Is There an Upside Case for a Recession?

The market is priced towards recession, but in our view is not generally pricing recession. So if you get a recession that evolves over the course of the next few months, I think we see that as generating pretty reasonable downside to equities and credit markets. If it was coming alongside evidence that some of this inflation progress was also being unwound, that would be more meaningfully difficult for those risky assets. But I do think we're looking at a situation where the outlook looks friendlier than people have anticipated over the next three to six months.