alix: always a pleasure to get your perspective, liz ann sonders of charles schwab. still with us. this is euro-dollar versus the 10 year. some can make the argument that if you are going to follow the spread, you can see euro-dollar parity. is that something you could realistically see? >> we could realistically see it in the context of the current growth dynamics which are not favoring economies outside the u.s.. specifically to the interest rate differential, it is a relationship i tend not to rely too much on. it has been a few years now that the two markets have done opposite things and i think the main driver of the dollar rally is not necessarily the rate differential but is the lack of capital outflows from the u.s. into the rest of the world. assetsa that undervalued , and emerging-market equities were due to outperform because of rising cyclical forces. that story has stopped. the global business cycle, we have gone from synchronized growth to these synchronized growth and economic divergence. look at what metals are doing. us that theelling ,ontagion of hi