>> stephen: welcome back. my next guests are-- >> excuse me, stephen. >> stephen: god?verybody? how's it hanging? >> stephen: what can i do for you, lord? >> do you mind if i introduce these guys? >> stephen: sure, yeah, go ahead. >> thanks! i'm a huge fan. ladies and gentlemen, here performing "still breathing" off their new album, "revolution radio," please welcome five-time grammy winners and god's favorite band, green day! ( cheers and applause ) ♪ ♪ ♪ i'm like a child looking off on the horizon ♪ i'm like an ambulance that's turning on the sirens ♪ oh i'm still alive ♪ i'm like a soldier coming home for the first time ♪ i dodged a bullet and i walked across a landmine ♪ oh i'm still alive ♪ am i bleeding am i bleeding from the storm? ♪ just shine a light into the wreckage so far away, away ♪ 'cause i'm still breathing 'cause i'm still ♪ breathing on my own my head's above ♪ the rain and roses making my way away ♪ 'cause i'm still breathing 'cause i'm still ♪ breathing on my own my head's above ♪ the rain and roses making my way away my way to you ♪ i'm like a junki

( cheers and applause ) >> audience: stephen! stephen! stephen! stephen!come to "the late show," everybody. i'm your host, stephen colbert. it is friday, as i said before. quick question, just to start it off-- anybody here live in america? ( cheers and applause ) nice, a local crowd! so you're going to want to hear this. there's a new twist in the trump travel ban saga. as you know, a few weeks ago, trump tried a second time to ban people from certain muslim- majority countries. then a judge stepped in and put it to a halt citing an obscure law called "the constitution." well, the stay on the travel ban was originally only supposed to be temporary, but now the judge in hawaii just extended his order blocking trump's travel ban. so it's time for trump to say "aloha" to his travel ban and ( cheers and applause ) and "aloha" to refugees. this is the deal-- the state of hawaii argued that, even though the travel ban had been revised, it still violated the first amendment because it was like a "neon sign flashing 'muslim ban, muslim ban.'" which, coincidentall

>> stephen: good for you!and applause ) as the host of a talk show, i wield enormous power. but as powerful as i am, there are those even more powerful than i. history's most merciless despots, like genghis khan, vladimir putin, and jared leto. ( laughter ) defy his rule, and he will impale you on his cheekbones. all of us have one thing in common: an academy award for best supporting actor, and a big furry hat! ( cheers and applause ) ( drum cadence ) ( cheers and applause ) >> stephen: now that this hat is upon my head, any proclamations i make are now and forever law. let us begin. ( drum beat ) henceforth: tote bags will just be called "bags." all bags tote. i don't come to work in a "driving car." ( cheers and applause ) from this day forward, anyone who eats with their mouth open must also drink with their mouth open. ( laughter ) ( cheers and applause ) as of now, multitasking shall be called by its true name: "doing multiple things badly." ( laughter ) ( applause ) all dogs are officially emotional sup

it's tuesday. >> stephen: right you are, my friend. >> i'm sorry, stephen. >> stephen: don't worry about it. hey, as long as you're here, i'd love-- i'm a huge fan! i'd love to do a comedy bit with you. can you stick around? >> oh, i'd love to, but if this is tuesday, then i'm shooting a movie in l.a. right now. >> stephen: i'll tell you what, how about this? i have an idea. i'm available last thursday to pretape something. are you free back then? >> absolutely. >> stephen: great, let's have done it. >> it will have been a pleasure. >> stephen: ryan reynolds, everybody! stick around. we've got a great show. josh lucas is here. but when we return, i'll ponder big questions with a surprise celebrity guest. who could it be? who could it be? ♪ ♪ starting thursday at kohl's take an extra 20% off easter looks for you and your family. that's an extra 20% off girls' dresses an extra 20% off spring polos for him and an extra 20% off an embroidered dress for you. plus, you'll get kohl's cash too. kohl's. before you set out, you plan to capture every moment. ♪ but what you really can't plan for is

welcome, neal. >> thank you, stephen. >> stephen: good to see you.at you and the lads, as we call you, are being inducted into the rock 'n' roll hall of fame this friday? >> that's correct. >> stephen: that's fantastic. congratulations. have a great concert and so glad you're here. >> thank you for having me. >> stephen: next week you have to pay your taxes. you paying your taxes this year? i'm thinking of trying it. because tax time is here, it's something in america that everyone has t in america who isn't the president has to do. for my training i sat down with 27-year veteran and director of h&r block, bruce desmond. what is h&r block? >> we're the number one tax firm in the country. we do more tax returns than anybody else. >> stephen: i blacked out there. when you said tax returns, what does h&r block do? >> we prepare tax returns. >> stephen: what does "h" and "r" stand for? huge repercussions? >> the company was founded by two brothers, hen expree richard. >> stephen: and what does the "h" and "r" stand for? >> the "h" is for henry, the "r" i

