francine: emma grede, thank you so much for joining us today. : thank you so much. ♪ yvonne: welcome back to the china show. at half to the session. just marginal declines, but we are still on track for six straight days of losses in the onshore markets. but certainly look a little bit out, zoom out and it's looking pretty ugly out there. david: ugly cpi print in the u.s. really a markets rethinking, not just the number of great cuts, maybe the possibility that we might get one to the upside out of the fed might be in the extreme end of that project of spectrum. it is part of the conversation when you look at -- we were talking about this earlier, if you are depressed about the equity markets, look at the bond markets and you will feel really good about the losses we see here. we are coming off, just to give you an example, the two-year nominal yield, biggish jump in a year, biggish drop in a year. treasuries as a whole are coming off the worst day of u.s. treasury, second thursday in six or seven months, just to give you a sense. 5%, who would'v