jonathan: bob michele, that is completely the opposite of what you believe, isn't it? b: you can always say there is asymmetric risk in the bond market. if everything goes well, you get the interest and principal back. if it doesn't, it defaults, and you lose everything. i don't think there is one on the horizon either next year or three years from now. i think the economy is in pretty good shape. for krishna liking equities, i can see from his perspective, but think about this, you cannot like the bottom of the capital structure unless you like the top of the capital structure. if you like the bottom of the capital structure, then credit looks dandy. jonathan: krishna, final word. krishna: you like the bottom of the capital structure because it can go up a lot. the top can just tighten. it's a question of not whether the scenario will unfold or not, the question is whether the risk reward proportion. jonathan: i know some managers with some long bonds to sell. krishna memani will stay with us alongside frances donald and bob michele. coming up, a host of global rate de

tom: bob michele with us of jp morgan, on radio and television. i am going to ask you about the pacific rim and about the greatness our david wilson notices in equities. what you do with international paper right now? i don't mean turkey. but what do you do with the jp morgan opportunity in international fixed income? bob: you go for it. we have had a lot of conversations about emerging markets, specifically emerging-market equities, and how earnings for companies across asia in particular have come in higher than anyone anticipated a year ago. the stocks have gone nowhere. they have even drifted down compared to the double-digit returns in the developed markets. next year is probably the year the stock prices catch up to earnings, but earnings are still going to look pretty good, so we are also buying credit in china and across the emerging markets. tom: is -- jonathan: is europe a piece of that as well? bob: yes. and in fact, we are looking over the last bull of days of going back into the european bank sector, particularly the alternative, the

bob michele in the next hour. it is coming up, right here on bloomberg tv and radio. this is "bloomberg surveillance ." ♪ ritika: with the first word news, i'm ritika gupta. federal reserve chair jerome powell has given a clear sign that the central bank is shifting to tighter monetary policy. he told congress it is time to quit using the word transitory when talking about inflation. howlett knowledged that the trend of rising prices has proven more persistent than expected. u.s. and japan are amongst the countries ready to impose new travel restrictions to restrict the spread of the omicron variant. president biden is expected to require all air travelers to the u.s. to be tested within a day of their departure. japan will deny reentry to foreign nationals returning from 10 african nations. japanese airlines have halted new inbound bookings for this month. a u.s. advisory panel has narrowly recommended approval of merck's coronavirus pill. the pill is intended to treat mild to moderate covid in adults at risk of developing severe illness. tel aviv has moved past hong

yesterday, bob michelle at jp morgan asset management said we are not heading toward session, monetary policy isn't getting back to normal, so take this time to sell government bonds and jump into credit. it's not just a period of uncertainty when it comes to the virus, but also uncertainty with how to hedge your portfolio and treat these uncertain times. let's jump into today's action, europe has a bit of catch-up to do today because yesterday when we saw this big selloff in the s&p 500, it happened with a 1% loss in the european stoxx 50 index. the s&p 500, a little bit of a bounceback, up more than .5%. a similar position yesterday morning, s&p 500 futures started to gain, but that quickly reversed. not necessarily stability in the market. the 30 year yield had a lot of buying yesterday, yields dropped to the lowest since january. some selling in today's asia session. crude, the second of the opec meeting, up 1.5% as we contemplate what the outcome could be. let's stick with the omicron variant which is continuing to spike globally. new infections found in south korea and other coun

bob michele of jp morgan was saying yesterday this is just people watching out of their positions.ight now the balance of risk with inflation is perhaps necessitating them to move because otherwise, the market will do it for them. tom: i hate to say this, that is the smartest comment i've heard today, which is this idea of don't underestimate washing out of positions. i think that is important. jonathan: yields higher by three or four basis points on tens, up to 1.44 percent. your equity market futures up 31, advancing 0.7%. equities pushing higher on the s&p 500. euro-dollar, $1.1337. $66 on wti. lisa: today at eight: 30, we get u.s. initial jobless claims. the expectation is for us not to see a repeat of last week's 199,000 claims, the lowest number of people filing for jobless benefits going back to 1969. here is my key question for the federal reserve. what is the threshold? how good does the job market have to be for them to go forward versus focus on an inclusive labor market recovery? how much is inflation sucking the oxygen out of the room? today, opec+ is wrapping up its s

