remember blackrock, and pmc, sold, was that ever a great shape, but blackrock is people loving the marketted in the market the market has made a move here that is breath taking, because people like stocks they enjoy stocks. they want to make more money than they did in index funds it's a rather remarkable change. and larry's right. >> larry was right in october when he told us that he thought that the market would continue to climb, even though we would continue to see the covid numbers going up and all kinds of problems with that. he still thinks that you're looking at a market what is going to continue to be strong through the rest of this year. what do you think of that? >> i think he is totally spot on larry looks at fund flow, the best call of everybody in really the world, and one of the things that i think people, it is a very self fulfilling, i'd say virtuous circle developing here, whether it with be the spacs where if you buy them, 10, 11, you're almost always making money, i wouldn't say anything is guaranteed but it is pretty amazing. the offering, you're going to make money e

and now, he is one of the most influential investors in the market, and blackrock's larry fink is out with his letter of scrutiny and deciding the next investments. we will ar fherom him on that. and whether they are approaching a bubble in investing. we are back after this. i made a business out of my passion. i mean, who doesn't love obsessing over network security? all our techs are pros. they know exactly which parking lots have the strongest signal. i just don't have the bandwidth for more business. seriously, i don't have the bandwidth. glitchy video calls with regional offices? yeah, that's my thing. with at&t business, you do the things you love. our people and network will help do the things you don't. let's take care of business. at&t. >>> welcome back. blackrock's ceo larry fink releasing the annual letter to ceos promising tougher scrutiny to companies before making investments. as the world's largest asset management, the size gives it major influence in this area. andrew sorkin spoke to larry earlier and joins with us the highlights. andrew, good afternoon. >> good after

we'll hear from blackrock's larry fink and brian moynihan. back to "squawk box" here on cnbc i'm becky quick along with andrew ross sorkin and mike santoli. joe's out today. we've been watching the u.s. equity futures and as the earnings keep rolling in we've heard from four dow components already this morning you'll see the picture has improved, at least for the dow futures. dow indicated up close to 100 points that's after we've gotten better than expected numbers. the biggest mover is 3m which beat on the top and bottom line. you're going to see the s&p has improved, too. the nasdaq is down by 2 points we should point out that both the nasdaq and s&p 500 set record levels once again yesterday. take a look at what's happening in the treasury market the ten year is yielding right about 1.048% right now andrew >> that's exactly right. meantime, two important pieces of news coming out this morning on the fight against the coronavirus and for that we're going to go forward to meg tirrell with all the details meg? >> reporter: hey, andrew we got

are you saying that blackrock will jump dominic that blackrock willjump dominic dump their shares, whatl, none of it is our— other sanctions? first of all, none of it is our money. - other sanctions? first of all, none of it is our money. the j none of it is our money. the entire pool of money that we manage, which at the present time is approximately $8.7 trillion, every dollar is somebody else's money. we are asking companies to move forward, and if we see companies not moving forward, we believe this is going to harm the viability of the company, we will sell those shares. let's stay with climate change, because it's been a major theme at the �*virtual davos�* conference taking place this week. movie star robert downeer is best known for playing a fictional tech tycoon in iron man but he's been telling the bbc�*s rory cellanjones about his new role, as the real head of an investment fund promoting green technology. i'v e i've realised a few years ago that i had amassed a pretty wide audience, i guess you would call that "followers" nowadays and it seemed like posting more videos of m

moments ago it surpassed blackrock, blackrock, in fund flows to date.ow kathy wood became biggest fund in the world and how you should follow her on "making money." charles: market sees dazzling moves. you're not only see it on the surface, but lately the excitement factor created a sort of different kind of rotation. the kind of rotation that searches for value based on assumptions of up cede of these industries as much as it is for share price. for now most of the excitement has been in electric vehicles. something you should be in watching this show. this following the mind-boggling success of tesla in the fact that governments and the industry have put all of their chips on ev. in fact yesterday five of the top ten volume leaders were all ev plays. the other two were up because of company specific news. the action continues to move to higher risk areas including penny stocks which actually saw one trillion shares traded in december. that action also resulting in micro caps taking off, outperforming the major broad market equity indices this year. no

