still with me is jim keenan, oksana aronov, and krishna memani. , i want to begin with you and talk about what we are seeing in rates. the story with the ecb and the fed, they are worlds apart in terms of their guidance for interest rates. how do you expect that story to evolve in coming months? oksana: it seems like they are couple years apart. it seems like the ecb is where the fed was a couple years ago in terms of guiding toward the end of its bond purchasing program. it looks like the end of the program is on track to the end of the year, over 8 trillion dollars in negative yielding debt. it is unclear where the demand for those bonds will come from. we got a taste of that here in the u.s. and the fed is not even yet in net negative liquidity mode yet. there is a lot of focus, i think too much focus and noise around how many more hikes the fed will do this year, what will happen with the flatness of the yield curve, etc. the most important thing happening in the bond market, with rates right now, is the reduction of the fed's balance sheet. ka

oksana: i will go with the e.m.. trying to ask americans about football. jim keenan, krishna memani, oksana aronov. not doing that again. trying to ask americans aboutsee you next fri. this was "bloomberg real yield." this is bloomberg tv. ♪ >> i'm mark crumpton with first word news. paul manafort's request to dismiss a money-laundering charge has been rejected by a federal judge in washington. manafort is also charged with conspiracy, making false statements, obstruction of justice, and failing to register as an agent of ukraine. his bail was revoked last week and after prosecutors claimed he tried to tamper with witnesses. his trial is scheduled for july 25 in virginia and september 17 in washington. diplomats say israel is following the lead of the u.s. in pulling back from the u.n. human rights council. israel has not completely withdrawn from the body but has her or they reduced its participation. the country has had a tense relationship with the council, accusing it of unfair bias while ignoring or underplaying rights violations by other countries, including its own members. portonflict in ye