The Pandemic and Credit Quality

David Barger: defaults, especially in investment-grade and municipal markets, are exceedingly rare. We've been less than 1% on a trailing 12-month basis for the last two years. So yes, I think it's fair to say that defaults, we expect them to increase, but these are from record lows. But overall, credit quality is very high. Leverage has improved since the pandemic began. Cash balances remain strong in both the consumer and in corporates.