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.

Listen to Crash Course every Tuesday on the IHeartRadio app, Apple Podcasts,

or wherever you get your podcasts.

This is bluebird surveillance.

The markets are very dysfunctional here and it's basically due to all this enormous corporate bond issuance.

We're getting even more confirmation of the global economy matters more and more to the

Fed, more than it ever has.

When you hold down rates, when you reduce rates by QE, whatever it is you're doing in that direction,

you're drawing capital into the markets and that's a good

thing. Bloomberg surveillance, your link to the world of economics, finance and

investment on Bloomberg Radio.

Good morning everyone. Bloomberg surveillance, Michael McKee and Tom Keene.

It is a perfect day in New York.

Right now, though, Michael, let's get, you know, I mean, bring in Rob here because what's so great about Rob in December is the lack of hysteria and then in January there's a little more and Rob gets exhausted by March.

So do you think Rob what do you think Michael what's the... and Rob gets exhausted by March.

So do you think Rob, what do you think Michael?

What's a level that he could be a circle?

Sunday is the first day of spring and Rob Carolyn has to come on and tell everybody

it's going to snow. You know, I'm sure that doesn't make you particularly popular.

...