While the European economy is doing reasonably well, the ECB isn't going to end the program before September 2016.
We think they make sense, the policy's going to be aggressive.
We think parts of the high-yield market are pretty attractive.
We have a good portion of our risk in Europe today, I do think the policy's going to be aggressive.
The long end is the better part of the curve.
That back and forth will be on for another week or so.
Bunds start to get interesting at around the 1-percent level.
A lot can happen between now and middle of September.
