, mark okada -- priya misra, bob miller, arc okadaeat to catch up. this was "bloomberg real yield." this is bloomberg. ♪ ma i am mark crumpton. rk: president trump says he unleashed an economic miracle with this tax cut last year. the president spoke at a white house event marking the six-month anniversary of the passing of the 1.5 chile dollars measure. -- $1.5 trillion measure. candida is announcing billions of retaliatory tariffs against the u.s. in response to the trump administration's duties on canadian steel and aluminum. beginning july 1, some items will be subject to taxes of 10% or 25%. the canadian foreign affairs minister announced the measures today in hamilton, ontario. ms. freeland: canada has no choice but to retaliate with a measure of the great reciprocal dollar for -- perfectly reciprocal dollar for dollar response. freeland said, "we will not escalate and we will not back down." president trump once replacement for anthony

jonathan: priya misra along with bob miller and mark okada. coming up, the auction block.y may be chewing on the world cup in russia, the country posted the biggest bond miss since 2015. this is "bloomberg real yield." ♪ ♪ jonathan: i'm jonathan ferro. this is "bloomberg real yield." we want to head to the auction block, where more than $230 billion of treasuries were offered this week. i want to focus on the $30 billion sale of seven-year notes, at the lowest yield in three months, with a ratio weaker than the last seven-year note sale. meanwhile, in italy, the country had its first auction of five and 10 year debt since the new populist coalition took office. in a year,lowest even with the yield on five-year bonds that are high on the eurozone. in russia, the country is on track for its biggest bond issuance in years. it sold half of the billion dollars it wanted to borrow this quarter. it is the worst results and 2015. still with me around the table, priya misra, bob miller, and joining us from dallas, texas, is mark okada. let's get to the story of treasuries so far th

robertn: joining me is tipp, mary bowers of hsbc global asset management, and bob miller. to have you with me. bob, i want to begin with you. very hard to find any weakness in the jobs report today. any? i am sure if you look hard enough, you could find something but it is a solid report. labor market in a great place. in our judgment, will continue to grow, albeit not at the pace as the last few years. on implement headed toward 3.5, maybe a touch below. in a week that people are trying to poke holes in the macro back drop trade, things in europe happening, things in the u.s. seem to look pretty decent. >> for high yield, you would not think of it as being a safe haven, but u.s. high yield relative to other regions has held well. what has been a problem for high-yield? rates. when we get a number like today, it keeps us cautious on the duration side, keeps us still liking the ccc and b part of the market. jonathan: some people were .ooking at rate hikes o does that still make sense? crisis,you had that when the chinese currency was on the brink of the valuation, the fed mo

bob miller, if you are expecting that spread to narrow, how difficult is it to be sure? have an incredibly distorted market. inflation south of 2%. can you short? bob: you can short them for sure. whether you will reap a profit is a different question. i go back to what you just said. the market does not trade at valuations that have anything to do with german economic fundamentals. oflation is a consequence intervention through large-scale asset purchase. they are running less than they were a year ago and are expected to taper toward zero. we expect ecb to have a over the time exiting next 3-6 months. they may dial it down into 2019. trademarkets are not free based on economic fundamentals. it makes challenging a trade less influenced by central bank intervention. have the widowy maker all over again but this time it is german. robert: there is the ecb in the market but a huge cap in buyer base that has the top end of the treasury market. they can look at all these different markets on a hedged basis and when they're looking at the five basis point yield in up .5%, the

bob miller, if you are expecting that spread to narrow, how difficult is it to be short bunds?ve an incredibly distorted market. inflation south of 2%. can you short bunds? if you just the widow trade all over again? bob: you can short them for sure. whether you will reap a profit is a different question. to echo what you just said, german bunds do not trade at valuations that have anything to do with german economic fundamentals. it is a function of negative short-term interest rates are set by the ecb and overwhelming intervention through large-scale asset purchase. they are running less than they were a year ago and are expected to taper toward zero. our expectation is the ecb will have a very difficult time exiting large-scale asset purchase programs over the next three to six months, even though they may very well dial it down going into 2019. those markets are not free trade based on economic fundamentals. it makes very challenging a relative value trade against a market less influenced by central bank intervention. jonathan: robert, your thoughts on that, and that we may

miller, head of u.s. multi sector fixed income strategy at blackrock. great to have you with me. bobal i would like to begin with you. it is very hard to find any weakness in this job report today. did you find any? bob: i am sure if you look hard enough, you can find something to be disappointed with, but it is a really solid report. the labor market is in a good place, and our judgment is that it will continue to grow, albeit not at the growth it has been going -- the pace it has been growing at the past two years, and which will go modestly higher. jon: people are trying to poke holes in the macro bank drop. trade, things in europe that are happening. things in the united states look decent. this data seems to back that up. is that what you see? mary: you would not think of how yields as being a safe haven, but relative to other regions, there are holding up really well. jon: ccc's more so. >> ccc's more so. was again, the problem for high-yield has been rates. so when we get a high job number like today, it certainly keeps us cautious on the duration side and kip says still likin

