annmarie: we are joined now by suzanne hutchins, investment manager: global funds, newton investment management. she says volatility indicates the market is going through digestion problems. we have the risk of inflation and an unsustainable recovery. walk us through these digestion problems, and how you foresee them playing out to the end of the year. suzanne: obviously the market has been on a rip sense the base effects of covid last year. it is not surprising that we have some digestion problems in the market given the level of markets today, and other risk assets. in a longer-term framework, we are not surprised we see consolidation. the risks to the backdrop, as you pointed out earlier on, is really that with inflation, people are tending toward inflation being temporary. anything more structural, we will not see until we get the employment report. that could change the dynamic and the outlook for the regime which is one of deflation over the last 10 years to one of reflation. that has broad implications for bond markets, and where you want to invest across the spectrum within e