jonathan: joining me around the table is jeffrey rosenberg, krishna memani, and portfolio at oppenheimerunds and coming to us from atlanta is noelle corum. let's begin with the quiet climb higher in treasury yields. do you expect it to continue? noelle: yes, you nailed it. it is a quiet climb higher. we think it is due to a couple of reasons. the drivers, of course, are not exactly clear. tariffs not being as bad as people expected, maybe marginally. the trade war is not over by any means, but part of it is we have seen the e.m. idiosyncratic risk come off the table. turkey and russia are both hiking to alleviate concerns. and argentina, the deal with the imf is looking like it will be better than expected. it is not anyone driver, we think. it is multiple. jonathan: krishna? krishna: at the end of the day, i think it is about the u.s. economy doing much better than what everyone was expecting. that is the primary driver. noelle's point about other issues are important as well, but the primary driver is the u.s. economy. so the question is, can this be sustained and sustained for a long

jonathan: krishna memani from oppenheimer funds sticking with me alongside jeffrey rosenberg, and noelle corum will be sticking with us as well. coming up, the auction block. nestle, a strong investor appetite for their offerings. this is "bloomberg real yield." ♪ ♪ jonathan: this is "bloomberg real yield." i am jonathan ferro. i want to head to the auction block. we start with treasuries. $40 billion sold this week at 2.02%. the highest rate for an auction of one month securities since february 2018. all of the u.s. bills have been auctioned this year at rates about 2%. nestle sold $8 billion worth of funds for a partnership with starbucks. the biggest headliner of the week was rifinitive. investors devouring debt sold for blackstone's buyout, completing the largest leveraged buyout of 2018, $18.8 billion portion of the offering exceeding $10 billion. joining me, jeffrey rosenberg, krishna memani and noelle corum. noelle, leverage loans have exploded this year. the demand is absolutely massive. where do you stand on the big debate in fixed income right now? noelle: we continue to like l