we are joined by jason vaillancourt from putnam investments and oversees 15 billion investments.sn't a stampede into bonds the way you might expect given the selloff in equities. is there any kind of rotation or is it limited to selling some of your best performer? jason: the big story as you pointed out has been the longer term stock-bond correlation is negative. but in the short-term, the price cow relation between the two can be positive. the big news last week and going into the d.o.j. meeting with the idea that they might be backing off their program, might be backing off their targeting zero interest rates and that is across global bond markets. that is from the follow-through. i think the reality is likely to be much less interesting than that and what they are trying to do is impose volatility around that zero target. but even the rumors they have started to have those debates is enough to introduce volatility in that bear steepening trade. joe: i have been impressed for the most part, most of the weaknesses we have seen hasn't bled too much into the broader market but i