our guest host is a speciality in this area, raffaele bertoni. nsideration what she has said, that would market has not spiked. would you think it is folly at the moment to be a seller of volatility across assets? raffaele: i don't think -- i'm not a big fan of selling volatility at this point of the cycle, especially with all central banks in a very accommodative mood. i think the spike we had in the bond market was more an early assessment of central-bank expectations than a technicality -- and a technicality of the u.s. market rather than expectation on the future economic development. expecting thatre we might see a bit of volatility , given it you have said you would not want to be short it, how are you looking for kerry in inse long markets -- carry these long markets with the tightening by central banks pretty much done? raffaele: i think from now on it will be a story of kerry in the the market.rry in government rates are very low. u.s. trip will be sector of the investment grade market was -- triple b sector of the investment grade market