lujan: stephen lynch is someone i expect very much. he has a special place in my heart. my father was also an ironworker. when i hear stephen speak to me, it's like hearing my father speak. it is like family. his call, his advice and questions matter to me very much. from a consultant perspective, i think it's important that these democratic committees earn the trust of the grassroots organizers across the country. people need to see themselves in us. if they don't, they will not best we will not get their trust back. it's the energy that we see town to town and neighborhood to neighborhood that will put us over the top this election cycle. we have to shake things up this past year. we always do a postmortem. we also have colleagues chip in and help out. we implemented recommendations this year. by january of 2017, including the buyers that will be reaching out and connecting with the american people on our behalf. also the way the consultants were going to be compensated. this wasn't always welcome by all the consultants doing the work. i think it's important that consu

. -- francisco blanch, bank of america merrill lynch, good to catch up with you. david: stephen tune in today, you can listen to our colleagues on the radio. bloomberg surveillance can be heard in new york, boston, the bay area, and d.c. live from new york, this is bloomberg. ♪ taylor: this is bloomberg daybreak. i'm taylor riggs. coming up at 11:00, newmont mining ceo. ♪ alix: james bullard speaking in d.c. having interesting headlines coming out. they see a rise in inflation expectations. that is welcome. inflation expectations in the u.s. have moved up some. they expect inflation expectations to move up under appropriate policy. this is important because it was really entrenched to the downside. the concern is if you have breakevens below 2%, how will the fed ever be able to raise rates? that shift in one of the most dovish of the community is significant. david: if those actually start trending up, that changes the posture, sets up jay powell tomorrow.market -- alix: he says to keep the policies somewhat fluid. the market reaction is not attend. you are seeing strong buying

lynch move index. we are not seeing a correlate of move in other markets. what does that mean to you? stephent, we have seen a pickup in fx volatility, but it has been very controlled and certainly nowhere near the size of volatility we have seen in other asset classes. it speaks to the general fund mental backdrop, which has been influencing fx markets for the past six months. globalst is strong growth has caused the dollar to weaken because it has raised the attractiveness of investments outside the united states. secondly you have a situation where the u.s. twin deficits is increasing. the fiscal deficit will continue to increase and we have -- the spells it generally weak dollar fame. the weak dollar is still very much intact despite the equity route. tom: come back to the move index. jason, pick it up if you would. this is the volatility of the yield curve. it has moved up a little bit, but the vix would be up here equivalent and equity market space. the way that this has been expressed is maybe dollar-yen. have you adjusted a strong yen call because of what we have seen in the last 72 h