pelosky -- jay pelosky of pelosky global advisors joins us now. don't think it is that big of a deal. over the last month or two, we were worried about the slowdown in global growth. sold came in and stocks off. i think the key question for stocks is can they go higher with bond yields going higher? i think they can. it is unclear if bonds are going up because of growth. we have decent growth. there are supply and demand issues. the u.s. is a huge debtor. the yield appeal is no longer what it was two years ago. global growth is going to be ok. investor, that last point is the one i care about. global growth is going to be ok. david: i want to talk about financial conditions. linechart shows the white is the investor sentiment, and blue's financial conditions. as that line goes down, that is tightening. now it is picking up a bit. investor sentiment has tracked with that. where are we now? at what point does the 3% start to hurt your financial conditions? jay: that is one of them that we look at as well. i think where we are now is not a danger poi