look at u. S. Stocks today. We do have an upward bias although we are still somewhat in a Holding Pattern ahead of the fed. Running 16 are below the 20 day average on the s p 500. So it looks like some traders are waiting until after the fed to place their bets. You want to update you on the oil prices after we got the inventory numbers. Inventory is dropping for the first time this year on a weekly basis. To enter 37,000 barrels was the drop. Distillates fell. And our chief Energy Officer brought up an interesting point that we saw crude imports fall because of the opec production cuts. That might mean that u. S. Production needs to ramp up working down inventory here. Also, today, we have watching airline stocks. We did have a couple of days of losses for the airline. I will pull up a chart here of the airlines on the bloomberg because we are having problems with our graphics but the bloomberg is working. Days of declines. A 5 pullback. But we see a bounce today as a couple of these companies are presenting at a jpmorgan conference. And i want to look at the Balance Sheet of various Central Banks here as we go into meetings this week. The fed is in white and the Balance Sheet has showed here. Some investors have argued that it is the ballooning of the Balance Sheet that is one of the things that has helped to fuel Risk Appetite for global assets here. And the bank of japan is here in red and the ecb is in lieu. Vonnie pretty phenomenal. Different charts with those assets as time goes on. Im sure you will be coming down to see how that looks. Julie hyman, thank you. Less than two hours from now, we get the fed decision. A wrap up the twoday meeting. Markets are fully expecting a rate increase according to futures but the bigger question is, how many times this year will be centralbank hike . Our next guest says three. Talk about that and so much more. We have the chief Investment Officer of wilmington trust. Have a lawsay, you degree from harvard and a masters degree in french and International Tax law. Whats that all about . Right . Does it help in the u. S. . It doesnt help in the u. S. Vonnie lets get back to the u. S. Situation. Are your clients calling you and saying theyre reluctant to get out of the stocks is a donut with the tax situation will be in the next 12 months . The contrary. We have clients call up expressing concern because of the political situation in washington being so unconventional. So our clients are reacting to that and they say, how can we, is anything but we have so much difficulty in the style and manner of the current administration. And we are actually quite constructive on the economic environment and market environment. Spending a lot of time calling our clients and reassuring them that we think there is a lot of upside from the current equity levels. Vonnie so you are advising them to stay in the positions which are best for them which includes what . In u. S. Re overweight and nonus equities. We think that will take us through the french election. We dont believe Marine Le Pen is going to win. We think emerging markets look strong. Anything outside of duration and bond portfolios, we like that right now. Mark does the dutch election have any potential to move markets . Wilders wins or if there are a few more seats than expected . Tony right now, going into the election, it looks like the polls are evenly split. And there is nothing within the never lends itself that would have a direct impact. However, the situation in france is concerning. Theiven the inaccuracy of polls going through brexit and into the you cast and into the u. S. Election, one does need to be circumspect of the french election. Marine le pen is probably going to lose toone but we would geert to see if wilders is able to beat mark rutte, it would really change the dimension of the trajectory that Marine Le Pen is on right now. Developedin your europe call, overweight u. S. And develop europe, what do you buy . What should investors be looking at right now . Iny the core countries europe. Germany, france that will have a lot of upside if Marine Le Pen is unsuccessful in her and making there is Good Opportunity in the u. K. The u. K. , from a currency standpoint, is a bit undervalued in terms of the cross of the u. S. Dollar and euro to sterling. So we see opportunity in all of those areas right now. Vonnie you mentioned you are and you spend a lot of time looking at fixed income curves. Is there anywhere that you would look for value . Maybe downing the Investment Grade . Now atf you look right the spread levels, they are tight. That is one of the reasons that we are confident around the Economic Situation from a canary in the coal mine perspective. We see spreads widen out conservatively and more flatness in the yield curve than we are seeing right now. So we think the stock market will continue to do well do to those indicators. In the fixed income market itself, senior bank loans even though they are pretty inexpensive right now, we are not seeing that there are credit robins this kind of paper. So we like veritable rate roots rate notes. In thelike shorter paper Municipal Market. The Municipal Market continues to have supply. Vonnie you