us is joeing weisenthal, cohost of what did you miss?bal storyy the that's really the take away from this week. scarlet: there's a great chart here on the bloomberg. it shows a freefall in yields. bond yields int the u.k. k, germany, japan. we talk about this every day on what you miss. it's groundhog day all over again. >> it sort of donned on me yesterday when we were doing the market minute at the beginning of the show, it's the same thing every day, record yields. it's really stunning the degree to which it's so steady. that short -- chart we showed in a few countries. you see yields screaming lower. an incredible bull market. alix: also saying that verizon is said to bid only for web at yahoo!'s behest. verizon is also willing to buy yahoos patent and real estate. yahoo! only seems million to wao sell its web stakes. verizon is said to make a 3.5-$4 billion offer for the yahoo! core. saiden loans offer -- also to have offered $5 billion for yahoos patent. a nonstophis is drama. yahoo! excepted first-round proposals in april and exce

joe: i am joe weisenthal. "what'd you miss?" alix steel is on assignment. scarlet: u.s. closing lower. oil jumping. joe: the question is "what'd you miss?" scarlet: european stocks climbing with the pound. we have the charts you can't miss. , theglobalization of trapping hundreds of millions of people at lower income levels. notlet: helicopter money is the best way forward for world central banks. we begin with the market three-weeke vix rise. u.s. stocks closing lower.

joe: and i'm joe weisenthal. i matt miller. alix steel is on assignment. scarlet: u.s. re than 1% this afternoon. the s&p 500 at its lowest since march. joe: the question is "what'd you miss?" scarlet: we take a look at market moves across the aftermath -- across the markets. joe: what was the role of the ecb affecting the turmoil in europe. matt: and we look at what brexit means for the u.k. real estate market. we begin with our market minutes. the s&p 500 at its lowest level since march. the now, s&p, and nasdaq all losing 1%. in terms of gainers, the bonds and utilities climbing for a second day. you had telecoms slightly higher, so defensive names

joe: i'm joe weisenthal. ix steel. ♪ [closing bell] s&p 500 in wti oil at their highest levels since july. joe: the question is, "what'd you miss?" janet yellen saying that the economy is making progress, but she did not say when we could affect that rate increases and why jews are off the table. t-mobile, wanting to hand out shares to every subscriber. in just a few minutes the ceo will sit down with number to explain why. joe: we really talking to the outspoken short seller who has another company in his crosshairs. we begin with market minutes. the s&p 500 closing at its highest level since november. the nasdaq climbing to its 26 in high with

i am joe weisenthal. "what'd you miss?" alix steel is on assignment. a wild ride for u.s. ts joe: the question is "what'd you miss?" oracle undergoes a major shift. joe: europe's largest banks slump on brexit concerns, three charts you can't miss. holdings of u.s. equities are now showing steep declines. we need to start with our market minutes. u.s. equities closing off their best levels of the session. nasdaq, doubt, and finishing positive. nine out of major 10 industry groups rising.

joe weisenthal kicking things off.ooking at the disconnect between where equities are going and yields and long-term government debt is heading. the yield on 10 year bonds in purple and white is s&p. both bonds in early february rally. then there was a diverges. stocks continue to rally while the long-term yield declined. something similar again the last several days. the last few weeks, we have seen the s&p going over 2100, but long-term yields are stuck in the daughter -- in the gutter. if things are good and there is a risk on mentality, perhaps yields would go up. but they are widening again. we will see if they converge and which one converges with the other. you can find that chart on the terminal g #btv 1564. vonnie: beautiful and simple. ok. you have a battle on your hands, mark. mark: not enough love is given towards luxembourg's benchmark .tock index, the lux global stocks fell to eight to one half year low. -- the stoxxeurope 600, the like blue. indext luxembourg's luxx since february 11, when it also fell t

joe: i'm joe weisenthal. alix: and i'm alix steel. [closing bell ringing] alix: u.s. ed, the s&p clinging to a 10 month high as bankshares faded. joe: but the question is "what'd you miss?" a tale of two global economies -- which tail is the fed reading as it considers when next to raise interest rates. joe: and we will look at what could be one of the egg's stories to watch over the next five years. alix: and in an exclusivity interview with mary barra, she talks about how far that company has come since dealing with its ignition scandal. scarlet: we begin with our market minutes. looks like we were going to get to that record high. we got within 1% of that level and then with drew and since 2:30, it has been a straight line down with stocks falling more paring their losses.

