lale: two questions.u didn't interview yet -- you did an interview where you talked about the key gauge of the muni being broken. i was want to spend more time on munis but it never really happens, i lump them in with taxes -- alix: i thought i did that. lale: it happens to me, too. class, isas an asset it a late cycle asset class? sean: very good question. your question around the traditional muni treasury ratio being broken. we spent $80 million in mutual fund inflows year to date. there are many reasons retail tales about municipal bonds. whether it is the negative correlation to equity and equity risk, the high credit volume and low volatility, then you look at the asset class and they tended care less about the relative value. my point was that is retail is driving the flow, look less at muni ratios and more the benefit of munis. munis are somewhat of a late cycle. you are speaking earlier about the housing market resilience. it is more late cycle. the underlying fundamentals of the market continue s

lale topcuoglu. this is bloomberg. ♪ jonathan: from new york city for our audience worldwide.untdown to the open" starts right now. ♪ jonathan: coming up, equity markets making fresh record highs. the white house talking up trade talks. chaos continues in hong kong. the u.s. senate moving to expedite legislation supporting protesters. the american consumer remaining resilient. u.s. retail sales continue to support confidence. 30 minutes until the opening bell. good morning. friday morning price actions. equity futures up another .30 3% on s&p 500. we grind towards a sixth straight week of gains. treasury yields higher by a single basis points. the dollar weaker against the bulk of g10, euro-dollar firmer 1.1042. let's begin with the big issue. still waiting on a phase one trade deal. >> we have come to a substantial phase one deal. we have come to a deal