andrew slevin with morgan stanley, investment management and joe lavornia chief economist with natixis anything about the budget? >> no, the market seems to not be worried about the budget. more focused on the data and the prospect of the fed being on hold and inflation being too low. so no. financing hasn't been an issue my guess is in the short run, it won't. >> partly because of what joe said, germany just helped out with that, didn't they what would it be if german bunds were negative again? >> probably higher but the point is that where interest rates are is valuable on the market and that's why you see some strength today. >> 300 points or so to the upside joe, i'll go to you on that as well can we take for granted that european debt is going to be as more bund as it is and therefore the ten year yield divorced from u.s. economic prospects. what do you make of the fact that wage growth is so remarkable >> on the wage side, relatively weak, kelly because productivity has been weak but on the u.s. side for rates, u.s. ten year yields higher relative to most of the globe, that's bec