inflation orlow 2% 1.5% inflation for the past six years. think debt is at a reit -- a decent value. 1.5% to the extent that their target is 2% dan the extent that you think they may be able to reach the target, then that's at a good value. tom: i want to go in more philosophical after what we've seen today and they years you've had managing the bond market. i've never seen a diversions like u.s. and german yields. we show this a lot on "surveillance." the big curve down in the german gross, bill internationally, deal this. explain to our audience what diversions means for their yield divergence means for their yield future? to a number of global investors, that is an attraction if the u.s. dollar holds its relative to the euro. 150 basis points for equal credit is a decent spread. yes, your point is well taken here, tom, to the extent that the ecb is buying $80 billion worth of lawns a month. but $80t german bunds, billion in the global context. tom: it's all script on the fed, but it is of national importance and canadian importance as wel