Credit Spreads Trading Below 100 Basis Points

Credit spreads came into the year around 98 basis points and I think when we're thinking about the environment that warrants credit spreads trading below 100 basis points it's important to put that in context. There was no expectation that we would see a Fed funds rate of anywhere near 5% there is also no war in Ukraine nor were there expectations of such geopolitical tensions flaring up in the first half of the year. So all this is to say that credit spreads in the realm of 100 basis points just the result of very very favorable macro backdrop that we're not going to get back to. We could potentially narrow into 140 or a little bit lower but that would be a sell point for me.