report and the potential shutdown on the cards. ,till with me are kathy jones subadra rajappa, and diane amoathy, let's talk about something i know you want to talk about. we reached this level in 10-year treasuries and some big names came out and said at the beginning of the bear market, the downtrend is done. we are back to those levels again. what is your take away? kathy: to me, a bear market is yield over time and you cannot pick a moment in time and declare we started a bear market. we just don't see the potential for inflation on the horizon to push us into a bear market. we think it's more of a range trade than anything else. subadra: i agree with kathy. it is really hard especially after seeing 30 years of one-way imagine ajust cannot sustained selloff in yields, treasuries that will lead to a bear market in bonds. jonathan: diana, what do you think? while i get the argument on why inflation has been lowered, etc., you cannot discount the fact that we are seeing a modest pickup in weight growth across most economies, whether in the u.s., europe, slightly in the u.k., and even japan.