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Where I think the focus should be today is on rates, how low are they going to take

rates, do they introduce tiering, and how will

the markets respond to the prospect of much lower interest rates at the ECB?

We've got the right guest to get this started.

I'll let you bring in George Chang, but John, the Zero Hedge

chart last night, which I made up years ago what I've forgotten about, B. Double A.

Corporates. The kind of stuff you follow on the real yield see at 1 p.m. Fridays on Bloomberg Television, less the S&P

dividend. We are over two standard deviations low on how those rates have come in versus a stock dividend.

These are unusual times.

These are the bottom of the investment grade stack.

They're the credits that you're looking at.

And a lot of people have been worried about them

...