left. jonathan: joining me around the table is henry peabody. and bloomberg's lisa abramowicz. guys, it is great to catch up with you. henry, i want to begin with you. why is so much of this happening in europe at the front end? we have seen volume explode, intraday moves of some 20 basis points on two years, why all of that? henry: there is a bit of a curve flattening going on. you see the risk coming out of the front end of the market with liquidity. what has happened in europe? you have seen fairly solid improvement over the last handful of years -- debt sustainability, lower interest cost, but they have not grown to the degree the rest of the continent has. there is a reason for unrest there. the question is, how do you decouple italy from europe, and you do not. that is the issue. will it get worse before it gets better, probably.