joining us is joe weisenthal. e the call was pretty bananas and he was a real outlier in that. joe: absolutely. it is pretty remarkable when you think back in all markets but oil and particularly, how far we have come since the middle of february. it is completely right the way you said it, completely out of consensus call. scarlet: moore a knee-jerk reaction because for most of may you have the index fund along with oil prices rising. alix: great point. if you look at bloomberg here, u.s. oil production over the last year. this decline we have seen has been what has led oil prices stronger. sorry, hold on. what i do want to show here is what happened in the last week. 10,000 barrels of oil a day actually added last week. this is a key question we want to get to harold with. $50 oil is happening. adding adding ratings -- rigs, completing the wells you created? if oil rises they will turn the production back on and it will be self-defeating. very much looking for to getting his take on this. scarlet: all the supply

joe: and i am joe weisenthal. alix: and i am alix steel. ♪ [closing bell] scarlet: u.s. er this afternoon, oil sliding below $39 a barrel. joe: the question is, "what'd you miss?" scarlet: welcome to our one hour exit special, whether or not britain will stay in the european union. joe: we will look at the implication across the world. alix: and we will speak to those in both the leave and remain camps, including lord skidelsky. scarlet: first, let's get to our market minutes. u.s. stocks closing after session lows, losing steam as the session continues. we started with optimism, but dampening that as they are closer than anticipated in the previous days. six out of 10 major groups lower. joe: and we

joe: i'm joe weisenthal. matt: i matt miller.is on assignment and scarlet who is off today. [closing bell ringing] u.s. stocks closing higher this tuesday afternoon, the best day for the s&p 500 since march. joe: the question is "what'd you miss?" global stocks taking a breather from the brexit selloff. on farm ais focus week. we will take a deep dive into the global business of pharmaceuticals and biotechnology. matt: nike has more than doubled the total of the s&p 500 but has fallen far behind in 16. we will break down the company's earnings in just a few minutes. carol: a lot going on on this tuesday and we are going to begin with our market minute. let's walk you through what is

joining us for the next hour, joe weisenthal. go to first word news, mark crumpton is at the news desk. mark: at least 3 million people in the u.k. want another vote on leaving the european union. they have signed a petition to parliament. i calls for a vote in voter turnout is less than 75%, and the remaining vote is less than 60%, or should be another referendum. won 52% of the vote with 72%. the british parliament said there would not be a second vote. john kerry is going to brussels and london for talks on the uk's exit in the european union. after meeting in rome with the prime minister, secretary kerry spoke to reporters. john kerry: the most important thing is that all of us as leaders work together to provide as much as annuity, as much stability, as much stability as possible for the marketplace to understand that there are ways to minimize disruption, there are ways to smartly move ahead another to protect the values and interests that we share in common. mark: in brussels, secretary kerry with have to get u.s. support

joe: i am joe weisenthal. "what'd you miss?" mixed.tocks joe: "what'd you miss?" the ripple effects, including job cuts a goldman sachs. eyes on the bank as it gets closer to its inflation target. economyorld's largest may be close to hitting a bottom. scarlet: market minutes, major indexes closing mixed. higher withslightly six out of 10 major groups gaining ground. this is on the

