tim bitsberger of bnp paribas is here with us as well. statement on a better labor economy. tim: the eci points to a much stronger labor market that people are knology. tom: maybe it is not the 1990's, but it is at least that are then good, which means the fed has to act. tim: the labor market seems to be in full recovery, maybe implying that the fed could be behind the curve a little bit. olivia: 5.5% used to be normal. tom: tim, how do we get from a given yield u.s. tight have 10 year of 2.13%, up to 3%? that has to have ramifications. tim: i think it depends. if the fed is behind conference, the market will back up the 10 year yield for the fed. if the fed shows confidence and deliberately starts raising rates sooner than december, i think that can contain the longer end of the olivia: what is tightening due to the housing market? tim: it slows it down. the bulk of friday and friday mac -- fannie and freddie mag mortgage issuance have been in the finance market. you look at these numbers and more people are working and there's more con