Hi Greg. I've been long on high-grade bonds for about 6 months so its nice to see someone of your caliber agreeing with me. Sadly, a lot of people don't realize that about 80% percent of the financial system is BONDS and so the flattening yield curve shows 'the market' as a whole calling BS on the Fed, ECB, BOE and their recent threats to raise rates. In my view, this is all talk and no walk. The global economy is lot weaker than a lot of people think (after all, just look at the falling oil prices; if we are growing, why is no-one consuming more energy?).