robert tipp, marilyn watson, and jack flaherty.s is small widening we have seen, almost across the board -- jack -- robert: there is a lot to work through in terms of the impact of the changes in the tax law. jonathan: what have we learned so far on the tax bill? you able to establish a view on high-yield at this point? jack: the very lowest run of high-yield -- rung of high-yield can be hurt. jonathan: doesn't it mean restoration on the overall index on the it mean less overall index? >> they are bringing money back. that is good. jonathan: looking back at the last 25 minutes, we are trying forward what is established by viewers on the individual markets. inhave the 2% on a 10-year september. up 20 basis points in the space of a couple of weeks. is it a buy? >> a by. >> coming. >> coming. jonathan: german bunds are anchored. bunds buy ten-year german or european cocos? spread.stay with the cocos. marilyn: cocos. week, divisions from the european central bank and the banks of japan, the ecb has led to conversations in japan about t

jonathan: robert tipp, your view. rt: i think there will be a lot of pressure for them to raise rates. they signaled end of september on the buys, but there will be internal pressure to stop sooner and i don't think they will do that. the trail in growth is 2.8%. we saw this with the fed, they were nowhere near hitting their inflation target, but the pressure was there to move, for example, the bond purchases. in the case of the ecb, they have been doing massive purchases that are not popular. but they are at a negative interest rate of -40 basis points. mario draghi has said the inflation risks are over. they are in an extraordinary emergency type condition right now. i think the pressure will be there to stop the buying, and there will be a consistent chorus that will not stop until they get to zero. and i am not even sure it will stop there. jonathan: jack, we have another question from a viewer coming across the bloomberg terminal. it is a multipart question. the german 10-year and u.s. 10-year, the federal reserve

we have robert tipp, marilyn watson, and jack flaherty. have not talked about much is credit. robert, you mentioned to me, the small might in the -- widening we have seen almost across the board in the united states, is there a signal there at all? robert: i don't think so, i think the markets are digesting the budget battle, supply and earnings. there is a lot to work through in terms of the impact with the changes in the tax law. jonathan: broad strokes are difficult to do, but looking at what we have done so far on a tax bill, and what it means for companies, are you able to establish a view on what it means for investment grade and high-yield? jack: the peace it really affects is the lowest wrong -- r ung of high-yield. the very lowest have rallied the most good jonathan: could it mean restoration? given that the tech is bringing us cash back and it might not be issuing as much? jack: i think on the margin that is a good point. they are bringing money back, and that is a good thing. jonathan: you're sticking with me, we will wrap up wi