he is carl weinberg of high frequency economics. -- back, carlpark weinberg goes to the yield. weinberg note always campuses yield. what does yield tell you now? carl: the fed is hiking rates and that is putting upward pressure on yields. a good bidng europe on bonds, other than italian bonds. rise ineeing a general yields which tells us there is concern about inflation driven by oil and that ties into your story about saudi arabia. tom: let us go to hr. this is the way -- go to a chart. this is yields back 60 years. 10%, 11%, 12%. down we go. have we broken trend? carl: not yet. we will not. fed tightening will push up yields over time. looking for an inverted yield curve in the near term. in europe, we are not seeing it. in germany, we are seeing yields with a four handle and we have issues that keep demand for bonds is strong. missed the lower german two-year yield. it is ever more negative off the bavarian elections. thing youit is a good have people in london that bring you up to date. it seems like a perfect storm because you have these risk events like the bavarian elect