paul schmelzing, currently visiting scholar of the bank of england, and also peter dixon commerzbank. read a couple of days ago was, "if you thought you are , wait untilmiest you read this one." paul: it is well done, of course, it is not news that we have had an impressive run since the 1980's, and people since then ever since then have made gloomy prognosis, especially quantitative easing across western economies, that i think was very few people appreciate is the sheer magnitude of the bond rally that we are now at. part of the bid last week was to track as far back the historical data of the so-called risk-free rate, as far back as we can, and put the current market into perspective. francine: you also talk -- you can look at historical and say, "we have never seen anything like this," but you also talk about a perfect storm. this is basically a sinking of the bond yield curve, monetary tightening policy, structural returns. does it mean that it could get ugly or turn quite quickly? -- i the best implication mean, i zoomed into three case studies in the 20th century to look at the

paul schmelzing.re numbers crossing, and investment outlook being shared by jeff gu ndlach. this is something we have from multiple investors. will lead totrump a breakout. he said it is a good time to buy 's, so that isf what we have gotten so far from that investor webcast. remember earlier, he said it would vary from $45 to $55 in 2017. coming up, making a major play. more on the reasons, next. this is bloomberg. ♪ ♪ julie: "what'd you miss? top three ranking, on a story, joining us is a bloomberg reporter. now, as your story points out, goldman has been in this business. what has changed? the book in 2014 with was written, goldman at stake out a position against high-speed trading. cohen, he said speed was a bad thing. and shortly after all of that died down, they hired a new guy and said, hey, we need to start investing in our stock trading able to handle clients who want to do's beat, who want to do thanks fast, and who want to do trading through computers, so you could argue, or you could ask i