jonathan: great to have you with this, fantastic program, thank you for joining us, bob michele, -- bobkathy jones and doug peebles. we will see you next friday at 11:30 a.m. new york time. this is "real yield." ♪ mom you called? oh hi sweetie, i just want to show you something. xfinity mobile: find my phone. [ phone rings ] look at you. this tech stuff is easy. [ whirring sound ] you want a cookie? it's a drone! i know. find your phone easily with the xfinity voice remote. one more way comcast is working to fit into your life, not the other way around. >> i am scarlet fu and this is "bloomberg etf iq". ♪ scarlet: going global for opportunities of the u.s. equity market near or at full valuation. we take a trip around the world to see got the best etf place in china and europe. hurry up and wait, yesterday the road bump in that sec amended answers for liquidity at the potential issuer of a status update. and if you want your exposure in

still with me, bob michele, kathy jones and doug peebles.good old days, 12 months ago, you could narrow through execution. that didn't happen with campbell soup. a lot of people use it as an example to say maybe it is the beginning of the end of the good times for investment grade credit. what is your view? douglas: i think it goes back to this discussion around the central bank. it is not an on-off switch, but they are slowing significantly. the liquidity that has been available 12 months ago, it is a different level now. it is a dimmer. we don't expect to see lights out at any point in time, but markets are behaving today i think more normal than 12 months ago. namely, there is a name that comes up, a concession in the marketplace, it prices, it does not trade immediately stronger but we are digesting it and from the day after issuance until now, it is doing reasonably well. kathy: there has been a lot of supply to absorb, a huge amount of supply to absorb, and you have the expectation of higher rates down the road. a year ago, i'm not sur

jonathan: joining me around the michele, bob michael -- kathy jones and douglas peebles.athy, this doesn't quite compete the picture that everything is ok in the u.s. economy. kathy: first is always a little soft and we had a pretty good fourth quarter in terms of consumer spending, so i think what we are seeing is a normal retrenchment you see, particularly a lot of credit card debt was run of over the past couple of months. there is a tendency to recoup. in general, the economy looks pretty good and that drives it. jonathan: bob, are things maybe not as brilliant as they seem? bob: things are awesome right now. jonathan: welcome me through why. capacity, look at small business optimism. it posted the second highest reading in history. the highest was september, 1983, during the reagan reform years. look at wage gains, they are starting to pick up. and you look at the central banks. they are being slow and gradual and normalizing at a glacial pace that we in the markets can easily absorbed. jonathan: doug? douglas: i think people are looking at the wrong place at inflati

thank you very much for joining us, bob michele, kathy jones, and doug peebles.w york, that does it for us. we will see next friday. this is "bloomberg real yield." mom you called? oh hi sweetie, i just want to show you something. xfinity mobile: find my phone. [ phone rings ] look at you. this tech stuff is easy. [ whirring sound ] you want a cookie? it's a drone! i know. find your phone easily with the xfinity voice remote. one more way comcast is working to fit into your life, not the other way around. ♪ there is 30 minutes left in the trading day in europe. from bloomberg's european headquarters, i mark barton. vonnie: this is the european close on bloomberg markets. ♪ mark: here are the top stories on the bloomberg. stocks higher in europe and the u.s. traders looking to rate decisions from the fed. better-than-expected factory outlook in the u.s. pushing up 10-year treasury yields. rising tensions with russia. boris johnson says it's likely vladimir putin personally ordered the nerve attack on a former spy on british soil. jpmorgan'sokout decision to buy be

bob why and. i want you to be hostile to michelle in a. let's hooves but since at the spa but then the the group of the undead with a so. it's like on the a solution from. the tech it could. a lot of fog the lot of our show where huckabee i'm hot the top is as a big. loves them all the more of our crew she wouldn't have such fun a market a smug will come out full of learnable knobs the as old love to fall apart does it have those hot when of all be fragile we haven't missed a limited set of. family and an apprentice is the hate be in macand. have been a woman fairy tale mechanic in its marriage can do as a. family does a born in the name. feel the market on feel it on the field. of. feel down with has a done a moment to learn. what i've done as a den of war. in the in enemy is a club be only i am and i could maternal and measure four hundred in the way we cannot can wish to hold hollis the whole nor all men had the guatemala man found the autonomous she we i know what. mariana for me and well for as our one has a hush and the whole few bul

bob a report. just over a year before brits it's due to happen brussels and britain still seem far apart european union chief negotiator michel bunny says one of the main points in the new draft withdrawal treaty is how to avoid a hard border on the island of ireland and controversially it contains as a solution of last resort a common regulator e area in effect keeping northern ireland in a customs union with the e.u. separate to the rest of the u.k. the. middle i simply say to be put to specs and we'll discuss it with our british counterparts out of percussion so that there is a solution to preserve the good friday agreement to future relationship brings a better solution will replace it but will suppress just political it's as simple as that if the whole of britain is no longer in a customs union with the e.u. after breaks it many experts warned that means border checks between northern ireland and the republic of ireland as an e.u. member and that could endanger the good friday agreement which brought peace and power sharing to the north. on wednesday to resume a told parliament no prime minister could accept what the u.

