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is Bloomberg Surveillance. I've been thinking the 10 years in a one and a half two and a half trade

band and that's where we've been and I think that's where we're going to stay.

I think there's a we're going to stay.

I think there's a growing sentiment that maybe negative rates are at all that they were supposed to be in terms of stimulating growth and inflation.

A precondition for a bear market is not necessarily a recession.

Bear markets can occur even if the U.S. fails to fall to recession.

Bloomberg surveillance, your link to the world of economics, finance and investment on Bloomberg Radio.

Good morning I'm Michael McKee.

It is 7 a.m. on Wall Street where risk is that kind of off today.

The screen read, though not overwhelmingly so.

Today on surveillance, a debate of sort, Gary Schilling in a moment who sees the red as a harbinger.

David Kelly of J.P. Morgan Funds, who is an optimist.

And this is must listen. Bill and Melinda Gates at 8 a.m. in their

annual letter for the Gates Foundation a stern stark warning Tom about the risks of

climate change that is going to be must listen.

They have actually done it. They're one of the few that has put money where mouth is

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