> stephen: yup?. "toddles. i just watched you on the teley. i thought you looked and sounded (bleep) awesome. i love you so much, and i am so proud of you. dada. xxxx." my favorite g he doesn't know that hi is special h-i. >> stephen: go with what you know. please say hi back can we say hi back? >> you know what we'll do. if i facetimed him right now, he would die. >> stephen: go ahead. >> do you want me to facetime him. >> stephen: go ahead and faze time him. while you're doing that, i will talk about your book. you have a new book called "there is no (bleep) secret." and it's letters from a bad-ass bitch. >> if he doesn't pick up now, i'm going to be like you are a bitch, dad. >i call him dada. it's weird when adult women call their father daddy. do you not think that? it's weird? >> stephen: i've never been one. i don't know. >> oh, and the words-- he totally just ignored it. in the word of my father, never" or "i don't know" yet. you could be a father. >> stephen: no, i am a father. >> that's wha

>> it's "the late show with stephen colbert." tonight, stephen welcomes tom hanks. and anna baryshnikov. featuring jon batiste and stay human. and now, live on tape from the ed sullivan theater in new york city, it's stephen colbert! ♪ ♪ >> stephen: thanks, everybody! hey, jon. good to see you. thanks, everybody. welcome to "the late show." i'm your host, stephen colbert. it is friday. happy weekend, everybody. ( cheers and applause ) thank you. sometimes people need reminding that it's friday. >> jon: right. >> stephen: they go, "is this thursday or is this friday?" you go, "it's friday," and suddenly they're very excited. it's friday, everybody. thank you for being here. that's obvious. that's obvious. you're welcome, by the way. this being friday, tomorrow brings us to the end of drumple's first 100 days in office. after this-- after this, we cannot bring him back to the store without a receipt. slightly damaged goods. ( laughter ) maybe the president hasn't gotten a lot done in his first 100 days, but you know who has? america. all right. congratulations. all ri

>> stephen: oh, wow.ooked fantastic. >> yes. >> stephen: anyway, you don't need glasses? >> i feel like i'm starting to while i'm reading lately. but i don't know if i just want them and so i'm having psychosomatic symptoms because i want a cool pair of glasses. i'm not really sure, but-- >> stephen: now, you, uh-- we first knew you from nick, you know, but after nickelodeon, you've done a lot of horror. you've done "american horror story," you've done "scream queens," and now you're doing ""the blackcoat's daughter." which is, again, a terrifying horror film. are you trying to scrape the nickelodeon off of you with these? >> it's been accidental. everyone that knows me says you do so much scary stuff and you're terrified of everything. and it's like i woke up one day and i had been in a movie called "scream" and in a show called "scream queens," and i don't know how it happened. and "american horror story." i don't know. >> stephen: you don't actually-- do you go to scary movies yourself? >> um, i do. bu

>> stephen: right.of trump's friends may be in trouble. ( laughter ) this time it's former campaign advisor and maitre d' at a gangster-themed restaurant, roger stone. he's a big 'ol buddy of donald trump, seen here being his buddy. during the election, roger stone was accused of having ties to the russian hackers who broke into the democratic national committee servers. but just last week, when asked what contact he had with russians, stone said: ( laughter ) >> stephen: "i threw out all my russian nesting dolls, i quit my russian roulette league, and i even walk really slowly everywhere so that nobody can say i'm rushin'!" ( laughter ) of course, so no russian! nothing russian at all! ( cheers and applause ) nyet! of course, we all know what happens when a trump adviser denies contact with suspected russian hackers-- they soon admit they had contact with suspected russian hackers. now, this isn't just any hacker. it's the one and only who is believed by u.s. officials to be and goes by the name yester

