was -- wayons jr. tweet was not accepted. happy white people proud of their racist ancestors' day. a user responded thinking of all the men and women who died for our independence, laughter does not come the mind. wayons told people to be free to be offended by it fertlez it is july 5th and taylor swift fans are freaking out because there are no photos of her fourth of july party. why? why are there no photos? because she didn't host a star- studded bash this year. >> oh no. >> well, fans have become accustomed lesli to seeing inside the celebrity's life on instagram. but they're disappointed with her lack of fun photothis is year which means they need to pull their head out of the butts and put their phones down and actually engage in life. it's about time. think it will happen? >> you feel good? >> a e-mail lesli. >> no i'll forward it to you. >>> and anybody why they went and some people would say they went for the fireworks but not this guy, he's 92 and he didn't go for the game. and he didn't go for the fireworks. he went for the love of his country. >>> but first a medical my

that the wayon is they want to do it is to put it on autopilot. unless there are similar issues that warned to change, put it on autopilot so the way they are setting it up is to have very little uncertainty by market participants about the trajectory. jonathan: so if you were trying to work out the next move for treasuries, you have week data, and on the other side you have price incentive stepping away from the market. are you surprised by how many people seem to think it will be the kind of passive management and everything will be ok and it will roll off slowly? >> i think the balance sheet unwind is an underestimated risk in the market. if you look at the amount of duration that is about to hit the market over the next five years we and our calculations have come up with roughly $385 billion or so in duration that will hit the market over the next three to five years. and if you use the what you get from the fed around 40 basis points over the next three years. if you look at what happened in that tends to get priced upfront, not when the unw