matterhorn back -- jonathan: matt hornback? matt: i agree with that. if you think about how the fed is characterizing their vision in the economy, they link it to things like productivity and the demand for safe haven assets. we know one thing for sure is the demand for safe haven assets should be higher at these elevated levels of premium than -- risk premium than other times. michael: i can paint a picture where the tax reform for tax cuts are somewhat disinflationary. companies have this new found a bottom line, these newfound earnings and market expansion, and there is a decent chance they get some of that back to their customers in the way of lower prices to maintain market share. there is tremendous price competition across a wide range of industries where companies are fighting for market share. jonathan: kathy jones for charles schwab. coming up on the program, the auction block, the appetite for high-yield looks strong as sprint makes a call to the bond market for the first time in three years. that conversation, next on bloomberg: real yield.