dan alpert?orbing the excess labor globally, it is hard to imagine a situation where you do not -- >> you are not dependent. >> if you granted a wage increase to an american worker, whether that creates a job in china because they are more competitive. >> can i ask a pimm fox question? can we ask pimm fox questions in the morning? what is the market going to do this year. janet yellen today. can you belong on the markets? >> you can belong on the bond markets. >> prices up yields down. >> when you remove excess liquidity and remove the huge -- what is the word -- distortions in the market. >> a thank you note from bill gross. >> hi, bill. >> more money into his find. >> you're going to see interest rates adjust to the level they should be. >> dan alpert. congratulations, your book, congratulations, it jumped right out. >> i appreciate that. >> we look for the movie. memorial day 2017. time for the agenda. we look at the stories shaping the day. my agenda -- >> jobless benefits. about itcook talki

dan alpert believes there is a bottom in the bond markets.s. >> the valuation gap between bonds and stocks, frankly, 2.5 years ago was yawning. that has mostly close. over the course of this year, as the federal reserve goes from buying $1 trillion worth of bonds 20. as -- to zero. as other investors move money from fixed income to equities, we will go up another 50 to 100 basis points. we are not close to a delivery and yet in the bond market. >> what is keeping you up at night? >> apart from my teenage kids. worries.- two one is that people wait too long until they feel comfortable at -- about everything before investing. i worry about asia. the nationalist rhetoric coming out of countries like japan and china. they have got to cool it, we need him trading together to keep the global economy going. i worry about rhetoric out of washington with regard to the debt ceiling. we need to see an increase in the debt ceiling as quickly as possible so that it does not come back to worry the markets. much, great to see you. david kelly at j.p. morgan