we have more with seema shah to discuss.ood morning. >> good morning. >> he is a fan of the two-year treasury or the treasury protected tips. what is your take? are you a fan of the two-year bond? >> i do think there is some pressure on the ten-year term in the near term. at the end of last year, the market is pricing in cuts and prematurely. we are not expecting interest rate cuts to come as soon as march. you will see continued resilience for the time being in the labor market and other data. that should put a little the bit further pressure. if you are looking at the year as a whole, we are anticipating in the middle of the year, you will see interest rate cuts not just in the fed, but ecb and bank of england. accompanied with that is an economic slowdown. both factors should put some downward pressure on years. >> according to the recent note, you see a rally in the second half of the year. in q1 and q2, you see a lot of volatility. what is the catalyst for the volatility? earnings season kicks off later this week. >> at

tom: seema shah said real rate stay where they are in push that against the shock of what we heard fromforecasting. jonathan: yields are lower by two basis points. in the fx market things of looks snoozy. the euro is stronger 1.0944. the data is anything but strong in europe. tom: it is far too cut and chiseled to be one of the old guard. michael purves, and i put him in the group with dr. yedeni. they have been here before. thank you for joining us. what is your advice to the kids buffeted by social media and finance where you were just saying, it's attractive out there. get on board. michael: we just came out of a fantastic rally, of 24% last year. we are going to have some indigestion. one statistics that's interesting is 14% on 24% came from november and december. we have not had a contribution messiahs that. when you are looking at this fidgety price action which is not typical of early or mid january, you have to put that in the context of nine unbroken weeks in a row. we have a dual goldilocks condition. a dovish pivot from the fed. we stopped talking about rate hikes after the m