jonathan: joining me around the table is subadra rajappa, kathy jones, and rob waldner. thy, typically when we start a week with sentiment like this, the next week things flip the other way and we are vulnerable to a squeeze. are we vulnerable now? kathy: it doesn't feel like it. the squeeze was people were not prepared for this. and anyone who was heavily in leveraged fixed assets has been squeezed out. so it doesn't feel like it because there's no magic wand here. this thing has to peak and come back down. that's likely to take time. jonathan: one person at the table feeling pretty good about life, it's subadra rajappa. started the year with a target on the ten-year at 1.20. everyone thought you were crazy. we're not far off of it now. subadra: this is very different from what we experienced in 2003 and when the stars pandemic was a scare because the size of the chinese economy is much larger, it's coming at a bad time going into the new year's celebrations, and it's now worldwide. it's impacting travel as well as growth. jonathan: it's been a big issue 2002, 2003 to 20

and kathy jones and david bahnson, thanks for the dynamic conversation. on morgan stanley as we have one of our reporters speaking to james gorman on the call and here are some of the headlines that have crossed if i can pull it up. gorman sayinges morgan stanley can provide expanded banking services and it gives morgan stanley an opportunity for international platforms in relation to any trade by. trade buy. he gives morgan stanley more digital assets. we will continue to update you. the analyst call underway now. looking at about $550 million in synergy to be achieved over three years. that headline crossing as well. we'll keep updating u.s. the headlines across. the 13 billion-dollar deal in the update world. let's give you an update on what is making headlines outside the business world. viviana hurtado is here with first word news. viviana: japan confirms two passengers from the quarantined cruise ship died from the coronavirus. the victims were described as japanese citizens in their 80's. china says the death toll from the virus is now more than 21

kathy jones morning of more buses to come. >> we've been cautious on high yields for quite a while as cost of that debt or the ability to refinance that debt gets more difficult, as spreads widen for some of these lower quality companies, that then you add on a faltering economy, you are really setting yourself up for some disappointment here. our conviction is we probably have a ways to go before this has played itself out. jonathan: back with this, subadra rajappa, mike schumacher , and victoria fernandez. it was destroyed in 2018 when the primary market -- the fed has to do something. do you think this is the number one thing they're looking at right now on their dashboard? the idea that primary markets are starting to seize up worldwide? >> i think it is one of the things they are watching. liquidity in the markets is extremely important and if that liquidity starts to dry out, yes, the fed will step up and do something, and central banks. but i don't think we are that point right now. people are pulling back on the issuance they are saying. we have had spreads widened out on inve