the economics, as mentioned in we will seegross, more issuance. that is a big part of it.ntil we have reached 3%, i aim not too worried on risk assets. i think the momentum is higher. jonathan: we caught up with hbc earlier. take a listen. upwe are not ready to tear and reverse the views we have had in the last five years. dynamics question the we have had behind the inflation idea people have had. there is a reason for low inflation. demographics, technology, all the reasons that we discuss regularly have not suddenly gone away because we started a new year. i will do the opposite of the bearish people. jonathan: i sense that we might be in -- are we there? robert: i agree that the imentum is negative here, disagree on terms of where the value is on the curve. that is a tougher call. the market is somewhere around -- certainly below three, probably below two and three quarters. jonathan: have you been buying through the week? for us, the main thing in terms of positioning on the treasury curve has been the shape. it haslook at the bond, not hit new yield highs this year.