we start with the united states treasury auctions.lingsury department $24 million of 10 year notes. that is the lowest since the january 2018 auction. elsewhere, corporate investors clamoring to get their hands on a deal. finally, we had to the eurozone. our next story. him and gloom is still stocking the eurozone. >> the call on europe is not about valuation. fors about the potential european growth. i see positive signs coming from fiscal easing in germany. jonathan: i want to bring in our guests still with us. so many people sound doom and gloom me on what is happening on the continent. when you look the price action, it is interesting that pretty much everything has performed quite well. of a contrarian call to say europe is going to do well this year? past thek we are contrarian call because of what the central banks have done. i think it goes back to something that just said earlier. or banks pivot has caused given the market the view that there is a support for risk assets out there. whether it be equities or high-yield credit.

asking american taxpayers who send $1.7 trillion to the internal revenue service and the united states treasuryrs to put them in charge of administering all of the spending of that money that congress authorizes. presidential candidates are asking for the power to sign or veto new tax laws. every member of congress is empowered to write tax law. and so they have a pomoral responsibility to show us how the tax law affects them and how changes in the tax law might affect them. that's why democrats in congress are advancing legislation to require presidential candidates to release their last ten years of tax returns. democrats are trying to make an unwritten rule of presidential campaigning a written rule. senator elizabeth warren already released ten years of tax returns before the democrats proposed that legislation this year and today, senator gillibrand became the first presidential candidate to release this year's tax returns. >> hi, i just posted my latest tax returns online. >> senator gillibrand has been posting her tax returns online for over ten years. this year's tax return is a relativ

united states providing reparations for japanese-americans, the payments or the responsibility for p payments would come from the u.s. government itself. it's a bill that goes to the united states treasury. there are ways in which this could be done that would minimize or eliminate any additional tax burden on the national population, but that's in the final chapter of our book. i dare not divulge that in advance without risking the wrath of my co-author. >> from bob in massachusetts, go ahead. >> caller: good morning, mr. darity. i got something i'd really like to run by you. i understand that c-span is doing a show about the presidents. they're going to rate them from best to worst, i guess. i believe that lincoln was the worst president. the only reason i say that is because in our constitution, there's a line that says all men are created equal. for some reason, the black people didn't make that state, right? and when lincoln had the war to free the slaves, did he say, okay, all of you people can now vote, all of you people can now own land, all of you people have the exact same rights as white people? that's what should have happened. >> okay. caller, thanks. >> actually, i absolut

the world news this hour first off donald trump has announced that the united states treasury should not impose any new sanctions on north korea this comes after the north is said to have pulled its stuff out of the into an office de facto embassy in communication channel four. north korea informed us this morning that it was staff from the liaison office on instructions from a superior authority and it drew its staff so the north said it doesn't mind the south remaining in the office and that it will mortify on further practical matters in the future our government finds the north decision regrettable and it is hoped that the north returns its staff to the liaison office for normal operation as it was agreed between the two countries the latest setback on the korean peninsula handled trumps an apparent attempt at damage limitation comes just a month after talks between the u.s. and north korea collapse of that summit in vietnam that was due to differences over washington's sanctions regime correspondent trying to join the union unable to break down the development that lee is off as

well-educated, professional is successful, financially well-off, he nonetheless cheated the united states treasury and the public at a time when he had substantial resources." next week you will be sentenced for separate crimes in the district of columbia, which could add on another ten years to his sentence. the likelihood of 70-year-old paul manafort ever seen the light of day outside of a jail cell, it will likely be dependent on whether the president of the united states chooses to pardon him. melissa, back to you. >> melissa: thank you. just days after the devastating outbreak of tornadoes killed 23 people and destroyed parts of eastern alabama, officials are warning that the state is facing more severe weather this weeken weekend. we are joined live from the fox weather center. rick? >> melissa, this is severe weather season beginning. when you see it in march, usually pat down my cabins across parts of the south. what happen when that one tornado, especially around lee county where we saw the damage and fatalities, was so significant -- this is the time of year we have to watch out for it.

