the head of macro strategy at natixis investment managers.e all coalesced around steepeners in the united states of america. we put these altogether. is it just steepeners delayed in europe? the steepening in europe is delayed. is this a delayed trade but it will arrive? esty: it might be delayed. it will not arrive on the same scale as in some of the other regions. we know that the reopening is going to be slower in europe. vaccination is slower. hopefully, it is accelerating, but it will still take time so we are talking second half before the reopening so you are seeing more of a sympathy move in yellow but probably not on the same scale as what we are going to see or what we have seen but that's going to continue compared to the u.s. you also have the ecb that very quickly came out, saying they do not want yields to rise too much. we will see what christine lagarde says today. you know, in terms of the supply of debt, the ecb is buying a lot of it so it can act more forcefully or more easily to try and calibrate a little bit more so i wou