The Reason Why Credit Spreads Have Remained Tight

In the high yield market or in the mid 400s, there are around 50 basis points tighter on the year. They are well off the wides of last year when they got into the low 600s at the end of Q2. When you look at yields, they remain very elevated and this is across really all credit markets. And from the perspective of most, they're not paying you from a credit spread perspective if we are expecting in the latter half of this year or into next year a recessionary environment.