he nonetheless cheated the united states treasury and public out of $6 million at a time when he hadof the defense team passed by reporters. they asked how is paul doing? one shouted, we're about to find out, or words to that effect. we'll find out shortly. i ran into that same defense attorney in a restaurant across the street from the courthouse. none of them would speak on the record or off the record. the reason is quite clear. next wednesday, just on the other side of the potomac river, the district of columbia, he will face another sentencing hearing. the judge is arguably less sympathetic to paul manafort. it was she who placed him in pretrial solitary confinement. highly unusual for nonviolent pretrial white collar defendant. so they're very, very concerned. she could add ten years on to whatever sentence he received here. >> dana: we'll be paying attention to that. big retailers closing up scores all over the country. blockbuster. remember that store? okay, max...time to help mrs. tyler reach her health goals! i'm in! but first... shelfie! the great-tasting nutrition of ensu

the prosecutor are geared manafort was , he nonetheless cheated the united states treasury and the public at a time when he is substantial resources. manafort will be sentenced for a separate case here in washington, d.c. next week, where he faces another 10 years in prison. in washington, ray bogan, fox news. >>> michael cohen is now suing the trump administration or organization rather, claiming that president trump's family companies fixed him on fees and costs. it was filed in state court him and hansen. his lawsuit marked the latest chapter in the bitter feud between president trump and his former lawyer and fixer, who heads to prison in may. country has rep to the sears appearances before where he repeatedly attacked his former boss as a racist, conman, and she. joining us now on the verdict is legal expert, michael condos a. i want to get to the manafort sentencing. 47 months, nearly 4 years in jail, and that is much less than what was anticipated. what you think that is? >> certainly shows you the government was overreaching, according to the judge. with the federal judge said was

i want to go to the auction block where we begin right here in the united states with treasury auctionsmand continuing. the treasury department selling $24 million of 10 year notes. , the lowest since auction. january 2018 elsewhere, corporate investors clamoring to .et their hands on a debt deal we put together this program, billionage for about $7 of high-yield bonds and loans had amassed almost $30 billion of orders. and finally we go to the eurozone. there is still enthusiasm for the italian debt, 2038 bonds, investors offering to buy 1.6 times the amount. that brings us to our next story. doom and gloom is still stocking -- still stalking the eurozone. >> the call on europe is not on valuation. valuation is always cheap. it is about the potential for european growth. i see actually some positive signs coming from fiscal easing in germany. jonathan: want to bring you colin robertson and the others still with us. it sounds like a contrary and trade to be long europe because so many people sound doom and gloomy on what is happening on the continent. when you look the price action, cra

united states. we start with the treasury curve. when you boil it down to the it has collapsed over the last month or so. we have had a stigma. you look at five to 10, 2 tens, to 30's, it is all steep or. the extreme front end. that has moved. that is due to a multitude of factors. i think there has been so much talk and chatter around the curve inversion. i think there is a lot more to it. >> i take a different view. similar in the sense that you are right. i think from our perspective, the yield curve has been a good predictor in the past as an oncoming recession. i think it is something we are concerned with. it is going back and forth on market to 10 year. on the for the part of the curve, you are not seeing any conversion. can you reconcile those two things for us? >> you are asking about the speed of the changes that we have seen. i completely agree with the technical aspect as well. institutionalis bid in the back of the curve as well. i think it is a lot to do with the speed and change that a lot of people are pressing in fr

i want to go to the auction block where we begin right here in the united states with treasury auctionsdemand continuing for the security of government that. the treasury department selling $24 billion of 10 year note at 2.615%. that is the lowest since january 2018 auction. elsewhere, corporate investors clamoring to get their hands on a debt deal. backing the buyout of a johnson controlled car battery unit. as we put together this program, the package for about $7 billion of high-yield bonds and loans had already amassed almost $30 billion of orders. and finally, we head to the eurozone, where there is still enthusiasm for the italian debt, investors offering to buy 1.6 36 times the amount of security ies sold. that brings us to our next story. doom and gloom still stalking the eurozone. here is the bull case. >> the call on europe is not on valuation. valuation is always cheap. it is about the potential for european growth. i see actually some positive signs coming from fiscal easing in germany. jonathan: want to bring you colin robertson of northern -- two other guests still with us

treasury curve domestically, i will take that. can you also say, the credit market in the united states is equally distorted? i cannot take signal from treasury, why should i take comfort from credit? both of those are distorted markets. distorted the credit must be too. walk me through the argument. george: the markets are too large and sophisticated to be distorted by one single flow. the markets are too large and sophisticated to be distorted by one single flow. what is happening is investors globally need yield. they will get it anyway they can. that does not mean it is a distortion across board. spreads are tighter, yields are lower but that does not change the entire fundamental story. jonathan: do you think credit will leave equity in the next downturn. marilyn: i would agree with that. now greg think right , had it right. short-term, people are grabbing yield. long-term, things get figured out. if the fed doesn't make a mistake, you will see a lead with high-yield. jonathan: do you agree with that? marilyn: i think that is true. when you look at where investors are allocating money, to your point the