>> stephen: yeah. >> jon: aroundain. >> stephen: my late teens."cars" franchise, it's a whole world of cars. they drive around, they talk to each other, they have their own society, and of course it raises the question: what happened to the humans? well, pixar creative director, jay ward, just explained his theory: "imagine in the near-future when thes getting smarter and smarter. and after one day, they just go, 'why do we need human beings anymore? they're just slowing us down. it's just extra weight, let's get rid of them.'" oh, my god. the cars killed everyone! "'mater, how could you!?" so fine, get self-driving cars. i get wanting to destroy humanity. we've all been there. but why do the cars talk? ward went on to speculate: good news, kids, your old paul lightning mcqueen isa a murderer. why are we ruining the "cars" movies? it's not that complicated. the cars drive around their own world because kids like things that go "vroom-vroom." and pixar makes the movies because they like things that make $10 billion in global got to have merchandisi

hey, chris. >> audience: stephen! stephen! stephen samsonov stephen! stephen. >> stephen: thank you. oh, wow! woooo! wow. welcome to "the late show." i'm stephen colbert. that's a friday crowd. >> jon: that's a friday crowd. >> stephen: can't fake that. all right. this being friday, let's talk about what happened this week. now, here's the thing-- we talk about donald trump a lot on this show, but it's friday, so let's take a little break and talk about donald trump, jr. ( laughter ) what's that lovable scamp-up to? is he inventing a new hair-slicking technology or sitting on a tree stump daydreaming about a new endangered species to shoot? who knows? no, according to page six, donald trump jr. is considering a run for governor of new york. >> audience: booo! >> stephen: look, look, that is absurd and it will never happen. is what i would have side six months ago. now, we are screwed. trump the lesser talked to a gun club in long island and said, while he's interested in being governor, "the position of mayor of new york would be less interesting to hi

>> stephen: welcome! >> jon: good to see ya! >> stephen: lovely, lovely. welcome to "the late show." i'm your host stephen colbert. it's lovely to be back from our easter break. you have a great time, jon? >> jon: great time. >> stephen: i missed these people. >> jon: i missed them, too, man. >> stephen: i love being with you people night after night. ( cheers and applause ) what did you do for easter? >> jon: i was in mexico. >> stephen: what's mexico and easter like? >> jon: it's great. really spicey. ( laughter ) >> stephen: easter's not over, though. easter rolls on. was it this morning? this morning at the white house, they held the annual easter egg roll. it's a tradition that goes back to 1878, back when president rutherford b. hayes let children hunt for eggs in his beard. ( laughter ) the president and the first lady kicked things off with the national anthem. and notice what she has to nudge him to do -- ♪ oh, say can you see... >> stephen: and put your hand up! ( laughter ) do it! do it! you're the president! you're the president! ( piano riff )

>> stephen: great. this is "stephen colbert's midnight confessions"!use ) ( laughter ) >> stephen: standard disclaimer: i don't know if these are technically sins, but i do feel bad about them. okay, i'll be right back. ♪ ♪ forgive me, audience. xyzal paid us a lot of money. ( laughter ) audience, before i did my taxes yesterday, i duct taped a printer to my son and called him a home office. ( laughter ) legally changed his name. audience, i'm just going to keep pouring bacon grease down the drain until i have to move. ( laughter ) once, once, audience, i missed my kid's soccer game because i was watching a better soccer game. ( laughter ) i tell my family we have an emergency preparedness kit, but the only thing in there is a clif bar and some nunchucks. ( laughter ) sometimes, sometimes i'll pet a dog just because i have something gross on my hand i need to wipe off. ( laughter ) my favorite thing to binge watch is alcohol entering my mouth. ( laughter ) oh, look. it's "bourbon: episode nine." ( cheers and applause ) the season finale's gonna be craz

>> stephen: george, with university. >> stephen: you ran for-- >> president of the school. >> stephen because nixon is my guy. >> is he. >> stephen: i remember the watergate hearings. that's my first introduction to presidency and you got this fantastic letter from nixon right there, richard nixon himself. he calls you alex. >> you know what the greatest part is, "from our mutual friend mark weinberg i have learned of the disappointing results, as far as you are concerned" he writes. >> stephen: "as far as you are concerned of the recent george washington university student body elections. you cared enough to enter the arena." are you ever going to re-enter the arena? >> no. >> stephen: entertainers can be presidents. >> you did one of the most astute, super political show for years, and that is i think trump-- it's not going to swing back-- it's not going to stay that way, meaning it's not going to open the door for nontraditional candidate s. >> stephen: no, no, basically is goes competency, incompetency, competency. >> right, it goes crazy, safe, crazy, safe. ( applause ) but clint

