jonathan: geoff yu there a bny mellon. equity futures this morning negative a little more than 1% on the s&p. the good news is we are off the lows. the bad news is we are still negative. the nasdaq down by 1.28%. the russell off by 1.26%. let's start with natural gas prices in the u.k. the chart parabolic, vertical. gas prices rallying really aggressively. not just the u.k. come about across the board in europe. we were off by almost 40% a little bit earlier. we are off those highs -- we were up by almost 40% a little bit earlier. we are off those highs. you take the real yield, subtract the real yield from the inflation linked curve, and you get the implied inflation rate, the market-based implied inflation rate. it looks like this right now, explosive. 13 your highs on breakevens and the u.k. the energy story spills over to inflation expectations. nominal yields shift higher as well. this is the risk aversion story at the moment. yields are up two, three basis points on the nominal 10 year yield in the u.s. this is the s