we want them to widen the documents they see as acceptable, because at the moment they are saying youeed to prove that each year you have been in the country, but we need to put ourselves in the shoes of people who have been living here for a0 to 50 yea rs, have been living here for a0 to 50 years, i could not account to that personally and it's very difficult. we must widen the kinds of documents that can be used, for example a school certificate or having personal testimony from relatives and friends and teachers, to be able to widen the kind of information we can use to prove people have been here. the home secretary says she was not aware of any cases of anyone being deported, is that something you are aware of? what we have seen in the media is people who were very nearly deported, the case of pauline wilson who was in a detention centre for one week. then her case got media attention and her case was resolved much faster but she certainly was at risk of being sent back to jamaica, a country in which she had not lived and had no surviving relatives. to say there was absolutely no

cathy widener, san francisco airport. the why the before you seeks a new lease between airport and bank of america for 12 atm machines with a two year option to extend. am i responding to the -- >> supervisor fewer: it is the -- >> i thought i was doing it out of order. it has a minimum annual guaranteed rent of $211,000 or 70% of gross revenues, whichever is greater. the mag is adjusted annually by the cpi. under the five year term, the airport expects to collect the minimum annual guarantee rent, and the atm lease is the result of a competitive request for proposal process. the airport set the mag at $150,000 to encourage multiple bids, but at the end of the day, even though there were a number of people who attended the preproposal conference, only bank of america bid on the proposal with a $211,000 mag. the budget analyst has reviewed the lease and recommends approval, and i would be happy to answer any questions that you might have. >> supervisor fewer: thank you very much. colleagues, any questions? seeing none, let

it is causing credit spreads to widen.it persists at these levels, i think that is something to really worry about. jonathan: jim, i don't think we should waste too much time talking about if it is a flashing sign regarding credit stresses. when i speak to all of you, you always say no, it is not. but it could have real consequences. are you seeing it start to bite at all? jim: not at all. it is the persistence of it and it is an expense. it is not an expense directly related to the household, but when you think about how many people fund their positions, there is an expense on it. you are seeing people shrink their books because the cost of leverage and the cost of borrowing is more expensive now. you are seeing some of that play in. i think that is some of the reason you see the front end of the investment-grade market start to weaken out. it has an impact when you think about some of the foreign buyers of u.s. credit or assets on the front end. and so you have seen some selling on that side. so it is definitely having a

but high-yield spreads more broadly have not really widened out.sla is very much facing the pressures, as greg and jim have already mentioned. that the company faces. but high-yield still has a way to go. if the short end keeps going up, it does mean that the corporate costs of borrowing are rising. and what i think is interesting about so many folks who were jumping into the short end to pick up that additional yield, is that with high-yield credit or levered loans, you want a longer runway if they have to grow into their capital structure. and tesla is a good example of potentially not having enough runway to grow into their capital structure. jonathan: so jim, talk to me about that, the opportunities that you might see in high-yield at the moment. triple c, that is where the outperformance was. can that continue? jim: it can continue, but i would not necessarily say it is sustainable. obviously some of that has been because of the yield curve move, the association with sort of a double d's when spreads are supertight. if you just take a step bac

widening as we speak i'm written a history unfolding right behind you every show been in yet of on the captured of media thank you very much for bringing us up to date. ok biggest force on an important match coming up tonight in germany the two remaining heavyweights the semifinals do backing the buddhist leaders by new nick and within ten coach. this place close to riyadh madrid the champions league title holders by now hoping to end a long string of failure against take a look. at your pine kiss guided bar into the trouble in twenty thirteen this season he wants to do it again. but in order to win an unprecedented second treble he needs to beat bogey side rail madrid a team they haven't defeated in the last five encounters but this is still confident of reaching the final and the atmosphere here in the team is phenomenal. but an atmosphere like that is also the only way you can be successful that's why i'm optimistic and of these three games. they'll need to stop christiane eldo though he single handedly carried madrid into the semifinal last season hitting five passed by and over th

jonathan: we have seen a divergence, more fuel into the spread widening bunds and treasuries.ave been asking for months whether that two-year spread in versusversus -- bunds treasuries. the situation, global fixed income, can treasuries decouple from bunds from europe? >> to a certain extent, we operate to our own devices, and that will remain the case. going to blink. the moment we sense the fed is blinking, that is when the spread between u.s. rates and european rates reconvert. >> there are two things. every time draghi speaks, at his core he is dovish. he will continue to be that way. the euro has had a good move here. there is no free lunch. it has slowed the european economy. there are different cycles with what is going on in the u.s. and europe and that is reflected in treasury yields. thethan: that takes us onto next leg of the conversation, emerging markets. a lot of people have sat around this table comfortable with their exposure and a local currency debt because the dollar has either weakened or stabilized around weak levels. the story changed over the last week.

