you are seeing it in the divergence from underlying cash, people are looking for putrance, they just it all in at once. jonathan: there has not been much high-yield supply coming into the market area is that affect as well? >> there aren't supply and demand dynamics that influence where yields are spread. i would go back, we do not find a huge valuation anomalies. more toward the world.g i think that is a longer-term read if you are looking for that yield, i put more money in emerging markets. jonathan: give me a little more on what you think about em. >> i am looking at a three-year horizon. it has lagged since 2011. this could be a multi-year cycle. jonathan: i want to get a market check on where bonds have been through the week. yields up at the front end, the 2-year note climbing back. unchanged on a 10 year despite all of the media coverage of the u.s. 10 year kissing 3%. a little bit of curve flattening with the yield coming in at 3.13. the week ahead, and a decision from the fed. and u.s. jobs report. this is "bloomberg real yield." ♪ ♪ jonathan: more importantly, the fed deci