joining us now is michael metcalfe. from state street bank. what a start with the plunge we have seen in yields first. how quickly could we get to 1% or below? michael: we have had a very big move this week and i think it is fair to say that the bond market is pricing in the worse case scenario for trade. certainly global growth and especially u.s. growth. quited say it is difficult to see the current returns in bonds continuing at the present rate. matt: you don't think that we go back and retest the lows that we have seen, the 1.3% on the 10 year? say right now,d the current economic environment would not so with that. i think that is particularly true in the united states. we have had bad news about the growth outlook outside the u.s. and especially this week, for instance but certainly in the u.s., the current economic fundamentals do not support that. nejra: how concerned are you on the inversion? we are no longer in verdict for now. historically, the concern comes when you see a quick re-steepening after an inversion? step in soon enough