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John gets around the table here in New York City I'm pleased to say is Gabrielle-Stos,

JP Morgan Asset Management, Global Market Strategies.

Good morning to you, Gabriella.

Good morning.

So Gabby, why are we always looking for a narrative

to explain any given day's price action?

Yesterday for me, just felt like we were down because we were down.

Yes it seems hard to ascribe a very clean narrative for over the past few weeks.

I think you know about two weeks ago at this point,

there was a narrative.

There was a very sharp move higher in tenure yields

...