jonathan: matthew hornbach, a , --out there at the moment is incredibly high. is that where you stand on the issue? matthew: i think that's true but there is a tremendous level of asymmetry in these bars. when i think about the timing of the next possible rate hike, i'm thinking middle of 2021. i don't think the fed will hike in the second half of next year, not only because there is an election, which generally raises the bar for action, but more important is in the middle of next year, the fed will opine on their inflation targeting framework. afterll they hike rates they tell us that they care about missing on their inflation goal? it doesn't make sense. mike: maybe the bar for action is tied, but last year, the fed hiked. two weeks later, powell had a bad new year's party or something, the whole tone changed. was there an actual shift? no. but the markets reacted. jonathan: are you implying i had an opinion about a policy decision from the federal reserve? coming up on the program, the auction block, featuring the biggest investment grade debt deal of the ye

matthew: longer. kathy: more. mike: fewer. jonathan: matt hornbach is going to get this game one day. i hope.m new york city, we will see you same time, same place. this was "bloomberg real yield." this is bloomberg tv. ♪ scarlet: i am scarlet fu. this is "etf iq," where we focus on the access, risks, and rewards offered by exchange traded funds. no more playing it safe. investors stop doing the safety dance and slide back into risk mode. in the final months of former 2019. alliancebernstein chief is known as the man who hates etf's. he has found a way to save mutual funds and it has to do with these. and a new green deal, this week there is an etf for that featuring a fund for investors who wants to build a green economy.