mentioned the u. K. Why the u. K. And where . Now that it looks like article 50 could be triggered by the end of the month . Isy we think the currency in relatively good shape given the underlying Economic Situation. The economy is doing well and so when brexit occurred, there was a lot of concern. But trade has not been negatively impacted in the u. K. The u. K. Is doing perfectly fine. Economic activity is moving forward. There was just some information out on the u. K. Economy a few months ago a few moments ago regarding unemployment which does continue to go in the good direction. So we like the global, Multinational Companies that benefit from having a weaker currency right now. Translatedrofits get back into sterling terms at more attractive prices. E. M. My toare in avoid right now . Probably south america. Structurally, we always avoid russia. But south america is an area to avoid. And the countries in asia, the countries that are benefiting from this massive shift in demographics to a consumptionbased country, a significant rise in the Consumer Internet sector. So china and the surrounding companies. And we continue to like india, even though it is a bit more expensive. It is quite attractive. So all those countries, they are commodity consumers and they benefit from low Commodity Prices. And we have seen a big swoon in Commodity Prices over the last year. Last guestsof our mentioned a recession in the u. S. When do see the next recession here . Tony certainly within the next five years. I think we are in the later stages of the recovery. I would say that with each router three that the fed is on right now, which is fairly notual easing, we are seeing a debt induced recession for some time and this administration has made it clear that they are progrowth oriented. So whether it is a reduction in Government Spending at the level of the Affordable Care act, repeal and replace or tax return , despite all the difficulties that the administration is having to usher the agenda through congress, we do expect that a lot of will be accomplished. And that will push off the recession for another three years. Roche, we have to leave it there. Thank you for joining us. And today starting at 1 00 p. M. Eastern, we have coverage of the fed decision. Minutes away. Lets check in on the first word news with mark crumpton. Mark crumpton the republican and Democratic Leaders of the House Intelligence Committee say they have seen it no evidence supporting trumps claim that the Obama Administration wiretapped him last year. Speaking at a News Conference today, the chair of the House Intelligence Committee said he does not believe that trump tower was hacked. The issue with the president talking about tapping trump tower, that evidence remains the same. We dont have any evidence that it took place. Thatct, i dont believe the people we have talked to, i dont think there was an actual cap of trump tower. Crumpton chairman says he is waiting for the Justice Department to back up the wiretapping claims. Trump heads to detroit today, he will promise to reopen a review of the Auto Industry fuel economy standards. He said those rules cost jobs. Automakers have been pushing for the standards to be revoked. General motors says they will add 900 jobs in michigan over the next year. David westin will have an interview with the gm ceo later today. The European Union is ready to ratchet up the pressure on theresa may. According to two officials, they may stall the start of formal brexit talks until june which will cut into the time the Prime Minister has to come up with a deal. Once theresa may triggers the brexit and starts the clock on the twoyear negotiations, the power does shift to the eu. Prosecutors say they plan to ousted south korean president next week about the Corruption Scandal that removed her from office now that she no longer has president ial immunity. The government has announced that an election will be held on may 9 to pick her successor. Global news, 24 hours a day. Powered by our more than 2600 journalists and analysts, in more than 120 countries. Im mark crumpton. This is bloomberg. Mark thank you. Coming up, as regulators in europe get set, we will hear from the chief executive of one of polands largest banks. This is bloomberg. Vonnie from bloomberg World Headquarters in new york, i am vonnie quinn. Mark this is the european close on bloomberg markets. Lets focus on banking in europe and poland. The opportunity today to speak to the chief executive of one of the biggest banks. Regulation is set to meet to discuss a rebound. Lets go to matt miller in frankfurt at a conference organized by the institute of international finance. Matt thank you. And let me off about the regulation question. We have been talking about this in panels here. Do you feel like we have reached an Inflection Point . Have we gotten so much regulation that the pendulum is swinging back towards less regulation . Say i would , we havent been able to cope with. And i think that for Smaller Banks, this is very difficult and tough. Will i hope this will be the answer, to some extent. Matt do you have any feeling that this will level the Playing Field . This is difficult. There is a lot