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Europe and attachment to Europe looks worse and worse every single day.

There's a security issue that the Brits feel.

I don't think the business cycle dynamics that we've seen since World War II have changed.

I think they're the same and

they're going to start to manifest themselves. Many in markets are looking at 10-year

rates at 175 and are concluding wow if rates are so low that must mean that the

U.S economy is unhealthy.

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Bloomberg Radio.

Good morning everyone.

Michael McKee in Washington, I'm Tom Keene in New York.

We welcome all of you across the nation worldwide Bloomberg surveillance.

A most interesting morning made more interesting after really a quiet three four days of news. The bombshell out of the Federal Reserve

yesterday on minutes moving the dollar stronger and bringing June somewhat towards the

current. I'm not sure where we are after the comments of Jeff Lacker too, Michael McKee, but there you have

it yields higher, the two-year yield 0.90% and the 10-year yield 1.86%.

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