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With us now Michael Clority with UBS, head of U.S. rate strategies.

Let's start with that idea, Michael Clory, who has their foot on the two-year

yield?

Well, the Fed does.

So with their guidance, you know, they're sort of suggesting that they're going to keep rates low for a long time

They'll continue to hold this front end down I think when you look at the bond market you want to look at the feds

Actions in different parts of the curve.

So the front of the curve is all about what they're going to tell us

they're going to do with the policy rate.

The back of the curve is sort of QE driven,

but the Treasury is issuing a lot more at the back of the curve than the Fed's buying.

So let's talk about the issuance here.

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