jonathan: appreciate the insight and reaction from charles schwab, collin martin.oints. lisa: but it is d inverted, considering you have seen both sides with short-term yields coming in for the most part over the past six months. jonathan: if you looked for that aggressiveness and the big rally at the back end of terrible data or tremendous inflation data to encourage the fed to start cutting interest rates, not seeing it. lisa: people don't understand the cycle, including myself. what the fed reaction will be, and how much they will cut, as well as the risk premia and what they will look like. this is all unknown. territory unknown. jonathan: you are not alone, hardly anybody understands this cycle. yields coming in about three or four basis points. over the next hour, the third of "bloomberg surveillance," deutsche bank, ed mills, and david rubenstein just around the corner. ♪ fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh