joining us today is iain t. stealey, international cio, jpmorgan chase bank. in terms of an initial reaction to what is a growing euphoria around vaccine expectations, and a resilient economy. iain: it is an interesting dynamic because we have these virus cases picking up across parts of the u.s.. the markets are looking through what is happening with the economic data. we saw good numbers out of the pmi's over the last few days. the headlines around the vaccine would be supported if you get a vaccine in place and allow economies to reopen again or continue to reopen. that is what the markets are looking through what is going on with the increasing case counts across the u.s. at the moment. yousef: we had the fed minutes out in the last few hours, and i look at the five-year tenure treasuries, a powerful story being told in terms of fed officials not showing any readiness to entertain yield curve control, but an eagerness to provide more guidance in the coming months. the fed is not infallible. what is it not doing that it needs to be doing? iain: i think the f