jonathan: joining me are the table is bob michele, priya misra and matthew hornbach. eat jobs report with a big caveat. all of this data for the month of january predates the scare coming out of china. priya: the jobs report is actually not that important. it is always a backward looking indicator. we had this pretty big coronavirus shock. we don't know how long it will last. looking at the impact on china ch highers. is mu than it was with sars. it is chugging along as of january. that does not mean a lot. that is why the treasury pretty much ignored it. yields arereasury down six basis points. it is as if the payroll support never happened. matt: this remind me a lot of 2014. u.s. economic data was outperforming almost the entire year. what happened to treasury yields? they went down, down, down. it was because overseas investors bought a tremendous number of treasuries in 2014 because yields outside the u.s. were minuscule. it is the same thing. people are coming to the u.s. because you get high quality, high growth, high yield. jonathan: the u.s. economy can decoup

morgan, priya misra of td securities, and matthew hornbach of morgan stanley. great jobs report with a big caveat. all of this data for the month of january predates the scare coming out of china. priya: i think the jobs report is actually not that important. it is always a backward looking indicator. plus, we had this pretty big coronavirus shock. we don't know how long it will last, what is impact on china pit i would argue, looking at the impact on china on the u.s. today, it is much higher than it was with sars. the report told us the labor market was chugging along as of january. that does not mean a lot. that is why the treasury market pretty much ignored it. jonathan: we pretty much did ignore it. treasury yields are down six basis points. 158 on a u.s. 10 year. it is as if the payrolls report never happened. matthew: this reminds me a lot of 2014. in 2014, u.s. economic data was outperforming almost the entire year. and what happened to treasury yields? they went down, down, down. if you look at why that happened, it was because overseas investors bought

to bob michele, priya misra, matthew hornbach, thank you.m new york city for our audience worldwide, that does it for us. we will see you next friday at 1:00 p.m. new york time. that is 6:00 p.m. in london. this was "bloomberg real yield." this is bloomberg tv. ♪ ♪ francine: rothschild is one of the most famous names in the world of finance, tracing back over 250 years. from the jewish quarter in frankfurt, the family expanded across europe, becoming bankers for royalty and government for generations. along history comes with preconceptions. so how do you modernize such a storied brand and its business? on this episode of "leaders with lacqua," i meet ariane de rothschild. ariane de rothschild, thank you so much for joining us here.

to bob michele, priya misra, matthew hornbach, thank you. from new york city for our audience worldwide, that does it for us. we will see you next friday at 1:00 p.m. new york time. that is 6:00 p.m. in london. this was "bloomberg real yield"" this is bloomberg tv. ? [ fast-paced drumming ] [ fast-paced drumming ] that's why xfinity mobile lets you design your own data. you can share 1, 3, or 10 gigs of data between lines, mix in lines of unlimited, and switch it up at any time. all with millions of secure wifi hotspots and the best lte everywhere else. it's a different kind of wireless network, designed to save you money. switch and save up to $400 a year on your wireless bill. and save even more when you say "bring my own phone" into your voice remote. that's simple, easy, awesome. click, call or visit a store today. scarlet: i'm scarlet fu. this is "etf iq." we focus on the access, risks, and rewards of exchange traded funds. ♪ scarlet: tesla on a tear. shares shift in the hyperspeed. we look at the etf's with the most exposure. don't loo

priya misra, pe vishwanath tirupattur, and tony rodriguez are still with me.ota: the world economy was firing on all cylinders when we went into this. we were already week, supply chain for already constrained. european growth, we were flirting with recession. now we get this shock. is that enough to weaken things even further? i'm not calling for recession, but i struggle to see where certainty will come back. uncertainty remains high. we also have an election coming up in the u.s. the business, corporate sector that is dealing with declining profit margins, elevated uncertainty, i'm not sure lower interest rates help the corporate sector. you could certainly get some rebound. this v-shaped -- maybe it is u-shaped, maybe l. jonathan: let's talk about credit. credit spreads have that why did the whole lot until today. before that, doing ok at 3.50 on high-yield. why? vishwanath: one, the investment grade market, as my colleague would say, it is progressively product.a it is becoming more of a proxy to the vape market. that is under and by the global easing, th