lisa: from new york city for our viewers worldwide, i'm lisa abramowicz in for jonathan pharaoh withcommitted to fixed income. this is "bloomberg real yield." ♪ lisa: coming up, billionaire hedge fund ray dalio. rising yields could spark the biggest crisis of fixed income investors in almost 40 years. plus, investors are earning the least extra yields on u.s. corporate bonds over benchmarks since 2007. are there any gains left? and ahead of janet yellen's last fed meeting, we discussed her legacy and pass forward to the incoming fedha

lisa: from new york city for our viewers worldwide, i'm lisa abramowicz in for jonathan pharaoh with 30 minutes committed to fixed income. this is "bloomberg real yield." ♪ lisa: coming up, billionaire hedge fund ray dalio. rising yields could spark the biggest crisis of fixed income investors in almost 40 years. plus, investors are earning the least extra yields on u.s. corporate bonds over benchmarks since 2007. are there any gains left? and ahead of janet yellen's last fed meeting, we discussed her legacy and pass forward to the incoming fed chair jay powell. we start with the big issue, dalio's warning resonating from davos to new york. take a listen. ray: a 1% rise in bond yields will produce the largest bear market in bonds that we've seen since the 1980-1981 period. >> has that bear market started? are we in it? ray: i think we're in it. >> there will be a time the bank of japan and ecb begin tightening. that will be a time when they arbitrage narrows and maybe when bond yields increase. i don't see that now, unless i'm wrong on inflation. and i don't believe the federal reser