jonathan: patrick armstrong joins us now. is it higher or lower for this equity market? >> i think it will continue to be higher. i think qe will slow down but not stop over the next nine months but it will be tapered. i think we have a bumpier grind higher potentially. you saw $1.3 trillion with the fed yesterday and you have negative real yields at -.9% and very significant earnings going forward for the next few years with double digit earnings growth. kailey: people were saying there was a reaffirmation of the reflation trade with higher yields and higher equity prices. has there been some shift or was it choppy as people try to make sense of the headwinds and tailwinds? >> there is a change in inflation expectations and a change in what the treasury has for the yield. the fed is buying 120 billions of bonds every month and that will slow down. the path of the 10 year yield moving higher is a slightly less negative real yield. you have to incentivize buyers to take those treasuries if the fed is not buying them. kailey: you mentioned that real yields have gone higher

patrick michael aranyos david gregory arce michael g. arczynski louis arena barbara jean alastaga. adam arias michael j. armstrongon. japhet j. aryee paul francis asario. michael a. asciak michael edward asher janice ashley thomas j. ashton monroe atlas. manuel o. asitimbay lt. gregg arthur atlas debbie s. attlas-bellows gerald atwood arlene t. babakiti s eustace bacchus john james badagliacca jane ellen baeszler robert j. baierwalter andrew j. bailey brett t. bailey and my uncle firefighter michael, i know every day you're there watching over us and even though i never met you in person, i still miss you a lot. mom always tells me all of crazy fun things you did, and i'm sure if you were there, we would lead you here. and thanks for being the best guardian angel and for sending security, we know you can see us, mom says i have your loveable charm and fearlessness. not only do i have my charm but i'm honored to have your name as my middle name. you and papa and dad have inspired me to follow in your footsteps and become a firefighter too. we hope you continue to watch over us and keep us healthy and safe. we love

patrick michael aranyos. david gregory arce. >> michael g. arczynski. >> louis arena. adam areas. >> michael j armstrongs aron. >> joshua aron. >> richard avery aronow. >> japhet j. aryee. >> carl asaro. >> michael a asciak. >> michael edward asher. >> janice ashley. >> thomas j ashton. >> manuel o. asitimbay. gregg arthur atlas. >> gerald atwood. >> james audiffred. >> kenneth w. van auken. >> and my uncle, firefighter christopher michael. even though i never met you in person, i still miss you a lot. mother tells me all the things you have done, and i am sure you did. thank you for being the best guardian angel. mom also says i have your lovable charm and fearlessness. not only do i have your time, but i am honored to have your name as my middle name. you have inspired me to fall in your footsteps and become a firefighter, too. we hope you will continue to watch over us and keep us healthy and safe. we love you so much, uncle chris. >> and my sister. elizabeth richard lawson. your sisters, your nieces, your nephews. it was such a sad day, october 11. i remember you working at the pentagon, and when yo

patrick michael aranyos. >> david gregory arce. >> michael george arczynski. >> louis arena. >> barbara jean arestegui. >> adam p. arias. >> michael armstrong jack charles aron. >> joshua todd aron. >> richard avery aronow. >> myra joy aronson. >> japhet jesse aryee. >> carl francis asaro. >> michael a. asciak. >> michael edward asher. >> janice marie ashley. >> thomas j. ashton. >> manuel o. asitimbay. >> james audiffred. >> louis f. aversano, jr. >> ezra aviles. >> arlene t. babakitis. >> sandy ayala. >> mark: john j. badagliacca >> john j. badagliacca. >> jane ellen baeszler. >> robert j. baierwalter. >> andrew j. bailey. >> brett t. bailey. >> garnet ace bailey. >> tatyana bakalinskaya. >> michael s. baksh. >> sharon m. balkcom. >> michael andrew bane. >> tin mining ago. geithner -- my uncle. even though i never met you in person, i miss you a lot. my mom always tells me the fun things you did and i am sure if you were here i would be doing them with you. thank you for being the best guardian angel. mom also says i have your lovable charm and fearlessness. not only do i have your charm i am honored to have your name as my middlemen. i a

frank thomas aquilino patrick michael aranyos david gregory arce michael g. arczynski louis arena adam p. arias michael armstrongaphet j. aryee carl asaro michael a. asciak michael edward asher janice ashley thomas j. ashton gregg arthur atlas gerald atwood ezra aviles louis aversano jr. ezra aviles eustace bacchus jane ellen baeszler robert j. baierwalter andrew j. bailey brett t. bailey garnet ace bailey. tatyana bakalinskaya michael s. baksh sharon balkcom michael andrew bane kathleen ban tis. >> and my uncle, christopher michael mazula, i know you're with us every day watching over us, even though i never met you in person i miss you a lot. mom tells me the crazy fun things you did, and i'm sure if you were here i'd be doing them with you. thank you for being the best guardian angel and sending us killian. mom says i have your charm and fearlessness. you, pop and dad have inspired me to follow in your footsteps and become a firefighter, too. we hope you watch over us and keep us safe. we love you uncle chris. >>> and my sister, see celia richard w. lawson. cc it's been 20 years since you left us. i remember