around the table, greg peters of pgim fixed income, bonnie wongtrakool from western asset managements portfolio manager. coming to us from atlanta or is rob waldner of invesco fixed income. greg, is the volatility going to spread across assets? it is a big conversation. is it going to spread across assets? at the moment, it is contained to equity. does it get across credit? greg: i think so. i think the volatility regime is shifting. it is being led by the equity market, for sure. but i do think it's going across different markets. you will see it across these markets. bonnie: i think the bigger question is, should there be volatility? you have to look at what are the causes of this? is it because of market sentiment and positioning or because of fundamentals? clearly, you have to acknowledge that market sentiment positioning can have a big influence on the market and that's what we are seeing. this is a market that wasn't used to anything moving, equities going in a straight line up, and now we are seeing fairly big moves, although in a historical context, not that big. on the other

bonnie wongtrakool of western asset management, rob waldner of invesco and greg peters of pgim. greece taking a step towards normalcy. that conversation is next. this is "bloomberg real yield." ♪ jon: i'm jonathan ferro. this is "bloomberg real yield." greece takes another step towards exiting a bailout program in august, selling 3 billion euros of seven-year bonds with the yield of 3.5% inside their initial target of 3.75%. investor orders doubled the sale . in january, bonds were sold by state and companies, the most in 11 years. a series of treasury auctions in , the lowest since november. still with me, greg peters of pgim fixed income and bonnie wongtrakool of western asset management and rob waldner of invesco. ed you the bond market, you would have never known what was happening in the equity market in europe. why is the rest of the world, why is the bond market holding up this well in europe? rob: it's all about the drivers of this correction. we think it is inflation that is the driver. when inflation is the driver, inflation is good for spain and italy and greece. it i

he with us is bonnie wongtrakool. what do you think of mnuchin standing by?say the mnuchin camp, but not that you would see that much wage inflation because. of the fiscal stimulus you have the demographic problems, you have the forces of technology, and you cannot discount the employer pricing power over wages. there is industry concentration. fiveross markets, the top companies basically generate half of the revenue. against that you don't have the level of unionization we had in previous years in america. the idea that there is going to be a rapid increase in wage inflation beyond what we are seeing, which is rather low, is one we looked out. weould --is one that would doubt. i would add that the fed looks at wage inflation not core inflation. they would be happy to see both, but to the extent that we had wage inflation, core inflation could remain contained. we have seen that in the past. even in the mid-1990's. we had ahe mid-1990's big increase in wage inflation to over 4%. core inflation was below 1% due to increases in productivity with technological