Markets need to have volatility spike to ignite flame under Congress to come to a resol...

MARKETS NEED TO HAVE VOLATILITY SPIKE TO IGNITE FLAME UNDER CONGRESS TO COME TO A RESOLUTION

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:
What does that mean for you as you're trying to manage portfolios, including a short duration fund?
ANDREW SZCZUROWSKI, MBS PORTFOLIO MANAGER, Eaton Vance (ENGLISH) SAYING:
Well, I mean, I think Jim is actually right. We haven't actually seen any pressure on the bond market at this point. As we get closer and closer to October 17 which is the date that I think the media has put as the kind of the debt ceiling deadline, I really think that these talks could even go further than that. I think we could actually- it's not until November 1 that the government will actually run out of cash to fund itself. So as- at Eaton Vance, what we're looking to do is- we don't think there's going to be a default in the short term or in the long term, but we do think there's going to be volatility along the way, so you want to- we're trying to maintain the course. And if we do see a pullback in certain markets, we're looking to put money to work because we think a month- two months from now these markets will actually be higher than they are today. But in the short term, you're likely to see a kind of selloff. And I think that's what it's going to take. We're going to need to have volatility spike and to kind of ignite a flame under Congress to come to a resolution.
ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:
Andrew, just to clarify where are you putting the money to work, is that on the shorter end of the curve?
ANDREW SZCZUROWSKI, MBS PORTFOLIO MANAGER, Eaton Vance (ENGLISH) SAYING:
Well, I think as Jim said so, the short end of the curve is actually where there's the most stress at this point. So I think you want to actually- if you have money on the short end of the curve, you'd likely want to move it out a little further onto the curve and- so kind of we're talking five- three, five-year points of the curve, those actually haven't- on the Treasury curve haven't actually moved at this point. You've actually seen rates a little lower...