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Dan Edwards and I know we are as good as our team and our team sometimes well they do things because they're

brilliant and also the surveillance team sometimes you get lucky. We did that before

December 31st when we said Tony Kresenzi you need to start our year and then we

enjoyed December 31st where things fell out of bed. Kresi is the Pimco, he's definitive on short-term paper,

and bring up the chart over here, McKinnon, if you would.

I've never shown this chart before.

I'm only doing this because Cosengi showed up at an early hour. One year, two year

difference in yield and you've got the out of these before the crisis and then the

normality of a difference in yield between a two year and and a one-year and we fell off a cliff.

Tony Kacensi, let's start with the why of the short-term paper market.

Why is the one-year two-year yield inverted where one-year yields are higher than two-year yields.

...