joe: i am joe weisenthal. "what'd you miss?" mixed.tocks joe: "what'd you miss?" we dig into the ripple effects, including job cuts a goldman sachs. eyes on the bank as it gets closer to its inflation target. economyorld's largest may be close to hitting a bottom. scarlet: market minutes, major indexes closing mixed. higher withslightly six out of 10 major groups gaining ground. of a betterhe heels isn manufacturing report. just below 2100, so can't quite get that magic number. we were just talking about that yesterday. one thing is if you look at tech , what isd the s&p standing out is the nasdaq ,omposite, six days of gains the longest streak since february. that's pretty impressive. a lot of these small cap's the bignew highs, but movers microsoft, facebook, google, amazon. time, some bad numbers on the flipside coming withford and gm disappointing sales dragging down that sector. government bonds, people keep buying them, driving those yields lower. german five-year yields at low for -.38, a record how much people are paying to the german government. yields,e,

weisenthal joins us now. joee when bond spreads have been grinding lower, portuguese, 10 year yields, they had a new government a couple of days ago and just this week, we saw a decline in the growth outlet for portugal. that looks at spain, but the yield.ine is portuguese you can see them going in opposite directions. is something, once again, the problems are not totally down. the ecb did not buy as many bonds. so there is interesting stuff going on. scarlet: spain dealing with an election on june 26. a four party system. it does not really have the ability -- the anti-austerity partner party has been linking up with the socialist as well. an interesting combination were no one knows what will happen. we have seen the impact of financial markets. spanish stocks. european trailed stocks overall in the s&p 500 as well. the bottom there, european stocks, the stoxx 600, and the s&p 500 above water there at least since mid-december. quite a large ipo than italian bank. looking to raise about $1.1 billion. the proble

i'm joe weisenthal. >> and i'm danny berger. -- alix steel is on assignment. ♪ [closing bell] scarlet: stocks closing at their session lows. closing at its highest levels since february. joe: but the question is, "what'd you miss?" scarlet: microsoft buys linkedin for $25 million. joe: global equity shows increasing anxiety over the brexit vote next week. we speak to one strategist about a defensives strategy is not the answer. >> and the energy complex, is it looking better? scarlet: dave wilson was just telling us that this is the first three data climb for the s&p 500 in a month and we saw indexes close after session lows . the inverse is the increase in the fix. just

phyllis joe weisenthal. the chart there -- scarlet: the chart is pretty dramatic if you look at the possibility of brexit, and that is the white line. it came crashing down. meantime, you have the pound versus dollar spot rate and that has recovered dramatically today. joe: you cannot get clearer than that, could it? alix: volatility picking right up. joe weisenthal will be joining us right here at 3:30 p.m. and we will talk about many things -- india, brexit. ♪ ♪ anchor: it is 2:00 p.m.. anchor 2: welcome to "bloomberg markets." ♪ david: from bloomberg world headquarters in new york, i am david gura. vonnie: and i am vonnie quinn. david: factors driving the markets. vonnie: a major shakeup is underway in a campaign. did trump wait too long to make a move? david: at speaking of donald trump, his opposition to trade deals has been a big part of his campaign. what about brexit? i will talk to representatives froman. reporter: we are up at least 1% or higher, and that is because brexit fear

joe weisenthal is back with us.e oft, my favorite data points in the world, korean export trade in a. -- trade data. is the chart going back 10 years, you can see the different ,aves -- precrisis, doing great post crisis come a big recovery, then moving sideways, then the big plunge. i plotted it against the yellow line, the emerging markets index. tracks, nicely it surging at the same time, plunging, coming back, sideways, then a plunge. korean trade data starting to get a little better. the rate of deceleration is getting better, so maybe that is a good sign for the world economy. g #btv see that chart at 1517. mark: mediocre rather than 'ssmal, the words of oecd secretary-general when he was talking about the global economy. global trade running at 2-3%. it should be running at 7%. therein lies the problem for global manufacturing. i've cobbled together the plethora of cfi data we've witnessed today from the eurozone, u.s., china and u.k. barringdata probably the u.s. was lackluster. the u.k. not negative as we w

