Wells Fargo, head of Macro strategy, Mike Schumacher believes that if us lawmakers are unable to pass legislation, raising the nation's debt ceiling this week, two and 10 year treasury yields would drop dramatically and could come down as much as half a percentage point. At the very least, the impasse would create a risk off environment for investors.

We think it feels much more broadly, John and it's very interesting. I think Emily's point was very telling, can the Republicans pass a bill? We don't know. And that's why people are so concerned about the debt ceiling. So if there's a lot more discussion, if this bill doesn't go through this week, I suspect you're going to see treasury yields come down dramatically across the spectrum. So two year down a bunch, 10 year down 25 who knows maybe 50 basis points and things really go off the tracks. But across the curve, it's a risk off event in our view.