we are still joined on set by marilyn watson.ne of the things that have come out of the oil trade is gcc companies have been selling their treasuries. as part of this chart on the screen here, this big drop-down, partly driven by the well, what is the significance of this almost reversed qe? > >> that is right. we have seen huge selling off of these assets in the gulf states, and from the chinese, and japanese as well. it does have an impact. it makes a lot more volatility. despite the lack of risk premiums in the long end, we are struggling to find value in the long end. we prefer the short end of the curve in u.s. treasuries. if the fed is willing to let inflation run hotter, we could see more inflation bonds at the longer end of the curve. guy: is that true elsewhere as well? do i buy them in the u.k. and in europe? >> we think inflation will continue to accelerate. in europe, it is more of a mixed picture. u.k. we also do inflation -linked as well, but it is much more of a mixed bag. when you look around the globe, generally,