i am joe weisenthal. "what'd you miss?" alix: i am alix steel. er.. stocks closing low joe: the question is "what'd you miss?" investors reassess the global economic outlook. americans help to uncover foreclosure fraud of a gigantic scale. get the new bold call and oil. ♪ the major indexes have been steadily grinding higher and parenting losses, still closing down for the session, but only slightly. this is the first declined so far this week. six of 10 major indices were lower, financials and cyclical groups were the worst. we started lower and did not close in the green, but finishing well off the lows to continue this trend of a bid supporting the markets. alix: materials and banks were the two were sectors. take a look at what happened to them today. it was a brutal morning, near a 10 month high, kicked down, and claude back to neutral. back to neutral. you had that great treasury rally that put pressure on financials. joe: you are never going to onieve this, but yields government debt are lower once again today. there is the 10 year yield. every d

ramy: -- joe: i'm joe weisenthal. fresh concerns in the german bonds below zero or the first time. joe: the question is "what'd you miss?" continue toestors consider the possibility of u.k. may leave the european union. recent declines have dragged things back near record levels. joe: and the proposed ban on muslim immigration would make the u.s. less safe. scarlet: we hear from former president bill clinton in an exclusive bloomberg interview. first, let's take a look at how the markets are faring now. u.s. stocks closing lower ahead of the fomc tomorrow. we have declined for a fourth straight day, but in terms of catalyst, the

it jumping i am joe weisenthal. -- let: stocks decline with commodities and bond yield falls as investors brace for a series of key events. john: household wealth in the u.s. is rising as real estate values drive the game. the charts you can't miss. scarlet: and a fund manager who invests in energy. if they see values and bankruptcies. we begin with our market minutes. the dow falling 100 points. it fell as much as 126 points. the readen a day in from beginning to end. in the last 40 minutes we did see the indexes pared their losses. the tricky thing is figuring out the cattle last -- figuring out the catalyst. job and we see the market only down 0.9% on the s&p. it felt much worse. varian tends all day. big selling over in europe. definitely one of the worst days we have seen in a wild. scarlet: this particular rally started overseas. a pretty steep selloff. european stocks hit particularly hard. most sincehe february, and volatility actually spiked. and energy was one of the worst performers. interestingly enough, inflows too the u.s. bond fund rose $4.6 billion. that is unbelievable. i

joe: i am joe weisenthal. "what'd you miss?" alix steel is on assignment. scarlet: u.s. stocks closing lower. oil jumping. joe: the question is "what'd you miss?" scarlet: european stocks climbing with the pound. we have the charts you can't miss. , theglobalization of trapping hundreds of millions of people at lower income levels. notlet: helicopter money is the best way forward for world central banks. we begin with the market three-weeke vix rise. u.s. stocks closing lower. a bit of a split when you look at how major groups fared. s&p 500 energy group was the best-performing, oil prices up by four present. joe: a quick look at bond markets. scarlet: we have a lot going on here. let me finish with stocks. joe: yeah, yeah. scarlet: apple, $95 handle. regulators in china sang the latest iphone -- saying the iphone violated a chinese patent. i just threw in there the etf that tracks bio stocks, nine straight days without again. techif you were to exclude and biotech, it was not a down day. government bond markets, sound the alarm, yields rose a little bit. german 10 year y

. ♪ scarlet: we're joined by our colleague joe weisenthal.minutes until the close of market. scarlet: let's start with u.s. stocks. we started the day higher but paring some of our advance as we head into the close, especially in the last eight minutes or so. we've seen a tapering of the gains. nine out of 10 groups are higher , utilities the laggards here. stapless and food and of doing a little bit less well. this is certainly a risk on situation where the defensive safe haven types are underperforming. joe: if you look at the screen you see yields rising across the board, the inverse of what you expect there. seen as in a row we have release of some of these safe haven flows into treasury. move havingk on effective higher yields. alix: the story of the day was currencies across the board. its biggest rally against the dollar since 2008, up over 2%. your not supposed to see those kinds of moves in the pound. the yen did lose a little bit of steam earlier in the session but was not able to sustain that and far its way higher against the doll