back in the united states, the seven-year treasury auction are the biggest amount since august.heir largest share since 2014. wrapping up the month, junk-bond supply picking up with $21 billion priced in, the busiest month since march of last year. still with us to discuss is mary bowers, greg peters, jub hurren. mary, high yield debt issuance up. leveraged loan issuance was down dramatic way. is that a thing for the rest of the year or just for q1? mary: you have to follow the fund flows. they have been strong for high-yield this year while leveraged loans have continued to have outflows. that has come down in the last couple of weeks, but the demand that was there for leverage loans that was sucking the supply for high-yield and that is now bringing the supply back to high-yield. we expect to see a large amount of secured issuance coming back to the high-yield market. jonathan: what do you think greg? greg: on the margin, i think but it is about clo's coming back. they are on the verge of coming back. it seems like the desire for floating assets is not what it once was. it see

you're new at this, but you knew actually what congress' job is and had the school the treasury secretary of the united states the way, for more than two years. >> thanks for having me. first, i want to send my condolences to the people of new zealand for the tragedy today. >> thank you, sir. >> yes, this administration doesn't want to answer any questions. we had a hearing on the same day with wilbur ross and steve mnuchin and neither one of them want to answer questions. they want to dodge and make sure they never answer anything that puts them or the president at jeopardy. we're going to push them. that is our job. >> that is your job. >> that's the responsibility of congress. >> that's what you're elected to do, sir. let's go back to the conversation you had with michael cohen. it was kind of remarkable. michael cohen was at the time, his lawyer, his personal lawyer, his self-described fixer, a guy who by all accounts seemed to know a whole lot about the president of the united states, saying that the president didn't want tax experts fishing through his tax returns. this is an important issue because the

curve inversion doesn't matter because there are global distortions moving the treasury curve domestically here in the united statesll take that if that's the. -- that's the argument. what can you also say, the credit market in the u.s. is equally exhausted? if i can't take signal from treasury, why should i take comfort from what's happening in credit? both of those are distorting markets, aren't they? >> i don't believe that argument. i think they're too large, the markets are too sophisticated to be distorted by one single flow. what's happening is investors globally need yield. they'll do it any way they can. that doesn't mean it's a distortion across board. spreads are tighter, yields are lower but that does not change the entire story. jonathan: do you think credit'll lead next downturn? >> yes. >> yes. >> i agree. jonathan: what gives you the confidence that that will be the case? george: right now, greg had it right. short-term, people are grabbing yield. long-term, things get figured out. if the fed doesn't make a mistake, you go into another downturn and you're going to see a lead with high-yield. marilyn

. ♪ neil: latest round of trade talks between china and united states are over with treasury secretarying, from beijing they have been quote, constructive. no details have been released on any signs of progress and a host of wide-ranging issues from the dispute between world's two biggest economies. mnuchin did tweet, however, he looks forward to welcoming china's vice premier to continue important discussions in washington next week. edward lawrence is in washington with more. edward. >> the meeting next week will be on april 3rd. the two sides continue to work towards a deal. very positive signs coming out of beijing for two days of talks. chinese reportedly put more on the table than they have in the past. they say china was waiting on out come of the mueller report to truly get serious coming to a deal. now they know they cobe dealing with this president's trade policies possibly through 2024. the trade advisors touting success. >> not about disadvantaging our friends and partners. it is really about leveling the playing field. and, i think that lots of other presidents probably wa

treasury. in the united states to prevent a champion. basically there's a lot of low income communities people of color trans women who are not being able to access this drug and a huge part of that is because the company that makes it good science is charge is sixteen hundred dollars for a drug that only costs six dollars now there is similar outrage when gilead started charging over one thousand dollars a pill for its hepatitis c. drug cartel for her. but. now there's another famous case of the chief executive turning. pharmaceuticals larking squarely jacking up the price of darrent pram an anti parasite medication five thousand percent from its initial cost of thirteen fifteen and when pressed in congress to justify his reasoning mr lee seemed to laugh in their faces i want to plead with you to use any remaining influence you have over your former company to press them to lower the price of these drugs you can look away if you like. but i wish you could see the faces of people no matter what ms rhett's let's say is. who can i get the

