our guest, davide serra. ggest safe haven if something goes wrong in the markets? davide: i think in terms of asset class, the biggest safe haven remains the treasury in bonds. the reason is the question of a combination between which assets, banks and insurance need to hold for regulatory purposes. as a result at the time where you have so many algorithm and computers making investment decisions. so i think the ultimate risk remains u.s. treasury and bonds. francine: what will happen to treasuries from here on? do they stay at these levels? davide: i think u.s. treasuries, it depends. i think the fed, when you have such a low level of unemployment and growth is coming back, inevitably my view, you're going to have the fed following in its -- and as a result, i think u.s. treasury are likely to be closer to 3% on 2% to 3%. it is it is a political shock. the asset goes back to u.s. treasury because of size, liquidity and basically forces the buyer out of the regulated world. francine: thank you so much. davide