japanan: when you compare , germany, and the united states, looking at real yields, you get a different picture of what is happening here. the united states is here with this nice, chunky positive real yield, compared to japan and germany. when you look at the chart, you wonder where this is heading. can we take out the positive real yield in the united states? michael: absolutely. the real yield in the u.s. will go to zero. the real neutral fund rate we think is ultimately going to go to zero. that is where it belongs, does not belong at positive half or positive three quarters. right now at almost 60 basis points, where the real 10-year is today, we started getting long, thinking it will come down. the rally we have had the last few weeks has been driven by lower inflation expectations, not a lower real yield. we think the next move is the real yield coming down t. longer iser for intact, we have not set the lows for this year. we are more on the same sides of kathy of were yields could settle. 2%, maybe even lower depending on how the data points come in. i think this is a market tha

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