anna let  s talk about markets in three minutes mark and i want to start with the treasury moves yesterday we saw significant movement at the short end as the bond market comes around thinking more like the fed as we see this reduced bond buying interesting to see pimco struggling to attract new dollars jp morgan unwinding there long position in treasuries where does this take us this yield story mark i  m in the same camp i think frontend yields have a long way to go i thought two year yields could go to a 6 handle we are not at a 5 handle and that is the longterm camp i am in i have no strong view on where we are going but two year yields can go a lot higher and we are barely getting to strict of territory i think we need to go into restrictive because we have an inflation problem and the fed needs to cause a recession that is an economic theory and what economic history teaches you i think we will see the fed go higher we will see a deeper inversion on the way as well that is the bigger backdrop anna as those yields rise that puts ongoing pressure on the yen the yen weakening today your obsession of the morning and the obsession for many markets for many months mark i think the fundamental depreciation story for the yen remains strong the only thing making it difficult for july is it is very cheap really undervalued this means there is broader economic consequences but we are getting closer to the levels where there might be some policy intervention the markets will stay jittery july will be a story or dollaryen has underlying upside pressure that wins out what we will see sudden drops because we get real intervention or rumors of intervention anna it is the 30th of june which means the end of the month and of the quarter and of the halfyear stocks have had a good time despite expectations and fears of higher interest rates and global slowdowns and us recession ai and other tech related things are upsetting that to some degree mark yes and i think it will stay positive for the next couple of months i started the year bullish global equities but not bullish us equities  that is the wrong way around us equities outperformed again it is a positive environment for global equities at some point i will be looking to turn bearish i will focus my bearishness on us stocks but generally for the global environment we will see yields go higher and stocks go higher not stocks run higher but overall a supportive environment