divergenceng at the of u.s. stocks into a euro banks and in japan. are seeing that bond flows are currently $800 billion above normal, which is pretty incredible. binky: yes, and the shortfall in equities is even eger. -- even bigger. absentchanism has been from this cycle of normalization, so how long could this go along until the fed begins to normalize rates? so if the fed begins to normalize rates in december, it is going to come to a time in the cycle when the market needs to regulate prices. the curve, which typically happens, at some point in the rate cycle, at that point basically you will see a reality situation in equities. we have a recent example of that. alix: we are looking for the fed we arealize -- scarlet: looking for the fed to normalize this, but we don't think they are going to move right away and other central banks might continue to ease? binky: sure, and most importantly, the point i would make is as far as currency, for example, the euro is the primary driver or determinant in the financial situation in europe. that really dep