We've generally become favorable of shorter-dated (agencies) inside of five years as of December. Spreads widened out, more so in the front of curve.

The nice thing is they both throw five pitches. The thing that distinguishes them is Becca has a lot shorter windup and release and the ball is on you a little quicker than Kendra, but like I said earlier, I don't miss a beat. I could throw either of them at any time and feel comfortable.

Shorter dated bonds are very likely to come under pressure. The economic backdrop to allow the ECB to raise rates is developing and people will be looking for them to act at the March meeting.

Now he's more relaxed. His walk is back. We danced on December 3, and that had been five years since we could dance.

We used to see about five cases a month. At the tail-end of December we realized we had a situation on our hands.

We didn't want to show it was shorter, we wanted to show it was better.