tom: thank you so much, marilyn watson of blackrock. important thing, this is how economists look at yield. the series goes back 70 years, and the move up here to 2.75% is possibly the greatest standard deviation move higher during the great moderation, which means it is really a test of where we are in the move from volker, the 40 move of this great moderation. lisa: how can we look at a new higher-yielding regime when we talk about yields only at the highest since 2019, but really edging up to some of the great moderation highs that we have seen? remember, we were saying that yields could not go that high because something would break from all the debt that has been incurred. no one is talking about that. a lot of this has to do with the momentum, the strength in the economy that people had perhaps not expected in the past. tom: i want to go to your wells fargo comment in the report. people are still enthused by banks even though there's the gloom of recession. kailey: we will see how much that holds up when we start to get earnings.

coming up, marilyn watson at blackrock. ♪ ritika: keeping you up-to-date, i'm ritika gupta.ch, emmanuel macron and marine le pen will face off, the top two vote getters in sunday's first round. le pen has been downplaying previous support for putin. the world bank says russia's invasion of ukraine will cause the ukrainian economy to shrink by 45%. the russian economy will contract by 11%. lawmakers set to choose opposition leader as the prime minister who will replace the previous who was forced out here he lost a no-confidence vote over a range of issues. shares of a cybersecurity company soaring. a deal has been valued at $6.9 billion, a 32% premium on the closing price. in golf, scottie scheffler won the tournament. tiger woods appeared for the first time since he was involved in an accident where he almost lost his leg. global news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta. this is bloomberg. ♪ tom: bloomberg surveillance. there is a view that it is a time of autocracy.