greg jim keenan, head of global credit at blackrock plus , kathleen gaffney, portfolio manager at eaton barnesanagement. kathleen, i want to begin with you. i asked many investors just a couple weeks ago when we break out of this titrating race for treasuries and where we break out to? most of them i imagine would say to the upside. we break down to the downside in a significant way. what your thoughts? >> i think i might have been one of those that was for the upside. but we are seeing a bit of a conundrum here. some of it i think is a flight to quality. but i also think you have some demand coming in that is caused by the equity volatility. so you have folks that are looking to de-risk and reduce their equity exposure. and they are actually coming back into the treasury market. the fixed income market. jonathan: do we have a pain trade developing, mr. peters? greg: i don't know. i mean bonds are doing exactly , as they are supposed to be doing, right? there is the flight to quality, risk off bonds are adjusting. , at the same time, there is a complete and utter overreaction to the upside, yo