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,

stephen caprio. i want to get a quick market check.s, tens, 30's in the markets, it's been quiet. unchanged. 125. bid on the margin, we are down a basis point on the 10-year. and 3%, up two basis points so far. still ahead on this program, it's the final spread. trump and xi set to meet in florida. the u.s. jobs report as well. we look ahead to next week. this is "bloomberg real yield." ♪ jonathan: i'm jonathan ferro. this is "bloomberg real yield." a full agenda including a meeting down in florida. two presidents. one being president trump and the other president xi. a french presidential debate, fed minutes and the jobs report. ahead of all of that, particularly here in the united states, the long end of the u.s. treasury curve that's been doing the outperforming. the barclay's index that matured more than 20 years out, up 2% from the start of december. that's despite two rate hikes or maybe because of it. brian rehling from wells fargo investment institute. kathleen hays from swab. and stephen caprio from u.b.s. brian, i want to beg