i'll have this conversation a little later with priya misra and bob michele.: i want to know where priya misra is. jonathan: if in a couple of years we are still up there, how does that change things for the market? tom: we continue with ken rogoff on radio and television. as you mentioned, paul volcker, i want to go back to the courage of 1979. the doom and gloom crew wants volcker courage right now. i do not hear that from you that that is needed right now. what is the prescription for 2022, but what kind of courage is necessary for our monetary economist, our leaders on this theory? ken: we are in this pandemic where there is such a menace uncertainty. -- there is tremendous uncertainty. in 1979 it was clear what had happened. there was broad consensus the fed needed to do something and the politicians pushed back and i'm not sure jimmy carter knew what he was doing when he appointed paul volcker. today there is a lot of lingering uncertainty. i mentioned at the beginning that everyone on the fed is terrible, they're idiots. it is monday morning quarterback

bob michel al-qaeda funding the taliban which is interesting because you think the taliban is been morewell-funded than al-qaeda. the documents show bin laden is hiding letters the weeks before his guilt, letters to al-qaeda, the main negotiator for the taliban with the americans. the documents portray a warm relationship. the documents are tenna years od now but fast-forward to the u.n. report and fast-forward to accounts of al-qaeda beyond the front lines today. i was skeptical of these groups would somehow i think people make the mistake when you think of what is going to behave like a like a rational actor because the rational actor, you know, there was a bunch i was a taliban apologists, you know who they are, brian. they always have2 the taliban will kind of, they realize what a disaster 9/11 was for them and they will just do the right thing and separate themselves from al-qaeda. the documentary record suggests that's not true. i do think, however, it was a moment missed in 2002. the taliban were really defeated and ime think it would've it easier to have peace negotiation with t

bob dropped his wedding ring. thankfully a woman named michelle highser found it. >> i'm walking and look down skpee a gold ring.s like someone's wedding band. and all i thought to myself when i saw the ring was, oh, my god, what if it was my ring or his ring, you know. i would want someone to try and find a way to get it back to me. >> so highser posted a photo of the ring on social media and when someone recognized it, they alerted the manns. they got in touch with highser and described the inscription on the ring. she sent the ring just in time for christmas. >> i asked him if he had lost a ring. he said, no. he said, wait a minute, i don't have my ring on. he thought it was in the bathroom and he couldn't find it. it was just great they would follow through like that. >> i think they were more enthused than we were. >> highser said she plans to get her husband's ring inscribed just in case. sometimes social media is used for good. >> absolutely. those inscriptions can come in handy as we've seen. thanks for joining us. i'm paula reid. >> i'm laura jarrett. great to have you, paula. "new day" is next. (sighs

michel, candace, who of the i m f. back then i met him once and the u. s. embassy in the year. bob, who is there pressured him to accept new liberal policies. he refused, but at the same time he and even jerry law rawlings, his thought was quite a good african lee. they died about a year ago in ghana. they were all they were getting aid. i mean, the st car are getting aid from paris as opposed to the washington d. c. i m f o. well bank. right? i mean it's, it's true and it's, it's, i'm, and i appreciate you complicating the story because it is, it is very complex. so many different points in history, france actually tried to work with some current, even tolerated quite a bit of revolutionary rhetoric targeting france. but yes, a car expected to be treated as an equal, as a peer head of state, you know, a fully sovereign country. so, you know, he refused to accept his country, being a vassal in this neo colonial relationship. and so some car, i mean, he knew that he couldn't break with, with france completely. i mean is seen are the revolutionary state, was still depending on foreig

bob mann and his wife were eating at one of their favorite florida restaurants when he unwittingly dropped his wedding ring. that's when michelle. >> i'm walking and all of a sudden i look down and see a gold ring. i said, that looks like someone's wedding band. all i thought was, oh, my god, what if it was my ring or his ring? i would want someone to try and find a way to get it back to me. >> she found the ring and posted a picture of it on social media, noting that it had an inscription inside of it. when someone recognized it, they alerted the manns who described the inscription on the ring and michelle returned it, just in time for christmas. >> i asked him if he had lost a ring. he said, no. he said, wait a minute. i don't have my ring on. he thought it was in the bathroom. he couldn't find it. it was great they would follow through with that. >> i think they were more enthused than we were. >> she said she plans to get her own husband's ring inscribed, just in case, and maybe a phone number would work. >> that's good. i think not romantic, but practical. >> yeah. exactly. sometimes the practical can be romantic. >> in so