assad is only going to continue to widen his grip on syria. this war is probably wrapping up. the question is what really was accomplished? certainly i don't think mission accomplished is necessarily even just strictly a military term. certainly this president doesn't seem to be commander in chief first amongst all the other things that he seems to be, kasie. >> phil rucker, cal perry referenced that split between bolton and mattis and the white house. how did this unfold from a national security decision making point of view? the president does seem to be legitimately happy with his decision here. >> yeah, so, there was never really much of a debate over whether to strike back on syria from late saturday night last week when the president was first briefed by john kelly, the chief of staff at the white house, about what had happened. he wanted to strike back. it was just a matter of when and how, what the coalition would look like, what the targets would be, how heavy the strike would be. trump wanted to do more than he did last year and was adamant with his advisors that he

jonathan: we see credit widening and high-yield, you look at the picture that equity investors give youthe 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 in the six-month chart. 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 insurance, they just can't put it all in at once. jonathan: there has not been much high-yield supply coming into the market. 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. in credit. we are skewed more toward the emerging world. i think that is a longer-term and if you are looking for that yield, i put more money in emerging markets. jonathan: we joked about one week time horizons. give

with dollar spreads widening out as tech stocks get hit and equities fall, dollars spreads are wideningllar credit. but in euro credit we expect there will be new buyers coming in to buy these are widening's and spreads that are materializing. that will reinforce this dynamic that it shows u.s. assets underperforming. the dollar not having any upside, while european assets can outperform, and the currency has good upside. there is good upside. it is a recovery story in the european economy, and a recovery in the markets. matt: will a trade war spook that? will a trade were upset that applecart, or are you likely to see europe and asia move closer together as the u.s. isolates it self from the world? peter: that is a very good question. one of the interesting points where i felt asian investors differed, a lot of their pessimism on the u.s. economy was premised on the trade war. i think there was a clear feeling that was a strong determinant of how the economy will perform going forward. where is with europe, much more open trade with asia, much less dynamics,y u.s. trade unless the u.s.

every indication we have two this point is that the investigation is widening and widening.talking to us. let's brief you on some of the other stories making the news. cuba's new president, miguel diaz—canel, has said that under his leadership, there will be no space for those who want a return to capitalism. in his first speech as the new head of state, he vowed to defend the communist revolution begun by fidel castro six decades ago. work is underway in salisbury to put up hoardings around the areas contaminated by the nerve agent attack last month on the former russian spy, sergei skripal and his daughter, yulia. work to fully decontaminate several sites in and around the city is expected to start in the next few days but they've warned that the process could take up to eight weeks. the disgraced cyclist lance armstrong is reported to have settled a federal fraud case over his use of performance—enhancing drugs at the tour de france. he was due to face a trial next month over claims that he defrauded the us government when he doped while racing for his united states posta

trade deficit has been widening maybe even though u.s. experts were at an all time high in february among the products shipped overseas are u.s. automobiles but these days the country's two big automakers are showing their latest models at the minute a lot of show where they meet some unusual competition. the whole thing is reminiscent of a strip tease. it's supposed to be the american carmaker wants to seduce its buyers. i don't mean sixty. chrysler is right next door showing up it's s.u.v.s very comfortable during traffic jams and. there is also showing interest in the southeast asian market. the russian car and truck maker gods is at the show as well it's a new competitor here. that was the ballots three years ago. we go step by step to do triage sometimes. but if he's through that there's leaks that movement was lost here and now we're. told this was a fun toy project. president to tear the president. out of. politics obviously play a major role in the car industry the other factor is of course. the sound of speach. it's back to sara

