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hi my name is rachel frame I'm a second year undergrad in the Tepper School of Business speaking about interest rates I had a question in light of the Fed raising rates and with equity prices at an all-time high where do you foresee the bond and stock markets in the remainder of the year we're twin and for the remainder of 2018 listeners it's tough right now because historically yields are fairly low so but it's kind of complicated to some actually tonight I'm trying to figure out what the BOJ is doing because of the BOJ either this meeting of next we may change your interest rate policy which will affect our Treasuries - and will affect this stuff affect the stock market so I think as far as the stock market is concerned I think they're okay I don't think it's great I think we might have reached the highs for the year and it really has to do with interest rates I'm not sure we're right on the cusp of breaking down an interest rate at this level around 3% I think they close at two point ninety percent of the tenure actually no because I just look but but if they do if they do people a lot of people don't think they're gonna break higher most people are saying they long ago - three and a quarter and I think if they only go to three and a quarter through the rest of the year the mark stock market will be up but too many people are saying that you know what I'm saying so when so many people say that I could become worried that's not going to hold so and if they don't hold those stocks may have a problem so that's thank you you're welcome let's start rotating between the cues now so we'll go from the right and then no such back and forth you're welcome so David to follow up on your answer there if you were a student how do you get a chance okay go ahead I'm sorry yeah but I'm just so following up on the answer there if you were a student right now that's interested in finance whether it's an undergrad or and be a student what are the three things you'd be focusing on that's kind of interesting we we I listen I think you still have to take the the certain courses that you need here to understand under Condor on the underlying parts of it and I think there's one thing you know I think some people are gonna say you know you have to be careful because everything is gonna be models and machines machines could compete against machines which there's a lot of machine finance if seats are doing shitty this year really bad not good I'm kicking their ass the reason you know the reason I know this a lot when I went to Goldman Sachs had a model on the desk a trading model and it was just it was just wrong that's one of the great things about being here I just knew the option part of it was wrong the way they had to call prices in there that was good thing to be here because I recognized that I had that that knowledge from training here but now when you see that when people talk about machines taking over you the machine is only as good as people program in the machines and when you have some times that are changing like there might be changing higher interest rates you're out of this long qe environment quantitative easing environment that we've been in in this financial crisis environment and people are continuously program the same damn thing and yeah they'll be less emotional than people but when the times change they don't change the list somebody who program some changes of programs and when kinds of changing fast that doesn't you know it doesn't work and when you have a guy like Trump you better you better know how to deal with people and know how you know different emotions work you know so you know you it makes it makes for a different different environments so but I think what you have to understand even if you do go into say and I don't I don't necessarily think that it's not work quickly those quantitative or those black box deals aren't can't be really good but you have to know the fundamental stuff that you learn here how options work how finance works how accounting works whether you're gonna program those machines or you're gonna compete against those machines you have to know that stuff so I think I know I don't have to think I know this place does a very good job of kicking your ass and making you learn that stuff so it's you know so that for that reason I think you get the stuff here that you need for that thank you welcome let's jump back into the audience on the right
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