joining us now to talk about what's happening in the bond market is jerome schneider and marie said.'s give you the word on what exactly is happening with a two-year and what is changing in terms of expectations for next year's cuts. >> good afternoon. what we are seeing is that the market is simply recalibrating its expectations but not necessarily with regard to the soft landing, but with regard to the proximity of a fed cut. the fed has been very vocal in terms of how it wants to manage those expectations. they become more data-dependent recent days as they are more positive. today's number doesn't really change the calculus that much. perhaps it helps to reconcile the disconnect between the market segmentation of and a soft -- seven exceedingly soft lending that would be propelled by rate cuts in 2020 42 one that is probably more normal and realistic. that's probably what we are seeing today is that real-time reconciliation between expectations of the dead and the market expectations -- of the fed and the market expectations. when you get to this point, even though we have had a

what is the short space going to do to the jerome schneider space and what isn't going to do in terms? that is off your remit, but your remit is what are the economic conditions that make cash finally move? can you come up with a scenario where cash finally moves? >> absolutely. i do think it is certainly this soft landing scenario. i think that the fact that the federal reserve as well as others central banks have signal that they are at the top of their cycle along with this coinciding shock to term premiums made bond market valuations look really attractive. as a result, those higher yields just didn't stay around that long and you're starting to see cash come off the sidelines and go to the bond market. i think there is a question around the equity market, risky assets. but when we look at valuations, we are more cautious. equity risk premiums still within the historical range. we don't think we are out of the woods yet. there is still a lot of uncertainty here. the quality tom: of a lower gdp reset off the shock of what happened in 2003 -- listen to me, i'm decades away, 2023. to