robert tipp alongside rachel golden and marilyn watson.the markets this week, a check on where treasuries have been. twos, tens, and 30's. treasury yields shaping up as follows -- treasuries receiving a bit on the front end. down by 10 on a u.s. 10 year, and down to 332 on a 30 year. still ahead on the program, the final spread. the week ahead featuring two major central bank rate decisions and payrolls report around the corner. from new york, this is "bloomberg real yield." ♪ jonathan: i'm jonathan ferro. this is "bloomberg real yield." it is time now for the final spread. coming up over the next week, we will have a pair of central bank rate decisions. one from the bank of england and the other from the bank of japan. we will get another round of earnings, of course. the brazilian election and the u.s. jobs report to close out the week next friday. payrolls friday, just around the corner. still with me to discuss is golder, marilyn watson, and robert tipp. speaking of blackrock, the front end has been a story, the big repricing we have s

golder,th me, rachel marilyn watson, and robert tipp., i raised that wondering whether some current and former fed officials are trying to tell us something. the guiding light seems to be worries about financial wobbles. >> they are operating in a world of uncertainty. but they do know that what has ultimately cost the average downturns.e the big the crashes are caused by the bubbles. those are the ones where the slowly.society recovers it was probably five years ago she was warning on biotech, right? i think it behooves them to kick the tires and see if anything rattles. is what willhat extend the expansion, not seeing the widespread rapid lending versus appreciated assets, the real estate bubble, or any gigantic sector bubble, you are not seeing that but they continue to raise rates. i think that will be helpful. jon: that is the former fed chair. current fed officials warned this week about the leveraged loan market in a sort of emphatic way. jay powell has talked about financial instabilities being the biggest risk. not so much infla

still with me, rachel golder, marilyn watson, and robert tipp. to come to you, i raised that quote because i am wondering whether some current and former fed officials are trying to tell us something. the guiding light at the moment seems to be worries about financial assets and wobbles. robert: they are operating in a world of uncertainty. but they do know that what has ultimately has cost the average american, and even more than that, are the big downturns. the crashes, and the crashes have been caused by the bubbles. those are the ones where the bulk of society recovers slowly. instead of being very cautious. it was probably five years ago she was warning on biotech, right? i think it behooves them to kick the tires and see if anything rattles. but i think that is what will extend the expansion, not seeing the widespread access of aggressive lending versus appreciated assets, the real estate bubble, or any gigantic sector bubble, you are not seeing that but they continue to raise rates. i think in the end, that is what will be very helpful. jo

jon: joining me is rachel golder, marilyn watson, and robert tipp.hel, i want to begin with you. equity markets all over the place. junkihe junkie is to -- est part of junk is doing ok. leveraged loans are doing ok. why? rachel: you could feel equity is the beginning of the and and credit would catch down with it , or this is a flash in the pan and there will be a recovery with equity. we believe there will be a recovery. that the fundamentals of the economy are strong. you look at the underlying default rate, very benign and likely to be so for years to come. one of our strongest convictions is the energy recession of 2016-2016 really hit the reset button for corporate behavior for how the market was addressed , and gave the market a chance to heal. the quality of the market is not as dire as a lot of people have suggested. jon: you're not alone in making that point that high-yield had its moment. do you share that view? marilyn: when you look at the high-yield market, there are strong technical reasons why it is doing well. the lack of supply versu