a lot of people have sat around this table over the last year, very comfortable with their dmx exposure-- their e.m. and their local currency debt because the dollar has either weakened or stabilized around weak levels. the story changed over the last week. >> we tend to be longer-term. jonathan: i would hope longer-term than a week. >> i cannot tell you what will happen a month from now. currencies are going to have countertrend the moves. the currency markets have shifted their focus a little more toward relative monetary policy, so we know the fed is well along in their tightening cycle. i could see the dollar doing better here versus the euro and the yen. we still think em currencies have value. they have lagged since 2011. this will not be a one or two-year phenomenon and the new will roll over and die. jonathan: that two-year spread, bunds versus treasuries, that should be toward the front end of the curve. it should be a stronger dollar story that emerged. the worry is the rate for richie all asserts itself more, and the consensus em trade comes under real pressure. what you thin