i'm sure rick greider is board of talking about it but are we getting to the point where we could bethe peak? >> we still like the front end of the curve. we think it might be well anchored. weyou continue to hold that, think it is reasonably priced now for the number of hikes you might have. the next movie could see is more of the steepening is the fed does indicate it will pull it three hiking cycle -- its rate hiking cycle. yields go up more, you are still cushioned. further up the curve, there is no cushion. us through why the next move could be a steep one. >> if the fed announces it will pull, the market is not prepared for that. we have seen a few signs the market is concerned, but it is not yet priced in the fed might act sooner rather than later. i think next year the market will start to reassess its view of the rate hiking cycle. it will reassess its view of the u.s. relative to europe and japan. you have seen the curve flattening most of the year. now we are seeing it steepen a little bit. i think some of it has played through. the fx hedging cost is so expensive that now