morgan's global head of fixed income, and joining us is pierre-yves bareau, the head of emerging-marketebt. when you think about the things to fear in 2017, one of them was emerging markets. we were all thinking about this relationship between the united states and china, the potential for trade wars, and the idea you want to stay clear of em in a big way. that was a bad call. what happened? pierre-yves: growth is good for em. people forget that. when you look at history, it's always good. in 2018, it seems it is very conducive. growth is good. moderate inflation is good. commodities is in good shape, and china is doing well. it is a good environment for em. jonathan: did investors overestimate the impact of politics? pierre-yves: it's something we need to care about in 2018. i think we should have headwinds coming to em from politics. a lot of countries, 40% of the em countries will be going through political transition. the second challenge will be the central bank normalization of the main central banks. jonathan: it was just treasury yields staying stubbornly low and the dollar was

bob michele, pierre-yves bareau, thank you for joining us. next up, we have a look ahead to 2018.we get there, a check on where bonds have been this week. twos, tens, and 30's. it is a flatter yield curve on the front and and rally the long end. bob give us the annual bond market awards next from j.p. morgan asset management. this is "bloomberg real yield." ♪ ♪ jonathan: from the new york city, for our audience worldwide, i am jonathan ferro. this is "bloomberg real yield" at j.p. morgan assets trading floor. it is time for the final spread. coming up over the next week, there will be a slew of u.s. economic data released. you will have bitcoin futures. we won't deal with that right now. a boj decision, regional elections in catalonia, and all eyes on washington for a tax vote and a potential government shutdown. what i want to do with bob le is something he bondvery year, the market awards. i think it is absolutely brilliant. bob: we are going to have some fun now. jonathan: we're going to rattle through them. you chose bond of the year. can you walk me through bond of the year?

morgan asset management's bob michele, lisa coleman, and lisa coleman --and pierre-yves bareau.thanks to them for letting us do a full hour for bloomberg radio and on bloomberg tv right here from new york. i will see you next friday at 12:30 p.m. new york time. this was "bloomberg real yield." this is bloomberg. ♪ is this a phone? or a little internet machine? it makes you wonder: shouldn't we get our phones and internet from the same company? that's why xfinity mobile comes with your internet. you get up to 5 lines of talk and text at no extra cost. so all you pay for is data. see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. lea

morgan asset management's bob michele, lisa coleman, and pierre-yves bareau.l thanks to them for letting us do a full hour for bloomberg radio and on bloomberg tv right here from new york. i will see you next friday at 12:30 p.m. new york time. 5:30 in london. this was "bloomberg real yield." this is bloomberg. ♪ scarlet: i am scarlet fu. this is "bloomberg etf iq." ♪ scarlet: as bitcoin goes mainstream, we speak with a team that claims to be the ishares of crytpofinance. with wall street behind the curve on etf jpmorgan is claiming in the hedge fund etf space. what are the processes as the bull market continues? there is value and deep value. which explains why retailers make up trd