know moved to coach stewart, still repeating with greg, dawn us from sheer geometry us dollars. mcquarry. that's on the edge machine. responding to the 100 bit chilly extra broad street dr. new york electric with opponents and name. but don't will, did the woods should be the media sit to was familiar with this from you unless correct the and that are with my chose for your i'm also to, nor you we for the you see chelsea moore, father. and so i was to be in a bedroom us could you describe ah when i just finished the not that we've seen and nor was it you mean or but resume like somebody general in that i want to do the educators them even though they haven't with dish and just federal authority chest i had them. oh yeah, definitely. so in general medicaid to me i don't have some my solution. i would email but a the lucy, they get aged to thank you with similar, missoula, boucher, and yet jim, good. anybody in the way, in the new year beginning? i'm a guy there, a little girl. he would just picked up the but he get a gutter when i was a bully at that or start them symbol omega a school sh

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this is terry wiseman from mcquarrie on the breaking news.hat is your initial reaction into this action on the bond market on the headlines coming out of poland? >> it's the natural reaction of the markets to move into safe assets like bonds but if i were out there trading, i wouldn't take this too seriously. russians have launched 100 missiles into ukraine in the past 24 hours and some of those were shot down so as possible this was a piece of a missile that landed in poland and i don't think the russians would have targeted polish territory. my gut healing is that this will die down and there will be some diplomacy, talks behind this to try and find out how to make sure it doesn't happen again. jon: even looking at your note today, when we watch some of these common trades of the year, the most obvious one is the strength of the u.s. dollar. the road ahead always potentially seems to be influenced by whatever geopolitical headline we see and that's something that we will have to track in this particular case. >> keep in mind this is one eve

manus: i will counter offer you, i have mcquarrie at four point 25% to 4.5%. you were going to get all this range of terminal rates coming out. what is the speed and are they trying to slow down the brutality because that delivers a less hard landing? this is the devil's bargain. the size might fall, but the destination will be pretty painful. stocks took a slap. dani: yes, it was the worst reaction to a fed decision since january 2021. can i show you what asia is doing? after the reopening hope party going on, we did not have any confirmation of it, but we are seeing a quick reversal. stocks are getting hit. it is all about the duration bet. european futures have to play catch-up. european equities, futures falling 018 percent. -- 0.8%. 0.1% is peanuts after falling. manus: you are tough this morning, aren't you? cash is closed, futures are opening. the equivalent is seven basis points higher in terms of yield. does it need to close the gap between where we are and where the terminal rate is our? rates -- rates are? oil is down. zero covid is very much reinfo

mcquarry had a note out overnight arguing they might have passed the point of no return, meaning they'renlikely to return to zero covid without broad, vicious lockdowns, return to that state of affairs i wonder, i mean, obviously, no one has edge on what china's going to do, but how do you read it >> ouch. that is an issue we know how important china is because of their size to the whole world, obviously, that part of the world even more so and if demand there is not happening, that just puts a pall on a lot of things and creates supply chain issues that are beginning to fall, they will become entrenched again, so we need china to have some openness and some economic activity for the world to be okay >> bob, in terms of positioning, i guess, strategic portfolio building at this point, the play this year has been de-emphasize the biggest stocks, so go equal weighted indexes versus market cap weighted, go value, maybe go quality, look for cash flows as opposed to, you know, rapid expected growth. does that all continue into next year >> i think so. cash flow for sure i mean, that's an ever