. >> it's "the late show with stephen colbert." tonight, stephen welcomes louis c.k. johnson, jr. and musical guest father john misty. featuring jon batiste and stay human. and now, live on tape from the ed sullivan theater in new york city, it's stephen colbert! ( cheers and applause ) ( cheers and applause ) ( cheers and applause ) >> stephen: welcome to "the late show"." i'm your host, stephen colbert. let me ask you something-- do you guys remember when donald trump was elected president because he sure does. earlier today, donald trump addressed a group of builders' unions, and to prove he was a builder, he spent a lot of the speech just building up his ego. >> remember they said because the electoral college is very, very hard, they say almost impossible for a republican to win. the odds are stacked, and they would say there's no way to 270. you need 270. they're saying there was no way to 270, but there was a way to 306. wasn't that an exciting one? you know, places that nobody expects-- "donald trump has won the state of michigan!" they go "what?" "donald trum

>> stephen: they all do.what the (bleep) i'm talking about, i have to say this. you threw lan lan parties. lan is local area network. >> yes! >> stephen: i know that from setting up a router. exactly. what is a lan party? how is that a party? >> it's mainly through video games. and the lan parties i know, back in the 90s, we would have to have them-- this was before, like, cable internet, high-speed internet, so in order to get that super low-alatencey gaming you had to bring your pentium machine over-- 500,000! and you would bring it over. these are big machines, big cases, all the monitors and bring them over to your friends' houses and physically connect them. probably those lan parties were probably where a lot of influences from richard came from. my lan parties, there was always one guy-- for lack of a better term-- was maybe on the spectrum, slightly weird. >> stephen: totally different from you. >> totally different from me. i'm 100% inspector, pretty much your average joe. he was always around to mak

>> stephen: yeah, yeah. >> why? >> stephen: why? man in college studying philosophy, and i didn't know what to do with myself. i wasn't going to open a philosophy shop. and i came home from college, and my mom, while i was away freshman year, had gotten cable, now that i wasn't there anywhere g.m. ( laughter ) and i came home one night after being out with friends and there was this movie on that i had heard of but never seen called "all that jazz." in "all that jazz--" if you haven't seen it, it's a tremendous movie. you play the inspiration to joel gideon. you're death. >> angel of death. >> stephen: you're the angel of death. >> of course, right. >> stephen: and i watched and i went, "death doesn't look that bad. it looks pretty good." it's not a flattering portrayal of show business. >> no. >> stephen: and i just thought i have to be part of that. so thank you, thank you for helping suck me in to this circus world we live in now. >> that was fosse. he was really something, wasn't he? >> stephen: i didn't know him but, yeah, what

>> announcer: it's "the late show with stephen colbert" with stephen colbert. tonight, stephen welcomes allison janney, sheryl sandberg and musical guest marty stuart, futuring jon batiste and "stay human." and now, live from the ed sullivan theater in new york city, it's stephen colbert! ( cheers and applause ) ( band playing ) >> stephen: hey! great time. oh, my goodness! it's lovely to be here. welcome to "the late show." i'm your host, stephen colbert. ( cheers and applause ) it's a huge week for donald trump. on saturday, he will reach a hundred days in office. boy, it sure seems longer ( laughter ) jimmy, can i see what i looked like on inauguration day. yeah. ( laughter ) ( piano riff ) i've really got to moisturize. the first 100 days are a time to reflect on accomplishments, and trump hasn't got a lot. he still hasn't filled his cabinet, he didn't repeal obamacare, there are still muslims. but he did sign a law making it easier for mentally ill people to buy guns, and for hibernating bears to be hunted. so he took care of his base: insane people who wa

