Jim McCormick

Your two things are dryness issues, combined with another shot of cold weather at the end of the week, putting a weather premium back into the market.

Real yield in local currency debt relative to developed market debt is near an 8- to 10-year high, and somewhere between 150-200 bps above where we were right before the (2013) taper tantrum, it's not a great environment for local currency ... (but) the protection that you are being offered should get you through the worst part of the mess.