in the why in the when we see the melt up because the smart money michael saylor paul tudor jones blackrock. i have figured this out and they also figured out that price discovery and gold has been shattered due to the financialization of gold gold is now no different than money sorry to have to tell you that folks but that's the truth still a true price discovery now that reflects the money printing go per is because i have my hand on the on the money gun i don't feel like pulling the trigger yet but i have my i have my finger on the on the trigger i don't know exactly one of the political i have my own that are we actually have a money preacher go but in about to take the treasury janet yellen is up for treasury secretary. oh janet are you in there may. want to know why you sound a lot like plucky. right she does sound like fucking well that's going to be the 1st time i think this is part of the reason why i mean obviously because it is responding to the increase in money supply but it's also responding to the incoming biden administration and the belief that they are going to be able to

announcement that was mentioned, blackrock of 9 trillion in assets under management, the world's largest're not trading bitcoin on a crypto exchange, they are trading bitcoin using the cme futures contract which has been around since 2017 over seen by the cftc, so really what we're looking at here is the bifurcation, when we look at the market structure around bitcoin it's becoming more institutional. it's being integrated into the legacy financial system, and it is being accessed through regulated venues that are regulated by the cftc. now, when it comes to non- bitcoin cryptsings things that are not bitcoin there's still clarity that needs established by the sec but the sec has in fact made it clear bitcoin as an asset is not a security, and therefore, bitcoin itself does not fall under the perview of the sec. now, if we wanted to see bitcoin etf introduced that certainly does fall under the perview of the sec and i know many of us, including my firm coin shares, are optimistic that under mr. gensler's leadership, who i've had the privilege of working with and testifying with in congre

richly -- russell costa of blackrock. we do that next.g. ♪ georgia is oning, all of americas'mind. it is said the races are too close to call in the senate hangs in the balance. georgia uncertainty and the ambiguity of inflation expectations. the stock market and gold, they react. jump orders the new york stock exchange reacts and then authorities."lar everyone.ng, i'm tom keene in new york. francine lacqua in london. moments ago i see the bbc says the prime minister will hold a press conference at some time london time here what will the nation listen? francine:

it was quite a year for blackrock overall.puts them back on track for a seventh straight record close, believe it or not. and this is also coming after the asset manager had profits rising 19% in the last quarter, that beat the street estimates. revenue up about 13% and yes, assets, $8.7 trillion, marie y it's pretty crazy. i have headlines crossing on delta. i'm going through the numbers here. they reported for the fourth quarter and they did have an adjusted loss, the stock though is up more than 2%. the adjusted loss was 253 a share. $2.53. but just want to adhere that the revenue coming in for the fourth quarter was better than expected and they're hoping, they're giving out guidance for 2021, saying they hope the recovery is going to really begin after their first loss in 11 years, believe it or not. real quick, i'll move on. the cash burn, $12 million per day. we've been watching that number with all the airlines because obviously they're not operating at full capacity. they're still burning cash on a daily basis. delta

the executives from standard chartered, blackrock, and fidelity international. annmarie: coming up on the program, the spat intensifying in europe. astrazeneca refusing to cave to demand to use u.k. plans to supply the block. that story, next. this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. >> not being able to ensure manufacturing capacity is against the letter and the spirit of our agreement. we reject the logic of first-come, first-served. that may work at the neighborhood butchers, but not in our advance purchase agreements. we intend to defend the integrity of our investment and the taxpayers money that has been invested. annmarie: the e.u. health commi

vonnie: that was blackrock's larry fink speaking with john micklethwait. more on gamestop next.his is bloomberg. ♪ this is bloomberg. vonnie: the trading world has wrapped up in the gamestop's and beth bet -- and bed, bath & beyond's of the world today. retail trading sites are failing. let's get to romaine bostick with our stock of the hour. remain: great interviews there. you have to give the people what they want. what they want is gamestop. we can talk about the wisdom of the crowd support, upward thousand percent. more than 1000% over the last six weeks in gamestop. you see it on your screen. i will look on the side. you see that mother of all short squeezes is going on. this is not just combined to gamestop. there is a huge tug-of-war going on between a lot of the retail traders who are making bets on stocks that they think, or they feel should go higher here. the general idea here is look for stocks that have low flow, look for stocks that have high short interests, in relatively active options that you can exploit to try to push the stocks up. we have seen that reflectio

