what will be the market impact let's bring in jason hunter and michael gibbs.ou to you both for joining us we appreciate it i will start with jason. in terms of what investors should expect when it comes to yields, are we settled into a range or should we see even higher yield from here >> we came in from the summer into the autumn thinking the yields at the back end of the curve were set to release cheaper. we favored steepening curve trades now that the move unfolded, we think it's largely behind us the long bond overshot levels where we thought that would get. the 30-year bond, 335 to 338 was the area where we thought the market would establish the cheap end of a new range it got closer to 345 that said, like i said earlier, this is an area where we think the market establishes the cheap end of a range the move largely behind us the steepening autumn, we exited the trades and are fading the yield curve. >> let me get this straight. you said the steepening bias with which we entered the autumn it's barely the first week of october. october 9th or so and we've