muere ahogada la hija de 19 meses del campeÓn de esquÍ bob miller.rla: quÉ horror. vamos -- francisca: vamos a cambiar totalmente de tema, familia, tenemos que hacerlo . vamos a hablar de la selecciÓn mexicana que luego del escÁndalo que ustedes saben que se ha estado comentando de esta fiesta que si era fiesta, que no era fiesta que tuvieron los jugadores, ya ellos se encuentran en rusia y como ven en pantalla, que son imÁgenes que vienen de las redes sociales, donde los seleccionados mostraron al mundo sus habitaciones de hotel, que tienen en rusia. allÍ se puede apreciar la puerta de cada habitaciÓn tiene una fotografÍa gigante, gigante de cada jugador donde, pues, ellos van a estar allÍ, karla, digamos que encuartelados, protegidos, muy enfocados en lo que les espera. se dice que estÁn muy personalizados, de hecho, algunas de las habitaciones tienen fotografÍas de sus familiares adentro. todo es para que puedan olvidar, digo yo, el escÁndalo que vivieron hace poquito y se puedan concentrar en traer un triunfo a todos los mexicanos. karla: no vaya

bob miller. what is going on here? >> reporter: there is something else about this you should know. the night michele harris vanished was not just any night. it was september 11th, 2001. >> things are in some kind of disarray. >> reporter: so they were. and so nobody was paying much attention to the disturbing events up here around little owego, new york. >> troopers have all been sent to new york city. there's a skeleton crew left at all the stations. >> reporter: back then, sue mulvey was a senior investigator with the new york state police. she took the call morning of september 12th. what did you do? >> i sent two investigators over to talk to calvin harris and sent a uniformed trooper up to the house. >> reporter: calvin harris opened up his house to them. >> he said whatever you need. look wherever you need to look. carte blanche. i want this to be solved. i want this to happen. >> reporter: that morning she knew only this. she had a missing person case on her hands and, with luck, it would resolve itself speedily, as many do. >> we kept hoping, as everyone did, that michele w

why would the president help bob miller investigate the presiden president?rding to ken starr, he has a moral obligatio obligation. >> here is the basis of that and that's a political question. that's in respect to my 30-year friendship with him. the president has told the american people he wants to sit down and talk to bob mueller. he said that countless times, but the prudent legal advice would be don't go near it. the president doesn't use an economy of words, the president believes he knows more than the people questioning him, the president often talks off the top of his head without a level of discipline one would want when being interviewed by a government in an environment where as i said a few minutes ago, even white lie can turn into anndtment. i would tell and advise the president, i think rudy giuliani agrees with this, he should go anywhere near it. he's going to have to answer politically for not doing that but he won't have to worry about the legal consequences. >> sandra: to be exact, here's what he has to say. >> the first and we are going t

joining me now bob bower who was white house counsel for president obama. also matt millerformer spokesperson for the justice department. bob, quite a performance from the president today. slamming comey who was criticized for bad judgment with regard to the way he handled hillary clinton and the insubordination that was charged by the ig. the way the president is shaping this narrative, re-shaping the narrative is that comey has been criticized because he was prejudiced against donald trump. >> correct. that's not true. >> it's a 180. >> he said a couple things this morning. number one the report absolved him of any liability of collusion. >> didn't even address that. >> no. that's not part of the current inquir inquiry. secondly the report contradicts the president on two key elements of his narrative. the department cleared hillary clinton of what were clear in the president's mind, violations of law. the department did nothing of the sort. in fact, it was found they reached their decision appropriately consistent with the law in past practice but related to the second p

miller spoke to "new york times" this weekend defending it. >> right. he did. he did support this, absolutely. let's see what happens tuesday, bob, right? we have the president meeting with house republicans to discuss immigration legislation. walk us through what's on the table, what you think the white house is trying to leverage out of this. >> i think that congressional republicans are going to say listen, we n to focus on the economy. we're facing a tough re-election period. mitch mcconnell said this will be a hurricane, whether category three, four, five remains to be seen. i think they're going to tell him listen, we have to get this immigration issue off the table and come to some type of agreement where this is not dominating headlines for the next several months and actually fix the problem. the problem is democrats and republicans don't agree pretty much on anything on immigration. it will have to be the administration and republicans who are nervous about losing their jobs have to lean on the president to alter his policy. the zero tolerance policy is popular with the republican base, and you need the base to come out in nov

miller. a former spokesperson to attorney general eric holder. matt, we got to start with strzok. how much would his testimony be a political asset for president trump in his ongoing war with bob mueller? >> if i were strzok, i'd be willing to come up to congress and testify. if you look at what's happened, he's been attacked relentlessly by the president. he's in this position where he's not really able to defend himself. the department of justice has found it politically inconvenient to defend him. so this is a chance for him to come and say look -- >> but hold on, hold on. >> yes. >> is it fair to say it's politically inconvenient to defend him? >> i think so. >> he wrote those text messages. >> yes, he did. those were inappropriate texts to send. if you look at the context of his text messages, he also said negative things about eric holder, about hillary clinton, about bernie sanders. and the department not only has refused to defend him but they at one point turned those text messages over to congress, gave them out to the press and saw his name dragged through the mud. if i was him, i'd want to tell my story. yes, i said a lot of things about donald trump. i also said t