Welcome to Animal Spirits, a show about markets, life, and investing.

Join Michael Batnick and Ben Carlson as they talk about what they're reading, writing, and watching.

Michael Batnick and Ben Carlson work for Ritalt 12th Management.

While opinions expressed by Michael and Ben or any podcast guests are solely their own opinions

are subject to change based on market and other conditions and factors and do not

reflect the opinion of Rinalt's wealth management, State Street Global Markets, and or State Street

corporations and its affiliates. This podcast is for informational purposes only and should not

be relied upon for investment decisions.

Clients of Redholz wealth management may maintain positions in the securities discussed in this

podcast.

Today we're joined by Marvin Lowe Global Markets.

State Street has over 450 billion dollars in fixed income assets under management

and $10 trillion in fixed income assets under custody and administration.

All right, Marvin, so the first half of the year was certainly a wild one by any measure in terms of the market and not just for stocks but also certainly for

rates and for bonds. So talk about please what transpired and where did investors put their

dollars?

There's really so much that happened in the spring.

I think the rates market really was the center of the initial storm, if you will.

Government bonds are often thought of as the most liquid widely

traded security in the world and that's true. What wound up happening in early

March is that that bond market was not tradable. So you had bid offer spreads which you know a lot of your

folks and a lot of your listeners are certainly comfortable with. In the bond market

...