and so let's get out to a fixed income expert, scott field from blackrock is joining us. and we were just talking about the reflationary trade that is very much back in the market in vogue in the last 24 hours particularly after the news of the blue sweep so we're seeing it in the likes of banking stocks and cyclical areas, but obviously fixed income as well with the big selloff in yields. do you think this reflationary trade actually has legs this time >> i think that it is a very important development. obviously the majority is very slim in the senate, as slim as it could possibly be and also in the house the balance hats also shifted but still in favor of the democrats. so to me this is the most obvious market reaction, the potential if further fiscal spending from the administration unencumbered by a split party leadership in the congress and so for me, it makes sense that you see yields rise and yield curve steepen. i would also note the break-evens which are the expected inflation for the next ten years. if we look at that, that has gone up from right before the ele

would suggest we may not see something that drastic in the future >> tom, i'm glad you mentioned blackrockcoin party. it's significant because it is the world's largest asset manager. how big of a deal do you think this is as we see bitcoin prices at three-week lows do you think it encourages more institutional investors or have they cooled given the price runup? >> no, i think it's positive if you think about, again, the course of the past nine months, famous investors talking about the asset and perspective on it as an aspirational value, you think about paypal, as mentioned in the earlier segment, the growth seen. you're starting to see more mainstream adoption of this asset class. i think we believe we're still in the early adopter phase and when other institutions see what we're doing, what blackrock is doing, i think what it does, it accelerates the move from what is it to how does it impact or improve my portfolio to how do i actually access the asset class? we continue to see very steady movement of traditional investors through the decision life cycle >> right and we did speak to

he's made $2.7 trillion of blackrock's global fixed income and the head of the global allocation team and rick reeder, it's nice to see you happy new year >> thanks, scott you, too >> thank you >> i do think it's a question of the moment becausy so many different people are opining about whether stocks are way ahead of themselves and overvalued and if we have pockets and bubbles that we need to be worried about. you say in your notes today that these soothe sayers of doom as you call them are in a 2010 tech bubble and we would suggest otherwise. so we're not. >> listen, scott if you go back first of all, i'd like to rewind what josh said there is -- if you think about people don't look at valuations across asset classes and put into place the koven tacts that we're operating and savings has grown $3 trillion in the last year the investment dollars and the money market funds had commercial back deposits and people had to put money to work. i mean, they have to put money to work in fixed income. we've gotten 100 billion of credit supply and investor grade credit supply and 100 billion a

three of blackrock's products dominate the market. esgu, d, and e.ake a closer look, charles, it's not full of green companies in these portfolios. for instance, the es-du etf has exxon and mobil in it, maybe not as woke as you might think. charles: ashley webster, thank you very much. within these names we're seeing massive gains. big investment firms jumping on the bandwagon. the question is, should you? federated chief market strategist phil orlando. phil, i got to tell you, you were on this a lot sooner than a whole lot of people and, you said it was going to be huge. you really, really did say it was going to be huge. how did you know a few years ago it would be to this degree? i read somewhere up to $100 trillion could eventually pour into esg stocks? >> well it's, i guess the whole vision thing, charles. it was about 2 1/2 years ago that federated made the acquisition of hermes in london. we changed the name of the company about a year ago. it is now called federated hermes. we just had a vision this was something that was important and was go

belinda boa at blackrock.till to come, world bank chief economist karen reinhardt discusses her outlook on the pandemic and a risk of a global financial crisis. that is next. this is bloomberg. ♪ rishaad: you are back with bloomberg markets. markets around the world are hoping for an improvement in the pandemic battered economy but the chief economist of the world bank warned a financial crisis is brewing. carmen reinhart says it could take years for the world to recover. carmen: a rebound this year still leaves perhaps -- per capita income, income per person below where it was before the crisis. calling it a recovery is misleading. now, i am glad you brought up the issue that here we are a year later and we are still right now facing, you know, record infection rates. the longer this goes on, the more disruptions in terms of jobs, in terms of closures of businesses that can't really get back to anything resembling normality. so, when people hear the term financial crisis, the first thing they think of is a lo

