lisa: joining us from london is iain stealy from jp morgan, and james athey from standard investmentsin new york, ian lyngen from bmo capital markets. we have seen a shift with a growing number of strategist saying they expect the yield curve to steepen next year. what is your take on that? >> good to see you again. essentially we've been running the steepener all year. it's essentially the combination we like for long duration and steepening risk, we prefer the duration risk at the front end of the yield curve. certainly now, what the fed has done is raise the bar, is not going to happen anytime soon. it means the yield curve is directional. when you have u.s. two years trading above the funds rate, historically it tells you the market is expecting hikes, which is not likely to happen. there is a massive asymmetry toward the front end and the combination of being long on steepeners, that can profit in a number of different scenarios. one of your guests in your clips was talking about potential inflation risks. even though i am running the steepener, i find that difficult to believe w

lisa: joining us, iain stealy of j.p.organ asset management, ofwell as james athey aberdeen standard investments. joining me here in new york is ian lyngen from bmo capital markets. speaking of the yield curve, we have seen a shift with a growing number of strategist saying they expect the yield curve to steepen next year. james, we will start with you. what is your take on that? james: good to see you again. essentially we've been running the steepener all year. it's essentially the combination of, we would like it to be long duration and steepening risk, we prefer the duration risk at the front end of the yield curve. and certainly now, what the fed has done is raise the bar for hiking rates ridiculously high. it will not happen anytime soon. when you have two-years trading above the funds rate, historically it tells you the market is expecting hikes, which is not likely to happen. so there is a massive asymmetry towards being positioned on the front end, and the combination of being long on steepeners, that can profit