in sweden, even in austria or switzerland, the country has to play by the rules of those countries. that means, are they going to pull out because they have to play by the rules? no, they seem to make a profit even though they have policies like family leave, flexibility and farmers subsidized air quality child care. so it obviously doesn't affect their bottom line abroad. those in other countries get these benefits. why shouldn't americans get the same benefits. this is a tough time, but you know there's never a good time. maybe when things are back is the best time to make noise. and not let the outside -- i would call it anti-family though they might not. this is an anti-family policy to deprive families of the ability to be both loving caregivers for their children and providers in the subsidized, stable way. you know, i never thought i'd be giving a speech like i did a couple years protecting access to affordable contraception. that was back in the 1930s. we have to hold our energy, but we also have to move forward the same time. so it suddenly dawned on me the other day, that

many countries have or are moving in to negative yooelds and the coupon part of the curve beyond bills. finland, denmark, switzerland, netherlands, euro benchmark, france and austria very close. so the dynamic of why is filtering in to our markets, as well, with an extra helping of demand on a time when housing data is good. yields, still down. >> yep. what does that say? bond market seeing that the equity market is not. >> yeah. >> i think what part is insurance. many believe that removing interest rates, the last ecb move, helped push forward some of the negative yields and also considered insurance should the euro currency run in more trouble. >> rick, very quickly, scanning the beige book, a headline. overall loan demand grew modestly in most districts. hard to hear with the bells there. are we seeing low interest rates? you are not a fan of getting there but a low interest rate finally helping out? >> well, i'll answer it in two ways. first of all, most addicts are babies drinking milk. cause effect is very, very iffy here. loan demand picking up doesn't mean this it's coming necessarily from any of the fed programs although it could be. as for the fed progra