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for application pricing, not available for everyone. Hello everybody. I am finally back

in my home here in Connecticut. Although I'm not going to be here for long because in

a few days, I'm headed back to Puerto Rico where I'll be doing my podcasts regularly

from the studio over there. Anyway, a lot happened over the past week as I've been traveling

around the U.S. a bit. In particular, the bond market carnage that I spoke about at length

during my last podcast as I expected continued during the current week. In fact, the bond

market was down every day on the week. It had a four day losing streak. Big losses. Until

we finally saw Rally on Friday, the bond market recovered part of its losses. It was a

pretty big rally too, but not nearly big enough to recoup the bloodletting of the previous

four days. The catalyst for that rally was a weaker than expected jobs report from the

labor department. I will get into that report a bit later in the podcast. I want to stay

focused right now on what was going on in the bond market. All of the yields ended the

week higher above 4%. One thing that was very significant was that we had an uninversion

of the 30 and the 5. For many, many months, I forget how long, but for quite some time,

the 5-year yield had been higher than the 30-year yield. Now, the 30-year yield closed

the week at 4-spot 214, but the 5-year closed at 4-spot 163. You still have an inversion

of the 5s and the 10s, but no longer of the 5s and the 30s. That is the yield curve starting

to normalize, but it has a long way to go, because the last time we had a short-term

rates as high as they are, there are about 5 and a quarter, 5 and a half, the yield on

...