is jim me from new york caron of morgan stanley. guy lebas of jenny montgomery.nd margaret patel, with the wells fargo asset management. quote itselfthe from mario draghi. these are the words that seem to move markets. as the economy continues to recover, a constant policy stencil become more common -- stance will become more accommodative, and the central bank can adjust the parameters of its policies, not in order to tighten the policy stance, going to keep it broadly unchanged. jonathan: so there were the words of president draghi earlier this week. big moves in the bond market off of it. bundsry yields higher, absolutely plunging. jim caron, to the market misjudge the speech? jim: yeah, it is kind of interesting. said hishat draghi 100% correct, that they're not looking to tighten, editing to remove excess accommodation -- looking to remove excess accommodation and keep them at levels consistent with where financials needed to be. i did you his talk -- i did not view his stock is overly hawkish. it is a reinforcement of what he was already saying. whent came

jonathan: we had jim caron on earlier. year end to 2018, is 2.15%. -- is 2.125%. theone is really wrong or curve is going to be terrifically flat. steve: my axioms are between equity in the market, you want to go with the bond market, not the equity market. in terms of fed forecast, go with the bond market again. we think the fed will have some real constraints. mike mckee brought up some fantastic points. in a globalized market, you have the jgb market, the boone market sitting at 33 basis points. that is creating some constraints over what the fed is able to do. the fed will probably move twice in 2017, and then they will see what happens as they begin to roll securities off the balance sheet. they will target the next couple trillions the mid-2 makes sense. be immaterialy to investment constraints at investors need to manage around. they need to be global and active and multifaceted as well. david: steve wood will be sticking with us. we will be joined by julian emanuel when we come back, talking about the financial sec