Do You See Any Signs of a Recession in the Credit Market?

We don't see any disturbances at all in the actual credit market in Triple B credit spreads. But what we do see is a tightening of lending standards, meaning that they're worsening the conditions. So as that starts to happen, banks become increasingly restrictive on their lending terms and then consumers facing those worst terms become less willing to borrow. Really what's going to happen is it's just all signs pointing towards the consumers really starting to run out of runway here. And when that happens, that's ultimately the recession that most people have been waiting for.