Down to test new lows. One in 3 8 percent. It is much lower than this. You could still get another 25 basis points. Adding to 1. 25 . 1 on tenyear treasury is not impossible. Potentially all the way down to zero. That downside economic scenario if the economy is weak and the leading indicators do point to that scenario. We and the rest of the world are going to own long government bonds. Bond bears are dead. Joining me are kevin of Raymond James and Scott Kimball of the mo. Lets start with you, do you agree that there is no lower bound, let the basement be the ceiling . I think seriously the data and in terms of creation we are going in that direction. There is going to be a limit in terms of how crowded it will get. I think we are getting to that stage in the next 25 basis points or so. Limit and howa terms of how low they can go. The conversation around negative nominal yields in the u. S. Up on would have to give the fact that the u. S. Economy has not found its way to a recession y