then we've got kevin daly coming in to talk about emerging markets.edly, what fische got to say -- jonathan: really looking forward to that. manus: and alan greenspan. wonderful piece on bloomberg terminal today talks about the last rate hike cycle in the bond market. we went from 1% to 5.4% over the period of time 2004-2006. anybody that wrote a strategy will remember that quite well. and the margin calls that came after. i think what is important here is those rate hikes, but how little the bond market actually moved over that period of time. it barely budged by about 1%. there were extreme movements within that. the other thing that caught my eye, chinese divesting and japanese divesting. fascinatinge are counterbalances which weren't there in 2004-2006. it is a very, very different scenario, and also, disinflation. it is something which is here, which is prevalent, and which ultimately all bond traders will keep a close eye on. thethan: manus cranny, birthday boy on "levels" with francine lacqua. pulse" with francine lacqua. thursday, it is time f