at stake with these negotiations. Historically, when you look back , it was to build an equal for the national banks. Invented by the top players in the world. Now, we are somewhere in between. So i believe that yes, they are ready to make things equal for different players. With less of a focus on the international. Matt you have 5 million clients but you are looking to grow organically, not through m a. Can you focus on that tragedy when you deal with regulators . Our last 15 years on the retail side was purely organic. We have been very successful at acquiring clients and giving them the best offered. This strategy has worked. Withoutously, this is the branch working and with very limited success. I may strong believer that this is the way that banking will evolve. It is more difficult to go internationally because of the still fragmented framework in europe. Matt you have the most technologically advanced mobile app that i have seen in the u. S. Or germany. Can you bring that business into europe or do the regulatory burdens stop you . I cant imagine that we are expanding past poland for two reasons. We are presently Czech Republic and it works. Obviously, you have to adjust but this is from the perspective among european countries. So we are technically overlooked by polish regulators. Different jurisdictions. This is not that popular yet. This, you have to have matt do you have to buy that tech from the startups . Cezary unfortunately, i was not asked these questions about corporations. Everything that we have, we are protected by intellectual property. Of a variety of outside players, not everything is ours, but we have been able to integrate. And the way we offer our products to clientele is very robust. ,n organization of payments management tools, prediction of the payments through a mobile device. So we are not talking about something being built last year. We are talking about something that is servicing 5 million accounts. Matt so you have build up this business over the last 15 years through the. Com bubble burst. Cezary that is important. At the time when we launch this operation, it was on the collapse of the. Com. And i think the competition has ignored us. They didnt believe it would work. And we had five years or seven that did only after people start to realize wow, this is serious. In the meantime, we have been lucky the we have been ramping up our Customer Base out of the postbaby boomer generation. Those eager to explore and experiment. And then we have been at the right time launching the mobile app and it is very strong. Do investors still penalize you for being a bank . We see them trading for far less. Cezary i think we are getting some kind of a premium for our different outlook and background. And different structure. So this is being reflected. And there are other aspects with the markets in general. But we are listed in the stock exchange. Thank you, very much. We appreciate it. That was Cezary Stypulkowski from mbank. Mark great interview. We are seven minutes away from the end of the wednesday session. This is bloomberg. Mark live from london, this is bloomberg markets. We are about five minutes away from the end of the wednesday session. We are sitting on her hands and twiddling our thumbs as we await the outcome of the fomc meeting. Will rates be raised . Not long to go. Stoxx 600 up like. 4 . And paris. Ankfurt sterling, currency is rising against the dollar today. Erasing some of the losses and almost all of the losses from yesterday. 122. 17 interesting job data today. Falling to the lowest rate since the mid1970s. Wage growth is slowing. That is the more pertinent part of todays jobs report. And as we await the outcome of the dutch election, yields are declining in london. Spain and italy. The close is a matter of minutes away. This is bloomberg. Mark live from london and new york, this is the european close with vonnie quinn. The day finishing the day in the grant. The fed is widely expected to announce another increase in Interest Rates up by. 4 , fifth day of gains in six led by basic resources, oil for banks, industrial goods and services. Stocks are back invoked vogue in europe after avoiding equities for much of last year. Investors cautiously adding to european funds inflows went up in six of the last seven weeks according to bank of America Merrill lynch data. Impaired with net reductions last year of 113 billion. The trend coincides with selfside research on chairs becoming increasingly positive. The gap between valuations on the white line, s p 500, and the blue line, stoxx 600, is narrowing, but jpmorgan, asset management, Goldman Sachs have all said returns may exceed those of 2017. The big election taking place in the netherlands this is the fiveyour spread between the dutch and the german. The spread has come down the last month, telling us investors are not too worried about the outcome. There are more worried about the ,utcome of the dutch election and as you see the centerright coalition of mark ricker 68ceed, you could see that expand. Engine maker said they will review the acquisition of zodiac after the surprise announcement that profits will plunge, calling into question whether safra will complete its acquisition. With the shares of zodiac in the last year or so profit warning, profit warning, safra makes bid, profit warning. Too many profit warnings. 