if foreign central banks start -- thattreasuries, could put a lot of outward pressure on treasury ratesat is why u.s. yields have been held down for a long time with this link it lying over rates. morgan: we could overstate the risk of the fed raising rates. it's going to raise rates when you have economic activity improving. in that kind of environment, emerging markets are going to do well. in the mid-to thousands, emerging markets were up -- alix: doesn't that mean we have to see capital inflow out of emerging markets? morgan: i think you can overstate concerns by a tway five basis points. is if thee reality fed is recognizing improving economic conditions, demand from will be improving and that's good for emerging markets and emerging-market stocks. torsten: that is why the fundamentals get that are as the u.s. better. the tourists have gone to u.s. market and if they see higher rates in the u.s. they may be selling much more persistently and the risk could be more substantial. but it would certainly pull things in the right direction. morgan: it's hard to see many tourists left. i