jerome schneider, welcome to chicago again.hat i noticed today was the 2s, 10s spread is hovering just below minus 50 bases points. that is the most inverted spin all year. >> right. >> what is that telling us? >> it's tells us ultimately that the economic data is beginning to turn a bit. retail sales remain strong, at the same time, you're having the inflation numbers come off. everybody's eyes firmly on what happens on friday. the reality, conflicting data at this point in time. when we're really seeing indicated by today's 2-year auction -- >> i gave it a b-plus. it was solid. >> it's probably b-plus, a-minus. >> what's ultimately investors cash, federal reserve will modestly affect interest rates later this year. the attraction of the curve to earn more income but at the same time has the potential for price appreciation mean that is a need to get out of money market funds. >> it is a split decision. as i watch different data points, last week, for example, yes, we had weak retail sales. but s&p global service sector pmi wa