10 in the last two and half years. That is some run of negativity. Vonnie talk about setting the bar high and not making it that is the opposite of what covenants normally do. Lets check on movers in the United States 90 minutes before the fomc decision. The dollar index, relatively unchanged, though it is weaker in the last few sessions that won a 1. 53, and a stronger yen thanks to that in general. Assets the interesting class to me today gold below 1200 an ounce, which tells us a little bit about risk sentiment, the twoyear yield, 1. 38 will that rise today after the rate hike, should we get it, we will seek. Get it . We will see. Most movers are in the green, but when it comes to new zealand, where down thanks to oil prices and other Commodity Prices in large part. There you see yields as well moving around in the United Kingdom seven cdf as well. Lets get more on volatility in general. Bigail doolittle joins us abigail we have breaking news on apple according to goldman, this is a big story we see shares spiking higher on this, hitting yet another record high. Apple is up 21 this year, and the reason this is important, the fact that estimates could be better than what investors are looking for, the big story for apple is a return to revenue growth. We saw that in the fiscal First Quarter the december quarter, but now this suggests it could suggest that could be even more robust yearoveryear growth, so investors are cheering this with the stock trading higher. Speaking of stocks at all time highs what vonnie was talking about, the lack of volatility a chart ofg btv the vix. We see the series of blows near record lows. Near the record lows. Way to bouts of record volatility. We had a true correction in the s p 500, a spike higher, then into brexit and the election. This chart may suggest we could see at some point knows what might be the trigger some spike up to about 24 the vix. Very interesting there. And it suggests lots of complacency, mark, so would will begin to see how this plays out. Mark the chance of the exchequer Philip Hammond telling lawmakers he will be canceling a tax increase to National Insurance rate, many of the implications of brexit. The increase was the most contentious part of a physically restrained budget that sought to repair the economy for leaving the eu. Joining me now, Simon Kennedy how much has hammonds credibility been damaged by this . Kennedy it is certainly a below. Increasing the tax on selfemployed workers the main problem being conservatives had run on a manifesto that said they would not increase National Insurance. Some jittery poker in trying to develop defended over the last week, and havent taken the uturn today. Mark to be fair, the iff backed it as well. It is not as if it was universally panned. Simon from a purely economics, purely fiscal management point of view, that was a great deal of argument behind Philip Hammond. Tax codeied to make a fairer, believing selfemployed workers and entrepreneurs had perhaps not paid the same amount viaax that those of us pay 70, but the problem was the politics there was a manifest and commitment that said they would increase National Insurance, and conservative members were complaining this was a tax entrepreneurialism, on workers. In a small majority, often forgotten about when we talk about Brexit Theresa may does have a small majority. There is ameans whole. How will they fill the whole . Simon that is for another day. A quick question on brexit give me the day. What are the rules telling you . Article 50 . Simon we can do better officials telling us the last week of march. That will be when she files article 50, but honestly this week, todays news the scottish independent independence push of money, talking a hard political environment in which theresa may is starting to deal with the mastech with domestically. Mark they much, Simon Kennedy. To the lets get back elections in the netherlands where the outcome might provide a key gauge of how far populism has reached into yours core. Manus cranny is live in amsterdam. It seems like it is nice and quiet. Goode generally show turnouts on days of elections. Manus cranny yeah, turnout here has been higher than in recent elections, and the sitting Prime Minister had a message for the voters when they went to the polls this morning, which is to stop the wrong kind of populism. Past 24,ave seen the 48 hours, we have seen a shift away from the extreme right moving toward the sitting Prime Minister. How much you can believe in that, nobody knows. Immigration, integration, and islam are at the heart of the issues of this election. I caught up with a Green Party Leader who has ambitions to be Prime Minister, but this is his view on immigration. I think that it is an important principle for western democracies that we welcome refugees that we people who live their countries for war and violence we have to take care of them. This is a very important principle to us, but to every Leftwing Party in europe, i would say, dont pretend you are a populist. O not take over their ideas you have to fight the ideas of the populace. Manus this has been a divisive and he did debate. The issue is this, really, for the rest of the voting time as they go into the voting booth will the dutch build a firewall on this populist wave that we have seen in brexit, in trump exceeding to power . That is why you are saying, i think, i rather laissezfaire in terms of volatility, in terms of equity markets. This move to the right looks as if it may have stalled here, but of course there is a project this preoccupation preoccupation. 