it is like jeremy stein said. it is term premiums. what's interesting about the rally in u.s. we see in the declines since the start of the year is it has been a lot of decrease in term premiums which captures the risk premium in the treasury market. but also the expected path of short-term fed interest rates have come down quite a bit as yields have dropped. that is something we haven't seen on this order of magnitude. joe: breakdown this chart rebuttal be looking at? the changes in the term premium. the risk neutral yield that it is supposed to gauge. the fact that that has come down for us in addition suggests it was more about more than just a flight to quality. it was also this repricing of expectations for the u.s. itself and growth prospects in the u.s.. the fed has that. joe: we have seen the bounce back from the extreme of last week, last wednesday and thursday were everybody was panicking. .e have seen 10 year yields howard extreme were things getting? scarlet: some of the metrics -- guest: some of the metrics were incredible. it was close to the lowest in the histor