matt: let us get a perspective from kathy jones at charles schwab, great to have you with us.action to the inflation data today was quite telling. in terms of positioning, i believe that you are looking at the environment going forward where the story of elevated rates may change. can you walk us through your own positioning based on what the numbers are telling you? >> our view is inflation will continue to come down, there has been in the surge in energy costs which is flowing through certain parts of the economy but you can also look at higher energy costs as a tax on consumers and businesses. we are looking at it that way because consumers do not have a lot of extra spending power relative to say a year ago or even six months ago. we are positioning for the fed staying on hold for a while here. inflation continues to fall. that raises real interest rates. that tells us that we want to be moving a little further out of the yield curve because of the get into next year the fed will be cutting because the economy will be slower because inflation will be coming down because th

i'm going to get fancy with kathy jones, she is a fancy person.d and a higher yield. got elegance on my moving averages. the how do you know when the yield turns and goes lower? i see a higher 10 year yield. kathy: trying to pick the peak is really hard. the cycle has been particularly unusual because of the pandemic. a fiscal stimulus, all the special things. tom: my brave, for on a knife and dock in here? dollar cost average into it? kathy: we don't follow knives. but we leave that for the equity folks. they can try that. but we are looking at the agua with the duration of six. having a barbell perhaps, you do get a lot in cash and the short end. you don't want to read the cycle up and down because you are not getting the benefits. it is a huge opportunity for people investing income. lisa: the concern is that on vigilantes are getting stronger. there are many more of them and many fewer of the international buyers that might step in say from japan. are you seeing the mix of buyers change and become more aggressive in their demands? kathy: forei