we are glad to be joined by peter garnry, head of equity strategy at saxo bank. are the markets pricing in and what are the markets not pricing in, with a look frothy or do you think they can go higher? peter: i think with the forward i don't 4% on the --, think it gives an incentive august opportunity set by selling bonds. we may be at an all-time high, but historically speaking, it is not a reason to sell. a veryld is pricing in low interest rate environment for the coming years potentially we may get some clues about yield curve control coming that will come in the next eight days. if we get a yield curve control and we settle into this very low interest rate environment, i think the trade that will be strengthening even further, and which has taken place since the pandemic started, is what we call a long duration assets, real estate, technology stocks, gold, long-term bombs. basically -- long-term bonds. basically is synchronized risk. it increases the risk to inflation and a rates jump, so i would basically argue that this incredible rally we have seen since