blackrock ceo larry fink publishing his letters to ceos today.em to report their past for the netzero carbon footprint i want to have this conversation sarat, i want to go to you, you own apache, pioneer, natural and eog. so andrew sorkin poses the question, you know, after this interview on squawk, must fossil fuel stocks be sold, don't they have to be dumped now? all caps and then he asked jim cramer that question in their talk before "squawk on the street" begins, cramer says unequivocally yes. you have to dump these stocks. what do you stay to that >> i don't agree look, we have a 3% position in energy these are the companies apache aside and the others have strong balance sheets and they'll be consolidators of a strong cash flow and in a world of supply and demand commodity and the demand for this commodity when you have limited supply and nobody actually -- so much capital is flowing away from that sector there is an opportunity to invest in here. do i think it's a ten, 15-year trend? absolutely not that's their is a couple year investment

his 2020 tter to ce, larrfink, the chairman of blackrock, the world's largest fund manager, came rightt and said climate risk is investment risk. main: i don't think there is a choice between plan and profit. when you look at some of the esg wasti resoues part ist ethe it had e bottom line.re y? well, that brings straight back into being a business issue. >> scrning companies for esg criteria has proven effectivway to antipate and oid scandals capable of wiping out share prices. martin: so for example, the nuveen esg mutual fund hadn't hold volkswagen for a long time becae there questions around the gornanccompany.ure of the >> this allowed those esg funds to avoid the stock crash that followed vw's emissions cheating scandal. >> green companiesre also better prepared to face the growing threat of climate change. these factors are reviving the. sustainable funds are attracting new assets at a record pace so the real question, then, is not whether green investments can make profits. the question is whher th can be called green in the first place? marn: there certainly is a definition pr

>> i don't know off the top of my head probably blackrock. >> who is larry sink? >> larry sink is a seau blackrock. >> this seems beyond belief to me they bought their own etf products? >> i'm sorry the alarm has gone off read mr. chairman may i submit these documents for the record? >> it will be taken into the record without objection. >> representative roses recognize for 45 minutes. >> thank you chairwoman him waters in the ranking member mchenry and thank you to our witnesses for being here today. like many of my colleagues i want to thank you for the great work done by a regulators throughout this pandemic paint yours with efforts to accommodate regulatory and supervisory policy was extremely important and moving forward to urge you to continue to be flexible to ensure a strong economic recovery. nearly 60% of seattle made a teller machines in the united states are in non-bank terminals. those are atms that are typically found in low income communities in heavily populated rural areas in which there are few if any bank offices are bank-owned atms. the widesp

stuart: susan, you know blackrock.omewhere in the region of $7 trillion-- more than that? okay. they are down 3%, i thought they reported good profits. susan: they are making more money than anticipated. they are called the world's largest money manager for reason overseeing more than a and half trillion dollars. they manage retirement funds and people forget they actually of big chunks of big companies princeton $700 billion in apple and i think the reason they may be down because they were up over 2% after earnings hit, it may be their guidance forward especially when it comes to benefiting from the investing. did really well in the last three months of 2020 as investors tried to pile in on the advance we saw in the stock market. stuart: blackrock owns $700 billion worth of apple stock? susan: yeah, third-largest investor in apple. vanguard, berkshire hathaway owns around hundred billion and we are talking about institutional investors and blackstock's number three. they oversee $8 trillion in retirement funds, but t

there is a lot of discretionary income right now it seems to be going to blackrock and any stock that has ev attached to it. but i think it eventually will go back to spend and when it goes back to spend i think it will go back to travel, so you were absolutely right, break even in the next quarter, which would be extraordinary, and he must be thinking j & j has 100 million vials, i don't know if that's right but i think if the federal government was more involved and not just left to the states, this could be done very, very quickly it's a bit of a travesty nice people that helped me with the vaccine. i'm sure there are nice people everywhere but people i'll equipped to do this i mean it isn't what they signed up for, david. when you get to get your vaccine, i think you're going to realize that you could soon give it as get it. >> listen, okay. i mean we're still how many people, we're still, deaths are what over 4,000 the last couple of days. >> i know. it's like a cardinal refrigerate, right there, the toughest part about it, i had to roll my sleeve up and i had to roll it up an in

how and why and when we see the melt up because the smart money michael saylor paul tudor jones blackrock. have figured this out and they also figured out that price discovery and gold has been shattered due to the financialization of gold gold is now no different than see our money sorry to have to tell you that folks but that's the truth telling true price discovery now that reflects the money printing gober is because i have my hand on the on the money gun i don't feel like pulling the trigger yet but i have my i have my finger on the on the trigger i don't know exactly one of the political i have my on the chart we actually have a money pit to go but i don't know about to take that treasury janet yellen is for treasury secretary. janet i am there may.