and widened and widened, and they could not get ahead of it for a long time. matthew: as often happens when something like this occurs at a large company, the initial message was very much this was the work of a few bad actors, we will assess what occurred, punish those responsible, and move on. but of course, the bad news didn't stop. the number of models believed to have been affected kept on going. a lot of people in the investor community felt these explanations were inadequate, that it had to have been more systemic than a few people within the company trying to alter cars' performances on these tests. really, it it then ended up claiming the then-ceo, taking a huge amount off of volkswagen market value and the shattering damage to the brand. that damage has in many cases, amazingly now been repaired. less than three years later. jason: you mentioned the outgoing ceo. incoming ceo muller. where is he now and what has he done with the company to stabilize it? matthew: volkswagen has recovered in terms of profit. it has largely recovered in terms of its sha

there is a momentary widening of the yield curve.e see if it has any staying power to -- has anything power. lisa: let's get the first word news. mark: the judiciary committee will consider a special counsel protection bell. bipartisan legislation was produced last week as president trump publicly criticized special counsel robert mueller. >> congress must consider its consequential role and make sure it's kind avail itself of its traditional checks. congress should require the executive branch to issue detailed reports to congress about the investigation and removal of special counsel, especially in light of the work done by part -- by the bipartisan group of senators. mark: chairman grassley said of senator mcconnell, "the views of the majority leader are important to consider, that they do not govern what happens here in the judiciary committee." the trump administration is trying to make it easier for you ..s. defense contractors regulations that bans u.s. manufacturers from directly marketing and selling to foreign governments d

we will widen our lens to examine the entire tech industry , determining the right balance between services and the maintenance of personal privacy will be one of the challenges of our time. we have a lot of work to do. understand our responsibility and duty, and i think we are up to the task. i try to put the best interests and the protection of consumers at the forefront of what the commerce committee does. consumers will come first. with billions of users around the world, we will make sure to do our part as lawmakers to keep americans safe online. guest: [inaudible] >> absolutely. clearly this is an issue that is broader than just one company. obviously with the data breach with cambridge analytica, this was the appropriate place to start. we had an interest in this and other issues related to consumers and their activities, and the way that they manage and protect our data, whether it is equifax or online privacy issues. we will be reaching out, and at a date in the future we will continue the process. we want to get it right. we want to hear from them directly. american innovation is

current account surplus widened in february. returns by overseas investment trade.plus fractionally below forecast. follows surplus of $5.6 billion january. japan current account has been in the black every month since june 2014. as a result of week of yen. fed chairman said inflation and jobs supports the plan for hikes. rate it shows the labor market still not tight. becomingspeech since famer in february, policy makers aiming for two percent inflation. says northstates korea is willing to talk about nuclear weapons when president trump meets kim jong-un. sources in the administration tell us washington has confirmed to discuss the issue following initial indications from seoul. u.s. and north korea have been holding secret direct talks to prepare for the summit. yet to beenue has announced. new survey suggests most brittians now support hold also on the final brexit deal. the public should have the casting vote on whether to the agreement. those in support of the a vote 8%.ed opponents by respondents said that stay in is give

i want to widen this out now. “— history.at formative experience you had watching the first iraq warand experience you had watching the first iraq war and then watching the second iraq war on fault with the us occupying iraq after 2003, has that turns you into an anti—war artist?|j don't turns you into an anti—war artist?” don't think i was ever a pro— war artist... would you now say it is one of your driving forces to deliver messages through your art which are about, i don't want to put word5 which are about, i don't want to put words in your mouth, about the negative impacts of war?” words in your mouth, about the negative impacts of war? i think so. it is not just negative impacts of war? i think so. it is notjust that i do with the work. i think they do a lot of things hopefully with the work. if i think about my long—term engagements with iraqi5 think about my long—term engagements with iraqis and iraq war veterans backin with iraqis and iraq war veterans back in the united states, it is looking at the way in which both

from a stronger dollar to widening credit spread. and caterpillar's warning shakes equities. -- fangtocks lose stocks lose. david: welcome. i'm david westin. >> i will explain all of this for you. where's the equity rout? twitter comes in with some killer earnings, popping 13% in premarket. daily active users up to 10%, monthly active users up 3%, revenue and earnings in the estimate for their second quarter also raised above estimates. moments ago the stock was up 13% coming out by just about 5%. meaning -- in the out.ime we have smithkline they beat estimates there as well. the revenue also is a little short on a $7.22 billion. that is glaxosmithkline coming out as we speak. caroline: amazing numbers. the high watermark on the call completely rolled over the equity market. andd: caterpillar came out their stock went way up. then we went off the air, and they had that one comment come a maybe it doesn't get any better than this, and they tanked. david: you loser --caroline: you are losing earnings, visibility, too. the question is,

