anneka treon, managing director.oming up, president biden ramps up his attacks on donald trump ahead of midterm elections. his primetime speech, next. this is bloomberg. ♪ dani: welcome back to "bloomberg markets: europe." i'm dani burger in london. president biden has accused donald trump and so-called maga republicans of assaulting u.s. democracy. biden urged americans to reject any candidate backed by his predecessor in the november midterm. pres. biden: maga republicans have made their choice. they embrace anger. they thrive on chaos. they live not in the light of truth but in the shadow of lies. but together, together, we can choose a different path, a better path. dani: let's get to bruce einhorn on this. what were the main takeaways from what president biden said? bruce: he very specifically referred to donald trump and maga republicans which is striking because for a long time, president biden has tried to avoid talking about former president trump. this time, he talked about the threat to democracy from that

let's get to anneka treon with more on this >> good morning, frank >> anneka, i know we are talking about rising rates causing issues for companies in the u.s. you are watching the rates, excuse me, the bond market you are saying people are going for yield and safety, but you are concerned about the liquidity and volatility of the bond can you explain? >> absolutely. essentially the bond market is the anchor pricing for virtually everything what you see is you see signals of the bond market to get unhinged you talk about liquidity we all have seen what happened last week. the liquidity levels in the bond market were as low as they were in the peak of the pandemic and ch that's when the fed had to rescue another factor in the bond market you see that is worrisome is apparent sort of decoupling between what are you seeing in yield action and what you are seeing in the real economy for example, ism retreating further and yield still keeping going up inflation expectation really starting to come down while yields still keep going up if that is the reference points for all pricing and that's t