subadra: um, that is a good question. would say that ultimately it's going to have to be in the long end, because the curve is still -- it has steepened out and the trajectory over the next seven months will be it will continue to flatten as the fed tightens policy. i'm skittish on the front end because he could see in overshoot towards 3% in two year yields, but the curve is going to, i think over the next several months, continue to flatten. but i would prefer the long end. lisa: mike? michael: on the treasury curve, then i will, make a comment on emerging markets. the curve is really flat, then it jumps up. there is a relative value trading opportunity to buy those on a hedge basis because they are structurally undervalued. but generally, when the curve gets flat, the knee-jerk reaction, especially for retail investors, is to buy the shortest maturity bonds with the same yield. so why would you own a 10 year when you could own a two year, but the right thing to do is to go out in duration, the five-year part or 10 year

subadra note -- subadra rajappa knows that at societe generale.monday morning, and i have called it recalibrate monday, everybody is readjusting into the equity market, and i would suggest your world always leads. if i am in the equity markets, what is a single sentence i need to read from socgen fixed income this morning? subadra: the fact that you have the fed next week is going to be really what drives market sentiment for a good portion of this week. for the most part, the market is fully priced in for a 50 basis point hike at next week's fomc meeting, so it is going to be a little bit of an adjustment. a lot of news like you mentioned earlier on china, as well as developments overseas with the elections in france, so it is not a whole lot of fed news that the market has to adjust to. it has more to do with events happening this week as we are fully priced and for what to expect from the fed next week. jonathan: how do you think investors would internalize a potential rapid slowdown in the chinese economy, something that perhaps we did not exp