. >> this has created is very fast widening that we are seeing. is february when the government resolve the debt ceiling and cap it passed that large spending deal, everyone said oh my gosh, the deficit will widen. with that came more bills. this way we could get back to levels pre-debt ceiling set of treasury issued more than $300 billion from february 8 until the end of march. that is a lot of money to keep flooding into the market. , it widened. andle are now looking ahead saying what does tax policy mean for the front and? >> they're looking at if companies are repatriating money, this means they are taking cash away from osborne banks were the recipients of this. now, everyone is anticipating that and that will keep the spread. day after going up day after day and a positive little bit, is there reason to think that it is now settled into a new zone? do people think it will go higher? right now, for the second quarter, treasuries should be taking some of that supply off the table. you have cash management bills that are usually issued every w

threatened to widen the list of chinese goods subject to tariffs by a third of the thirteen hundred items which would face a total of fifty billion dollars in duties president donald trump accuses china of stealing u.s. intellectual property to use in its own exports beijing solid response one that wasn't long in coming. we will take corresponding measures of equal intensity in scale against u.s. products according to china's foreign trade law to be announced in the near future . china immediately threatened to levy fifty billion dollars of tariffs on one hundred imported us products think lukey us agricultural exports such as soybeans u.s. soybean futures lost a total one point seven billion dollars on the news facing is also targeting polke the u.s. exports around a quarter of its pork. china is a particularly important market last year we sent one point one billion dollars of pork to china that made it the second largest export market by volume so it's a disappointment us producers say over one hundred thousand rural jobs depends directly on polk exports they would be in danger if chin

that is at the center of this increasingly complex and widening lansdale scandal.aying it was a mistake and also is going to work to restore trust in the finance ministry after the ministry admitted to document tampering in relation to this land sale. we will keep watching for the headlines and how they might the markets for japan and the yen. this is bloomberg. ♪ yvonne: monsanto shares surging after the wall street journal reported the u.s. will approve b ayer's takeover. that will remove the last major regulatory obstacle for the biggest deal on the season industry. last month, officials were not satisfied with bayer's plan because of concerns that it could hurt competition. plans to buy back 10 million of its shares from hna as part of the selloff in the hotel company. hna is offering just over 63 million shares. goldman sachs and jpmorgan are among the book runners and underwriters for the offering. betty: apple is green. its sights around the world are powered by renewable energy. emerged.ons have are companies say they conscious of both cost and climate chan

still another topic that is overshadowing the entire industry earlier this year german prosecutors widen the approach of porsches sister brand audi which developed these little engine in about eighty thousand v.w. audi and porsche a car that also was most likely equipped with manipulated software as well. stay where you are for the moment we stay on the subject there's been a drop in car sales and munch across europe and is the first one since twenty fourteen that in some economists worried because they look at new car purchases as an indicator of economic health the european comic association said just under one point eight million cars were sold in march that's a fall of five point three percent compared to last year's surprise me strong sales growth is at its lowest point since twenty third team but it might not be a weakening economy that's responsible many by holding off purchases following the diesel great scandal that we've just heard about and the industry's new focus on the mobility let's go back to down in frankfurt how did car companies as react to these fresh figures. yeah in

beat on the supply side having said this at 240 basis points just last week we have revised the wideningry is on an unhedged basis. we should see some support and coming in. the treasury market versus bunz is seen more as mourgs. >> is there anything that you've heard, the timing for the first rate hike? >> i think the most interesting thing was what was not discussed at a monetary policy meeting, which is monetary policy this suggests it's not on auto pilot as many believe. it could be delayed ifthis continued through in q2. hence, i thought a cross read of this were rather on the dullish side. >> we have appeared to have lost christoff. thank you for joining us down the line. >>> elsewhere, brittain, france and germany have thrown their weight behind the iran nuclear deal the agreement remains the best way to control iran's nuclear program. they said the deal may need to get president trump's permission >>> pompeo has been on a three day trip to the middle east. he said iran destabilizes the region iran hit back and said they were baseless u.s. operation leaders will help lead to more

