school here, he's a scottish laird, his intrinsically scottish in- laird, his intrinsically scottishtrinsically scottish in the way he thinks _ laird, his intrinsically scottish in the way he thinks and _ laird, his intrinsically scottish in the way he thinks and he - laird, his intrinsically scottish in- the way he thinks and he absolutely ioves _ the way he thinks and he absolutely loves the _ the way he thinks and he absolutely loves the peopie _ the way he thinks and he absolutely loves the people and _ the way he thinks and he absolutely loves the people and the _ the way he thinks and he absolutely loves the people and the culture. i loves the people and the culture. we've _ loves the people and the culture. we've heard _ loves the people and the culture. we've heard a _ loves the people and the culture. we've heard a lot _ loves the people and the culture. we've heard a lot about - loves the people and the culture. we've heard a lot about his- we've heard a lot about his supposedly plans and desire to modernise the monarchy, to make it relevant in the 21st century. have you se

laird, great to have you on the show. jack's been a real regular here, but give me your get reaction and what should viewers who maybe don't even own the 2-year interpret from this drop that you can see on the intraday picture of the yield? >> well, i think they're interpreting that the fed is reaching their terminal point, right now the 2-year range is near its high over the last 4 or 5 months. we like it. we think that, you know, we were just talking about t-billings. we think it's probably to actually be looking, you know, 5 years, get a little duration in the portfolios. that's what tcw is doing. thed fed is not done, and you herald powell repeatedly go back to the notion of the number one thing they're watching is their battle with inflation, and pce is yet to come out, and it's clearly going to be biased higher. so, you know, we have another rate hike or two in front of us. but i think you want to own some duration here, you want to own the opportunity to make a profit when we do fall into a recessionary period and