i want to go to the auction block where we begin in the united states where demand continues to govern debt. the treasuryling $11 billion in 10 year inflation protected notes. emerging markets doubled down, leading brazil to its first global bond sale under bolsonaro. 4.7% lower than the initial target and five-year credit, glaxosmithkline joining the recent wave of high-grade corporate bond issuers to issue new debts. this price across three trenches, three, five and 10 year notes. still with me around the table is matt egan, jose rasco and luke hickmore. what we have seen is the german 10-year yield drop below zero for the first time since 2016. off the back of that, the negative yielding assets, approaching $10 trillion. how significant is that? luke: it is incredibly significant. what we have seen in terms of the reaction is people start hunting for alternative assets. we are starting to see that already today although we have weak equity markets. some of the riskier bits of credit like hybrid in europe picking up really well today. you can see these people hunting these yields. i wish i had gone sho

united states? robert lighthizer and the treasury secretary are heading to beijing for talks.eter coy is here to tell us what to expect. how does the mathematics change after the mall report has been handed in, which gives the president just a little more confidence maybe, and with reports of china that maybe it is having a problem with pork prices, for example? think the u.s. relationship with china is anywhere near as warm as the relationship china has with france or italy these days. as you said, robert lighthizer is going over, steven mnuchin, , and thenbegin a deal the vice premier of china is coming to the u.s. next wednesday. thesesly, the hope is very high-level talks will produce a deal that trump and si -- xi can sign. to answer your question, who knows if this helps trump a bit. on the margins he is probably feeling more confident about his domestic base. china continues to have a problem with a slowing economy. that is one of the reasons we have seen china making more and more of an effort to reach out to the u.s. to strike a deal. they are tired of these tariffs.

treasury targeted two chinese shipping companies accused of helpi pyongyang evade existing economic sanctions. this latest policy directive comes about one month after the second summit between the united states and north korea. >>> taxpayers may be getting some rethef. treasury department today said that it would waive some penalties for those who did not have enough taxes withheld from their paychecks last year. t will apply to those who paid at least80% of their liability during the year. as we reported, many were surprised by their tax bills because they failed to adjusat ithholding amount. >>> and president trump said today that he plans to nominate economist steven moore to fill one of the two o vacancithe federal reserve's board. moore is currently a visiting fellow at the heritage foundation. he also served as an economic advisor to mr. trump during the 2016 presicantial aign. he is a defender of tax cuts and has been crical of policy moves made by fed chair jerome powell, just as he president has. >>> time to take a look at some of today's upgrades and downgrades. best buy was upgraded to outperform from perform. the an roois cites improved sales and earnings power. despite the heupg

i want to go to the auction now, where we begin right here in the united states, where demand continues to government debt. the treasuryling $11 billion in 10 year inflation protected notes at a yield of zero .578%, the lowest raw since january of 2018. emerging markets, chairman powell doubled down, leading brazil to its first global bond sale under bolsonaro. pricing to yield 4.7% lower than its initial target. finally in credit, glaxosmithkline joining the high-grade corporate bond issuers to issue new debt, the $3.5 billion deal priced across three trenches, three, five and 10 year notes to help purchase. still with me around the table is matt egan, jose rasco, and luke hickmore. so guys, what we have seen is the german 10-year yield drop below zero for the first time since 2016. off the back of that, luke hickmore, it means the negative yielding assets, the pool of negative yielding debt is approaching $10 trillion. how significant is that, luke? luke: it's incredibly significant. what we've seen in terms of the reaction the market has is people start hunting for alternative assets. we're starting to see that alre

united states. firmer evidence the bond rally is not dead yet. the treasuryepartment selling seven your notes. -- seven year notes. auction, tenure benchmarked at at negative yield. auction,illion euro average yield of -0.05%. than $27ers of more billion of a $5 billion deal this week. market after the biggest rally for triple be rated u.s. corporate since 1995. there might still be more to come. >> bbb leverage is coming down now. ge and kraft heinz sent warning shots across the bow of all bbb companies and you are seeing that coming back. the era of leveraging up the balance sheet, buying back shares, raising dividends, acquisitions, all of that mania has died down a bit. jonathan: greg peters, marilyn waters, and george, still very much with us. let's talk about it. the program is about tengion, contradictions. we have a market pricing in rate cuts. 's.is sucking up bbb if we are going into a recession, do i want to own bbb's in that environment? >> you want to own high-yield. we are changing our view. bbb's is idiosyncratic. as bob michael pointed out, so

