alexandra skaggs is your with the details. what are they saying? are saying the move originated in the cash market, which is really interesting because it sort of shows how that market's trading changed. carol: is in it different to what the government originally said about the flash rally? alexandra: they put up a whole report and they do not make any concrete conclusions. they just sort of -- we look at the futures market and at some of the cash market. it was 76 pages with no concrete decision or conclusion. he wanted to be very liquid and not have any quarks and it. alexandra: it is interesting that futures, if you're looking at futures trading, it is going a lot more smoothly than cash. tracy: we hear a lot of talk in the markets not a about liquidity. if the treasury market isn't liquid and people are worried about treasury market liquidity, what hope is there? alexandra: it gets to the question of what you mean by liquidity? if you went to buy or sell a treasury note, you can do that. you might end up moving the price more than you want. you

alexandra skaggs joins us now. march 16? alexandra: yes. matt: let's talk about the expectations.king at w.a.r. anotherreat -- wirp, great function here. are low, but we finally have 50% expectations for next year. alexandra: it's funny, when you think about that it's just a coin flip. year, maybeill this they won't. when you look at the market prices and overnight index swaps, the full price isn't in until the second half of next year. matt: how much bearing does this market production have? janet yellen will say that she is data dependent, but she clearly -- the fed clearly plans to hike at least one or two more times this year, right? they were thinking about four just a few weeks ago. which is interesting, because a gets to the question of what happened with markets in general, markets being so far down. ithasn't been great, but hasn't been falling apart. clearly we are not in a recession right now. that's something the market is trying to grapple with. the negative inflation data from europe. the fed has obviously done much better there. cpi was 2.2%. getting closeras and clo

you can search for alexandra skaggs on bloomberg.think was the most interesting so what i read yesterday, so nice job. thanks for joining us but still ahead on bloomberg tv, the gloves come off at the republican presidential debate could did marco and ted cruz gain any ground? betty: we are live from bloomberg world headquarters in midtown manhattan. you're watching some are television. i betty liu. let's check on first word news. matt miller has more from the news desk. matt: voters in iran are testing ballots in the first election since the nuclear agreement was reached. issident hossein rouhani hoping to increase its support in parliament. his political rivals have blocked his attempts to revive the economy. president obama is in jacksonville, florida today. he will talk about the benefits of the massive spending bill he signed shortly after taking office seven years ago. more than $760 billion was added into a then-something national economy. mr. obama will visit a factory that makes high-tech boundaries. a recovery grant that it