marilyn watson from blackrock, jack clarity from gam, and victoria fernandez.oming up on the program, the auction block. junk bonds continuing to outperform. that is up next. this is "bloomberg real yield." ♪ jonathan: i'm jonathan ferro, this is "bloomberg real yield." it is time for the auction block, where i want to begin with the treasury market, which issued $119 billion in debt through this week. first up, we focus on the $36 billion sale of five-year notes, which drew the highest bid to cover ratio since may of 2017. over in russia, investors quickly moving past the threat of additional u.s. sanctions. sold all ofministry the 35 billion rubles of debt in the auction of domestic securities, with the bulk of the notes more than three times oversubscribed. in the u.s., supply continues to elude the junk-bond market for the second straight week. high-yield bond issuance so far this year is 20% lower than the same period last year, and the lowest since 2009. with me to discuss is marilyn watson from blackrock, jack from gam, and victoria fernandez. victoria,

jonathan: joining me around the table here in new york is a marilyn watson, global head of fundamentalond strategy at blackrock, jack flaherty, investment director at gam's fixed income team. plus, coming to us from houston is victoria fernandez, chief market strategist at crossmark global investments. victoria, let's begin with you and ask a very basic question --whether this is as good as it gets or whether we can we break out to a higher-trend growth then we have seen relative to years gone by? victoria: i think our trend growth will be higher, absolutely. i think we will be closer to that 3% growth we've been in striving to have on an annual basis. but having the 4.1% print today, i don't anticipate is going -- us going higher on the quarterly number from here. i know there is a lot of talk that it is a sustainable number, and to an extent, there are things that are sustainable. the consumer spending was high, as and that was good. but there are some bombs that will be one-time charges. the exports were higher than what you would normally anticipate, because of the increase in the

jonathan: jack will be sticking with me, along maryland watson -- along with marilyn watson and victoriant to get a market check number bonds have been this week. treasuries, two to 10 and 30's, shaking up. yields of about eight basis points. at the long end, up about 6.3%. still ahead, the final spread, a big wake of central bank decisions cap off with a payrolls report. august just around the corner. this is "bloomberg real yield." ♪ ♪ i'm jonathan ferro, this is "bloomberg real yield." it is time for the final spread. coming up over the next week it is a central-bank extravaganza beginning on tuesday when we get a rate decision from the boj. wednesday, the federal reserve making its decision on monetary policy. on friday, u.s. payroll data for the month of july. who saw august coming? with me are my guests. marilyn, we have you from london so let's make the most of it. will we get a hike from the bank of england? >> it is pretty much priced in by the market anyway. i do think we will see a hike. i think when you look at inflation, it is still above target. actually economic data, grow

marilyn watson -- watson with us from blackrock.oomberg bloomberg daybreak -- from london, this is bloomberg. ♪ francine: this is "bloomberg surveillance" from london this week. is joining usly as we follow the president of the u.s. to helsinki on monday. risks of thee global trade war. thepoke exclusively to official on the sidelines. >> what is important to us is global confidence. we start with skirmishes and with nato.shes a full-fledged war would be bad for business confidence. the backdrop is a very strong europe. a strong eurozone. meaning that so far what we have seen has the potential to derail the recovery. can the ecb sit back and watch this trade war happening? we never sit back and watch. we have to understand what is going on. we do believe it is strong enough to withstand the shock. caroline: do you already see companies holding back investments? guest: that may happen. we are not complacent on the possible risks. a full-fledged trade war would be extremely bad for the world economy. victim would be u.s. jobs, you was