and widening.hey really could not get ahead of it for a long time. >> this occurs at a large company, this message was that this was the work of a few bad actors, we will assess what occurred, punish those responsible and move on. modelsse, the number of believed to be effective kept on going. a lot of people in the investor community felt his explanations were in attic red, there had to have been more systemic than a few people within the company trying to alter cars performance. ceonded up claiming the martin winterkorn taking a use about top of the volkswagen value and shattering damage to the brand. damage that has amazingly now been repaired. robert muellerd -- where is he now? what has he done with the company to stabilize it? >> this is selling lots and lots of cars. particularly in china and lots of other places, it is a company that is back on the front foot and the front foot is increasingly electric vehicles. robert mueller was brought in and a battlefield promotion. this has unveiled wh

industry and he has an argument people say here in the widening trade deficit in february the u.s. deficit increased by another nine hundred million to fifty seven point six billion dollars the largest deficit since two thousand and eight will have arts in frankfurt thank you no hungary and go to the polls to elect a new government on sunday the election comes against the backdrop of a thriving economy domestic demand a strong private consumption at its highest level in three and a half years so let's take a look at the bigger picture here after hungary made a feeble recovery from the economic crisis and twenty ten g.d.p. growth began to pick up steam for the chief robust growth of over four percent four years later that moderated in the next couple of years but was again growing at full speed last year and that is showing on the labor market as well from a dismal eleven point eight percent in twenty ten we see it right there the unemployment rate fell steadily throughout the decade to three point eight percent last year that is a level that economists consider to be full employmen

trade deficit widened even further in february the sixth month in a row get ready for an angry tweet from trump what scenes the nerves of hope produces though in the states who rely on the china. china has a huge appetite for pork that's why the country not only relies on its own meat but also imports it from other countries u.s. pork farmers are one of the suppliers the u.s. exports twenty six percent of its meat now china has added a new tariff on u.s. pork products china is a particularly important market last year we sent one point one billion dollars of pork to china that made it the second largest export market by volume so it's a it's a disappointment producers say that one hundred ten thousand jobs in rural america are directly tied to exports of pork a trade war could put some of these at risk if u.s. port gets too expensive for chinese clients it's in great demand around the world but right now because of. the uncertainty around the situation with china with other export markets like you know the situation with nafta in mexico and canada it has pork producers and others in

before german chancellor angela merkel appears to be the only western leader who can bridge an ever widening chasm between moscow and the rest of the western world today merkel spoke by phone with russian president vladimir putin they reportedly agree that only a political process can end the conflict in syria but made it clear that a telephone conversation is not enough to begin repairing what is diplomatically very broken up. i had a fine russian president that any person you. think will meet sometime soon but we did today. i think that the number of issues that we have from ukraine and gas supplies to the big issue of syria require estimate face to face in the foreseeable future. it was toast and it was the german chancellor they are going very well speaking earlier today here are some other stories now that are making headlines around the world the coffee giant starbucks has announced plans to close all of its eight thousand u.s. stores and corporate offices for an afternoon in order to conduct racial bias education that is comes as the company faces a storm of criticism following the un

initiative to reach out to moscow merkel may just be the only western leader who can bridge an ever widening council between russia and the rest of the western world today merkel spoke by phone with russian president vladimir putin afterwards as she announced that the two of them had agreed to meet in quote the foreseeable future. free trade was expected to top the agenda during the prime minister of new zealand's visit to berlin but the talks between just cinda ardan and the german chancellor have been sidelined by a recent incidents in syria. at the weekend france great britain and the united states attacked syrian military targets raising questions about the effectiveness of germany's policy in the region on tuesday chancellor angela merkel reached out to russian president vladimir putin in a bid to mediate. bananas. if we want to have a peaceful solution in syria we need to talk to russia russia is going to be a factor if we want to bring peace to this situation the german government sees itself as playing the role of intermediary between the western allies and russia foreign minister of

widened last month in figures just out and this will further infuriate don't trump chinese trade isn't farmers a shrugging off the risk of u.s. soybean tariffs china is the largest bya isn't a stranger to the business. soybeans the latest casualty of proposed tariffs between china and the u.s. but chinese farmers at this shanghai trade exhibition remain unconcerned for them a chinese tax on u.s. soil and poets is the business opportunity they've been waiting for the cure for you know. people when i thought started out a hay long she and province had a large share of china's so even markets here then american soybeans came like the wolf american soybeans were a big assault on the chinese market like a water bottle of a whole lot so we're not only that i don't know you go to india. it's a stark contrast to the mood among farmers in the u.s. but china accounts for sixty percent of soy exports and the terrorists could cost them up to seventy percent of that chinese export in the can and large chunks of future business has been steady so we can sell more soybeans and do these other older mo

