Everybody's pretty comfortable right now with what they see in front of them. That doesn't seem to be any significant tail risk that we should be factoring into our thinking this morning. Iran is not likely to respond in a significant way that's going to disrupt global trade.Is that the right way of looking at this. I think it is the correct way to trade this until we get a fresh development. I don't think markets experts should pretend to be geopolitical experts.And, you know, all macro traders become armc ...

one year inflation drops from 66 down to 51. That's a pretty big drop. Joining us this morning, Allianz chief economic adviser Mohamed El-Erian is with us Mohamed.It's a treat for us to be able to get your take on on the news of the day. I did read this morning that you feel that this this news out of the Middle East is net net maybe Stagflationary does that explain some of the action in treasuries. >> It is Stagflationary. The question is how stagflationary is it.And that's a function of what you just talk ...