the bonds will be fixed rate bonds, sub series a and d will be green bonds. we have done them before. those two sub series are bonds that we have had certified for green bond qualification. hopefully we can pick up more investors with green bonds. they are issued under charter 9.9 and 142.18. i would president spend a lot of time on this slide. this table shows the sources and uses of the bond proceeds by series. as you can see, most of the bond proceeds are series a. they represent all of the billions of dollars worth of funding we have done through 2006ible. this shows two documents you are being asked to approve. they are typical. most important the preliminary statement. that is the pos. it is disclosure document describing bond terms and condition of the water enterprise in the p.u.c. so couple years ago we did a disclosure presentation to this body and to inform you of the commission's disclosure responsibilities when ever it approves a transaction of this nature. you asked we provide when we do a debt transaction. the next two slides is q and i. the pu

♪ buy a bond ♪ and by buying a bond it will bring you victory ♪ ♪ buy buy buy a bond ♪ buy a bond ♪uest ♪ ♪ for after all you know that you are investing in the best ♪ ♪ until the lads come back again ♪ ♪ back to the old attack again ♪ buy buy bonds >> do you think the message got through? oh yes. oh yes. buy buy buy bonds. keep buying them, and do not think that just because the war seems to be going our way that you can slack off. and actually after the war was won and that hard fought victory was achieved, the united states treasury department continued to advertise u.s. savings bonds and stamps as a way to finance your education, to finance a home, to finance civilian things you wanted as an important way to save money. as of 2012, you can't go to a bank or other over-the-counter institution as they say to buy bonds, but you can buy them at the u.s. treasury online website treasurydirect.gov. people have been asking why aren't u.s. savings bonds and things of that nature as popular now as they were back in the days of world war ii. one of the reasons is that for some of the bond

that means taxes, and bonds, and bonds and taxes.means cutting luxuries, and other nonessentials. in a word, it means an all out war, by individual effort, and family effort, in a united country. now, when he was talking about individual effort, and family effort he was talking about kids as well. family about kids as well. family effort meant even if you were over here, on the home front, and your loved ones were fighting overseas over there as the popular song went, there was still work, that you could do to help defeat the enemy. everybody, both young and old and no matter how much you had or didn't have, had a very important role to play. in the united states war effort. roosevelt wanted to make a very, very sure that everybody was clear about that. early in that new year of 1942, united states treasury is already going to work, trying to figure out how to get americans to help pay for the war. was about talked about taxes, and bonds, and bonds, and taxes. we know what taxes are right? it's when the government compels you, to pay

and instead jay powell capitulated and went along with what the bond market said and now the bond market is in sync with the fed you have fed funds rate the same as the two year treasury which means that the fed is now comfortably on hold but what jay powell has done is he raised rates four times in 2018 and cut rates three times in 2019. basically we've gone nowhere just put ourselves on a wild ride which i believe was unnecessary. >> are you against the concept and the idea of an insurance policy because that is what it was. it was taking out an insurance policy unless things got bad because of trade war bee it geopolitical or otherwise and throw brexit into the stew and the uncertainty of knowing how that would play out, what is wrong with an insurance policy. >> why would you raise rates four times in the first play there is nothing wrong with adjusting insurance policy or call it mid cycle adjustment but it doesn't seem to me there is much kans of the fed following through on the mid cycle adjustment because that could mean we're going to raise rates again but he said in october to

as you get older you add exposure to bonds but young investors you don't belong in bonds. still much more "mad money" ahead including the pay book for when a bear market takes a bite of your money. plus i'm not kidding around about this, if you want to ensure a strong retirement you want to listen to my advice and take action tomorrow morning don't miss it. and i'm answering the questions you've been sending me on twitter. so why don't you stay with cramer apple card. is a new kind of credit card, created by apple, so it's simple and transparent with a new level of privacy and security. it lives here and here. and it will save you 6% on products at apple; like iphone, apple watch, airpods pro and so much more. ♪ apply in as little as a minute, right in the wallet app. apply in as little - [narrator] at southern new hampshire university we're committed to making college more accessible by making it more affordable. that's why we're keeping our tuition the same for all online and campus programs through the year 2021. - [woman] i knew snhu was the place for me when i saw how

italy sold 2 billion euros of zero bonds due in 23 months.tors offered to buy 1.8 times the amount sold. the bonds were sold at a slight premium, with a yield of -.005%. here in the u.s., the treasury department holding three auctions this week for 2, 5, and 7-year notes. the demand for $32 billion for seven-year notes rose from the last auction of securities demand for two and five-year . demand for two and five-year notes was lower than average. -- demand for two and five-year nose was lower than average for bonds of the same maturity. elsewhere, corporate credit is looking to finish the year on a high note with high-yield rallying for 16 consecutive sessions. wells fargo weighing in on the recent performance in the junk space. >> across high-yield, you are pulling in 2020 returns into 2019. there is a year-end squeeze going on as people scramble, looking for that recovery trade, where can i get the incremental yield, incremental return, how can i set myself up for next year. and we have seen a very meaningful squeeze into the market. taylo