46 of the people have made up their mind of who they will vote for. Itll take more than 72 days to form a coalition. That is the average since world war ii. Vonnie manus cranny in amsterdam, thank you. Maybe you will be over there for some of those 72 days will have to see. Foss. Up, dan this is bloomberg. Mark live from london and new york, i am mark martin. Vonnie and i am vonnie quinn. Bloomberg for the business flash royal bank of scotland, deutsche bank, and wells fargo agreed to pay 165 million to investors to end a lawsuit over loans bundled into securities for the financial crisis. The settlement resulting a 9 yearold class action suit by the new jersey Carpenters Health fund. Claims it was misled about the quality of the loans. Digital duty app may to has linked its second billionaire. Minted its second billionaire. They have more than 450 monthly users. They allow people to apply virtual makeup in photos. The british jobless rate has fallen to its lowest level since 1979 1975. 2. 3 . Rowth slowed down to the falling pound is pushing up inflation. There is some estimates that real incomes are set for their worst year since 2013. That is the latest bloomberg. Usiness flash coming up, were talking about the fed. Just about an hour until a big decision. We are also awaiting the president , donald trump, who, of course, is in detroit today, but ,t is countdown to the fed which, of course, is widely anticipated to raise Interest Rates for the second time since december. Stocks rising ahead of that big decision for the fifth day in six. This is bloomberg. Vonnie live mark live from london and new york, i am mark barton. Vonnie i am vonnie quinn. This is the european close on bloomberg markets. President trump is in michigan to meet with automakers and reexamine fuel standards, socalled cafe standards. For more, lets go to david westin, who is near michigan, near ann arbor. David . David westin it is near ann arbor, where they built the be 24 bombers. The president is on schedule, maybe even ahead of schedule. He will shortly be meeting with a roundtable of automotive examples. We know mark fields will be here. We know surge of marchionne will be here. Also some labor up visit us. He will be talking about the epa regulations in the late regulations. In the late stages of the Obama Administration they pushed through the decision not to change those, and the president thinking we will push and take another look at it. Vonnie when it comes to the standards, david, it does sound like a onesided crowd. With her and will there be anyone arguing against getting that of those standards or rolling any back . David i would not count on anyone voting against it. What they did say is they will take a fresh look at them. This will not be deciding what the standards are. Also at this point, the issue is a has a different effect on different Car Companies it is has a different effect on different car covers. Rolling back on some of the companies could be an interesting dynamic in the room. David westin, we look forward to you giving us more perspective. David westin, waiting for the president. The Federal Reserve excited to raise rates today expected to raise rates today. We will bring that to you live when it happens People Press Conference at 2 30 p. M. The 2 00 a. M. , Renowned Hedge Fund manager dan fuss. He joins us on the phone from boston. Dan, thanks for joining you had, in fact, unusually move your call for the next Interest Rate increase to june from march. You are one of the early march adapters, and you got rid of that. You are back in march, i have managed i imagine. Dan fuss yes. That is correct. [laughter] vonnie why . Has told us through individual speeches they will raise in march, and i think they have the data behind them to do it, and they have enough quiet on the International Sides to not be worried about that right now. So, the setting is good. The numbers are there. They have been quite consistent in each of the speeches, saying it is march. Vonnie now, the reason you said you were looking for june rather than march originally was not because of the u. S. Economy, which you said warren today march increase, but it was the Global Economy and they Political Landscape the Political Landscape. Has anything happened to change your mind on the impact of either of those on the u. S. Economy, now that we are going to get a rate hike, it seems . Dan well, the u. S. Economy is fine. The u. S. Political scene has not really changed. Internationally, however, it seems that europe is stronger, and japan is a bit quieter. And in both cases, the central they there, have indicated are comfortable at the current level. Now, an increase . I doubt it. Some of the smaller Central Banks are meeting. It is the general what is a good way to put it . Synthesis on the International Side, if the u. S. Up 2. 