stan fischer was viscerally engaged in this fixation on yield and not movement of yield. you've been on all week and i know you will lead with the real yield this afternoon. this is a huge move in the two year yield. jonathan: i was going to lead with the asset sorted. thank you, tom. equity futures are down seven or eight points. in foreign-exchange, we come in about 0.2% there. we saw a new high for the post pandemic of 1981. since then, it is stable, 116.15. tom: the real yield, you've got to watch this afternoon. with all of this, the real yield hasn't moved. for our guests, that has -- is critical. jonathan: it's great to catch up. it's an early morning for you. thank you sir. let's start with yields. are they good for this equity market? >> hi yields are good. it suggests the vaccination process is working in the economy is reopening and people are gaining confidence. money costs a little bit more. this is all about how cheap money is, it's going to get more expensive is a good thing. vaccinations don't work, the economy doesn't reopen, we have negative yields, we h