see if thell phillips curve is dead or not in 2018.t is not a terrible call option to have, but the inflation pressures are not as pronounced as some people believe. we think the phillips curve is very flat. the further we get the unemployment rate down, you will see that kick in the wages. the structural forces are going to be there and keep inflation in check. you can spot the cyclical move. at least at some point in 2018 inflation will move higher. having the call option makes a lot of sense. jonathan: good on a flame a test below three's? aorge: we think there will be move towards 3.5%. we will see how all the fiscal stimulus gets through and have it result in more jobs. the scope of the economy continues to grow. jonathan: gents are sticking with me. coming up, the auction block. the u.s. tax bill causes a u-turn in the market. this is "bloomberg real yield." ♪ ♪ jonathan: from new york, this is "bloomberg real yield." it is time to head to the auction block. it was a record year for global investment-grade issuance. it talked to