joe: i am joe weisenthal. "what'd you miss?" ♪ u.s. above 2100.s&p joe: the question is "what'd you miss?" scarlet: the jobs report and the strength of the labor force in may, the three charts you can miss. new optimism after global oil markets show signs of improvement. what happens next? struggle,'s economic loosening capital controls and letting the currency weaken. scarlet: we begin with market .inutes the s&p 500 has closed above 2100. the best close since november 2015. we closed near session highs.

joe weisenthal is with us now.ging markets do is very dependent on the fed and how they hike. >> we saw the rally on friday in em. the dollar went down, u.s. equities were ok, and then a huge rush into foreign assets. kind of seeing a continuation of that today, janet yellen not changing the direction of things very much at all. scarlet: a lot of volatility as she spoke but everything sorted itself out. we are pretty much where we were before she started speaking. alix: definitely covering that speech later on. joe weisenthal, thank you for being here. the chief economist from jp morgan stanley will be here to talk about what janet yellen spoke about. ♪ e >> it is 2:00 in new york and 7:00 in london. >> welcome to "bloomberg markets." >> from bloomberg world headquarters, i am betty liu. vonnie: i am vonnie quinn. betty: janet yellen sees interest rates gradually rising. she spoke of short time ago. janet yellen: economics is broad. a good stream growth in the united states over the past year. i am cautiously optim

calling joe weisenthal also with us. let me start with you first. >> we met the decisions here and especially the decisions about who lives here. the big issue for me and the big issue for large numbers of people across the country tomorrow. >> the brexit, that is fairly rare in your party. whohermore closet grexit's think -- who have been unwilling to come out, even who questioned whether he is really as to the idea as he has perhaps stated? >> we are finding a significant number of labor voters coming out for leaving the european union. silent, who remain would support leaving, it is bigger than those who have spoken out. i think we are pretty representative of a majority of the people who vote later in the country. >> most labour mp's are sticking to the party line. to vote coming through theyursday, do you think will start switching their opinions? >> if there is a grexit vote, we're out and what we attempt to do, we will be successful, trade agreement and good all-around without all of the political superstructure t

. ♪ ♪ ♪ joe: i'm joe weisenthal. "what'd you miss?" tomorrow. australia coming out with a rate decision, no change expected for that one. then at 1:30 a.m. the reserve bank of india will come out with its decision as well. no change expected there but it might be the last time that they will be leading the decision because after that it will go to the committee. alix: speaking with -- speaking of the indian team, narendra modi will be meeting with barack obama tomorrow. but will that conversation really be like? it's been instrumental. miss this, tomorrow morning, valiant earnings. everyone is going to be watching results to see if they are making progress on the recovery plan tomorrow. thank you so much for watching. joe: have a great evening. ♪ i am john john: heilemann. mark: i am mark halperin. >> you are out of order. >> you are out of order. >> you are out of order. >> this whole trial is out of order. you are out of order. mark: all rise. the show is in session. we are hearing objections from all corners.

kicking things off today, joe weisenthal. it is eu referendum week, so the charts are about that.ook at pound-frank, .hich is what i like to look at unlike pound-euro, the frank is a safe asian that should rise in the event of a brexit. , this isee going back two fridays ago. they have been moving in tandem, hitting their low in the middle of last week. today we have the pound surging against the frank and s&p also surging. it is a really nice way of demonstrating how right now everything is all about this referendum. stocks in the u.s. correlated with currency pairs in europe. there is only one story in the world, and this chart shows it. mark?: mark: this is a chart in honor of hillary clark, the queen of charts. she is in london this week and came up with that chart. when you give joe the victory, it is her loss. the top portion is the u.k. economic policy uncertainty index. essentially, this tracks the general state of the u.k. economy as it relates to businesses. it goes back to the beginning of 2014. it relates to the frequency of newspaper references to policy uncertainty.

