appreciation from those lows with that said i think that's the limit of what i can say that sounds rosey it's my job to give you my true feelings about things and i think they're well known at this point. just kind of piggy backing on the currency move i think there's two things that are pivotal here one is the carry trade that speaks to the japanese yen sell-off and why we'll continue to see people borrow in that currency and deploy in the u.s. markets. then as it pertains to the pound, i think this give you the push/pull dynamic of why the fed is on the path that they're on, which is you have a situation there where you are fighting a recessionary situation with inflationary pressures on the upside of goods and services and that is what the fed is trying to avoid. a lot of us have come on and talked about what we think the fed should do. ultimately i'm not here to be right, and i don't think my copanelists are either we're hear to make money ultimately we need to start assessing what is, what the data we do have, how markets are reacting rather than part and parsing what we think needs

joe, we have reported on it, you have reported on it that the relationship was not always rosey, whatake of this latest revelation? >> joe: i don't get it, todd, i thought, i could swear i saw a tweet from joe biden sharing the fact barack obama and joe were bff's, there is a friend bracelet in a photo that mr. biden shared complete with smiley faces and flowers because the guys on my softball team, we share friendship bracelets on social media. embrace it. >> todd: this is what men do. >> joe: i agree. to be serious, barack obama once said don't underestimate joe's ability to bleep things up and said joe biden when considering running for president, you don't have to do this, joke, unquote. in my book, "come on, man," i talk about how barack obama in 2012 was seeking re-election and seriously considered replacing joe biden as vice president going into the campaign. they are not remotely close despite joe biden saying they are bff's. >> todd: only person who can give us insight into this relationship is cornpop and we'll try to book him for tomorrow, hope to get more. >> joe: he's not

. >> i knew that was going to be too rosey of a scenario for you so, david, you have recommended bonds and that has not worked out on this view that inflation would come down quickly and we'll be in a recession and it's not happening. bond yields to rise. when does that turn? >> well, so bond yield, so let's take a look and see why they have gone up because it's not been about inflation we know that commodity prices have been coming down very sharply in the past several months we now know seeing some cracks emerge in the rental story, the price index came out for july, it was negative. that was a bit of a surprise and you're taking a look at market based inflation expectations and survey data on inflation expectations and even powell has said that they've been remarkably stable and actually have come well off their peaks what caused the run-up in nominal yields has been the real rate and term premium and that comes down to the fed and i'm with a lot of other folks, i say probably including yourself, who thought that, you know, this time last year the fed's stop plots are 0.25 and all o