. -- tony crescenzi, portfolio manager pimco. e towards of treasuries and think that will persist until we get the jobs number that should put things to rest? tony: it does look like we are in for a period of volatility. once the moment of normalization of rates draws closer, doesn't look like we are on the eve of the fed raising rates. they will more likely wait until december. the markets are going through an adjustment process. rates might normalize. ,here are other things particularly the slow global -- the isnwing today index, airport that has been out -- aver 50 years suggestion the global economy is not faring well. that helps bonds at the expense of stocks. lisa: you think the risk of raising rates is off the table? tony: pimco has field questions about rates rising and investors showing concern about it because -- they cann low only go up. we would suggest the rest of the decade, rates will stay low. this is a reason to jump back into risk assets. in the united states, rates might reach the twos. japan, 1%, europe, 1%. as

tom: tony chris enzi, you do bonds but you can do -- tony crescenzi, you do bonds but you do oil as wellate fora new terminal local commodity pricing. are they linked? tony: absolutely. i sit feet from our commodities desk and our tips desk. we have a former nasa scientist on that desk and we analyze. tony:ut are they linked? absolutely. has been in 2015 a shadow rate thatby the federal reserve substantially influence the financial markets globally. there has been the anticipation of a fed rate hike. it has always been a few months out, a few months out. markets think there is a hike coming, whereas they think the ecb will be providing more accommodation, same for the bank of japan. the diversions is pushing up the dollar. tom: which affects your market. tony: it has affected commodities, the emerging markets, china. -- howw much appears many basis points is filtered into the fed call? tony: it is likely already priced into oil. we believe the price will rise next year because despite demand, the balance will be fixing itself. china's growth is slowing. maybe under 6% growth in the next