joining us is our fixed income guru, lisa abramowicz. right now, we can borrow at zero? ica can borrow for free for up to three months. this is the first time that has happened. betty: i can borrow from the government? the government can borrow from you for free. sorry. lisa: the treasury today auctioned off $21 billion of at a 0%d a 0% yield -- yield. they could have auctioned off these short-term notes for a negative yield, but they are not allowed to. if you look at secondary trading, there is a negative yield on one-month and three-month u.s. treasury bills. that means investors are so desperate to hold onto the short-term debt they are willing to lose money on it in order to own it. why? because you have a lot of banks, a lot of hedge funds, you name it, who need to have these short-term assets to post collateral and for whatever else. they are effectively a negative deposit rate in the u.s., even if on an official level there is not one. betty: ok. lisa: i find that interesting. it was an eye-opener for me. betty: does that give us any indication of where interest r

lisa abramowicz. are telling me you have gotten a lot of back-and-forth en the internet blogospher about this decision by the federal reserve not to raise rates in september, and maybe being vindicated or not being vindicated by today structure report. question, doeshe this actually gives the clock -- fed more credibility for the decision to not hike last month? a lot of people are saying, maybe this was a policy mistake. people pushing back saying, no, they fought china, not slowing us growth. then after the statement, after this decision not to high, they said, no, the u.s. economy is wonderful, we still plan to hike by year-end. now in the futures market are saying, forget that, there are going to hike maybe in march, not in january. but the likelihood has been of when the fed will hike has now moved back all the way to march based on futures trading. already in next spring. it is the spring collection for interest rates, right? the speech that janet yellen gave at the university -- you could use t

lisa abramowicz follows the market on bloomberg news. als this acquisition a way for good old-fashioned human beings, bond traders? lisa: interactive data specializes in information that you gather, not by looking at a screen, but by calling people and asking them about what they view as a potential value, by scrutinizing deal documents, determining what potential streams of revenue might be coming in, the safety of the covenants. the granule aspects of bond trading that are crucial to giving people confidence that they are getting a good or bad deal. in other words, in bonn trading, it is very different than, say, going online and buying a pack of socks. it is a different kind of animal. you are dealing with an abstract instrument and a lot of really smart people who are going to try to game you. so they are confident that they are getting a good deal or a bad deal or if things are trading, they want to know who is on the other side. so then why would you want an electronic trading system when it comes to the debt market? been a prettys

betty: then yesterday we had that story from lisa abramowicz about how that voted well for human beingshink computers will eventually win. that is just me. thank you for joining us. let's get back to the markets and the economy in particular are more on the fed decision not to raise rates today. expandingy is still at a moderate pace and they will consider tightening in december. joining us from new york, lauren mccarthy. in thenk they succeeded language of their statement? >> i thought the fed did a surprisingly good job. they are not ready to raise rates now, but do not you surprised if they are ready to raise rates in december. the decisions will be made based on the data between now and then and also the new condition of global commodity markets and financial markets in general. but i think they wanted it to understand that the series of lifting off at the first credible opportunity. did your expectations for december rise? >> not at all. i have been expecting them to raise rates for quite some time now. the specificity of this particular policy statement made me feel more comfortab

thank you so much, lisa abramowicz of bloomberg news.erage only allocates 3% of his or her portfolio to emerging markets. our next guest is here to separate the myths from the reality. ♪ scarlet: welcome back. to takemetimes it pays risks. emerging markets have have had the greatest volatility over the past 15 years but also the largest returns. we had now to bloomberg radio with brendan greeley and cory johnson. >> thanks and welcome to all of our radio listeners as well. we have with us in the studio ed, the vice-chairman of emerging global advisors, here in the studio to talk about emerging markets. i want to talk about emerging debt. the imf reported at the end of september. i will read you the first line, corporate debt of nonfinancial firms. economies quadrupled between 2014 -- 2004 and 2014. should we be concerned about the dollar-denominated debt? >> it is an alarming headline. debt?ch debt is too much think about the corporation. is $1 billion a lot? does it depend upon the size of the corporation. maybe when you think of emergi

markets, and monitor policy, i am joined by gus, a senior macro economist of abramowicz, who joins me in the studio. thank you both. lisa it is all about the data. that is what the fed has been saying for the past couple of years. what are the charts telling us about september? do we know? >> if you look at the futures trading right now, you're seeing the probability of december of a rate hike before december, it is now below 50%. people have been pushing back expectations of when the fed will raise rates. you look at expectations of economists with respect to the job, the question is, lula get a number that is definitive one way or the other? the longer the uncertainty, the more volatility you will see in the bond market. mark: the volatility lisa has spoken to us about, we have been following that for days here at bloomberg. what are you expecting? is that 200,000 number in the ballpark? >> that is right here we are looking for 210 jobs. it is close to the average price. far more than we need to keep up with the growth in labor force. that would be a good and solid number. we also expect upward revisions to the august