5% stocks and 8.2% annual returns and 60% stocks and 40% bonds, 8.6% remain. 80% stocks, 20% bonds, 9.4% return. for the past 10 years, they pass investments just having a combination of stocks, bonds and real estate about average retain of 11.8% detained so that's why i say to you board members, do have anybody say they can't get you a earned 7.4 return without having any high-risk investment. thank you. any other public comment? i'm not going to follow the normal sequence because i do not want to lose the quorum. first item is 13, review and acceptance of the july 1st, 2019 supplemental cola analysis. >> good afternoon commissioners, analysis has been placed before you and we have something different this year. although we have charter defined excess earings as of july 1-20-19, we did not have enough to pay the 3.5% supplemental cola but we have enough to pay the next level 3% and just as a little interesting background, the maximum of 3.5% has only been in existence since 2009. before that, the maximum was 3%. and if we have any questions that i can answer i would be happy to do

. >> it should eventually be a good year for bonds. >> bond yields moving sideways. >> we need them to be cheaper. >> we are going to test 1%. >> a lot of things have to go incredibly wrong to get down to 1%. 1.2% on the 10 year, we have to be looking at a global recession. i think that continues to weigh on the u.s. economy. >> the fed will have to come back and ease again. >> the fed is going nowhere. >> there has been a tremendous shift easier across the landscape in 2019. how can that happen in 2020? it probably couldn't. lisa: everyone ganging up on bob michele. joining me around the table is marilyn watson of blackrock, matt orbach of morgan stanley and subadra rajappa of societe generale. i want to start with you, maryland. that we have some condors of a trade deal, that we will see tenured treasury yields lead her into next year? thelyn: we have to see with details are on the phase one trade deal, how much they will roll back next year, the impact for the rest of this year. it would reduce some of the headwinds if we see more stabilization. but i think going into next year wher

it is not just buying the highest yielding bonds.ave to do that differentiation, have to be a fundamental manager in order to perform well in that environment. taylor: what is the high-yield market telling you with spreads at 3.26, down from 5.50 a year ago, collin? collin: investors are not being compensated much for taking on at high risk that they offer. going back to the broad credit spectrum, whether you look at aaa's down to b, if you look at the tiers of each market, they are close to the post crisis lows. the only types of bonds that have spreads above that is ccc. you are not being compensated. with high yield, it is not out of the ordinary to see spreads move sharply. whether it is 100 basis points, 150 basis points. the lower they are, there is less of a buffer for investors to offset some of that. taylor: peter, we were looking at the chart. it is shocking to see high-yield at 3.26, and then investment grade at 97 basis points. what looks more overvalued to you? peter: i am fairly comfortable with credit here. we all talk

. >> it should eventually be a good year for bonds. >> we think yields go higher. >> bond yields movingideways. >> we need them to be cheaper. >> still attractive but not breaking out. >> we are going to test 1%. >> a lot of things have to go incredibly wrong to get down to 1%. >> 1.2% on the 10 year, we have to be looking at a global recession. >> i don't see a resolution on the trade front. i think that continues to weigh on the u.s. economy. >> not a resolution but some progress. >> the fed will have to come back and ease again. >> the fed is going nowhere. >> there has been a tremendous shift easier across the central bank landscape in 2019. how can that happen in 2020? it probably couldn't. lisa: everyone ganging up on bob michele. we have more perspective. joining me around the table is marilyn watson of blackrock, matt hornbach of morgan stanley and subadra rajappa of societe generale. i want to start with you, marilyn. do you think that now that we have some contours of a trade deal, that we will seek 10 year treasury yields bleed higher into next year? marilyn: we have to see w

