jonathan: i am going to change to jonathan byner instead. >> can i say, you are doing a fantastic job[laughter] jonathan: thank you, sir >>y through beuse everyone is skeptical. they are skeptical about fiscal policy, the economy, inflation, but the fed is not. we aren't so i think they will have to keep pushing and they will raise rates. i do not think much is going to happen at the next meeting but they will keep moving the rates higher and the market will have to believe it. jonathan: harry, every time yields go back up, farmers start taking a closer look in treasuries. talk about the japanese flows and have a story has evolved? >> last year they had what i am calling a double whammy. they made losses on their hedges, excuse me, they made money on their hedges for the first half of the year and losses on the second half of the year. of course, after trump won, yields went up. the yen moved a lot so they had a double whammy perform on their portfolio. i have a graph on my screen. it shows the 23 weekly net flows of bonds. the first half of the year they are up therefore bond exposur

jonathan: i will ask jonathan byner instead. jonathan: can i say, you are doing a fantastic job.laughter] jonathan: thank you, sir. jonathan: they will have to push this through because everyone is skeptical. they are skeptical about fiscal policy, the economy, inflation, but the fed is not. i think they will have to keep pushing and they will raise rates. they are going to keep moving rates higher. jonathan: harry, every time yields go back up, form to start taking a closer look in treasuries. talk about the japanese flows and have a story has evolved? >> last year, they had a double miami. they made losses on their hedges, excuse me, they made money on their hedges. of course, after trump won, yields went up. and then the again -- and then the yen moved a lot. they may have been double whammy on their portfolio. it shows there 23 weekly net flows. they are still playing up their portfolio. jonathan: what is happening over the next couple of months? >> after they finished putting up their portfolios, they will come back into form bonds. europe is attractive as well. credit ratin