Rob Armstrong

30-year debt.

Over a 5% yield.

For the first time in decades, it's a 5% yielding piece of paper from the United States government.

This is a big moment.

Well, I think it's global to a certain degree.

I think there are global concerns about

inflation and probably even more than that there are global concerns about fiscal responsibility on the part of the you know the developed world's governments right so we want more we want more yield because we want more inflation insurance but more importantly than that the developed world is more and more indebted so it's worse and worse the credit

And so you need a little bit more.

What producers are paying rather than what consumers are paying.

It's like, you know, CPI for companies, basically.

And it was very high.

All the inflation numbers are a bit weird now because the energy crisis –

makes all the numbers a little jumpy for reasons and companies are changing prices quickly and so forth.

I wouldn't say that either the recent CPI data or the recent PPI data radically changed the picture of inflation in America.

It was more like confirming inflation.

Inflation is not dead.

And everybody hopes the next report will be the one that shows we're going back to normal.

Two percent is in sight.

And each report comes out and it's just like we're in a three percent world, people.

And there was some one timers in there.