eu recovere seen the well. growth has been good, inflation is ok. at this point, we think of growth is going to decelerate. todo not think it is going reach of the eu's forecast. result of that, we think the ecb is going to have to buying andhe market doing qe for longer than the market expects. lisa: if you see europe decelerating, if you see the central bank continuing its bond purchase, michael, given that backdrop, nothing can cause the u.s. treasuries to sell off, right? withat is the problem that. every time a rate start to go up here, we look really cheap to foreign countries. -- has buying has much come much further out the curb than it used to. a lot of investors are used to buy two-year and five-year treasuries are out there buying 10 year and a longer treasuries. to get a really big move in the market, what we need is inflation. for two reasons. one is the obvious. my cash flow is worth less if inflation is up. we have seen all these pot -- all these people piling and their risk assets in order to reach a bit -- reaching their target. take