rick lacaille is still with us. and the central bank actually trying to hike when everything around them is going more dovish. will they be able to deliver? rick: they have had a few episodes like that in the past where they have hiked rates for domestic reasons and as had to be reversed. the conditions in the nordics are a little bit different. as germany slows down, they are going to look more german as the year unfolds. hiking rates at this moment is a tactic.ctic -- brave francine: i was having a conversation with a banker yesterday that was saying that we are not realizing that because negative rates are getting more negative, the search for yields mean either people go to cash or the investors look for illiquid assets or things like that. does that change the composition of markets? rick: it does not change but puts a massive supply at the hands of those who need more debt. we are seeing a lot of spread chasing. and a lot of cases, that's rational. i think the general trend of chasing spread is not a healthy on