michael leavy joins us. kamal, this is your will house.hat i would suggest for the american viewers and listeners we have, this is a textbook exogenous shock. everybody has their beliefs and rationalizations on out of the blue, you get hit hard and that is the moment we're in right now. >> absolutely. we have been talking on your program as to how the u.s. is not an island. what you see in terms of the futures turning around earlier this morning, the impact on u.s. interest rates also just it is not emanating from the united states but from europe and there's going to be more. >> making headlines looking for the 10 year yield to go from 2%. you go one step further and say the 30 year bond, which has come down down, down, record low yesterday, could be under 2%. how to we get there? >> because deflation spreads and now you have it in eurozone. there are problems elsewhere in the world. it switches over to the united states as well, tom. with oil prices declining or the headline inflation is suddenly negative, i see the inflation rate also g

we speak with michael leavy of foreign relations. well, it is a least liked idea in america.terested in, are we going to raise the gas tax? good morning, this is "bloomberg surveillance." a stunning thursday, january 15. here is our top headlines. >> a surprise move from the central bank in switzerland. unexpectedly gave up its minimum exchange rate for the swiss franc and lord its interest rate in deposits. the frank is searching up as much as 15% against the dollar and stocks are sinking. oreo draghi's predecessor at the european central bank has some advice, time to break out the qualitative easing. >> purchases of securities is clearly what is