. -- >> bonds average sideways. >> they are cheaper. >> we will test 1%. the 10l get to 1.2% on year. >> i don't see a resolution on the trade front. i think that weight will continue to weigh on the u.s. economy. back will have to come again. >> there has been a tremendous shift across central bank landscapes in 2019. how do you think that could happen? it probably couldn't. lisa: everyone ganging up on bob michele. we have more perspective. joining me around the table is marilyn watson of blackrock, matt hornbach of morgan stanley and subadra rajappa of societe generale. marilyn, i would love to start with you. do you think that now that we have some contours of a trade deal, that we will seek 10 year treasury yields bleed higher into next year? marilyn: we have to see what the details are on the phase one trade deal, how much they will roll back next year, the impact for the rest of this year. it would reduce some of the headwinds if we see more stabilization. but i think going into next year where you had some of the -- we think the fed will probably b

vonnie: who owns these bonds?ave we looked into the defaults, seeing who is suffering the most, domestic investors, mom-and-pop, foreign investors? peter: part of this new rule is to make it so that the companies that default are defaulting -- should default are defaulting. onshore, domestic chinese bonds were more likely to suffer losses there the offshore, dollar bonds. you would also see companies that the state owned would be more protected than the private companies. that is part of the rule change. what happens is, investors will need to understand balance sheets and income statements, cash flow statements in china, the way they would any other country, rather than some sort of blanket assurance. vonnie: peter coy, thank you. 2019european banks hit hard in as trade disputes and economic revenue eat further into jobs. this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn in new york. the white house is reportedly telling the u.k. government that its fiveawei access to g network will provide

the proposed funds will be bo bonds. this will be a new affordable housing development located next to balboa park station. 67% of the units will be affordable for less than 50% of san francisco a.m.i. with a balance of the units affordable to less a.m.i. no residents will be displaced. it's currently a vacant lot. 39 units will be set aside for voluntary relocates. the project also includes an early childhood education center, ground floor retail, and a family wellness community resource center. financing should close by december 2020, a construction complete by october 2020. again, we'll return to the board for the bond issuance approvals next year. i have representatives from the project sponsor here to answer any questions you may have. >> thank you very much. there is no b.l.a. report on this. any members of the public like to comment on item number 4? seeing none, public comment is closed. >> clerk: subject to the terms of this resolution; and related matters, as defined herein. resolution declaring the intent of t

big news, judd trump out, and today for nigel bond, nobody has done it better. his sixth world title and he rounded off the season by taking the chequered flag at the abu dhabi grand prix yesterday. earlier i spoke to our formula one reporterjenny gow, who was at the final race, about hamilton's future at his team mercedes after rumours emerged from the paddock that a move to ferrari at the end of his contract in 2021 could happen. he can do what he likes. he holds all the cards as a driver in formula 1. he is hugely successful as a brand, he very important to formula 1and brand, he very important to formula 1 and two teams so mercedes want to do everything they can to keep him. the head of mercedes motorsport reckons there is a 25% chance of him leaving to go to ferrari. it is important to say at this point in time lewis hamilton is doing his contract negotiations with mercedes so contract negotiations with mercedes so how much of this is generated by lewis to try and drive up his price? his likeability, his contract details, and how much of it is actualfact? a

the bond market is overvalued.ke the observation that this was a unique year for stocks and bonds, but get ready for a disconnect, i think stocks will continue to go up but not so much the bond market, rates will go up gradually. and iff that is the case you are looking to increase exposure to equities, where do you see the best opportunity? clear: first, it is stocks over bonds, and then the question is where in the global stock market do you find the best opportunity? it is tempting to look outside the u.s. based on valuation, the growth dynamics are poor outside the u.s. the u.s. economy and u.s. stock market has the best growth fundamentals. would stay home from my perspective and focus on the quality of growth. underneath that type of decision you have sectors to pick from, and given the constructive view of the economy and market i just offered, we are procyclical. it is technology, consumer discretionary, financials and industrials that have been victim of the trade war could yet benefit. pick theompanies, c

the bond market, the 6040 portfolio has been outperforming because of the bonds. it has been a tremendous year for bonds. it should not continue to rally a heck of a lot more. we are getting down to historic lows. scarlet: what is your allocation of fixed income? >> it is only about 15%. it is going down to 13%. we have other assets that replicate bonds. we are about an 8020 portfolio. as kim mentioned, it is a 90% growth portfolio. generally, people are long growth and not really -- and not willing to bet on rates. there is no point to be in bonds. >> we talk about the tourist stock rally. look across the total return indexes for u.s. bonds at large. u.s. investment grade debt. the s&p 500 total return is in the biggest draw down of all those. everything else is closer than the s&p 500. 2018, the year where nothing works. between 19, could be the year everything ends at all time highs. scarlet: thank you both. that doesn't for the closing bell. we will be speaking with david woo of bank of america and merrill lynch. this is bloomberg. ♪ >> live from bloomberg's w

