joining us as alberto gallo, portfolio manager at algebris. alberto, how much will be data give us a path forward? alberto: good morning, francine. what we are looking at is signs of a faster reopening in the u.s. economy but also in europe, and what we saw yesterday is perhaps for the first time, investors are realizing that there are other assets than, you know, the top five companies of the s&p. there are assets that are still attractive and still valuations that are close to the low end in march. additionally, the selloff has been very isolated. it has been very focused on these large-cap tech stocks in the u.s., but it has not really impacted, for example, in europe or energy shares or financials or all of the things that really would benefit from a return to normal, and i think markets are being slow to price this return to normal. we have a five dollar test, and that can really help businesses to grow slowly back to normal over the coming months. that is where we are putting our money. biggest: where will the scarring actually come in th

right now we are going back to alberto gallo, who has been wonderful in giving us perspective. xed income reaction of europe is very different than it is in the united states. alberto, how will the people of will, notes and bills, how they respond to this, what we are seeing today? world is on bond of low yields today, think about $80 trillion in bonds in the world, and only 5% are yielding over 3%. is $14 trillion yielding negative. so the investors are sleeping on a dynamite pillow. and that dynamite is inflation. at these levels of yields, you can only lose money against inflation, you either do it slowly if everything remains where it is because in central banks keep the yield curves flat or lose them quickly because there is a steepening. so i think with the ecb is telling us is they have no rush today,more ammunition but think about what the fed is doing and what the bank of england is doing, they are more aggressive, so there is a competition going on for debasing paper money. and eventually, you are right, inflation has not reached its target in the past, so we may see n