onathan: joining me is ira jersey, noelle corum and josé rasco.f investment strategist at hsbc. great to have you with us. noelle, breakevens have rolled over. normal yields have declined. i want a better understanding what degree we are pricing in expectations? noelle: we think the market is beginning to price in moderate growth in year and and in 2019. q1 and q2 will be supported by fiscal policy and a healthy consumer tight labor market. but q3 and q4, fiscal policy 2.0 isn't necessarily certain and also you have a fed that continues to tighten. that's what the market is becoming more concerned about. jose: that makes sense to us. we think of growth will slow next year. the other problem is on the government side you talk about fiscal expansion. where is the money coming from? there is talk of a $1 trillion infrastructure plan. allegedly both sides of the aisle want it. where is the money coming from? the deficit is going up to $1.3 trillion. i think we have a bit of an issue in terms of the sovereign market. ira: it does not seem like the trea