george rusnak, lisa hornby, and mike buchanan. andng up, the auction block african nations set a record for selling bonds. that conversation is next. this is bloomberg. ♪ jonathan: i'm jonathan ferro, this is "bloomberg real yield." united states treasury sold more than $200 billion this week in bonds. i want to focus on the $17 billion 30 year u.s. treasury 3.13%, the-year-old highest since march 2017 with indirect bidders purchasing the most since january. italy holding a bond auction amid the country trying to form a populist governments. the offering was met with solid demand and finally, in emerging markets, ghana to find the -- is -- the recent on-demand for $2.5 billion euro bond exceed supply for time, ghana got more than $800 billion in bids. talk little bit about emerging markets is george rusnak, lisa hornby, and mike buchanan from western asset management. we brought this up last week on the program and the in pain has discontinued. ago, argentina can come to market and access them quite easily and issue a century bond

lisa hornby, and also from pasadena california, deputy chief investment officer at western asset managementit is great to have you with me around the table. after spent the week talking about this, and every time i have brought it up, i have taken abuse. because no one thinks we get into 4%. so where does this 4% conversation come from, lisa? lisa: well, jamie dimon is a one i think who brought it up first. jonathan: and everyone else seemed to follow. lisa: if the head of jp morgan said it, we have to listen, right? the point he raised was a good one. we've never had q.e. we've never had the reverse of q.e. term premium is still negative. central banks will exit these programs eventually, at least that is my belief. and if that is true, we should be headed to more normal rates. jonathan: mike, could we get some more normal rates, and is 4% normal in this kind of world? >> well, i mean, any time that jamie diamond talks here, you're best jamie dimon talks, you are smart to listen. and hearing that interview, it did not really -- at least to me, it did not seem that he was predicting 4%. wha

lisa hornby. and from pasadena, the deputy cio at western asset management.t is great to have you with me. i spent the week talking about this, and every time i've brought it up, i've taken abuse because no one thinks we get into 4%. so where does this 4% conversation come from, lisa? lisa: well, jamie dimon is the one i think brought it up first. jonathan: and everyone else seemed to follow. lisa: the head of j.p. morgan said we have to listen. the point he raised was a good one. we've never had q.e. we've never had the reverse of q.e. term premium is still negative. central banks will exit these programs. that is my belief. if that's true, we should be headed to more normal rates. jonathan: could we get some more normal rates, and is 4% normal in this kind of world? michael: well, i mean, any time that jamie diamond talks here, you're smart to listen. and in hearing that interview, it didn't really -- at least to me it didn't seem like he was predicting 4%. jonathan: good point. michael: what he was saying we need to get prepared for the possibility of 4%.