joe: i am joe weisenthal. alix: i am alix steel. scarlet: i am keeping my eye on equities. trading is getting ready to gear up in a few hours. we know the broadest center of european stocks, it is a .9% down. the biggest decline since october 2008. we have a chart on the bloomberg which i can tweet out for the radio listeners. this is the stoxx 600, from peak to trough, it fell 24 points. that is the biggest intraday point swing so far this year, one bigger than the last year, in which the august selloff generated by the chinese yuan depreciation. if you go out to a five-year glimpse, this move is historic by any standards. joe: i want to take a quick look at at key government bond we are talking about tomorrow, and that is the spanish two-year yield. one of the concerns post brexit or post the vote is there is going to be for the political contagion. there is an election counting underway right now in spain. you can see an increase upward in the yields from negative territory back to positive territory. if anything happens politically where people start to doubt whether th

joe: i am joe weisenthal. "what'd you miss?" >> i am matt miller in london. teel is on assignment. >> major indexes gaining 1%. joe: "what'd you miss?" , ourobal markets recover guest says this is just the start of the brexit disaster. what iswill explain happening to the u.s. labor force. matt: the federal reserve releases the latest stress test results. this the u.s. financial system deserving clean bill of health? >> we begin with our market minutes, stocks gaining one point 5%, the dow advancing 280 points. sectors

joe: i am joe weisenthal. "what'd you miss?" ,carlet: stocks closing lower treasury yields in the dollar extending declines. joe: the question is "what'd you miss?" makers ratchet down their outlook, predicting one rate hike this year. next central-bank decision, when boj announces. scarlet: frontier market no more, emerging market status for pakistan, stocks jumping the most in a year. ♪ scarlet: we begin with market minutes. after fed decided to leave rates , indexes plunging to their lowest levels of the session. if you look at the numbers, they weren't that extreme.

david: --scarlet: joining us now is joe weisenthal. ating the bond buying program and as it often is with the central bank, talking about the program ends up having most of the effect and the actual purchases are a secondary story. we have seen corporate spreads come in and impacts all around the world as money from the program flows everywhere. the interesting thing today is looking at once -- what specifically they are buying. >> the economy rushed to take advantage of the demand. alix: the issue really is liquidity. are there enough actual corporate bonds for the ecb to be able to buy 5 billion euros everything a month and if not what does that do to the corporate market? >> some of the past bond buying programs they had have run in the available supply and some of the purchasing has not gone as fast as people expect. every month, can the ecb by as much as it wants and if not, can spreads go lower or is this avenue -- as good as it gets? >> olive oyl from greece. >> they are buying riskier stuff. scarlet: thanks. we will talk about t

that was george osborne care with us now is joe weisenthal. joe: seems like we are catching steam.atus here things about to break one way or another? joe: this morning was more interesting because everybody was waiting for the results of one poll. when will it come out, and the town was going all kinds of ways. it did show a further drift toward the main camp. if you look at the odds on the betting market, i think you have the chart. odds of a grexit basically at the highest level yet, close to 40% to we are closing in on 40%. is a dramatic move everyone is paying attention to just in june alone. >> you get the impression that even with the polls, more and more are showing that they might be in the loop right now. people do not believe it. if you look at any volatility measure, three-month or one right now.bsolutely >> i have got a chart here looking at the euro stocks index volatility versus the cboe index volatility. the bottom one shows that right now, right here, we are at a spread, the largest since 2008. european stocks going forward, it is very high. what is set to break her

