let's bring in cnbc steve lee smith and bryn. i will go to you first. big of a story is this now for the market? >> i don't think it will be a big story three months from now. i think maybe we move a little bit higher. we have seen these numbers before. we saw them in 2024 where we almost touched 5%. i think we will get a settling out after the inauguration. we have some more understanding around the policies and what actually will happen or the potential to happened but i think the bond vigilantes are sniffing out. the economy is strong. we have lots of unknowns from the new administration that seems on the surface to be inflationary. as we get rates to be higher, it will be a great opportunity. i don't think they will be there by the end of the year. >> the problem, steve, is not so much the level, it is not that we did not think we would be at this level when the fed started cutting rates in september. i am wondering how much you think the fed itself has been caught a bit off guard by all of this. >> i think they weren't expecting this. i would have