so we like emerging market bonds.est in emerging market bonds globally, and will continue to do so. vonnie: thank you for all of your thoughts, and congratulations on another wonderful year. bruce: and a happy new year, and a great decade to come. vonnie: and lots of resolutions, of course. our stock of the hour has been struggling all year. this quarter, more of the same. fedex struggles with retail giant amazon. taylor riggs is looking at the results. jason: as you can see, we are down --taylor: as you can see, we are down 10% or so. this is the third time this year the company has cut their earnings forecast. as you can see, they are coming in a little lower again for the full year earnings-per-share. it is going to be a big transition year. they left the amazon business behind. they are integrating at&t in europe. trade have also created a bit of slow down. at one point, fedex was being considered to be put on the un-trusted entities list in china. they've also been underperforming ups. they do have at least a lit

so in the second war bond drive the four freedoms were adopted as images of the war bond drive and therethat went to 17 different cities starting in washington, d.c., and rockwell came to the department store in d.c. and they showed off the posters and they printed in the millions duplicate sets of the four freedoms, a set of four smaller images that were given to you when you bought the bonds. so you bought a bond and you received images of the four freedoms to put up in your home. large posters would have been sent around the count rein post offices and schools and elsewhere to rally the nation, to buy war bonds so the dissemination of this image in 1943, the spring of 1943 was pervasive and was seen as the face of the war effort at that time. he studied in the art league in new york and learned the basics of painting and drawing the human body and mastered his craft essentially with a skill of being able to re-create in -- in drawings or in paintings as accurately and realistically as a camera might. he sometimes looked at the world as too messy and not quite as ideal as he might like

the two polemic views on the bond market for 2020.ero bound by the end of 2021, these are big calls coming from citigroup. the 125itigroup on handle. thisll talk to fox jan hour. on the other site, in terms of people who are bullish on copper, goldman sachs is one of them. no surprise they ca 2.25 handle. so many calls out there. we will get into the mall. manus: let's look at 10 year yields. motion sickness apparently in the 10 year government bond market. down they came. -- the gold-copper ratio refers to, if you look at what goldman is doing, they expect higher next year. citigroup urging the market to go overweight u.s. stocks. my question to the market, do you need more rate cuts from the fed to make equity my -- equity markets go higher. there is one dominant theme for me, the un-picking of phase one. i would say, you are beginning to look a little bit less than the robust deal that everyone was hoping for. the euphoria really seemed to phase yesterday. one point that did it. direction today, a little bit of weakness on the onsh

threshold for new convertible bonds. it is important to the chinese government to boost these private companies because they employ hundreds of millions of people in china and account for 60% of china's economy. we have china hosting the summit with japan and south korea. what is on the agenda? this is an annual trilateral meeting between china, japan and south korea. china is hosting. ahead of the meeting, you have easing of tensions between the u.s. and china, agreeing to the phase one part of the deal which should ease the pain that has been placed on china's trading partners as a result of the trade war. simultaneously you have heightened tensions between japan and south korea when it comes to trade and national security. economic and trade issues are going to be at the top of the agenda. bowinge the three sides to speed up negotiations for their free trade agreement to have china's commerce ministry saying they need to strengthen ties between the three countries and work against unilateralism and trade protectionism

managing government bonds essentially, a call i think there. as you mentioned, it does feel like there is an asymmetry. i don't think what we are seeing to shift to the direction of travel toward higher rates. unless you're talking about dramatically higher inflation, you should not push bond yields that much higher. >> that is one of the defensive trades. quickly bringing up chinese government bonds, let us lean in. if inflation is the issue for china and you get these marginal , this is thepboc question i put to you about chinese government bonds relative to u.s. treasuries. you see this outperformance. does that continue for you? a particularly high correlation. potentially that changes going forward. 's enteringn cgb global indexes we manage portfolios against. required to invest alongside the flow. that should go back to the inflation outlook. the headline for cpi in china is concerning. year-over-year, a significant part of the basket. is goingking like it to continue to do so. i do not think that is going to lead to policy response. chin