bob. >> it's going to come around to bite us. >> reporter: lifelong republicans who don't like the president now at odds with their daughter michellert his agenda but not his attitude. >> i don't necessarily like how the president presents things. i don't like his persona, so to speak. that's why, while i'm still supporting saccone, it did cause me to look a little towards conor lamb. >> reporter: for some like carol who are wavering even more, trump's visit didn't help. >> if anything, if i were saccone, i'd tell trump to stay away because he puts his foot in his mouth but i look at saccone as someone who has really good background and a lot of experience. he can probably negotiate the politics. >> reporter: you're saying that the president's support of saccone would make you less inclined to support him? >> much less inclined. >> reporter: in the end mother and daughter will vote for rick saccone, father for conor lamb. one american family struggling as so many are and will this year to reconcile their beliefs with deepening political divisions. just to give you an indication of how panicked republicans are that this special elec

special prosecutor bob mueller launches a new line of attack on president trump as the outgoing fbi official who oversaw the hillary email investigation begs to keep his pension. also michelle malkin her take on parents in one school district fighting back against leftist indoctrination in the classroom. pat caddell joins us with advice on the midterm elections that republicans still want to take seriously. and, first, walking out and walking away from the truth about the parkland massacre that's the focus of tonight's angle. as we documented last night, the student walkout for gun control yesterday looked at times more like a political celebration than a somber protest. with left wing politicians greeted like rock stars. look at how the crowd gathered at the u.s. capitol with their selfie sticks in hand greeted bernie sanders as he made his way to the blow horn. oh my god, they were going nuts. it was pure partisan politics. it was scripted and screamed. and why am i saying that? because. >> because it is not simply about gun control anymore. oh, here. >> because -- wait. okay. because it is not simply about gun control. this is about human life. this is about the children

special prosecutor bob mueller launches a new line of attack on president trump as the outgoing fbi official who oversaw the hillary email investigation begs to keep his pension. also michelleke on parents in one school district fighting

arizona and that brings to an end a potential legal battle michelle >> the curtain is closing on one of the wildest quarters for wall street in years. bobtanding by on the floor of the new york stock exchange. what can we learn from the quarter's volatility >> well, i guess what you can learn is all streaks are meant to end at some point how many streaks did we break this quarter the number of days above the 200-day average, the days without a 1% decline all those things, and the volatility is going to pick up in the market that's in some kind of transition i think that's what we are, a transition from a lower growth, high liquidity environment to something else, maybe it's faster growth, maybe it's higher rates. but that i think and the opposing current have been talking the market around. >> first, historic highs in january, and second, expectations, 20% earnings growth this quarter, the whole year, when you put that together, you have a toxic brew, and anything can go wrong look what happened we had rates issues, inflation concerns in february, then the volatility blow up, then trade war issues then tech earnings closing the quarter

bob mentioned market trading on both tariffs and interest rates. to what degree are interest rates being contained by a fear of tariffs >> it's totally not clear, michelle think you can sort of argue that down the road, if people really were going to price in the effect of across the board tariffs and paeb some retaliation, you would see treasury yields probably being restrained a little bit. i don't know right now, though, with the ten-year whether it's been, 2.88 or around today that it's necessarily a tariff story, but we're not making new highs >> tariffs in theory are inflationary that's an issue for the bond market, but the one thing i would emphasize, remember, the markets keep staying at new highs because of what we keep calling the global economic expansion, like it's some voodoo mantra we keep issuing this tariffs story intersects with that and hurts it because it questions how strong global growth can be. it's not just about soup cans. we know it's a much bigger story than that overall. >> definitely. thanks, guys >> so as the volatility continues, two more guests weighing in on the market. let's bring in mark, chief investment strategist, an

michelle says my morning drive on highway 175 at the lake and mendocino county line, i see snow there. it is a winter wonderland in parts of lake and mendocino counties. bob chilly 40. bundle up. no kidding. no kidding. some of the rain totals, we will take a look here. sonoma county had one of the most totals i saw. ross and marin county, three inches. redwood estates, three and a quarter. el sobrante, pat yourselves on the back. 2.56. pacifica, 2.99. i think that was around twin peaks. one of the higher elevations. 30s and 40s. the cold air is moving in. 17 degrees colder than 24 hours ago. the coldest air doesn't move in until tomorrow. it took a long time to get starting up in sonoma county and northern marin county. now it is popping around bodega bay and the russian river. that's the leading edge of that. it has already been flying towards mount tam. i think there is snow on tam. maybe hail reports around kentsville and larksberg and berkeley hills. general rain moving out towards eastern solano and contra costa county. look at the san jose foothills. mount hamilton, lake observatory, i would think there's a lot of snow there. maybe on highway 9 as