Tom Keene

News.

We are thrilled to bring you Bob Michael, Global Head of Fixed Income, JPMorgan Asset Management.

The real yield out of 2.11%.

I haven't done a standard deviation study.

When does a higher real yield impinge on the American economy and on industry in America?

David Rosenberg in Toronto publishes moments ago, Rosenberg Research, quote, still no market panic in equities, even with a VIX out of 29.53.

How do you measure and is there panic in the Bob Michael world?

I mean, price down, yield up.

How does it, you know, equity panic?

How does that work in the bond space?

who knows you have a sterling academics which goes back as far as persia your work in greek and latin with all of your academics at penn and your work of course driving the bond ship for mr diamond the the cultural overlay here of persian patients what i keep reading in informed articles is these people are patient

Is that what you would?

Would you agree with that?

Iran will be patient beyond anything?

It's that simple.

Okay, folks, what we're going to talk about, we're not going to talk DSGE.

We're not going to talk integrals within integrals or derivatives.

The mathiness that Richard Claret is acclaimed for, the former vice chairman of the Fed.

I don't want to know when the Fed's going to cut rates or all that.

We're going to talk about what you did at Columbia.