kelsey berro is with us now. michele with an exceptionally smart new that pushes against stepping into bonds. thank you for joining this morning. price down, yield up, and you say price can stay down. discuss that. kelsey: oversold the can stay oversold. we have seen a massive rise in yield. you have the two-year german bund above zero for the first time since 2014. we think this hawkish rhetoric from central banks around the world will not stop anytime soon. i heard you discussing inflation expectations rising. the flipside of inflation expectations rising is that front end real yields are still falling. two-year real yield at -1.8%. that is almost 400 basis points away from where we got at the end of the last cycle. this tells me the fed still needs to push on this hawkish rhetoric. they will need to tighten policy a fair bit in order to pull back on the economy. tom: jonathan, is kelsey berro more hawkish than summers? jonathan: perhaps. what you think they should do and what you think they will do are two dif