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in exceptionally well-time. Way Lee is prodigious in mathematics out of her China and of course

out of University of Cambridge as well. She was a former trader in Equity derivatives at Citigroup.

You've seen her on the show industry. Joining us now from BlackRock Chief Investment Strategist, Way Lee.

Way Lee, what a tour to force out on LinkedIn on the cash path of the risk premium.

I can't say enough, folks, how the partition between the short-term cash path and the longer duration focus of the media, the Fed Parlor game is apt.

Wayley, why should we focus on cash and the cash path?

Absolutely, good morning. Thanks for having me. So as we think about the increase of 10-year yields, it can be broken down into the increase

of cash path and the increase of term premium.

Turn premium increase doesn't have to be negative for equities, but the misunderstood fact

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