at western, we do derisking. if there is another move down, that cccs will probably underperform. w there are opportunities within that. we look at it on a case-by-case basis. jonathan: we see credit widening and high-yield, you look at the picture that equity investors give you over the last couple months it seems volatile and rough. if you look at credit alone, you would not see it, would you? >> it looks like a lot of volatility, you zoom out to three to five years, these are narrow and tightly wound up. all these things are true, and your points on cash alternatives is a great story. i think investors have a hard time moving around their portfolios quickly. you are seeing it in the divergence from underlying cash, people are looking for putrance, they just can't it all in at once. jonathan: there has not been much high-yield supply coming into the market area is that affect as well? >> there aren't supply and demand dynamics that influence where yields are spread. i would go back, we do not find a huge valuation anomalies. more toward the world.g i think that is a longer-term r

some trump firing worries, still i'm surprised we didn't hear one after the bell rosenstein is the big one that's rumore rumored. >> on a derisking day, why do we have the derisking primarily taking place in the financials versus other sectors of the market, right? financials are down in the worst performing sector. >> they've also been the best coming into this what led today was energy because energy was the worst performing >> markets had their best week in a long time and i thought the rest of the industries closed fantastic. industries basically closed down 10 to 30 bits. i actually think it was a very interesting -- i'm not calling this a change of character >> it was an outside day, but i don't even know, when we talk about outside days, i don't even know the trend that's changed. is it an up trend or a down trend? we've had kind of both >> it was a down trend >> so then you have to be more bullish. but i would think the markets can move higher. the outside market today signifies this confusion in the markets, and it usually is indicative of a market changing its recent trend >> here's one thing that's important this week, though, we

when do you think the company finally says look, we make billions you denlt get any of it. we're going to derisk this and start paying you a dividend for investors like me to look at it seriously. that's what's missing in the story. do you hear anyone else complaining like this? >> absolutely, and it's a great point. i think the company should today, but growth companies in particularly in the technology industry, always have a challenge with that transition from retaining capital to giving it back to shareholders. and google historically has never really been interested in doing that >> but microsoft is beating this it pays a dividend it understands what matters long term >> i agree with you 100% i think the good news in this is that that's not in the stock because investors that own it have been disappointed in terms of not seeing any of that return whether it's through buybacks or through dividends. so it's not in the stock it's upside to the extent it comes. and i agree with you 100% that it should come whether the company actually does it in the near term is highly debatable >> we'll see wh

delaney: we believe as many of our republican colleagues that the mission of fsoc is worthy and empowering to do its job and derisk the financial industry of the united states of america. i yield back my time. the speaker pro tempore: the gentleman from maryland yields back. the gentlewoman from california is recognized. ms. waters: thank you, mr. speaker and members. i think it is important that we share as much information as we can about fsoc because not a lot is known by the average person about fsoc and when we talk about it, we oftentimes fail to talk about who makes up fsoc. we are talking about 10 voting members headed by treasury, the treasury secretary. you have on fsoc all of the experts. you have the federal reserve. you have the fdic and o.c.c. and and the cfpb and hfaa ftc and independent insurance experts. and so, you have convened on the fsoc all of these experts. and they are looking at nonbanks who could present great risk to our economy like a.i.g. and i have to keep remembering people about a.i.g. because a.i.g. was this nonbank that we $183 out to the tune of billion. don't forget, they were i

do you define it? -- andiest way would be you see this across asia -- savings rate, people self-insure, we can be risk the consumer position -- deriskon and get them back in the real economy. stephen: how is new business profit looking? if you are going to be getting more favorable treatment and also business? i think it more than doubled for you. mike: it did, and we are up to about one million clients, which in any market would be about 2 million policies. the profitability of a we so here is good and the value for the consumer is very good. one of the things about the consumer's expectation of how they interact with you. these are some of our best platforms and technology. stephen: i believe you applied for a -- in asia, how is that progressing? mike: beyond fine. snags, no roadblocks. we are moving on at pace. consistent with the government's comments. stephen: mike wells, prudential ceo. that is it for today -- no, i think we have more coverage of the forum. a busy day. more tomorrow. guy: it has been moving markets already. stephen, thank you. fascinating interview. stephen engle's joining us from the forum. let's get back to

do liability tight matching for pension funds for derisking. that is heavy demand. until the treasury's pickup, which they will, wese a treasury-forward forecast, it will be harder at the long end. kathleen: i would like to ask you, this was your annual press function earlier today in new york. you said he could go above 4% by 2020. a very important track that could change that picture. you said your biggest risk is not the economy, it is geopolitics and politics. what is the trap that could stop this rise in the yield and maybe turn it into bonds again? dan: the trap is for the central banks. the major central banks each have their own circumstances that in some cases, like our own, go beyond their mandate, their normal written mandate. our central bank was formed by the legislature, by the congress. the banking system running. you can be looking at numbers. in fact, i have this queasy feeling today as i see the numbers come out, incremental numbers on inflation. inflation starting to pick up, that would go along with raising rates on a steady basis. arenaf the geopolitical starts to get chancy, do you really wan

derisk a little bit as volatilities ticked up. >> i love that larry said companies are pulling money out to do buying things and buying shares look, i think that wetwo markets. we have the -- we have the washington market, and we have the other market and when you see the tweets that the president seems to walk back syria and the president says, listen, if he wanted to fire mueller he would have done that, that is the failing, fake. i've been trying to get a job there until i went into financial services it's a shame to see the times failing, but the stock says -- >> no. we made that point since he started saying failing, the nyt has done nothing, but go up. >> i think people are worried about syria, and he did seem to take it off the table, but then again, he's so wiley, he said may or may not >> it's not entirely up to us. merkel said germany would not participate. who knows what will happen this weekend? >> you would think that we would be headed down already in advance, but so far the tone of -- well, the tone of today started about four hours ago we've had these multiple sessions within a day where it will open up great and then we'll fall a