we will hear from roche's teresa graham at 11:45 cet. will put the questions to her. >>> back to the markets, you have the german ten-year bund trading lower this morning at 2.36 is the level. otherwise, yields are higher. the ten-year gilt is 4.16%. you have the u.s. yield curve is a mixed picture. higher at the front end and yee yields at the 30-year level is hire. >>> and gold is rising to an all-time high as investors are pricing in the bets for the rate cuts next year. you can see there on the screen the gold suppois up 14% for the yea. >>> bitcoin is up against the possible rate cut momentum. crypto stocks are moving higher on the bitcoin price action. >>> let's talk about fed expectations. jay powell said talk of reducing interest rates is premature amid optimism in the market for aggressive cuts. speaking in atlanta, powell warned they are set to tighten further. there is an expectation of five cuts next year. the head of international rates of vanguard is joining us around the desk. let's pick up on jay powell's comments on frid