joining us is peter borish and tom mortimer-lee. ok at the fed model, first of all, happy monday. do you think we need to rerate 10-year yield even higher? peter: the evidence is indisputable and the question is where are we in the cycle? we are very near the ian of the cycle. in this business, a day is a very long time. we are sitting here friday morning in the world is coming to an ent at friday at 2:00. here we are monday morning -- generally speaking, we are not going to have a situation where every day bond yields are going up. think in a situation where we are having a supply and demand dynamic, it's possible bond yields are going to go up, stocks are going to go down and that the economy as a whole is going to slow because we have tremendous uncertainty with regard to policy in washington. i very much agree. i don't think it's going to be up straight line, but we are in a vulnerable position. we are vulnerable to bad news. he talked about the inflation numbers coming out wednesday. if we get a high number, we will be down agai

we are back with peter borish.ere talking the energy complex, and i want to get back to what got buried, and that was exxon mobil. just to give you a sense of the moves we have seen in the last couple of weeks, you pointed out to me that we are back -- what are your views of the energy sector? i am a simple economist, supply and demand. every policy we have, you can drill where you want, and given the regulatory framework, you are going to have more supply. technology helps, so you use it more efficiently. lowerupply, less demand, prices. we are seeing it across the board. you are ag if farmer. that is why we see deflation, and i don't see the fed raising rates since december of 2015 -- and we barely budged in the 10 year. at 285at 220 then, it is now, and is definitely reason to get a crash helmet and go somewhere. joe: you were talking earlier about taking the other side of the view from your old boss on inflation, but how do you let your macro picture inform your day to day trading? input andt become an what you