at that how could anyone make such a ludicrous suggestion now we know from the data according to blackrock and others there's been a tremendous amount of outflows from gold e.t.f. so stupid coins principly digital currency grips greyscale big client trust right there they're not number one beneficiary so the question is how important is marketing today when it comes to gold because i and an understanding everything else. around us because it seems like that was a genius move from a public relations and marketing side and or it was that an inconsequential it's kind of just happened to happen and it was not really important in the grand scheme of things what do you think alister a marketing campus wait people to do. anything and marketing certainly has an effect so we could give them some sort of money and that basically means they can monetize the only thing they have which is known fish and that is goat and i think it's a simple and as a practical money you need flexibility is the key point is you don't want the quantity it goes to be decided by the government you need to be decided by the

aghast at that how can anyone make such a ludicrous suggestion now we know from the data according to blackrock and others there's been a tremendous amount of outflows from gold e.t.f. so to put coin principly digital currency groups greyscale big client trust they are out there the not number one beneficiary so the question is how important is marketing today when it comes to gold because and understanding everything else. around us because it seems like that was a genius move from a public relations on marketing side and or it was that an inconsequential it's kind of just happened to happen and it was not really important in the grand scheme of things what do you think alister a marketing campus wait people to do. anything and marketing certainly has an effect so we can't deny that but i think what we're looking at at the end of the day max is what actually happens when the dollar collapses and when the dollar collapses what is that replacement going to be i think if you if you think that bitcoin can replace it then basically you're saying that the central banks will cease to exist. not only

how and why and when we see the melt up because the smart money michael saylor paul tudor jones blackrock have figured this out and they also.

because now finally joining the ranks of paper gemini greyscale square you now have asset manager blackrock which has $7.00 trillion dollars of assets under management now prospectus is for 2 funds that are made by big futures contracts so this is essentially the biggest sign in the industry that it's gaining mainstream institutional acceptance so i think in the near term we should see some good consolidation as leverage shares unwind their longs and this will kind of paint the way for institutional and traditionally long term holders to step in and accumulate at some very decent prices will certainly be interesting to see exactly where it goes from there axel and information to consider kristie i shant hyman thank you both for your time thank you. on his way out the door former president trump revoked one of the 1st rules he put in place when he entered the white house barring political officials from lobbying now they are free to search for potentially lucrative jobs how did time when some washington d.c. based lobbying firms are making record revenue but president biden has his own plans

here's what blackrock is saying. investors need exposure to the u.s., to china as well.s between the two notwithstanding, [no audio] [inaudible] we will hear more from blackrock this hour, right? rishaad: absolutely. we will hear from their chief investment strategist for the aipac. he's been saying that investors need exposure to the u.s. and china. globalization is rewinding. suggesting that is skewed towards china. it's time for daybreak middle east. this is bloomberg. ♪ ♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." in the next hour, netflix still on fire. paid subscribers increasing 23% year-over-year in the last quarter of the year. global demand, the big driver. we will speak to someone who thinks that netflix needs to keep digging in. could netflix add gaming or could audio even be the way?

we have seen blackrock mother world largest money manager selling -- blackrock about the world's largest manager selling stakes in the three telco providers. we are seeing nyse d list them. msci has removed them from indices friday. s&p, dow jones industry and the quincy russell taking similar action. but when they get delisted in the united states, money has flown into hong kong. we saw a record number of inflows from mainland traders into hong kong yesterday. and china mobile shares absolutely surging. kathleen: thank you to our chief north asia correspondent, stephen engle. now more insight into tensions on washington and asia later this hour with a former ambassador who joins us from the ubs greater china conference. erickson has won a key decision over samsung in the global patent fight with samsung told cannot use the chinese court ruling to block the u.s. bent from determining royalty rates. erickson. filed against its rival when they were fused to negotiate in good faith on erickson pat -- patents. samsung hit back asking judges in wuhan to set a global rate for the erickson desi

