kristina: we see opportunities on the e.m. side, particularly e.m.x versus the basket whereas the dollar versus the euro and yen still remains a challenge with the policy diversions focus. emerging-market rates are starting to look attractive. historically, whenever we have periods of why differentials above 4% between e.m. rates and dm rates, they correct quickly. lisa: e.m., is that a place of opportunity? maureen: tactfully. there are still ample catalysts for volatility from the fed and otherwise. it tends to impact higher names the hardest when things turn south and that can clearly have a larger overhang in e.m. debt. our tactical plays are more around higher-quality investment-grade credit, more established names in the domestic and developing world. lisa: you were talking 20 year treasuries, mike, in terms of how inverted the yield curve, 30 year yields were -- i'm wondering if it is mainly treasuries or if you are finding places with investment-grade that has rallied so much? michael: straight run-of-the-mill credit is not my preference at t

it has been a rough ride, i think, for many people in e.m. this year, and i think you have got some way to go before as an asset class this is going to look attractive. clearly you can cherry pick, but i think it is going to be tough. kailey: jane foley of rabobank with one of the most exciting jobs in town these days i'm a thanks so much for talking affects with us. as jane was talking about the war does have an influence on the economy in that area. it has been six months now since that war began and russia invaded ukraine. we will talk about that with a member of ukraine's parliament, valentino village inc. a. that is coming up next. as we had to break emmanuel macron is seeing the war sparking challenging times ahead for europe in what he calls the end of abundance. >> the moment we are living in may seem structured by a series of crises, each more serious than the other. some may see our destiny as being perpetually managing crises or emergencies. i believe what we are going through is a big shift, a big upheaval. they are experiencing t