jonathan: robert tipp? robert: a lot of the weakness in the economic data, the downturn has been more secular, has not been that much a result of the trade. and so i think the starting point, when i look around, are we getting a bounce, are we getting improvement? i hope so. could the selloff go further in the short-term? you can never -- you know, it is very difficult to handicap that. but when i look at the starting point, that is the thing that will anchor us. industrial production in europe -- and it is a good sign -- is at recessionary levels. industrial production in the u.s. is down at zero year-over-year. even though decent service growth, jobs growth, on the good side you are stagnating. and i think that is an environment where you are in the right zip code for rates. you are not going to change upwards. jonathan: sam, take us one step further. is this a trade dependent selloff? krishna says no. your view? samantha: i think it disagree.i -- samantha: i disagree, i think it is dependent on trade issu

jonathan: joining me are robert tipp, samantha azzarello, and krishna memani.am, is there any more oxygen left in the treasury selloff we have seen this week? samantha: i think so. rates could continue to go up. we have seen rate volatility has been high this year and nothing will stop that. jonathan: you agree with that? krishna: it depends on your investment horizon. the market selloff has been significant. i think by year-end, we get close to 2%, but it is getting higher from that. next year because of lots of factors, the fed balance sheet expanding, the global re-acceleration, and the overall issuance in the marketplace will be significant. all of that combined, rates will be higher not lower. jonathan: you didn't mention trade, why not? krishna: trade was an issue in the early part of 2019 but not relevant for the future as long as we don't get exacerbation of the trade issue. i think if we resolve the trade issue, that helps the economy, but modestly. one way or the other, i don't think trade is the driver at the moment and unlikely to be the driver in 2