he is the cio of concentrated global growth at alliancebernstein. to enter your picks for european stocks at the end of next year and a slew of other assets in the ny 2019 survey. the fascinating way you can take , to answer the question of the day. session, wento the will see right across the map here. this is wn go on your bloomberg on yourm terminal right now. worst in italy than france and the u.k., but we do see markets down across the board as the global stocks route continues to roll. this is bloomberg. ♪ this is bloomberg. ♪ matt: welcome back to the european open. we are 23 minutes into the session right now with stocks down across the board. after months of volatility for u.s. stocks, could there be more selling ahead? ,ccording to sundown capital u.s. equities are still sitting on substantial industry. says what the s&p has decreased, it is still well above but also marked other market levels in the past decades. for more, we bring in dani ofger, mark phelps, the cio concentrated global growth at alliance

gershon distenfeld from alliancebernstein, kathleen gaffney of eaton vance, and luke hickmore of aberdeenthe drought in high yield issuance continues, reaching a level we haven't seen in a decade. that conversation coming up. this is bloomberg "real yield." ♪ jonathan: i am jonathan ferro and this is bloomberg "real yield." i want to head to the auction block now, where more than $220 billion worth of treasuries were auctioned off this week. i want to focus on the $16 billion, the offering received strong demand and had a primary dealer award of 22%, the second lowest on record. elsewhere in corporate, tesla planning to offer more than $800 million of bonds backed by auto leases. it found strong demand for the inaugural bond sale in february, and the company plans to become a regular issuer. -- issuer in the abs market. in the u.s. high-yield issuance, there is a severe drought. december would be the first month of no issuance since november 2008. still with me is gershon distenfeld, kathleen gaffney, and luke hickmore. kathleen, your thoughts on that stack in high-yield. where is the sup

jonathan: joining me around the table is gershon distenfeld, cohead of fixed income at alliancebernsteinkathleen gaffney of eaton vance, plus coming to us from edinburgh is luke hickmore of aberdeen. guys, great to have you. is next week's decision really that much in the balance? kathleen: it is not much in the balance because the market is expecting it. there will be a hike, but the comments will be dovish. the question is how dovish will they be in 2019? gershon: i think the markets completely misinterpreted anything by the fed. how about the fact growth has started to slow a little bit after years of being strong, and now we are going back to trend line? it is not either or. it is not that we're going to not hike at all or we will hike five times. the fed should not commit because it should be somewhat data dependent. jonathan: you are saying this is a market struggling to draw distinction between -- a return to trend growth and recession? gershon: the yield curve is telling you the fed has already gone too far. if you drop your regency bias and came down from mars after 20 years and