The Markets Are Moving Very, Very Quickly Yesterday, Very Dramatic Sell-Off, but Today Bouncing Back a Little Bit

Right now if you look at your today market pricing, we think that actually the rate path is to some extent fully reflected in equity pricing. In comparison, however, credit is pricing in a version of growth stalling, which is why in a whole portfolio context we prefer to own credit over equity. And just building on this idea of unreality, now Lisa, you asked about the US, we also believe that the Fed has yet to acknowledge the very difficult trade of between growth and inflation. This is the sort of tough trade-off that we're looking at in this environment shaped by supply constraints.