you'll discover unless you expect bonior's ago into -10% territory, eventually, those downtrend linesill be broken. let's think about it from a total return perspective. it zero is the worst we can expect, then given where equities are, it is not that bad of a buy. it is a great edge in zero is the worst-case scenario. say 3% or higher as a bear market. i think we are far from it. 2.65 is already priced into the forward market. if you think 10 basis points above what they are pricing in, that is not a bear market i would argue. michael: it doesn't feel like a bear market. you go back to year, we were at or near the levels, great opportunity to buy duration. proved to be a head fake. that related to fundamentals. i still see fundamental suggesting rates are not overdone here. you could see movement lower. to strip backnt what is happening with yields, the inflation component. inflation expectations are rising, but premiums in the u.s. are not picking up. would have thought any recalibration of inflation expectations would have been a catalyst for higher term premium in the u.s. in the

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