( audience chanting stephen ) >> stephen: thanks, please have a seat! you're too ( piano riff ) welcome to the "late show." i'm your host stephen colbert. ( cheers and applause ) for those of you checking your calendars, we are nearing the end of trump's first 100 days in office. ( cheering ) we'll find out what that means later. could go either way. ( laughter ) only 1,400 more to go. ( cheers and applause ) still can't figure out the mood here. however anybody feels about it, i can't wait for these first hundred to be over with, though. it's just exhausting, watching this man trying to accomplish something. ( laughter ) he said he was going to do everything, right? he said he was going to change everything. when he was running, his message was, "i'll get the job done. i'm a negotiator. i wrote 'art of the deal.'" it's like modern art. when i look at his presidency and think, "my five-year-old could do that." ( laughter ) ( applause ) take his health care bill. he promised to repeal and relays obamacare, right -- repeal-and-replace, promised it -- but

( laughter ) >> stephen: first album was -- 1985. >> stephen: okay.album -- when were you born, john? >> $86. >> stephen: damn it. ( cheers and applause ) the first year you released this album, the number one song was we built this city. now humble. >> sit down, be humble! >> stephen: are you surprised how hip-hop changed the cultural landscape? did you have any sense of it back then? >> no, if i knew all i know now i would have trademarked a whole lot of stuff, right? but -- ( laughter ) i mean, that's the real answer, right? i can give you the tv answer and the real answer. the real answer is i was making way more money now because i know exactly what to do. you know, i had no idea but it was always big in my world. in order for you to succeed at anything, you have to be obsessed with it, you have to love it, you have to be passionate about it. for me and the guys in my community and friends growing up in queens, you know, hip-hop was the biggest thing in the world. so, you know, i did notice a change. when i started seeing, like, silver-haired lad

>> stephen: hello! you are phenomenal, by the way. >> stephen: oh! your birthday is coming up. >> thank you. ( cheers and applause ) >> stephen: do you have any big plans? do you have, like, a big event or something like that? >> i'm excited for this birthday because, last birthday was a big tricky, getting out of a relationship, and i have a bakery. i think you know i own a bakery in the lower east side, and i'm there all the time, and just getting out of this relationship with someone. >> stephen: right before your last birthday. >> yes, and someone from my past that i don't know so well just happened to give me a text and said, i know your birthday is coming up, you know, we should get together. >> stephen: a guy? it was a guy. he said, we should get together, i know you're single now. i was, like, oh, that's scary, i don't know how you knew. i meant to say, yeah, that sounds great, come on by the bakery. >> stephen: yep. and you know your phone, how friendly it is sometimes. >> stephen: the auto correct. with the auto correct. >> stephen: yeah. a

>> stephen: so, boy or a girl?hild is 16. ( laughs ) >> stephen: oh, wow, so you have a built-in baby sitter. >> yes, that's the best part. >> stephen: that's fantastic. i have a sister who is 16 years older than i am. >> are you guys close? >> stephen: yeah, kind of like a second mom, it's very nice. my sister mary, yeah. >> aww. >> stephen: so wow, okay, you seem very chipper and fresh for somebody with a little baby. because their >> yeah, they're a lot. they are tiring, indeed. >> stephen: yeah. >> you know, but i sort of feel like i'm blessed enough to have this one and i'm just going to enjoy it even though, you know, it-- it wrecks you a little bit but it blows you up in ways that you never thought possible. >> stephen: but you're working through it in interesting ways. uh, show this little-- there's a tweet which i love. this is true motherhood, i believe. you tweeted this. you just-- i don't know when you did this, but you just tweeted this, you just said: "i just spilled grits on my baby's foot, then ate

>> stephen: yeah. >> jon: whoa. >> stephen: so why did trump do it? trump was none too pleased that thanks to more russia revelations, jeff sessions had to recuse himself on thursday. so trump's staff did whatever they could to calm him down. one white house official even said: look at the shiny travel ban! ( piano riff ) ( cheers and applause ) do you want the travel ban? coochie coochie coo! does the big angry man want to split up some muslim families? i see a smile! i see a smile! ( laughter ) ( baby talk ) i hope he doesn't think i'm speaking arabic right now. ( laughter ) ( baby talk ) i'm not. but it turns out that nobody's better at pleasuring trump than himself. ( laughter ) because after his obama tweet- storm, trump was brighter sunday morning as he read several newspapers, pleased that his allegations against obama were the dominant story. well, we here at the "late show" want to do our part to keep the man with the nuclear codes calm and happy, so my news channel, real news network, filed this explosive report on the obama allegations. ♪ ♪

