jonathan: joining me is mary bowers, krishna memani, and coming to us from minneapolis is bryce alan ty. mary, your thoughts on the payroll reports. it feels like a bit of a snoozefest. and not because it is back, but because it is good and we are used to that. mary: the whole week is felt like a bit of a snoozefest. everything kind of seemed to come in line. krishna: that has been the case for quite some time. the economy continues to do well. employment is doing well because of the stimulus we are passing through the system. if there was not trade, there would not be much excitement in the market to begin with. jonathan: we will get to the trade story in a moment. bryce, your opinion on what's happening? data supports the theory there is some slack out there. the economy can generate 200,000 payroll growth every month. there is no real sign of inflation pressure. bryce: i think the slack story is the big thing. the big surprise is the drop of the underemployment rate. 7.5%. the last time it was that low we were at the height of the tech boom. that's an indication maybe the slack is

jonathan: joining me around the table is mary bowers,senior portfolio manager at hsbc global asset managementkrishna memani, chief investment officer at oppenheimer funds, plus, coming to us from minneapolis is bryce doty, senior portfolio manager at sit investment associates. mary, i want to begin with you and get your thoughts on the payrolls report. it feels like a bit of a snoozefest. not because it is bad, but because it is good and we are used to that. mary: the whole week has felt like a bit of a snoozefest. everything kind of seemed to come in line. krishna: that has been the case for quite some time. the economy continues to do well, employment is doing well. it is all because of the stimulus that we have had through the system. if there was not trade, there would not be much exciting in the markets to begin with. jonathan: we will get to the trade story in a moment. bryce, your opinion on what's happening? data supports the theory there is some slack out there. this is an economy that can generate 200,000 payroll growth every single month thereabouts, and there is no real sign of in

mary bowers, krishna memani and bryce doty.cpi. effectively learning about the u.s. inflation outlook. don't expect anything in that would be a confirmation that despite relatively good growth inflation is not picking up measurably. mary: we are watching a lot of the same you are. we are right in the heart of high-yield earnings that have been pretty well received. we will continue to watch them thought about. havehan: to what extent the outperformance over the last couple of months come from the scarcity of supply and the fundamentals and earnings of some of these companies? that doestechnical, feel kind of like a weak reason to hold high-yield. we have not seen a return of inflows they could see some spread widening. as we alluded to earlier, everyone is waiting to buy the debt. the spreads continue to be prearranged. jonathan: i hate to cliche term, cash on the sidelines. in fixed income there really is a lot of cash sitting there and waiting for a downturn. bryce: right. there is a lot of nervousness. this year has been pre

mary bowers. get the stories you need. available on terminals, on the app.e and you can customize those settings where you get the news on the industries and assets that you care about. this is bloomberg. e about. this is bloomberg. >> i'm heidi from sydney. kathleen: i'm kathleen hays. let's get a check on the latest headlines. acquisition is being criticized by union leaders. they say the deal threatens job competition and may do nothing to accelerate the 5-g.al of they add they have a history of targeting each other's customers the pair could prices.mean higher its bt -- has wrapped up $430.structure assets to selling to its brother as it tries to pair down its ballooning debt. del eal comes as the elinquent firms face a deadline. >> the all things 787 supplier affecting at least six planes and production of two more is being paused. include affected united, ana, taiwan's eva air shanghai airlines. the blog also says one has the dream delay and liner for air china is sitting in storage for unknown reasons. blue is the f