taylor: i am taylor riggs and this is bloomberg "real yield." we are going to kick things off in europe. issuance topping 25 billion euros making it the fifth busiest week of the year. a robust start to the desk sales in the u.s.. almost $29 billion pricing before petering out amid rising volatility. companies selling nearly $13 million of debt in the u.s. jumped on market this week. demand remaining for new issues ranging from acquisitions to long repayment. noelle corum, gershon distenfield, and george rusnak still with us. everyone is pushing into the lower rated sector. is this a risk on signal or is it fomo? noelle: a lot of this has been happening because we have been seeing lower rate volatility. if you look at the fed differential between single b and triple c, they are at very extreme loans. -- extreme lows. all of the upgrades are priced in at this point so it does not make a lot of sense to put your best there. it makes sense to put them in double bees, which have lagged this year. we can talk about why. they have lagged this year and

with caroline hyde, romaine bostick, and taylor riggs.e from bloomberg european headquarters, this is bloomberg markets. we have some breaking news coming from the federal reserve. a coin being discussed. they plan to publish a report on digital currencies, a view of the possibility of issuing a u.s. century bank digital currency, and indeed involving the most that the fast evolving technology of digital payments. let's get michael mckee. what do you make of the report? >> it is interesting timing because the fed has been looking at this for quite some time.