francine: thank you so much, elga bartsch from blackrock investment institute, stays with us.n asked for unity. much more on that top story throughout the program. this is bloomberg. ♪ loomberg. ♪ francine: economics, finance, politics. this is "bloomberg surveillance." i am francine lacqua here in london. now, anthony fauci, the u.s. government's top executive health officer, held a meeting that the u.s. will fulfill its obligations to the world health organization and that it will work to reform the organization. on to the markets. there's a lot going on in equities. we do not have any huge moves, but the focus is firmly on the stimulus package, the fact that they think it will still go through. we did see news on the pound, steadily rising, actually, this is news that it is the highest since 2018, 1.3745. it has been adding gains, fueled by slightly stronger-than-expected inflation data. that was on wednesday. we have plenty more on bloomberg . ♪ francine: economics, finance, politics. this is "bloomberg surveillance." i'm francine lacqua, here in london. let's get to the b

jonathan: there is some thinking that the whole team at blackrock and into 2021 has to balance exposure between high-yield credit and leveraged loans would walk me through the process have gone through. jim: the credit market has evolved so much over the course of the past 10 years and will only continue to accelerate. the leverage to the high-yield market has more floating instruments in more secure dots. hypothetically, -- debts. hypothetically, you are getting less sensitivity to that environment and also you are getting -- from a secured standpoint. the way our team tries to dive through that globally speaking is what is the underlying fundamental in each of the industries associated to that and what is the pricing of that risk? i like loans versus high-yield, but where is the risk in technology or health care versus oil and gas in u.s. and europe? when there is such a low yield environment is how you find out how to isolate those opportunities. jonathan: credit and the jobs description. it is a good -- is it a good week? jim: it is a good, stable foundation. jonathan: thanks, good

how should blackrock adjust in the coming months to the reality there will be billions of dollars ofses and someone will have to cover them? philip: our business model is long-term. 2/3 of assets have declined. they are related to pensions, retirement. cumulatively, we are long-term oriented. when we look at factors that are going to affect the overall outlook of markets, not just the day-to-day, it is clear that some of what we saw yesterday, some people had to sell positions to fund others in the derivatives market. that is a natural thing you get. tom: explain to us your view of europe. inflation expectations across the atlantic, the inflation lift of america versus the challenges of europe. philip hildebrand on the state of the economy, please. philip: look back at inflation as a global phenomenon. here, i definitely see signs, assuming we can get through this pandemic, that the vaccination strategies work, if you look through that, you will see we are probably underestimating inflation dynamic. we will see long-term effects, the shift to sustainability, which we think is tectoni

backed by big names like blackrock, t. rowe price, amazon, and ford. the new york stock exchange is reconsidering its decision to halt the delisting of three major telecom companies. they u-turned after consulting with regulatory bodies but they are now reconsidering to go back to their original decision. emily: of course, that was on the back of an executive order by president trump. treasury secretary steve mnuchin told them today that he disagreed with their reversal earlier. i want to talk about chips. qualcomm ending the day up 2.5%, announcing that the president will be taking over for steve mollenkopf as he retires as ceo. that was a fairly unexpected move. what kind of reaction did we see in the market? ed: a longtime engineer. steve mollenkopf said that he knew his decision to retire would be seen as early in any event. and he said that the company is in a good place. elsewhere, we got news from micron, raised from a cell to a buy. lots of confidence that sales will rebound and micron will be a big beneficiary of that. on the whole, the philad

i saw blackrock out with earnings. what is the mood you see in your voracious reading?ain: everyone thinks this will be earnings rebound and back to double digit growth rates, pre-covid. expect margin expansion. tom: i am looking for gluten-free. romain: you are done in 30 minutes. [laughter] tom: save us. lisa: you will ipo your triple levered fund through a stack. [laughter] talk about frosting. a lot of this has been spurred by the ultra low interest rates, the idea the fed has her back no matter what, edified over the past seven days with official saying, maybe we will think about tapering. shut down smack down then some by other officials saying no way not a chance. mike schumacher taking a look at the ebbs and flows of bonds. 1.1% on the 10 year. do you think the bond bulls have gotten ahead of themselves in the wake of naysaying officials? do you think yields could rise further? michael: we do. fed commentary is way too soon. the fed learned the lesson in '13. that was bad. we would focus on if jay powell or richard clarida the says tapering this year seems a goo