Basis points. The front end of the curve is moving quite substantially. We will talk about that in a few moments. A couple of thoughts on the move poster earnings. Snacks are because making a comeback, offsetting weakness and cereals. Western digital up 6 . Ceo digitals guy european stocks going nowhere. We are seeing a bit of a drag. The pound is down and the bank of england will not factor in a no deal brexit. They are going to wait for the government to do that. The german tenyear, yields continue to fall. The amount of negative yielding debt just continues to pileup, and up, and up. England is bank of keeping rates on hold, saying it is less confident than usual. The Federal Reserve yesterday also making its rate cuts. We want to get to Jerome Schneider, our guest the talk about all of the central banking moves. Jerome, thank you for joining. Lets get to the Federal Reserve rate cut first. Were you surprised by the Market Reaction . Jerome the market was surprised by future rate cu
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