5 ,up a. 5 dont worry about it, and since. 25 , i lower than dont think we will. That is the best way to put it wait and watch. Mark we have a chart that shows the period after 2015 and 2016 when the fed raised rates peakrate hikes signaled a in the yield of the 10year treasury. Aes history repeat itself third time . Are we at the peak for the time being . Dan the treasury 10year is up about 10 takes. Lets wait and see for the verbiage to come out and Janet Yellens testimony. My instinct is as long as International Side stays quiet, and by that i mean you dont have some huge flow of money out of Southeast Asia that sort of thing as long as that seems quiet, and the domestic economy continues on, i think that, it is i think that it is certainly in everyones best interest from the feds point of view to have short rates continue on up so that the midsize and Smaller Banks can attract deposits. Then you get the money flow out more broadly into the economy if you need it. Point, theythat could probably reassess, but my best guess is they raised today. I am not sure if they will raise again in june. They might want to wait until aspen in august 2 talk about it, and that another time to talk about it, and then another time in the fall, and if things really start humming here, you will find two times in the fall. Mark that plays out, your narrative plays out, where do we end 2017 of the u. S. 10 year . Can we reach 3 in the process . Dan yesdan dan yes. We could if you get the double hike after aspen, or if you get the hike in june. Either way, i would expect the to and maybe go through 3 . Another 43 basis points on the 10year would not be all that unusual, and by the way, that is still, from an historical viewpoint, leaves the timeyear at a low yield. Vonnie 20 point something out in my let me point to something in my bloomberg what happens if we get a more let me show the viewers the historical path of the dot path. Net, they get more bullish in terms of rising rates or bearish, no matter how you look at it, the other way, you have to recognize that at the long end of the curve, there is a highly unusual demand these days, and that comes from liability matching. It is essentially corporatedefinedbenefit plans. It is mostly that, trying to freeze the match against their liabilities, and stocks certainly got to the level where you would sell stocks and by long bonds. Buy long bonds are flirting with that level, and some people are going ahead. They are saying that is it sell short treasuries, invest cash, or sell stocks, and match it with long, callprotected corporates. Well, you cannot quite get there with corporates, so in the meantime you buy long treasuries on the assumption that you will soon be able to do some. That is happening right now to a degree, and the curve is flattening. The next question is, well, how long can that go on . That can go on for a pretty long time. I mean, that is a large amount of money that might go to the liability match. Vonnie do you anticipate any kind of change in overall direction at the fed once we do see different people in their . We already have a new atlanta fed president , but that is separate from the types of governors that were going to see s s donald trump starts putting we are to see as soon as donald trump starts putting people into the fed. Question. Is the 64 it really is. I dont know who will be nominated. I do think it makes an important difference. And the thing that i watch for the most from my point of view is will people be nominated who are basically supportive of the mission of the central bank as an independent or more realistically, independent entity that can set monetary policy, mostly without having to clear things through the white house, or, for that matter, the congress . That is the key point. If they lose that independence, which could happen by circumstance, such as the early19 70s, or by dictate vonnie yes. Dan than they are in a tough spot. Vonnie yeah. Dan and that would be, in my view, very, very bad. Vonnie we will come back to you as soon as we know more. That is dan fuss from Loomis Sayles in boston. A programming note we have live coverage. The fed decides. This is bloomberg. From bloomberg World Headquarters in new york, i am tom keene. Scarlet fu and im scarlet fu. This is bloomberg television, the fed decides. Gametime in one hour. Tom gametime i have not been my brackets. Im sorry, go ahead. Scarlet the on the expected announcement, there will be looking at how policymakers change their prospects. Hard versus soft the data the committee will continue to acknowledge the ongoing improvement in the outlook for the u. S. Economy, probably. We will look for updated language in the statement and News Conference. Tom and lets do a data check. We are thrilled you are with us. A lot of good guess. Dow are with the nice advance. 73. Tentativeness early this morning. Well get to the chart with Carl Riccadonna on flattening. Use the the pros difference in yield between the year and the twoyear