The Supply Chain Problem

Inflation is going to stay elevated. Short term rates are going up. The bond market is pricing in something like six or seven rate hiks as we go forward from here. But if you ask most fun managers, the Fed's not going to do that much. Companies tend to be bigger borrers, so their perceived need for credits is higher than other companies' demand. So with booming oil and energy prices, they're seeing better credit spreads. They have shown some concern of what the veriest mix of what has happened could be.