they say the six—month break is essential to allow them particularly to widen the maine road, that willthe sewerage system, to get some of the illegal buildings pulled back or knocked down. all that will help people know that is necessary but these obviously long—standing problems. there's no master plan. cabinet ministers are showing to come out with details of what they're going to do but no one knows what will happen after six months, there is talk of limiting the number of tourists and people i've spoken to here say the number of tourists is manageable with a better plan, it's the number of locals living here permanently, maybe there are too many of those, maybe more need too many of those, maybe more need to be on the mainland. the president has come up with this, he's very upset about the water pollution, but there are other factors, rico. upset about the water pollution, but there are otherfactors, rico. there are plans are afoot here to build massive, new, very upscale resorts and casinos which we still understand are going ahead, which don't fit in with the island being a low s

as we widen the perspective, live doppler 7 picking up on a system to the north of us. it's keeping us cool, rather cloudy and keeping the chance of isolated showers in the story today. san francisco 54, 55 in san jose and on the coast, the cloud cover keeping us mild throughout the overnight hours. throughout the day today on the peninsula, that sea breeze will pick up. 49 in santa rosa, 56 in concord, 52 in livermore. through the next couple of hours you'll notice the cloud will try to thin out by 11:00, we're still in the 50s and by 4:00 in the afternoon it's a cool afternoon with numbers just in the low 60s in our warmest locations. so plan on a cool weekend and we'll talk about when we warm up in a few minutes. chris. >> lisa, thanks. now to developing news. chaos at a carnival in morgan hill. eight juveniles are in this morning. they say the crowd of more than 200 juveniles became hostile. seven police officers were assaulted but not seriously hurt. the eight teen-agers are between the ages of 13 and 17. police issued a dispersal warning, threatening to arrest any

i think miss widener has summarized the leases pretty thoroughly. as you hear, the first year guaranteed rent to the airport would be about 990,000. it would be about $9.6 million over the term of each of the leases, and they do a percentage rent which would be higher than that amount, and we recommend that approval. >> supervisor cohen: all right. thank you. we'll take that recommendation under advisement. at this time let's go ahead and open up the public comment. any member of the public who would like to comment on items two, three or four please come up. seeing none, public comment is closed. thank you. i'd like to make a motion to approve these three items and send to the full board with a positive recommendation, and it looks like i can do that without objection. thank you, ladies and gentlemen. next item, that's what i thought. okay. let's hear from the budget legislative analyst has to say. >> yes. as his alimiss alice pointed o these are the same that the board approved its two year fixed but jet in the last budget cycle. it's not in the r

to tehran if the correspondent there around has considerable assets on the ground here could this widen in the days ahead and evoke an arabian response in the region tali producing. iran was a country hit repeatedly by chemical weapons during the it all get on board while you still don't see in the end they still celebrate and warned and it's part of the iranian psyche and yet food cool political calculation is they allow this to happen . in syria i mean it's just a very realists play it and they would not risk a confrontation that could harm them with the either united states and is that a so as far as. thump is limit in this response it on also would be limited you know how do you see these ties and you know this missile strike isn't about hitting a syria alone it's also about russia and duran this is a multi faceted front isn't it yes but i mean as was mentioned i think that the u.s. objectives are somewhat limited i don't think that you ron's calculation or frankly russia's calculation as changed as a result of these attacks the point that the u.s. and its allies are trying to make

and german yields has actually widened out. the big question is how long can this go on?hat will reconcile this gap? is it sustainable? >> i do not think it is sustainable. you're not just seeing it in the front end of the curve but also the back end of the curve. it is that close to the widest level in history. to me that is what is keeping yields from rising. yields overseas are low and that is anchoring it. >> to german yields have to rise or to u.s. yields have to decline? slowly butn is surely starting to pick up, even the forecasts from the ecb are calling for a modest rise over the next coming years. i think that yields are quite and the fact that the european economy is much higher. >> to you agree? >> basically. you have the qe that is still going on there which is messing up the relationships. we need to see that normalize. when that will happen i'm not quite sure. maybe a little bit later than originally said. that needs to happen before you see the stuff normalize. i agree that these levels are out of bounds. >> here is the only problem. people have been sayin

