rates strategist at bloomberg intelligence, noel corum, portfolio manager at invesco, hsbcas a roscoe from private bank. great to have you with us. noelle, breakevens have rolled over. normal yields have declined. i want to better understanding to what degree we are pricing in expectations? noelle: we think the market is beginning to price in moderating growth into year-end, and in 2019. q1 and q2 will be supported by fiscal policy and a healthy consumer tight labor market. but then we get into q3 and q4, where fiscal policy 2.0 isn't necessarily certain and then also you have a fed that continues to tighten into that. that's what the market is becoming more and more concerned about. jose: that makes sense to us. we think that growth will slow next year. the other problem is on the government side you talk about fiscal expansion. where is the money coming from? there is talk of a $1 trillion infrastructure plan. allegedly both sides of the aisle want it. where is the money coming from? debt markets are already struggling with the fact that the deficit is going up to $1.3 trillion on a