tony crescenzi, back to the bond market.delayed tax return, etc. is the delay policy falling back into bonds dynamics? tony: yes, actually. i wrote a blog in january, six wonths ago, when the towdo was 20,000 ashley conclusion was wasing -- when the dow 20,000, the conclusion was nothing. $6 trillion equities prices now. the bond market is saying, "so what?" we believe the growth will pick up a little bit. perhaps there will be a trump bump, but the long-term trajectory will not change. what is the tax cuts have been? maybe we spend it, but what do we do in 2018? we cannot go up another 3%. more than likely, there will not be any changes on growth. the guys are nervous about the bond markets. greenspan was talking about it. it is not a relationship between equities to bonds, it is bonds to equities where the story lies. tony: look at where the market is priced in terms of euro dollars, which is libor of course, which may not be around in 10 years -- but probably will be, although he has called for it to end in 2021 -- 2.5% f