this is essential to the mission statement for the 2020 parks bond.mes] is certainly one of the city's most precious natural resources. number two, it is believed that many of the core features are in poor or deficient condition and this project will continue to the overall assessment of [calling names] -- buena vista's conditions. number three, and as part of the park bond selection process, buena vista should be viewed as a leverage funding. over the last decade, they have received $1.3 million in capital expenditures. of that, we have helped raise 300,000 over the last five years to get at bags and private donations. they have also applied to grant programs for the last five years and is continuing to research and develop other funding sources. again, we hope to have an overview of this project presented to the commission in february. please know, we are committed to helping with the process of the 2020 parks bond. >> thank you [calling names]. >> good morning. my name is jean and for the past 30 years, i have had the privilege of living on the eas

bonds, we know yields are very low. there's a bit more in corporate bonds. bit, althougha equities may not produce the return we see in 2019, i still think i would have a portfolio towards equities. nejra: biased to which equity market in particular? the u.s. or more em risk, more china risk? chris: china has been pretty much the best performing market this year. other em countries have not done so well. moreld imagine that a balanced portfolio in terms of not being necessarily to overweight in the u.s. but being balanced towards the european and u.s. emerging markets as well as having a significant portion -- the u.s. in terms of the proportion of global market benchmark is 60% of the local market benchmarks so you will not be significantly underweight in the u.s.. usra: chris ralph stays with for the hour. let's get the bloomberg first word news with annabelle droulers in hong kong. nato survives its 70th anniversary party. president trump canceled a post summit news conference. he is escalating his threat to allies that do not boost their defense spending

it was about $18, and in 10 years, the bond would pay you back 25. concept was, the idea was that they needed the nation to come together quickly to raise and tods for munitions acquit the nation soldiers appropriately. ♪ famous movies most stars leave the capital to help the government sell war bonds. irene dunn, ronald coleman all part of a contingent of some 50 screen celebrities giving their time and talents to aid the national war effort. >> and the second war bond drive, the four freedoms were adopted as images of the bond drive and there was a publicity campaign that went to 17 different cities starting in washington, d.c. and rockwell came to the department store in d.c. and they showed off the posters and they printed in the millions duplicate sets of the four freedoms. a set of four smaller images that were given to you when you bought the bonds. so you bought a bond you received images of the four freedoms to put up in your home. the large posters would have been sent around the country in post offices, schools and elsewhere to rally the n

. >> it should eventually be a good year for bonds. >> we think yields go higher. >> bond yields movingwe need them to be cheaper. >> still attractive, but not breaking out. >> we are going to test 1%. >> a lot of things have to go incredibly wrong to get down to 1%. i think we are going lower. >> 1.2% on the 10 year, we have to be looking at a global recession. >> i don't see a resolution on the trade front. i think that continues to weigh on the u.s. economy. >> not a resolution but some progress. >> the fed will have to come back and ease again. >> the fed is going nowhere. >> there has been a tremendous shift easier across the central bank landscape in 2019. how can that happen in 2020? it probably couldn't. lisa: everyone ganging up on bob michele. we have more perspective. joining me around the table is marilyn watson of blackrock, matt hornbach of morgan stanley and subadra rajappa of societe generale. marilyn, i would love to start with you. do you think that now that we have some contours of a trade deal, that we will seek 10 year treasury yields bleed higher into next year? ma

it is a sign of the allure and power of james bond so the allure and power of james bond so people just

much tighter than regular bonds. to load up ahead of it, close your eyes, and hope the questions get resolved. there is more and more demand coming into that space. if you own them now, you will see the spread tighten. diana: broadly speaking, the idea of sustainability in investing is something we are interested in and our clients are interested in. a shameless plug, we just launched our sustainable global growth fund at jp morgan which has seen significant client interest. there is definitely something there. investors are looking more and more at ways of delivering returns to clients in ways that are more sustainable. and that sort of environment the demand for green bonds will only be growing. alix: a quick update on what is making headlines outside the business world. viviana hurtado is here with first word news. viviana: the next act in the impeachment drama will be a trial in the u.s. senate early next year. last night the u.s. house impeached president trump on charges of abuse of power and obstructing congre

alix: do you have to be a bond bearer for this to work out? rob: a mild bond bearer.value is maybe 240. so that's the top level you can get to. it's not a taper tantrum kind of environment. to get a real sell-off in the treasury market you've got to see inflation. that's the only way to do it and we don't see inflation. we'll get data later today and we won't see inflation but see the numbers come down. when we look at the details, it's just not there. without any real inflation push, we won't really get a rise on yields. alix: what is interesting you look at expectations across g-10, like the forecast next year keeps coming down. what about positioning? you feel there's a consensus that could see whippy action if it pans out? rob: we think an example, we're thinking about the beginning of next year, 2017 might be a good example. i'll tell you why. in 2017 we had sort of unexciting growth and because of the fiscal boost we got in 2018 and we had central banks which were very easy and if you look at the aggregate bank balance -- alix: i can do that. rob: 2017 we had th

