ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

Any opportunities within the mortgage space - either residential or commercial from an investment standpoint?

JOHN DONOVAN, U.S. TRUST, BANK OF AMERICA PRIVATE WEALTH (ENGLISH) SAYING:

Yeah. We need to be cautious on the mortgages as the Fed winds down their taper, that's going to impact mortgage pricing. We do think there's opportunity in higher coupon, shorter dated mortgages and that's where our allocation is. We also see really good opportunity in commercial mortgages, that segment of the market continues to improve. It's a segment of the market that really stopped issuing after the credit crisis, has in the last couple of years, resumed that, the underwriting standards are much improved over what they were pre-crisis and there's still substantial yield to gain there, so we do like commercial mortgages.

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

Inflation on the radar at all?

JOHN DONOVAN, U.S. TRUST, BANK OF AMERICA PRIVATE WEALTH (ENGLISH) SAYING:

Absolutely on the radar, but you know not an investment for us yet - something we're watching very closely as the Fed again is taking the punchbowl away, inflation is a risk that we're watching closely. Just using the 5 year rate for instance, they touched 2%, they're down around 180 now. If they drop much lower than that and our expectations for inflation start to get over 2%, you know, that'll be a good way to hedge rising rates, will be with TIPS, we're just not there yet but we're watching it closely.