to discussh us now this moment is thierry wizman.egist.est rate moment or is this just another cyclical upswing? >> it can be both. let's pick a big moment. yield 2.5%, still fairly low. both from historical perspective. also think that ten year yields attracts gdp, we'll see growth 4% next year. bit on the ten year is a lowe. it should be closer to three or er.h >> are bond selling off for the season? >> there's more inflation. holdhard to want to nominal asset who's coupon is not going to increase with inflation when inflation is raising. compensated for that. bond yields rise. are the things thinking about the economic outlook for next year. feels very open. it feels quite wide, we could have fiscal stimulus and bunch of infrastructure spending and tax cuts and that could make gdp rocket. we could have happen overseas and tensions with the new administration. have uncertainty. wideo you think about the range of outcomes when sort of figuring out your forecast? >> great question. with regard to overseas, the main risk that everyone