at, the otherook is 150, that's a to 10 spread. flat, flat, flat. don't buy the inflation story anymore. what is it screaming to you? guest: the market is coming around to the view we have had. it's going to push the front end up. the long and is pricing in the slower growth. i think that is coming through in the treasury curve. i would argue there is more room to run in past cycles, i have charts of 230 spreads going back decades and typically, that gets to zero. typically when the fed is done hiking, let's say they get to 2% this cycle, you see yield around that level across the whole kurt. we will see if that plays out. jonathan: do you think we can go or get flat? guest: if they keep tightening and insist on hitting the 3%. they have, that's too much hiking. jonathan: kathy? guest: i think they are rising in weakness, but there is good demand out there in the economy. i think it's a misread, i think the weakness is shguest: it's mn expectation on the fed. there isn't so much money out there, central banks outside the u.s. are still printing mone