jonathan: joining us are gershon distenfeld, kathleen gaffney, and coming to us from london is james athey, senior investor from aberdeen investments. kathleen, let's begin with you. talk about the price of the story and the size of the problem in investment grade. kathleen: we are at the beginning. i do not see it as something systemic, but we are going to get knocked about for quite some time. i am so happy this time is here. gershon: this is what happens late in the credit cycle. i have been waiting for this. where are we in the credit cycle? i'm tired of saying seven innings. it feels a game three of the world series. i agree with kathleen. it will be idiosyncratic, ge has some very specific things wrong with it. we have the wildfires in california that are impacting things, but that is what you have late in the cycle. you start to have specific companies or industries with problems with the high amount of leverage they have. jonathan: do you take the same argument? james: yeah, to some degree. i would throw macro factors in. i think what is happened is a confluence of things. the

joining me is gershon distenfeld, kathleen gaffney and james athey., on the trade story we have been whipsawed the whole week. if we get a truce, it will help market sentiment. does it address economic issues we see and experience globally right now? gershon: it is impossible to say. we can't predict with this president is going to do. he is more unpredictable than most. we will continue to be volatile. what's important to remember and part of the reason the u.s. economies outperforming the global economy is the u.s. remains relatively closed marketed. kathleen: i think that there will be a truce. i think there has to be because everyone has to too much to lose if the economy slows down. in my mind that is a given. the really interesting thing that is going on is the tension between the u.s. and china is only just starting to build. we have short-term leverage. we are the leaders in technology and innovation in the chip industry. i think you have seen some of the pain that's happened in the chip industry of late. china was to be a leader as well. it w

gershon distenfeld, kathleen gaffney and james athey.eek.rket through the two-year yields coming in big-time over the last week. likewise for the 10-year. spread.the final the week ahead featuring qs economic data and the bank of england's mark carney will be speaking. this is "bloomberg real yield." ♪ jonathan: i and jonathan ferro. it is time for the final spread. coming up over the next week, we might get exit. -- brexit. we get information on the u.s. housing and durable goods. opinions on the eurozone budgets, including italy. we have the u.s. markets closed on thursday for the thin-skinned holiday. -- thanksgiving holiday. joining me is gershon distenfeld , kathleen gaffney and james athey. story weon the trade have been whipsawed the whole week. if we get a truce, it will help market sentiment. does it address economic issues we see and experience globally right now? gershon: it is impossible to say. we can't predict with this president is going to do. he is more unpredictable than most. we will continue to be volatile. what's imp