nick gartside, weigh in.e opportunity of cash products versus investment-grade and versus treasuries, and that has shifted in the last few months, never mind the last year. how has that shifted for you, nick? how are you thinking about that? cast light products versus treasuries versus investment-grade? nick: you are right. when you look at it, cash is a real competitor now, let's be frank about that. but the reality is when you look at the repricing we have seen in credit, you can look at it in a total yield perspective. so you have got the u.s. investment-grade index at 3.75 as a total yield. that is not bad. before we get to high-yield when you see 6.5 as a total yield. so on a relative basis, that looks attractive, particularly given the fundamentals. and again let us be frank about the fundamentals. corporate america has probably never ever been in better shape. jonathan: it raises the question why em high-yield is raising almost as much. if corporate america is doing so well, why have we got a spread be

still with me, jeff from blackrock, kathleen, and nick gartside from j.p. morgan. amount of issuance coming from the treasury, specifically t-bills into next week. kathleen, is there going to be the insatiable demand for treasury needs as they ramp up issuance in the coming months? kathleen: i doubt that very much. and i think that is why looking at the short end is going to be important. you have got supply from the treasury. also got companies that are now scented to-- in start investing and using their cash. they are already in dollar investments, but they are in short duration investments. so when those holdings start getting sold, those yields will be a lot higher. so i think it means the short end is going to be where the attention should be. jonathan: just quickly, jeff rosenberg, your thoughts? jeffrey: i agree with kathleen, the short corporate trade and theme is a big one. that is the impact in terms of repatriation. in terms of the issuance and your broader question, we are going to have this theme for a while. there is lot of issuance to come. it is not

mark: thank you for joining us, nick gartside at jpmorgan asset management.et's get the first word news with courtney donohoe. senateapitol hill, negotiators are coming up with a long-term budget deal that would prevent a government shutdown tomorrow night. the leader of the group of conservatives, mark meadows, says it will be a bipartisan deal but it is likely to pass because increases and defense and other spending will appeal to many lawmakers. vice president mike pence is in japan where he is threatening north korea with the toughest economic sanctions yet. he spoke after meeting with the japan prime ministers shinzo abe. has made his sister to represent north korea at the winter olympics in south korea and she will be the first kim dynasty official representative to set foot in the south. in germany, the way is clear for , hera merkel's fourth term bloc has reached a deal with official democrats to form a coalition government and people familiar with the matter say social democrats will run the finance foreign and labor ministries. her block will -- the