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The message is things are slowing down. Growth is slowing everywhere. The fed is not cutting fast enough to keep up with the falling growth outlook. They are actually behind the curve. The market is crying out for more. We are looking at extraordinary times in bond markets. Jonathan joining me from london is james athey. In new york, greg staples, priya misra of td securities. Priya, what a month its been. The 10 year treasury, people forget, 2 feels like a lifetime ago. It was the end of july, and we are down near 1. 50. Priya i think it means it is month to month for the entire rally, but what is also interesting, the curve steepening. We have had the 530 curve steepen out since the middle of last year. That also flipped in august. This was a bull flattening rally. This is the month where Investor Confidence in the trump put and fed put were shaken. The last 300 billion of tariffs, a lot of people expected the president would not initiate tariffs on that because it would have an impa

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