The labor market is starting to take hold with wages and employment. I think the market is waking up to the fact that the plan that the fed put in place is actually justified. We have more policy uncertainty which can naturally lead to more Economic Uncertainty which will lead to more market uncertainty and that will end up with more volatility. These things take time. Its hard to have such a dislocating move without creating all kinds of wreckage around that you are not expecting. Lower longterm yield, that could lead into higher evaluation. I dont see a financial crisis on the horizon. We are paying close attention to it. Qe unwind more getting priced in. The boj was buying. While that is unwinding, the entire market is realizing that , that is stepping away. Jon get ready for more volatility. Around the table, greg peters of pgim fixed income, Bonnie Wongtrakool from western asset ofagement and rob waldner invesco fixed income. Is the volatility going to spread across assets . For t