we are starting with philipp hildebrand, he's here describing this synthesis we see in central banking the public service he had to switzerland years ago as well as what he's doing with back rock area i want -- blackrock. i want to take yield curves and folded into what blackrock has to deal with and what every other fixed income shop has to deal with. do you assume, like mr. prince in bridgewater, that we will have a dampening of spirits as and central banks are faking yield curve control? or will it actually bring on a new volatility? i would expect, for the time being, that this policy regime, where the frontiers between the central banking and limitedolicy is largely to an environment where we have limited volatility around bond , simply because, as you have suggested, we have governments putting out central banks buying for debt instruments. whether it's an implicit or an implicit form, the reality is that it's this compilation of bonds coming out, issued by the government and being purchased by central banks. which leads to stability for the time being. if we get this, and we hav