according to the united states department of treasury, more than 11 million households will exceed this new cap. in my district, around 42% of filers use the deduction. i've heard from many constituents stuck this year with a higher tax bill. madam speaker, illinois already pays approximately $1.36 for every dollar we receive in federal spending. it's not right that our communities now must bear the burden for the president's irresponsible tax law. lifting these punishing caps is a top priority for my constituents and i am pleased that there's growing bipartisan support for the effort. this week, i co-sponsored legislation introduced by chairwoman nita lowey, a democrat, and peter king, a republican, to restore the full salt deductionism urge my colleagues to join us in this effort and help bring needed tax relief to the communities we all represent. with that, i yield back. the speaker pro tempore: for what purpose does the gentleman from virginia seek recognition? >> i ask unanimous consent to revise and extend my remarks. the speaker pro tempore: without objection, the gentleman is r

finally, the treasury market here in the united states. you'll see that the treasury, the ten-year, wow, is below 2.5% it's a 2.496%. >> i think going back to the european markets this morning, it's some weak data coming out we knew, of course, things were softening in europe, but the german manufacturing pmi 44.7. it was expected to be at 48.0. that's obviously very weak france also fell into contractionary territory it wasn't expected to. 51.5 was the expectation it came in at 49.8 japan was out this morning as well that was unchanged, but also still in contraction territory 48.9 germany was the big miss france dropping below 50 it changes the sentiment a bit for the dovishness we've seen from central bank. the dovishness certainly playing out on bairngs here, but also very much in europe. >> you anticipate getting it together any time soon over there? negative interest rates in germany? i thought some great economy you're pulling us down so we can't even get -- now we're below 2.5% >> and things -- >> president trump said that was the fe

united states. there is concern that falling treasury yields will hurt the dollar, but i took a closer look at thatorrelation studies. i found very little correlation tween treasury yields and the dollar. i think that yield premium can support the greenback. matt: i want to get to the mliv question of the day, and that is , what is holding equities back from showing the same enthusiasm as bonds for no fed rate hikes in 2019? lowers are pointing to a open in the u.s., how come stocks are not getting the same boosts as bonds? story,be it is the old concern over trade. you would think with bond yields falling that should support the economy and stocks, for a little while after the fed statement, it was. it is the latest on the trade talks as president trump said the tariffs will stay in place for a while until he is convinced china is adhering to its pledges. it shows there is more work to be done in these trade talks. same old concern as it has been, trade. anna: thank you very much. you can join the debate, get involved with our question of the day, what is holding equities back from showing the sam

trade delegation headed back to the united states following two intense days of talks. treasuryout talks have been constructive but the white house says two parties continued to make progress during candid and constructive discussions on the negotiations and important next steps and that next step happens april 3 in washington when the chinese delegation cops here. president donald trump touting some success and strength. president trump: it's a very comprehensive, to use a word some people like some people don't like, i think it's okay but it is a very comprehensive, very detailed enlisting of problems that we've had with china over the years and it's going to have to be a great deal if it's not a great deal we can't do it. >> the chinese went farther than they have in the past with these meetings the eighth round of talks the chinese government sources say that's because they were waiting to see if the mueller report would damage president trump and the chinese now believe he could be re- elected so they have to deal with his trade policies through probably possibly 2024 white

madison, the fourth president of the united states of america, john jay, the first chief justice of the supreme court and hamilton, the first secretary of the treasury of the united states of america. these are the authors of the federalist papers. and they were pro thetic with some of their writing. while i will not agree what they did in their life times, but what they have done with respect to impeachmentment is proper thetic. at some point you could have a president who was unfit to hold office but was not committing a crime but should be removed from office before the next election because the harm the president is imposing on society. understanding this, they were in support of article 2, section 4 of the constitution, which deals with treason, bribery, other high crimes and misdemeanor which a president can removed from office after having been elected. they under stood there might be a time such as this and a president such as trump. they understood that we, the members of this august body should be empowered such as we could take up the cause of the american people, not because we are democrats, pause it's not about democrats, it's about de

