Last year the bond market, last year was the worst year for the bond market since the 1780s. Now that is turning around and we've seen the long-term treasury go from 4.3 to 3.6 roughly. But the way I look at it, a bond investor is trying to protect himself or herself from inflation,. And so that market, I believe the tips implied inflation rate is about 2.1 or 2.1. It's very close to that.

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