and colin robertson, head of fixed income at northern trust asset management.et's get straight into this. the equity market is down hard and the yield curve on treasury is -- why? >> this is what i would call the classic trade where investors take their money out of risky assets and plywood into fixed income and guess what, the area where they prefer to put their money into is short duration assets. and that's really what leads this over steepening of the curve. jonathan: rick? >> i totally agree. treasury is where you park your money. even with respect to treasuries for just fixed income in general, although the credit products and fixed-income have underperformed, there certainly below zero, they outperform the equity. jonathan: but as a consequence, what we done? taken at right hikes through 2019 with the exception of maybe. inflation expectations a bit strip right now, we've rolled over. confirmsany data that the rate market and inflation expectation to that extent as well. --this is not a fundamental the job data today was pretty good. it's more a crisis o