ashley: now this story, high level trade talks between the united states and china set to resume this week. treasuryighthizer are due to visit beijing tomorrow and friday. our next guest says a deal is only going to get done when president trump and china's president xi actually meet. riley waters is a policy analyst at the heritage foundation. good morning to you, riley. yes, i agree, the deal's only going to get done when the presidents meet but surely the groundwork has to be set up and we're still grinding on with that. are we close to the presidents meeting and getting this done? >> you know, it's really hard to say. the negotiators aren't really releasing a whole lot of information on the progress of the deal. they've been positive, saying they're close to a deal. again, it is going to take a meeting of the presidents and there's a lot of questions of when that's going to take place. robert lighthizer recently had an interview on npr. he was pretty positive that they're making progress. of course, the sticking point has been enforcement, how do they get china to make sure they're abiding by th

as i think the administration rightly was after the president of the united states in a tweet canceled sanctions that his own treasuryt put into place against north korea because, as the white house itself said, he likes kim jong-un. can you imagine if president obama had a done that? if he had canceled sanctions against iran because he said that he liked the supreme leader of iran? the republicans would be up in arms. >> right. you have to think about if the shoe were on the other foot and i remember we covered that cryptic tweet trying to understand what sanctions he was referring to. i would say because we don't have the white house here, they often point to the fact that the president has spaced north korea on the list of state sponsored terrorism and he did walk away from a bad deal when he was with kim in hanoi. i want to just say that. also, though, sir -- >> all of that is fair. all of that is fair, but -- you know, there was a decision made by the president using some very, very strange language and we have our oversight role and we were trying to figure out what was going on there. >> understand. >> and why

treasury, that would be crime against the united states.ve a loyalty to the people of the country and could not take money from foreign brin princes and kings. >> thank you so much, we appreciate it. >> is president trump going at it alone on health care? why g.o.p. leadership may be sitting this one out. g.o.p. leae sitting this one out hi. maria ramirez! mom! maria! maria ramirez... mcdonald's is committing 150 million dollars in tuition assistance, education, and career advising programs... prof: maria ramirez mom and dad: maria ramirez!!! to help more employees achieve their dreams. but prevagen helps your brain with an ingredient mom and dad: maria ramirez!!! originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. healthier brain. better life. >>> we're going to get rid of obama care, i said it the other day, the republican party will become the party of great health care. >> welcome back, president trump is repeating his newer refrain that the republican party will bec

treasury curve. i will take the granted that's the argument. can they also say the credit market in the united statess distorted? why should i take any comfort what is happening in credit? of those are distorted markets, aren't they? the three will distort. -- the credit will distort. are too large and sophisticated be distorted by one single flow. i do think however what is happening is investors globally need yield. that does not mean there's a distortion across the board. i think maybe spreads are little tighter. yields are a little lower. do you still think that credit will leave equity going into the next downturn? marilyn: yes. jonathan: do you believe that? george: yes. jonathan: why? right. greg here is if he does not make a mistake and we go into a downturn, you will see a lead with high-yield. jonathan: do you agree, marilyn? marilyn: yes. if you look at where investors are allocating money, there is a distortion in that investor behaviors have changed. but i actually think we are seeing a lot less crowding them we have. jonathan: i guess what i worry about -- there's a group of investors w

honoring the full faith and credit of the united states government is one of the most important issues and as treasury secretary, i will do everything that we honor the full faith and credit. boil boil i yield back. mr. neal: i appreciate the gentleman for that line of inquiry as well. thank you for your participation. members have two weeks to submit written questions. those questions and answers will be made part of the formal hearing record. with that, the committee stands adjourned. [captions copyright national cable satellite corp. 2019] captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org >> the senate voted 59-41 to terminate president trump's emergency declaration. the resolution goes to the president who promises to veto it. neither now the house or the senate have enough votes to override a presidential veto. >> the only thing we have to fear is fear itself. >> ask not what your country can do for you, ask what you can do for your country. >> and the people who knock these buildings down -- >> c-span's newest b

united states. i think the other thing we need to note about treasuries is it is a destination for a lot of global investorsthe fed might like to see steepening with all the uncertainty in the world. for better or worse, even with a $22 trillion budget, treasuries are a popular control asset for local investors. earlier you were talking about investment grade. are you preferring credit at the moment in the u.s. given what we heard this week? at this point, late in the u.s. cycle, i agree, we are not calling for a recession this year. but we are late in the cycle. having an allocation to treasuries makes sense for any risk portfolio. within the credit space, we think markets have been unduly concerned. the fact the fed is slowing down on tightening, when you look at u.s. triple be much maligned space, it has been a huge amount of focus. these companies have longer to deliver. we continue to like em local markets. securities is actually looking interesting again. nejra: thank you for joining us this morning. tot got a couple of lines break to you coming through from blackrock. it is said to near a deal to acq