jonathan: joining me around the table is greg peters, jim keenan, plus, catherine gaffney.athleen, i want to begin with you. when we break out of this titrating race for treasury, where we break out to? we break down to the downside in a significant way. what your thoughts? >> i might have been one of those that is for the upside. we are seeing a bit of a conundrum here. some of it is a flight to quality. you have some demand coming in that is caused by the equity volatility. you have folks that are looking to be risk and reduce their equity exposure. they are actually coming back into the treasury market. jonathan: do we have a pain trade developing, mr. peters? greg: i don't know. bonds are doing exactly as they should. bonds are adjusting. there is a complete and utter overreaction to the upside. a month and a half ago. the combination of those two factors with data being more mac and more expectations being high, i think it was set up for bond yields to rally. jim, it means the move is temporary. if it is the data, it could be something more fundamental and can have mor