still with us to discuss, greg davis from the vanguard group, kathy jones and michael buchanan.vis, a year since brexit, and it is a big story for global bond markets, and now it is not. why isn't it anymore? greg: because i think people have realized it will take longer to figure this out then people initially expected. you saw a significant market reaction right away, but the devil is in the details. it will take time to figure that out here a. jonathan: kathy, who would have thought a year later now we would be talking about potentially a rate hike. why are we talking about a rate hike? kathy: the currency market is feeling the impact of brexit. the sterling is way down versus the dollar, versus the euro. that is what is driving inflation right now. import prices. as much of what people in the u k, as you know, consume is imported. we are starting to see inflation got, mostly because of the currency effect. jonathan: interesting to me that we talked a lot about the central bank forward guidance in how wrong they can often get things. i remember when the bank of england was ta

jonathan: greg davis, global head of fixed income at the vanguard group, kathy jones, chief fixed incometrategist, and from california, i am pleased to say that michael buchanan joins us as well. guys, great to have you on the program. the treasury curve, one that is 2007, 138st since basis points right here, right now. greg, when you look at that chart, what is the signal, if any, that it is going to be right now? gregory: it is clear that the market is pricing in. the fed has been quite active. we've seen rate hikes over the course of the last year or so, and that is causing the curve to flatten a bit. ultimately, we have nothing much in terms of inflation. that is getting investors an avenue to stay invested. jonathan: kathy talk about the yield curve flattening and maybe at some point down the road conversing. is it different? kathy: i don't think the fed is going to go so far that they will push it to inversion but i do think that the market might be underestimating how much the fed where it ahead, and will pick up down the road. jonathan: michael, this flat yield story, given the c

we've always found austria at the core group, the vanguard of any initiative. because we believe that a world with less weapons, especially deadly weapons, is a safer one and not vice versa. so this is our general approach. being here i want to give you a little bit of perspective of those countries who are behind the prohibition. i have the feeling that the united states discussed among themselves, maybe also with other nuclear weapons states, but don't hear so much what you mentioned, the frustration of all those involved, the parties to the nonproliferation treaty. because it has been built up frustration. if i want to very, very sharp thing, being cheated. the npt said -- set out a commitment, nonnuclear weapon states, the article 50, about acquiring a nuclear weapon -- [inaudible] so the whole result of this treaty, the result of this frustration and of a feeling that there needs to be some added element so that we will fulfill the npt in its entirety. so how did this come, how to become today, it all started out with the humanitarian initiative based on a

vanguard. you're the heroes. you're the patriots, the trailblazers in the best american tradition. and you're humbled to be among that group. to the 12 members of this new class of american astronauts, i say congratulations. you've already captured the respect and admiration of your peers and when you lift off the launch pad, to boldly go, you'll capture the imagination of your nation and the world. and i believe with all of my heart that when you go, you will not go alone. for as the psalmist teaches us, if you rise on the wings of the dawn, if you go up to the heavens, even there his hand will guide you. and his right hand will hold you fast. as you begin this journey, know that you will be carried by grace and by the prayers of the american people. so godspeed to the class of 2017. may god guide you and bless you. may god bless nasa, may god bless the united states. >>> the senate intelligence committee released former fbi director jim comey's written statement ahead of his appearance before the committee. here's a headline from "the economist." "james comey is to testify that donald trump demanded loyalty." the article

it is hard with the vanguard left party types, the hangover group from the old days do alienate the centres that the moderate labour mps there are things that the moderate labourmps can there are things that the moderate labour mps can hold on to. i think he could afford an act of generosity to bring in some of those people. parties based on fraternity and brotherhood find it difficult to put it into practice internally. more eu response, an intriguing statement from jean—claude juncker, of course, the president of the commission, on the whole business of extending negotiations on article over. asked at a news conference if the article 50 negotiations should be extended in the light of the uk election results, jean—claude juncker replied before they could be extended, they first needed to begin. so clearly again question marks over whether the rigid timetable of starting on talks is to happen. we have heard earlier, that they need to anybody a position where people are happy to start and can be confident in the process. so we will pick up in that in a while. there may be more from brussels

and the community supports us, we, in our volunteer groups this year we hit 12 corporate days here, and so yesterday we had maybe 45 people from vanguard- yes, so it is very exciting. >> it is running very smoothly >> beautifully, thank you for the weather. >> we will pass that on to lauren. for people who come here year after year and for some of you out there who have maybe never been here before what would you say are new things that people can look forward to. >> we have great riders. we have a new exhibit exhibit on sunday and they come for the fair items. so lemon sticks that lauren told but we sell 7,000 lemon sticks. >> wow. >> yes. we sell 1500-pound of fudge. >> wow. >> so a lot of lemon and a lot of fudge. >> yes. >> devon burgers. we are always looking for healthy alternative to keep up with the times but, staying with the traditions and our shopping, it is fabulous. our convenientors are select. they commit in the fall, to come. >> so it is a wonderful event. we have had a great time with the food, shopping, thank you for being with us. >> thank you. >> we will bring some cash too good work. >> i always believed in you. >>