Welcome to Crash Course, a podcast about business, political, and social disruption and what we can learn from it.

I'm Tim O'Brien. Every week on Crash Course, I'm going to bring listeners directly into the arenas where epic upheavals occur and

I'm going to explore the lessons we can learn when creativity and ambition collide

with competition and power.

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On the show this morning, Jim Coach and Wells Fargo Funds and Tony Kresensi, portfolio manager

at PIMCO who joins us now in our Bloomberg 1130

studios.

Let's pick up the pieces from what happened on Friday.

How is what happened in Washington Friday afternoon playing out in the fixed income space?

Morning. Risk Premier is being extracted out of bonds.

It's a little too much for this early in the morning to say,

but what we mean is that bond yields had been moving up,

call it from a 180 just before the election 1.8%

for the US tenure to about 2.6% or so.

Some of that increase of course reflected the fact that the Federal Reserve has raised interest

...