we challenged tim graff of state street and he said i like the u.s. specifically because of the earnings potential with the tech concentration manner of it. manus: perhaps more importantly when we talk about this set of notes we have this morning, kalina bench saying he is not worried about -- jp morgan not worried about a positive real rate. state street saying we are not worried about a positive real rate until you see something monumental like maybe 100 basis points. on that bank of america notes, the hard data remains solid. there are downside risks and it is about the guidance. it will be all about the guidance these corporate give us. dani: are we overestimating margins and resilience? this is a guy who is perennially bullish and he still is, but he thinks it might be time to take some profits. your ears perk up when somebody who has been long stocks is still long stocks. maybe it is time to sell a little bit. manus: let's have a look at a monumental bear steepening. there is a breathlessness to the bond markets. the question is how far are bond