jeffrey rosenberg with us from blackrock.ated -- we saw a number of augusts ago, it was ugly, do you just presume it will be ugly for your bond market? >> it is hard to say. clearly there is a debate out there as to how the bond market will handle it, how will the signal occur, and what kind of environment? certainly right now, and particularly if you go a week back, the word of the day come of the week, the month was financial complacence. you had very low levels of risk pricing going into the market, which means it is very hard to introduce a change to the outlook when the markets are so complacent. that is what the geopolitical environment headlines were about. you added janet yellen, i think it will be hard -- >> my finance 101, which you know as well, his bond investors behaviorally act different than at the investors. everybody learns this when a price goes down in the yield goes up, how will be bond market behave now versus our day-to-day focus on the equity markets and vix? >> i want to go back to what you said about