you have some trade issues that have come to pass with the u.s., whatever it is now, n.c.a., in italyi think we're finally seeing that strong growth flow into yields. jonathan: bob miller, do you see the same thing? bob: yeah. what is different about this rise in yields relative to the rise earlier this year or earlier in 2017, the curve hasn't flattened in the last four, five weeks. it has not steepened a lot but it has steepened. what's different is the market is pricing a higher term structure of rates. it is not pricing in acceleration and pace of fed tightening or change in the magnitude of incremental tightening but a higher applied -- higher implied terminal rate and we're waiting for that to unfold. as you know, we like the front end. we have not liked the back end for a while. it has been a long while coming, but i am encouraged to finally see some steepening of the curve. jonathan: i asked whether you liked the long and. sean, is this how you would characterize the move we've seen this week, would you characterize it in the same way as the other panelists? sean: yeah. you ha