Thrilled you are with us on Bloomberg Radio and bloomberg television. It was not the surprise of moderna on the ratios. It was the surprise of how well they are able to get the vaccine out. That lifts markets up. Is a correlated left pop it is a correlated lift. Jonathan maybe the message is dont bet against human ingenuity. Keep the faith and the science. Last week it was pfizer. This morning, moderna. The efficacy rate, 94. 5 . It is where the rally is that gets peoples attention. It is not the big cap tech. The story that rolls up his smallcap america, and the International Value story as well. That is the great debate of this very moment, the shortterm problems, the issues across america, and the longterm hope that we get that texting. Tom lisa, what do we see we get in the vaccine. Tom lisa, what do we see in fixed income . We are not at the full faith and credit of november 9, but what do we see in ig and highyield, as we see yield up, price down . Lisa yield up with full facing
On the other side we have some saying 10year yield are going to zero. I dont want to think of a world of zero interest rates. 0 for the u. S. Treasury seems like an excessively pessimistic forecast. We have had the recovery, its coming to an end. If you believe the Business Cycle is coming to an end, that call makes sense. Now the Central Banks are falling into line and cutting rates. When we get this polarization of use, it tend to be close to regime changes. Something is going to give. That is the journey we are on until Something Different happens. Jonathan joining us to discuss is lisa hornsby, gershon distenfeld, and noelle corum. A big call from bob michele. A multiyearr call, looking for the 10 year treasury yield to go to zero. Your thoughts . Noelle that makes sense if you think recession is kind of lumen ooming, but that is not our base case. We are not seeing signs of a recession. We dont expect the fed to be on a fullblown cutting cycle. We are only going to see two this ye
Tremendous reinflation over the next 10 years. On the other side we have some saying 10year yield are going to zero. I dont want to think of a world of zero interest rates. That is where we are heading over the next couple years. 0 for the u. S. Treasury seems like an excessively pessimistic forecast. We have had the recovery, its coming to an end. If you believe the Business Cycle is coming to an end, that call makes sense. Now the Central Banks are falling into line and cutting rates. When we get this polarization of views, it tend to be close to regime changes. I am not saying we will get there right away. Something is going to give. That is the journey we are on until Something Different happens. Jonathan joining us to discuss is lisa hornsby, gershon distenfeld, and noelle corum. It is a big call from bob michele. A multiyearr call, looking for the 10 year treasury yield to go to zero. Your thoughts . Noelle that makes sense if you think that the recession is kind of lumen, but th
Market. We begin with the big issue, a solid job report clouding the feds next move. Looks like rate cuts are off the table. It is hard for them to say, we are still going to cut. When i look at these numbers i keep going, why, why cant we wait . Maybe the trade war is not weighing on the outlook as much as we feared. I think you will have to reprice to a certain degree less than three cuts. The good jobs data report pulls people back wondering what the fed will do. The fed is in preemptive mode. Does the fed to get in front of the eightball or behind the eight ball . It comes down to the discussion, do they want to make insurance cuts . What are we ensuring ourselves against . Jonathan to discuss, we have peter tchir, iain stealey, and noelle corum of invesco. I want to begin with you. It is the number one question following the payrolls report. What does the jobs number on july 5 mean for the fed meeting on july 31 . Noelle no doubt, the payrolls number was strong across the board bu
Solid job report clouding the feds next move. Looks like rate cuts are off the table. It is hard for them to say, we are still going to cut. When i look at these numbers i keep going, why, why cant we wait . Maybe the trade war is not weighing on the outlook as much as we feared. I think you will have to reprice to a certain degree less than three cuts. The good jobs data report pulls people back wondering what the fed will do. The fed is in preemptive mode. Does the fed to get in front of the eightball or behind the eight ball . It comes down to the discussion, do they want to make insurance cuts . What are we ensuring ourselves against . Jonathan to discuss, we have peter tchir, iain stealey, and noelle corum of invesco. I want to begin with you. It is the number one question following the payrolls report. What does the jobs number on july 5 mean for the fed meeting on july 31 . Noelle no doubt, the payrolls number was strong across the board but we dont think it means much. We think