jonathan: let's bring in ben mandel. nd then you get something like a weaker sales print and all of a sudden people are shaken. ben: it raises a broader question -- is that reflation trade dead? are we approaching a high water mark for equities and global bond yields? butink the answer is no, you have to a knowledge the significant cross current at play. global growth is accelerating so if you think about real global growth is having gone from something like 1% last year to 3% this year, significant increase. andation has been improving nominal growth went from about 4% last year to 6%. that is a pretty big delta on a global economy. the global environment is simply doing better. you have layered onto that working in the opposite direction, political uncertainty . you have the fed repricing, fiscal policy as you are discussing. aheadou look 12 months you will see the real story is about growth and not all about that political business. jonathan: is that reflation trade deflating? they kind of give you the data points to s