let's discuss it with katherine doherty. bank of america knows about buying treasuries. >> that is true. this is their clients they are asking the sentiment that they are trying to get across the street. what they are finding is the bar for further rate hikes is set very high. i don't think there is much of an expectation for rate hikes. that means everyone is expecting if there is no further rate hikes, it is triggering the dip in buying. what is also interesting is even though the survey is showing that their clients are feeling this way, this is the sentiment, the positioning does not reflect these results. i thought that was a kind of interesting comparison. the gap is the widest ever. sonali: you cover bank of america closely. this is why the banks benefiting from the great underwriting boom. i wonder if it is signaling the search for yield, bonds coming out of the sky, what do you think? >> if rates stay higher, think of it from a consumer standpoint. if you have a cd rolling off, you might buy another one. they will g