jonathan: joining me around the table here in new york to discuss is mike schumacher, kathy jones, and matthew hornbach. kathy, let's begin with you. maybe the biggest risk is the one that is in duration, not in credit. your thoughts? kathy: every once in a while they do ring the bell. i think, with all the easing, if we look back at previous quantitative easing cycles we have seen we actually the curve steepen and long rates move up. not too surprising with the fed getting dovish, expectations for europe to have a qe program, china introducing stimulus, that we are starting to see long rates back up. jonathan: has not been a really big move on map. very subtle on 10 year, 30 year treasuries. but in germany, 16, 17 basis points over the last four days, and hardly any attention or any disruption elsewhere. what do you think? matthew: we have been neutral in our recommendations to investors. at the same time, it will be very hard to fight central banks. this is not 2009, when we saw the first inklings of qe, and everybody thought it would be inflationary. we are just not there. inflation

jonathan: joining me around the table to discuss is mike schumacher, kathy jones, and matthew hornbach. kathy, let's begin with you. a be the biggest risk is the one in duration, not in credit. kathy: every once in a while they do ring the bell. i think with all of the easing, if we look back at previous quantitative easing cycles we have seen, we have seen the curve steepen and long rates move up. not too surprising with the fed getting dovish, expectations for europe to have a qe program, china introducing stimulus, that we are starting to see long right back up. subtle on 10y year, 30 year treasuries. pointmany, 16, 17 basis over the last three days, hardly any disruption elsewhere. what do you think? matthew: we had been neutral in our recommendations to investors. at the same time, it will be hard to fight central banks. this is not 2009 when we saw the first inklings of qe and everyone thought it would be inflationary. inflation is going up in the ..s. in part because of tariffs there was an effect in the cpi number yesterday. that is not the good type of inflation bond markets w