The bloomberg global aggregate bond index is down 11 % year to date, which is the worst start on record. The market now really believes the hawkish narrative and weare only seeing dufves in haw clothe. I think a last kind of hawkish crescendo should be expected. Soa, i still see one leg lower for equities and yealds higher. But what we do in our funds at the moment, we do not buy the dip. We we rather sell the rip.