we have leon cooperman of omega. u.s.over 200 points after a series of pretty good sessions in june. you would have to say it as may has become sort of a distant memory we must be back to almost even after what was a pretty crappy month. we were down almost 10%. we have new highs across the board. >> an extra 200 points, are you probably within spiting distance we were only off by 1% yesterday. >> i think the stockmarket and traders are playing a big joke on the fed it's like i was saying earlier they can't believe they've talked the feds into easing. we never thought, someone came up with hey, let's try and get the fed to ease, it's ridiculous that they should ease, let's sell off, you know, throw a tantrum. somebody came around and are actually going to do it. i don't think the stockmarket can believe these guys will do it >> it's 100% >> you have stimulative fiscal policy, recent retail sales are very strong, interest rates were already very low rift-year high. >> it's only inflation that's the only thing that they can

ten year treasury yield dipping below 2% today noted investor nomega advisor ceo leon cooperman wagdearlier >> the ten year government is slightly under 2% and the multiple on the market is 17, the market's not expensive, if there's a double out there, the bubble the fixed income. >> let's bring in tony, chief market strategist and tony, portfolio manager at pimco is leon right? is there a bubble in bond markets? >> no. and we would say it would be a mistake to try to market time diversification benefits of bonds. investors were worried last year about rising interest rates and if they forgot that principle, they lost out and didn't have the hedge against risk assets. it's been a fabulous year for the bond market and there still is value when you're looking to hedge against credit and equity risks in a portfolio so, we would say, no to that and we would expect that interest rates globally will stay low for at least the next three to five years if not beyond because of some very powerful influences. >> tony, what is the forecast on the amount of fed rate cuts this year and then how bi