they arethe ecb, doj, looking at the real economy at thinking about if these moves will filter into they and slow growth. i think it is premature to have that view and the central banks will see that on a fed path for the hike in december. what has happened this week is not sufficient to change. henry: i completely agree. you take a long-term chart of spreads, it is really just a small hook at a low level. there are some sectors under it is genericher pricing or balance sheet issues in the telecoms. this isn't a widespread issue by the stretch of the imagination yet. it is also worth talking about leverage is extended. we are seeing the tail end of a credit cycle. now we can extend that with growth, but you see a deal like that being pulled and it is something that is to be expected at some point in the cycle. there has been deal after deal come through. you have seen supply increased radically. one of the things we like to think about is how when bankers sell something they know there is demand for it. bankers are not in the business of having deals fall apart. we are just starting to

where we differ a little bit is, is they arethe ecb, just buying so many bonds and then you have thee linked to that. when you have negative rates pulling the whole down, it is hard to see how you could get that becoming unanchored. tom: david, i want to go to the bond market. i agree with you, the idea where we have seen this before. we are on two standard deviations. bring up this chart -- the old lehman-barclays high yield index. what's fascinating to me, david, is we don't understand the bull market. here is the lehman low, and here ull market, equity b but the market goes back 15 years. it has been an amazing run and even with the pullback today, it is barely a blip. can you say bond market bowl over? david: that is a really big question, tom, that you are setting up for me. i am not going to call the end of the bond bull market, but i think we are approaching an inflection point with you wind down in quantitative easing. i don't think that means we will be going to sustain bonds bear market, but there is only so far, as you highlighted in your chart, that we can keep moving in