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00:00First of all is there anything anything at all that looks attractive in the European bond space. You've got me there. I think the thing is is that the valuations have moved a lot. That's the first thing. And so when you look at U.S. and European bonds in particular we've hit the first valuation point. That is interesting. So people that have been underweight people that want to get a diversified for their risk assets their equities their credit risk the recession risk we were talking about earlier. Now is the time you can actually buy into bonds. And when you look at valuations particularly in the US you look at the last 10 years where at the top of that range. So if we're going to stay in the new normal you know the secular stock stagnation type scenario. Bonds are cheap. Clearly the fundamentals paint a very different picture. And that's what the market is wrestling with here. And now where do we go in terms of the inflation dynamics. But in Europe I would say for us things like European Bank capital is very attractive. You know European banks have been recapitalized substantially. They've sold off a lot. They're very cheap. We think those things from a long term investor standpoint are very attractive. The front end of the European market is pricing a lot in hikes. If you said they're beginning to get more interesting in that sense. But I think more interesting is to get out to the core markets where there's a lot more interesting things available.

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Bonds are Cheap in the ‘New Normal’: JPM AM’s Bradshaw

Myles Bradshaw, head of global aggregate fixed income strategies at JPMorgan Asset Management, says US and European bonds have hit the first “interesting” valuation point as he examines the global bond market on "Bloomberg Markets: European Open." (Source: Bloomberg)

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