it wasn't until his final year that carter picked jack watson to replace him. tson a former marine like kelly, much younger, very organized, smart and effective as white house chief. but it was too late. host: words of jack watson in the book. crucially important position said jack watson. it affects everything. it affects president's relationship with the congress and it affects the integrity infectness of the decision-making process. it affects the way presidential decisions are explained. do i believe the presidency requires that kind of chief of staff in order for president to be successful. i do. moving on to gary now in fletcher, north carolina. hello gary. caller: i want to remained people. mr. whipple is very bright person. there are lot of bright people out there that have access to the media and portrayed thoughts to america. we're not brightest people. we don't go to school to learn how to filter out things. what we do, we watch news programs for a little while and we take the opinions of somebody else. we use them as our own. we don't really do our o

it was not until his final year that carter picked jack watson to replace injured in. and watson, a former marine, like kelly -- much younger but very organized, smart and effective as white house chief here but it was too late. host: the words of jack watson in the book, the epilogue. it is crucially important, says jack watson who is carter's final chief. it affects everything. the president's relationship with congress and cap and it. way presidential decisions are explained and implement it. do i believe the modern presidency requires that kind of chief of? i emphatically do. moving on to gary in fletcher, north carolina. caller: i just want to remind people. whipple? he is a very bright person. there are a light of bright people out there who have access to media. are not the, we brightest people. we do not go to school to learn how to filter out things. what we do is we watch news programs for a while and take the opinions of someone out and use them as our own. we don't do our own thinking anymore. whoever is the most exuberant and it tells us what we want to hea

in new york with me, robert tipp with pgim, jack flaherty with gam, and marilyn watson with blackrocklondon. what does it say that the most popular issue in europe this week was the first issue of cocos? jack: people still believe that risk on is a thing. i think that is really what it comes down to. people believe in growth. you are seeing growth throughout the world. jonathan: even with the conversation, robert, you think the ecb will pull back? you still have this tremendous resilience and credit even though the ecb are buying corporate debt, as well. robert: they are. but there is a real thirst for yield. as i was saying, the demand is strong in europe. the ecb has been crowding out, but they have been winding down the amount they are buying. some of the things that would indicate that they were supporting the market, where sovereign bonds were trading relative to cbs, for example, those relationships have indicated the market isn't leading that much on the qe buying at this point. there may be surprising resilience in the markets as we go forward. jonathan: marilyn, they don't bu

robert tipp, marilyn watson, and jack flaherty.s is small widening we have seen, almost across the board -- jack -- robert: there is a lot to work through in terms of the impact of the changes in the tax law. jonathan: what have we learned so far on the tax bill? you able to establish a view on high-yield at this point? jack: the very lowest run of high-yield -- rung of high-yield can be hurt. jonathan: doesn't it mean restoration on the overall index on the it mean less overall index? >> they are bringing money back. that is good. jonathan: looking back at the last 25 minutes, we are trying forward what is established by viewers on the individual markets. inhave the 2% on a 10-year september. up 20 basis points in the space of a couple of weeks. is it a buy? >> a by. >> coming. >> coming. jonathan: german bunds are anchored. bunds buy ten-year german or european cocos? spread.stay with the cocos. marilyn: cocos. week, divisions from the european central bank and the banks of japan, the ecb has led to conversations in japan about t

we have robert tipp from pgim, marilyn watson of blackrock, and jack flaherty of gam.ng we have not talked about much is credit. robert, you mentioned to me, the small widening we have seen almost across the board in the united states. is there a signal there at all? robert: i don't think so, i think the markets are digesting the fact of the budget battle, supply and earnings. there is a lot to work through in terms of the impact with the changes in the tax law. jonathan: broad strokes are difficult to do, but looking at what we have learned so far on a tax bill, and what it means for companies, are you able to establish a view on what it means for investment grade and high-yield? jack: the piece it really affects is the lowest rung of high-yield. that can be hurt. what is interesting is what has rallied the most. the very lowest rung of high-yield. jonathan: could it mean less duration? given that the tech is bringing us cash back and it might not be issuing as much? jack: i think on the margin that is a good point. they are bringing money back, and that is a good thi

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