Can You Really Go Through With This?

High yield spreads have been wider ou the five straight ans, five 83. We've been expecting the yeld curve to inverta it has been inverting. Different parts of the yold curve have been inverting at different times. Right now we're seeng the belly lead in the inversion. The market is considering a modest amount of ault risk. But unfortunately, the markets do tend to overshoot and so it is possible that you continue to get that spread widening That goes beyond what we think is probably a justified base on our default expectations in this next down turn kelse.