alan higgins, colin robertson, andrea di censo. t the treasury getting away, a significant amount of supply. there's no problem whatsoever so far as i can see. i think it is a problem of the countries. andrea: i agree -- colin: i agree that it hasn't been a problem at all. but i think part of why it hasn't been a problem is because interest rates in the u.s. and the fact that the demand is andl outstripping supply fixed income in general, certainly here in the u.s., it is a problem for others, and the strong dollar to me is, i think, the most important pressure. jonathan: do you think the stronger dollar, the issuance of the treasury, the balance sheet unwinding, is starting to cause cracks globally, outside of the u.s.? andrea: that's right. i think the magic 3% number on ten-year treasuries -- alan: we haven't had that kind of risk free income stream for a long time. but there's a lot of idiosyncratic factors. if it'slook at e.m., going to go badly wrong, it will in china. given that the chinese currency is so well behaved leaves

jonathan: joining us at the table is colin robertson, andrea di censo, and alan higgins. t's begin with you, colin. i haven't heard, post crisis, a federal reserve leader sound that bullish on the economy. have you? colin: i have not. certainly in that clip, he stated "strong" multiple times. i agree it looks strong now, but the real concern is what it will look like six months, nine months, or one year from now. the expectation with the bed moving forward twice this year is based on the premise that how things look now is how they will continue to look for the next 12 months, and that is challenging. jonathan: what is the distinction between bullish and hawkish, andrea? i don't hear an incredibly hawkish chairman powell. andrea: what you heard is chairman powell highlight that things are running on all cylinders in the u.s., and that is likely to continue to be the case. the item we need to consider is, is the inflation story going to play out, and can that allow the fed to continue the hiking path they seek? jonathan: allen, the other thing to look at is the treasury cur

still with me, alan higgins, andrea di censo, colin robertson.in, i want to begin with you and talk about emerging markets but start with the treasury in that perspective. big worries about the treasury getting away, a significant amount of supply. there's no problem whatsoever so far as i can see. i see it being a problem for other countries. colin: i agree that it hasn't been a problem at all. there was a lot of concern headed into the year, as you said, but i think part of why it hasn't been a problem is because of interest rates in the u.s. and the fact that the demand is still outstripping supply and fixed income in general, and certainly in the united states. it is a problem for others, and the strong dolar, i think, to me, is the most important piece ofhe puzzle that will put pressure on the debt of emerging markets. jonathan: do you think the pressures coming from the u.s., the stronger dollar, the issuance of the treasury, the balance sheet unwind, is starting to cause cracks elsewhere globally, ex-u.s.? alan: i think that's right. i thi