joining us now is manish singh. great to see you this friday morning. a chart echoing were hearing from david ingles in hong kong. weakness in bond yields, strength and bond markets. this chart goes back to 2000. it shows the trajectory in a move downwards. the japanese wanting white lows,ng negative record -0.14%. how sustainable is this situation? how much of a supernova is it? manish: what i think is that we are still using monetary policy to address all the locations we having the economy. i'm not a great believer in negative interest rate policy. monetary policy has done its job of presenting -- preventing the 1930's like depression. increasing seem wages are increasing consumption. while people are making money, they don't know where to invest. consumption is not rising. demand has to be injected directly into the economy through wages and we are not seeing that. that is a fiscal measure. so long as we don't see a fiscal response, we will just see the yields falling. unless we see a fiscal response, these things are not going to come back. anna: y