lisa: jay bryson, wells fargo chief economist. i do so much. fabulous having the close as the open and before the open on a daily basis. taylor riggs, as we head into the open, since you'll be working a 15 hour day today -- you can do the math, or maybe you cannot after not getting any sleep, but there's a question in the change of tone as we head towards the close. the idea we saw the melt up changed tone. can you give us a sense of whether there has been that shift? taylor: i think we saw a shift yesterday. the rotation back to growth out of value. i bring you a note saying how much of this is that rotation after continued underperformance we have seen of growth and shifting back into that? how much is momentum and how the stock market appears to be pretty backward looking. not something we typically here on the market. we try to assume it is forward-looking. we will have to see the commodity shakeout, if it is momentum back into growth. lisa: how you even look to the future if it is this cloudy? that is a conundrum a lot of people are dealin

tom: jay bryson of wells fargo with important comments. many different opinions of where we are. of the great joys of where we are, lisa abramowicz and kailey leinz with us this morning on radio and television, markets with not so much a new lift, but a sustained lift, is trying to big to authorities on the complexity the bonds -- on the complexities of bonds. tony crescenzi earlier with us of pimco, and now a true expert on the short-term architect, ira jersey, running all of our interest rate strategy at bloomberg. just wonderful on short notice to get mr. jersey this morning. there's a growing amount of a wall of money in the repo market. the authorities say remain calm. others say not. which is? -- which is it? ira: i think you can remain calm in knowing that the federal reserve is aware of the situation. they don't want interest rates to turn negative on a systemic basis. i think that the fed is worried about the financial stability of interest rates being negative in the u.s. and wanted to alleviate that situation. the way that they did that was by raising those key interes