joining me now is joe weisenthal. labor's sharebout of net income. conomic pie going to workers has been declining. joe: we will talk to the author of a new paper saying that is a myth. his argument is essentially that the way they have been calculating labor share of the national income has changed over time and they added in depreciation. what he says it's if you adjust the numbers, it has been stable for the last half-century or longer. ,e will have him explain why according to him, this has gone nowhere. scarlet: even though it feels like it went way down. joe: if you look at the official gone wayrs, it has down. he says it's not the case. we will see why that is. scarlet: that must be the only economic chart that does not show any dip during the financial crisis. kind of skeptical but maybe he will convince us. with thewe will speak heritage foundation and we will speak to the global head of energy strategy at citigroup to get his take on what didn't happen at opec. ♪ shery: it is 2:00 p.m. in new york and 2:00 a.m. in hong kong. welcome to "bloo

scarlet: we have joe weisenthal with us. i love the chart you showed, bitcoin versus the yen. glimpse, right? let's take it to five years and it becomes a different story here. --2013 xbt currency, for anyone who wants to track it. have you used bitcoin? >> i haven't. apparently there are atms where you can go. >> i've seen those atm's. it's not just china. we talked about how there is a lot more use of bitcoin in places like venezuela and perhaps even nigeria. tiny.t is still that much seem to be economic activity being done in bitcoin but in some of these places where people might want to -- they don't trust the banking system are one to circumvent capital controls, arguably it has a role. scarlet: we will talk more about weird and wacky forms of currency. helicopter money has grabbed a lot of attention. you have already spoken with him.give us a sneak preview of what he said . joe: he said the current enthusiasm for helicopter mone , is based on a misunderstanding of how money works and it really doesn't do anything the aunt what we have already seen in qe, -- beyond what w

we want to bring in joe weisenthal to discuss this story.moody's came out and made comments on the uk's credit rating. moody's had already rated the u.k. lower than what s&p had it at and reduce the outlook to negative. >> these sovereign credit ratings are completely irrelevant to the market. when the u.s. got downgraded it didn't matter. japan has been downgraded a bunch of times, it doesn't matter. the u.k. gets downgraded and people are worried about the capital flows -- it doesn't matter. we see were the anxiety takes place. it's on the currency channel. the u.k. prince its own money. it's not a credit risk. they can't run out of it. people are already worried about sterling. it's not going to take place on the credit side. agencies don't like the trajectory of governance in economics and what this means that in terms of actual credit risk, the market doesn't bite at all for good reason. jonathan: do you see what's happening from the credit rating companies is actually we should move away from looking at it as system and grading see it

now it is time for battle of the charts with joe weisenthal and julie hyman. o what is your chart? joe: record low bond yields is what i am looking at and we focused a lot on the u.s., u.k. and japan, but it is everywhere. this is a chart going back to 2001. theave switzerland here in louvre, japan, korea, australia, new zealand, france -- everywhere you look -- record lows. all the lines are going the same direction down into the right. a few are negative, some close to negative, but almost everywhere you look, this is a global story. it is not just in the safe havens like germany, switzerland, japan. it is in places like new zealand, australia, rants, record low bond yields around the world in an incredible bull market happening right now. david: joe wins color, but what are you looking at? julie: i am looking at the stock world and we are talking about what central banks are doing and what that means for fixed income. if you look at what has been happening, we have been having a rally in stocks. more or less since the lows last year. that means stocks are "o

evidence the economy is getting knocked off of that trajectory. , ourhan: with that in mind saidague joe weisenthal in the financial crisis. should we be seeing this much volatility around a vote to exit the european union without re-denomination risk on the without any fundamental read about what this means systemically. should we see the pickup involved by this march? would not bebut i surprised if it comes back down even after a brexit vote that was successful. volatility has a way of spiking and coming down. andauthorities in the eu u.k. have been reluctant to talk about what comes on the day after a successful brexit vote. they have not done that because they do not want to raise fears or suggest they think this is going to happen. subsequent to that, you will see containment efforts. you will see efforts to calm the market and i think that is one reason volatility will calm -- will come down. jonathan: we can bring up the u.s. equity markets, we opened lower by 1/10 of 1% and i think the story in the united states is no drama. do you take any kind of confidence from the resilience of u.s. mar