come on." >> stephen: you're rob, the cable. >> a smidge. >> stephen: how old?ur years. >> we're three years right now. >> stephen: yeah,ut ( laughter ) they don't, they don't. ( applause ) they don't. no. no. >> i don't like this. >> stephen: i'm sorry. >> he meditates, though. he's got me meditating, you know. he's really healthy. >> stephen: like serious meditation, like cons straighting on your breathing or like ohm? >> no, really on top of it. when we met we were dating for a while and i had a ruptured cyst on my overry, and he took care of me in an adult diaper. that is love. >> stephen: that is love. it's all downhill from there. >> and he's got me meditating and journaling and doing all this amazing stuff. he is actually quite healthy. you would never know. he's got me taking care of myself. >> stephen: as i said, i was saying to jon before you came out here, you're in all of the marvel netflix series. you're the one character that links all of them. you are nurse claire temp. daredevil, jessica jones, luke cage, iron you're in the defenders. >> with sig

>> stephen: sure.leep ) it as well. ( cheers and applause ) >> stephen: "t2: trainspotting" opens in select cities this friday. ewan mcgregor, everybody. we'll be right back with finn wittrock. stick around! ♪ ♪ ( cheers and applause ) before we hit the beach, i've gotta hit the loo. we can't stay here! why? terrible toilet paper! i'll never get clean! way ahead of you, big daddy. aww charmin ultra strong. it's washcloth-like texture helps clean better. it's four times stronger... ...and you can use less. beautiful view. (wiggles butt) thanks to charmin. and you, honeybear! awwwww we all go. why not enjoy the go with charmin? fortified.tored. replenished. emerge everyday with emergen-c packed with b vitamins, antioxidants, electrolytes plus more vitamin c than 10 oranges. why not feel this good everyday? emerge and see. before you set out, you plan to capture every moment. ♪ lly can't plan for is when the moment captures you. marriott now has 30 brands in over 110 countries. so no mat

>> stephen: allison janney. no, paul newman. >> stephen: oh! wow! went back to direct the first play and i got myself cast in that play, by hook or crook. >> stephen: you got to meet him. >> meet him and work with him. joanne woodward who was instrumental in getting me to come to new york and do theater at the new york play house. they started my -- >> stephen: what was your audition for paul niewmen? >> i basically told -- you had to get up and talk on stage about anything you wanted and i decided i was going to talk about -- because i knew i was going to appea race car driving, and i had just gotten -- i can't tell you what year but i got a volkswagen chiraco, and i made up the story about it because i grew up in dayton, ohio, and i said it usually takes two hours and 50 minutes to drive to canyon but i can make it in an hour and ten when the cops are not there and i can punch it -- i made up the whole story and probably had nothing to do with the reason i got the part but i'd like to think i cat fished him into -- >> stephen: you seduced paul new

jonathan: stephen. stephen: i think that's right. the demand for u.s.estment grade is very strong at the moment. you are starting to see a little bit of cracks abroad. it deals with japan that is hawkish but by and large the demand from mutual funds remains strong. jonathan: who is getting a better deal here, the issuer or the buyer? brian: long term the buyer. in the short term the issuer since we've seen spreads retract quite a bit over the last eight months. long term, there's some, you know, secular demographics and other things at play that i think will keep rates low for longer period of time. jonathan: stephen, you talked about a crack. you mentioned europe, you mentioned japan. kathy, do you look at energy for where the cracks are? we talked about the energy plan. they want to come to market. they want to market it around 8% and they have to lift it up to 10% to get the bid, are we going to see more of that? kathy: i think so. if you look at my bloomberg, you see that whole play in energy when we had the drop prices an suspends spiked up and the

and stephen caprio.f you take the map of emerging markets and take a look at how credit has performed in emerging markets, you will struggle to spot the red. it's just green across the screen. brian, pessimism around emerging markets and then, bang, load up on e.m. why has this become the consensus trade, brian, so quickly in the last few months? brian: well, one, i think we've seen better growth prospects around the world. there's better opportunity there. i would stress in the fixed income markets, spreads there are getting relatively tight so i am not sure there's a lot more upside in terms of price but good coupon clipping opportunities, i think. kathy: yeah, i think i would be a little bit cautious to tell you the truth. it's had a big run since the end of last year as the spreads are very, very tight. now almost back to the lowest since 2014. and there's a lot of question marks around global growth. if we get to the trade barriers coming in, that's not going to be great for e.m. jonathan: jpmorgan,