| all right we are roughly 40 seconds to | 3.6 | Jump to 2.159 |  |  | 
              
                
                  | this is one of the people you want to | 3.44 | Jump to 14.32 |  |  | 
              
                
                  | look at that first day of the new year's | 4.159 | Jump to 24.96 |  |  | 
              
                
                  | s p 500 and the nasdaq here we go let's | 6.441 | Jump to 29.119 |  |  | 
              
                
                  | 3rd the first trading day of the new | 3.919 | Jump to 47.28 |  |  | 
              
                
                  | have the dow up more than 200 points or | 5.281 | Jump to 56.719 |  |  | 
              
                
                  | about point seven percent the s p 500 up | 5.36 | Jump to 59.28 | 
                      
                        
                      
                        PERCENT
                      
                      
                        about point seven percent
                      
                     |  | 
              
                
                  | about point six percent and the nasdaq | 4.799 | Jump to 62.0 | 
                      
                        
                      
                        PERCENT
                      
                      
                        about point six percent
                      
                     |  | 
              
                
                  | up about one point two percent as we | 4.64 | Jump to 64.64 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        about one point two percent
                      
                     |  | 
              
                
                  | past trading day i'll turn this first | 4.801 | Jump to 75.119 |  |  | 
              
                
                  | that we're entering in 2022 what do you | 3.599 | Jump to 81.84 |  |  | 
              
                
                  | about this year versus 2021 | 4.16 | Jump to 88.72 |  |  | 
              
                
                  | what do we think about 2022 i think the | 4.32 | Jump to 92.88 |  |  | 
              
                
                  | the fourth quarter of this year we'll | 2.481 | Jump to 104.479 | 
                      
                        
                      
                        DATE
                      
                      
                        the fourth quarter of this year
                      
                     |  | 
              
                
                  | likely see more of that in the first | 2.8 | Jump to 105.84 |  |  | 
              
                
                  | the 134 level on the yield on the us 10 | 5.599 | Jump to 123.28 |  |  | 
              
                
                  | year been closed today above 1.6 we | 4.0 | Jump to 125.92 |  |  | 
              
                
                  | think we're going to average about one | 3.201 | Jump to 128.879 |  |  | 
              
                
                  | and three quarters next year versus the | 4.319 | Jump to 129.92 | 
                      
                        
                      
                        DATE
                      
                      
                        three quarters next year
                      
                     |  | 
              
                
                  | one and a half week average last year so | 3.68 | Jump to 132.08 | 
                      
                        
                      
                        DATE
                      
                      
                        one and a half week average last year
                      
                     |  | 
              
                
                  | just heard and when you look at the 10 | 4.241 | Jump to 150.319 |  |  | 
              
                
                  | year being up above 1.6 we know that | 3.84 | Jump to 151.92 |  |  | 
              
                
                  | from like the 1st of january to the 9th | 3.761 | Jump to 196.239 |  |  | 
              
                
                  | over the last 25 years the dollar | 5.519 | Jump to 200.0 |  |  | 
              
                
                  | strengthened 19 times so over 75 percent | 5.439 | Jump to 202.08 |  |  | 
              
                
                  | settle down say from about the 10th 11th | 5.92 | Jump to 224.64 |  |  | 
              
                
                  | 12th of january and then as you rightly | 3.92 | Jump to 227.92 |  |  | 
              
                
                  | fed fund futures looking at three | 2.959 | Jump to 235.28 |  |  | 
              
                
                  | expect to be hunkered down the next two | 3.84 | Jump to 294.0 |  |  | 
              
                
                  | to three weeks at least in the u.s given | 4.16 | Jump to 295.52 |  |  | 
              
                
                  | talked about two to three weeks versus | 3.84 | Jump to 319.6 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        about two to three weeks
                      
                     |  | 
              
                
                  | talking about two to three months so i | 4.079 | Jump to 325.12 |  |  | 
              
                
                  | talking about by the end of the first | 2.319 | Jump to 352.16 | 
                      
                        
                      
                        DATE
                      
                      
                        the end of the first
                      
                     |  | 
              
                
                  | your um you know last 12 to 24 months | 5.12 | Jump to 494.72 |  |  | 
              
                
                  | pair potentially set for a strong first | 3.921 | Jump to 536.959 |  |  | 
              
                
                  | new zealand 10-year and the japanese | 4.0 | Jump to 552.72 |  |  | 
              
                
                  | 10-year bonds are | 4.16 | Jump to 554.48 |  |  | 
              
                
                  | explain the base case first of all um | 5.201 | Jump to 562.399 |  |  | 
              
                
                  | firstly the rbnz is one of the most uh | 5.2 | Jump to 565.04 |  |  | 
              
                
                  | interest rates way up to 2.6 | 5.12 | Jump to 572.48 |  |  | 
              
                
                  | from their current 0.75 | 5.919 | Jump to 575.36 |  |  | 
              
                
                  | at the end of 2023 so their outlook is | 6.4 | Jump to 577.6 |  |  | 
              
                
                  | their very low minus 0.10 interest rate | 5.92 | Jump to 603.2 |  |  |