it's not just buying the highest yielding bonds.ou have to do that differentiation, have to be a fundamental manager in order to perform well. taylor: what is the high-yield market telling you with spreads at 3.26, down from 5.50 a year ago, collin? collin: investors are not being compensated for taking on at high risk that they offer. you look at aaa's down to b, if you look at the tiers of each market, they are close to the post-crisis lows. the only types of bonds that have spreads above that is ccc. you are not being compensated. with high yield, it is not out of the ordinary to see spreads move sharply. the lower they are, there is less of a buffer for investors to offset some of that. taylor: peter, we were looking at the chart. it's shocking to see high-yield at 3.26, and then investment grade at 97 basis points. what looks more overvalued to you? peter: i'm fairly comfortable with credit here. we all talk about reversion to the mean. you go back to the early 1990's, we spent all the 1990's at these credit levels, most of the

and high-grade continuing to build with new debt sales and bonds rallying in the secondary market.e begin with the big issue, markets debating whether a flatter yield curve is here to stay. >> you have seen the flattening of the yield curve. >> it is incrementally flatter. >> we expect that to continue for the short term. >> it has been catching a lot of investors off guard. >> we are playing the flattening. >> i think it is there for a long haul. >> in the overall fed cycle, we would anticipate the curve should steepen somewhat. >> you're seeing late market cycle behavior. part of that is a flatter yield curve. >> the economy will run hot and it will keep the short and suppressed, which everyone expects. >> a market priced for recession, but it is telling you there are no risks whatsoever. that is not a tenable situation. >> the launchpad controls are in the hands of politicians right now as opposed to central banks. >> if you see these deals go through, you could see a steepener. >> if it happens, we think you create the conditions for an upside to expectations on inflation and w

also do you leverage some of their non-green bonds so bonds of things like coal companies but i think it's important that this is very controversial right now it's not clear how this would fit into the mandate of maintaining price stability there's been a lot of pushback particularly here in germany to the to the a potential expansion of of this. thing of this program so i think i think we'll have to wait and see how hard it's going to discuss a potential expansion in this way over the in this press conference today shows that the lady thank you very much for this update. and also some of the other global business stories making headlines today stocks in shanghai ended lower on thursday following 5 successive sessions of growth investors were probably put off by the prospect of a new wave of u.s. tariffs on nearly $160000000000.00 worth of chinese consumer goods coming into effect this with. saudi aramco has achieved its highly prized valuation off 2 trillion dollars on the 2nd official day of trading a surge in stock purchases on the riyadh stock exchange has seen the world's most va

is the bond market or the fed in charge of interest rates >> i think the bond market is. i think that the fed -- >> jeff was right. >> well, on that piece of it i think on the corporate bond part, it's a little more complicated. he thinks, you know, half the triple b bonds should be junk. well, they shouldn't i mean, the coverage ratios are fine i understand the leverage ratios are bad. so it's precarious you're going to see some volatility going into year end either way i think the repo thing is really -- is really a mess and they've got to do something to get rid of this incentive that sucks all the liquidity out of the bond market of t it's crazy but they're paying bags to horde cash stop it. >> so, brian, let's remember paul had a problem to solve and that was very high, disruptive inflation and chair powell doesn't have that problem. so he can spoil his child. his child is very well-behaved inflation is very well-behaved if we get a postponement of these tariffs on december 15th, we've already built that into our inflation baseline you're actually going to see inflat

but for a mother with a weak bond this is hard. that's where we can use neurofeedback to train brain functions that are hypoactive meaning not active enough and give them a boost in the tivo built. using the power of her brain the mother learns how to enhance the parent child bond and gets immediate feedback. it's a way to practice love. to see if she exercises her brain like a muscle over time this behavior becomes automatic maybe the next time she sees a picture of her baby she won't need a strategy the band will kick instinctively for the line from stoke on. we can practice love thanks to the biology of our brains our feelings are regulated by hormones and neurotransmitters it seems we can affect how they're released i'm easy indeed f.b.i. idea that you can influence such a complex process like feelings of attachment and bonding by regulating your psychobiology on is something i find extremely fascinating that we have a guy threaten us finish it off before they have us in the end. the substance that intrigues scientists like bea