jonathan: joining me is matthew hornbach, priya misra, and michael buchanan. bond bull, were you shaking this week? matthew: i don't think so. there were a couple of stories earlier in the week that scared people, sent yields higher. obviously, the inflation print this morning, a rare upside surprise. jonathan: it has been rare. matthew: a little bit interested again in the inflation story here. really, all of the things we saw this week in the bond market feed the confirmation bias of the bears. gives them everything they want and here we go. jonathan: does it feed confirmation bias to the bears? priya: i think we all came in looking for the big trade, and it is a big trade, this big bear market. i would argue not. but there is enough there. bund yields rose. the fed was fairly hawkish. michael: certainly something, if you are bearish, we are not. at the end of the day, i think it boils down to fundamentals. when we look at fundamentals, still slow growth despite a pickup we will probably get from tax reform, inflation may be picking up but still low by histo

matthew hornbach, matthew buchanan, and priya misra. that does it for us from new york. you next week at 12:30 p.m. new york time. 5:30 in london. this was bloomberg's "real yield." this is bloomberg tv. ♪ scarlet: i am scarlet fu. this is "bloomberg etf iq," where we focus on the access, risks, and rewards offered by exchange traded funds. ♪ scarlet: do you need star power like a quincy jones-linked index to get total etf assets to $16 trillion by 2024? we discuss what role celebrity endorsements can play in the industry's growth. why dan draper, head of invesco powershares, is on the prowl for computer programmers rather than mbas. and with the holidays over and done with, it's now time to pay

jonathan: still with me, matthew hornbach, priya misra, michael buchanan.t 0% is a bond bear market, sign me up. --on't think that treasuries it is hard to draw a downtrend line for the past 25 years. jonathan: but you know we will do it. just going to drive a 20 five-year line for treasuries. matthew: you should do the same for the jgb market. you'll discover unless you expect bonior's ago into -10% territory, eventually, those downtrend lines will be broken. let's think about it from a total return perspective. it zero is the worst we can expect, then given where equities are, it is not that bad of a buy. it is a great edge in zero is the worst-case scenario. say 3% or higher as a bear market. i think we are far from it. 2.65 is already priced into the forward market. if you think 10 basis points above what they are pricing in, that is not a bear market i would argue. michael: it doesn't feel like a bear market. you go back to year, we were at or near the levels, great opportunity to buy duration. proved to be a head fake. that related to fundamentals. i