jonathan: still with me around the table is robert tipp, samantha azzarello, and krishna memani. ss bad is enough to buy european risk. your thoughts? samantha: we don't really like european credit at the moment. we would rather be with investment grade in the u.s., in the high-end and high-yield in the u.s. jonathan: i imagine it's a different calculation to make. from a credit perspective, europe versus the united states for you? krishna: if you are a cross-border investor, would you find european credit assets very attractive at this point? and the answer to that is no. having said that, there are a lot of europe-domiciled investors who can only invest in that particular continent. and to them, given what's happening in europe, in terms of the reacceleration, or at least stabilization, and the ecb balance sheet expansion, ecb easing, that bodes really well for european credit assets. jonathan: robert tipp? samantha: -- robert: yeah, i think europe is attractive. the credit spreads are 90% of u.s. levels. issue by issue, some of the spreads in europe are wider than u.s. levels,

jonathan: joining me are robert tipp, samantha azzarello, and krishna memani. any more oxygen left in this treasuries a lot we have seen this week? samantha: i think so. rates could continue to go up. 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. by year, close to 2%, but it is getting higher from that. next year because of lots of factors, the fed balance sheet thending, the acceleration, overall issuance in the marketplace will be significant. , rates willcombined be higher not lower. jonathan: you didn't mention trade, why not? issue intrain was an the early part of 2019 but not relevant for the future as long as we don't get exacerbation of the trade issue. 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 2020. jonathan: for this bond market moved to continue or not, to what degree is this through t