let us bring in jean medecin.ent fed, and engaged bank of japan, and policy divergence abound. as you still as bullish were at the start of this? very awaree still that this bullish equity market is very dependent on what is happening on the bond side. we have seen, as you have mentioned with your graph, some kinds of -- today's would-be we colorization of bonds and equities, you cannot manage by adjusting your equity exposure. that is your level of bonds exposure. in my view, it is the most sophisticated technique as far as construction. i would argue that is a good way to hedge your equity exposure, and to be short of the bond side to protect your equity exposure from some have correction on the bond market. without mine, if we look at the 30 year government bond market, it had the best week since july last week. we also saw flattening of the curve, the steepest drop so far this year. market,ft in the bond how pronounced a shift could that be relative to the equity market? jean: i think we have still the cover f