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So much of what's going on right now is financial engineering.

It's issuing really, really low-cost debt.

It's buying back shares. I think left will continue to be more lower

coupon, better quality issues, will continue to outperform the big yielders.

Now we're getting worried if stocks tumble 7 or 8% year to date.

We're just more easily alarmed than we used to be for some reason.

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, noon in the city where

London currency traders are very happy. It is time to get out from under their desks

and go out to get something to eat. The pound a falling knife this morning on Brexit

concerns right now the pound down more than 2%, Tom, after Boris Johnson, the Mayor of London,

Lord Mayor I guess they call him, came out and said he would campaign for leaving the European Union,

so it's going to be an interesting campaign ahead.

June 23rd.

Sir Michael, it's here in a shout out to Francine Lacroix who like what 90 days ago a hundred days ago is going Brexit Brexit I'm like you know I don't I don't want that for breakfast and

She was dead on we're gonna have a lot to talk to you as if the world needed something else to worry about.

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