to discuss supply and the demand for it, greg peters, george goncalves. matt toms. let's talk about credit and treasuries. start by having a discussion about credit and the supply we could see. we've had record years after record year. next year, is it going to be different with the tax plan? greg: each and every year it is forecasted for oversupply and it never happens. we are breaking record after record. many people have the same type of levels, but it will be quite elevated. corporate america is still very much focused on debt and that is not going to change. jonathan: matt? matt: completely agreed. there is a trend towards funding in the dollar market in the european market. if there is a vulnerability it is an increasing reliance on dollar funding in euro. we don't see a force that has a unwind in 2018. jonathan: the amount of supply we have seen this year and draw the station between the issuance that is come through for refinancing and the issuance just a push up the debt? george: if there is any year with your reduction, next year is the year. we have always