dana peterson. we are going to continue today and here what kathy would has to say with regards to deflationary forces out there. it is our next big risk. increasing ovation on the economy. this is bloomberg. ♪ taylor: we want to bring you a story which is the number month -- number one most red here. j.p. morgan chase. it is being shut out of underwriting municipal bond yields in texas after the state enacted a law banning governments to work with banks that limit business with the firearms industry. i pulled up the terminal, texas has issued $38 billion in deals. the total market is about 11% of the total new market this-year-old on that j.p. morgan would be shut out of. romaine: most read story on the bloomberg terminal. one of the other stories are the big risk ahead. our big take today turning back to our focus now to listen in on what kathy would had to say. arc investment management's founder warning of impending deflation. >> jeff, howard and -- and ray dalio, all of them have been very conc