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And context changes everything. Go to Bloomberg.com to get context. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene.

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dot com and of course on the bloomer right now on fixed income and really framing in a global macro strategy at Morgan Stanley is Matthew Hornbach and he joins us on this day of election results, this day of plans for COVID, and this day of a jump

condition in the market.

Matt, let's go back to Vassar economics where you had to define a jump condition.

Is this a jump condition?

Tom, thanks for having me on. This is clearly an important day for the world. You know, it's, we still have

some what to chop, right? I I mean we still have to get the vaccine

Further tested it has to be distributed around the world

And so it's that we're still not out of the woods yet, but certainly a bright day for the globe.

And I think you can see this playing out very clearly in markets that you've just discussed.

So, you know, we think that there is also an important underlying backdrop to all of this time, which is the amount of Central Bank liquidity that is being pumped into the system on a monthly basis,

and we expect to continue throughout the entirety of next year.

So a tremendous day for the world,

and I think next year looks to be a bright one.

Matt, what does a bond market look like with a vaccine?

Are we looking at a 1% 10 year more?

Lisa, we do think that yields are going to be angled higher over the course of the coming

year. You know, we have recently been very bearish on the Treasury market. It's a

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