jonathan: from new york city, i'm jonathan ferro. this is 30 minutes dedicated to fixed income. this is "bloomberg real yield." jonathan: coming up, wrapping up the first half with treasury bears closing gaps. emerging-market assets facing one of the worst quarters in almost three years. how safe is the new safety trade? investors flocking toward leveraged loans. we begin with a big issue. can u.s. markets decouple from the rest of the world? >> the u.s. looks like a better place to be than the rest of the world. >> we are like one strong island performing well, and the rest of global growth is slipping. the economy continues to do well. it could be isolated as long as the shocks are not massive. >> we are looking at economy that is driven by the consumer. thinking about u.s. economic health, the consumer remain strong. >> the u.s. will not be able to decouple. it is part of the global