george rusnak and michael collins is with me.anted to pick up with you , mike, how much sentiment has swung from week to week, and the degree to which the price is shaping the narrative. many have noticed over the past couple of weeks, we started the show one way, started another way next week. people have changed the way they think about the world on very little. it is because treasury markets have been really whippy, up 20 basis points, down 20 basis points. nothing much has changed. what explains that? michael: part of it is that we see this inflection point in the economy, rate cycle, central bank cycle, and that creates a lot of uncertainty in the day to day as the economic data comes out. the fed is very data dependent. there is a lot of fomc members who think we should be raising rates over the next couple of years. it is very data dependent. i think the treasury positioning and the general duration positioning has been really volatile. when rates rally, people have been panicking and buying duration, chasing them further