oryou need to hedge out, will it materialize through the year?rishna: as michael was saying, that is the mystery. inflation would pick up a tad. if it picks up a lot, as the glue would see a much more forceful response from the fed it picks up a lot, i think we would see a much more forceful response from the fed. for inflation materializing, i don't think this year's context is real. jonathan: it was about term premium and what it would be to get it up. they said it is not coming. what is it to get term premier up and is it coming? krishna: i think it is coming after a recession, not before the recession. kathy: i think we have to have enough -- we have enough global growth. pace of a sluggish global growth or of the last decade. the first year in a decade we have seen all the major country starting to grow at the same time. there is a lag effect with inflation. what worries me is that term premium is still negative. any surprise, the market is not priced for it at all. krishna: her point is a really good one. it has to come from overseas. the c

oryou want stricken airbase a site where you thought weapons of mass description might -- either a missile launch or a site that would be for the harder you thought there were weapons of mass destruction. let's say you want to distract the command and control installations of that might be all kinds of things but it might be a facility at which they have .etection systems the challenge is how do you think north koreans will respond. that is something you have to think about with any adversary. you tether into each adversary. difficult to play those scenarios out in ways. if you think the north koreans are rational, why that would drive them to drop the pursuit of nuclear weapons which might seem highly rational in order to determine you and if you think they are irrational, you ramp up the chances of an escalation. as victor pointed out, i think sometimes we become desensitized to the idea that things happen over there and there are things here. one of the things he did well was to point out there are over 200,000 americans, 30,000 u.s. military but then lots of civilians that work median