There's so much news happening around the world that we're somehow supposed to stay on top of.

That's why we launched The Big Take. It's a daily podcast from Bloomberg and I Heart

Radio that turns down the volume a bit to give you some space to think.

I'm Wes Kossova.

Each weekday I dig into one important story and talk about why it matters.

Listen to the big take on the I Heart Radio app,

Apple Podcasts, or wherever you listen.

This is

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 US 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 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 and JP Morgan funds who is anist. 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.

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