robert tipp, there is a conversation about some kind of risk premium being built into these bond marketspain in the energy markets, but the bond market will not be open in the same way with qt replacing qe and inflation being high-end not low anymore -- high and not low anymore. how wide open do you think the bond market will be in the u.k. and elsewhere in europe too? robert: the u.k. gilt market has been subject to so many different risk factors and the credits market there become perennially less liquid than even their european counterparts. it is a function of their separation from the european market and then the instability, some of which has always been there. the currency has been perennially weak because of their external accounts, but the political situation has exacerbated that. so, you know, it is not a market that will completely unhinge, but it is definitely the most difficult one to handicap and most subject to volatility and illiquidity. jon: what is your take on these developments, george, in the last month? george: it is really an unwind of the move we saw in july, a bi