very high price but our ultimate objective is to destroy isis in syria but be a part of what we are wideningfort across the world to achieve a political settlement in the long term. >> what chemicals do you believe were used in that attack and why did the united states not wait for the inspector to finish their work in syria and to make a very clear determination of what was used before taking action? >> well, let me say all along the way, it's a process when you're dealing with brutal regime like syria, the ability to obtain evidence is complicated, but we went into this effort absolutely confident that the syrian regime had conducted this attack despite what some of their apologists around the world are saying and high confidence that minimum chemical weapon of chlorine was used in this attack. i will tell you that investigation is ongoing and we may well ultimately determine that seren was in fact, used as it was in the past but the president made this decision with high confidence of our intelligence community supported by our allies that syria had conducted the attack and -- and dropped

tehran and if the correspondent there around has considerable assets on the ground here could this widen in the days ahead and invoke of entering in response in the region tali producing i mean iran was a country hit repeatedly by chemical weapons during the you know get on board while you still don't see and they still celebrate and warned and it's part of the iranian psyche and yet food cool physical calculation is they allow this to happen by the law in syria i mean it's just a very realist play it and they would not risk a confrontation that could harm them with the either united states and is that so as far as. trump is limit in this of spawn's it on also would be the myth you know how do you see this ties and you know this missile strike isn't about hitting syria alone it's also about russia and iran this is a multi faceted front isn't it yes but i mean as was mentioned i think that the u.s. objectives are somewhat limited i don't think that you ron's calculation or frankly russia's calculation as changed it was as a result of these attacks the point that the u.s. and its allies ar

discussing is it was his house and there were two intruders who came into the house and it's going to widenof course this has echoes of the tony martin case. absolutely. that really dominated headlines and lyrical debate —— political debate for many a week backin political debate for many a week back in the early 90s. and i remember! back in the early 90s. and i remember i was writing about william hague at the time, leader of the

space can lose twice, if rates go up and the spreads will widen. jonathan: rachel, quickly?hel: high-yield has done well, your to date, along with equities. the investment rate has done less well. -- investment grade has done less well. jonathan: you are all sticking with me. let's get a market check on where bonds have been this week. 236, you do not get the same move further down the curve and it is flatter int he -- the treasury market. still ahead, the final spread. this is bloomberg real yield. ♪ jonathan: this is "bloomberg real yield." it is time for the final spread. earnings season and the united states really pick up, with banks reporting. plus, donald trump be meeting with the japanese prime minister. the bank of canada will be making a rate decision, and facebook as well. still with me, greg, rachel, matt.- craig, rachel, rachel, i want to reflect on the quarterly earnings. what has changed in the last few months, the macro-backdrop, the fundamentals? rachel: i don't think a lot has changed. the market has gotten very flustered by the pickup and equity volatility

these trade tariffs are widening a lot. it started with steel and aluminum. it's affecting a variety of products, everything from televisions and cigarettes to plastics. you name it. pork-related, beef products. soy beans, an area that they didn't want to get into that they're into. all of this was a big step-back moment to say it's bad, it's coming but maybe it's not coming at all. >> this was crazy. you're right. boy, just as the opening bell rang this morning at 9:30, it was looking like we were going to have one of the worst days you could see on wall street. we were down 500 points like this. a couple of things happened after that. the aforementioned larry kudlow did an interview and he shade we wouldn't see a trade war. the markets started to come back after that. there were technical factors at play. people in support levels, held up meaning that at a certain level in a market, whether it's the dow jones industrial average, maybe the nasdaq or the southbound 500, which all ended up in the green today. there's a test. are the buyers going to be there. t

and german yields have widened out to the most on record, the big question is how long can this go onussian mark what will reconcile this gap? is it sustainable? >> i don't think it is. you'll see it in the front end of the curve, you see it in the back end of the curve. it is close to the widest levels in history. to me, that's what it means. you have this time from overseas where yield oversees the love. that is anchoring the treasury yields. >> who has to give? do german yields have to rise? i think that the bond yields are extraordinarily rich. inflation is slowly but surely picking up even though the forecast is calling for just a modest rise over the coming years. quitek bond yields are risky given the fact that the european economy is doing much better. it is much higher in europe than it was in the u.s.. agree. you have the qe that is messing up the relationships. that needs to happen. these are way out of balance. >> it is really problem. people have been saying this for week after week and since beginning of february we have ofn the total volume negative yielding debt actual