Bonds are going up. I think it is magnificent. The fed is easy. China has been easy. They are willing to stay on hold. Good for risk assets. Its no surprise at the beginning of the year they shot out higher. That default rate is very low. Singleay aaa, quality , i think we are Comfortable Holding those. Tremendous movement in the fixed income space. This is terrific. The fed has called a truce on us bond investors. Jonathan joining me around the watson, george from wells fargo. Mario, lets begin with you. It has been a global bond market rally. Heresomething have to give . Yes, we have seen a complete repricing. Forfed is on hold probably the rest of the year. The data has been weaker than most people probably expected, but the first qwerty the wast quarter of january pretty weak. We have seen a huge rally. We have seen a lot of concerns around global growth, a lot of concern about things doing nothing. Its easily explainable and we are not concerned at all. Jonathan what do you think