The Euro Is Resilient Despite the Euro Crisis

The euro got very depressed for very obvious, good reasons when energy prices and natural gas especially went through the roof. Energy prices are just way lower now than almost anybody imagined considering that the war is still going on and Russian supplies have not recovered. That means that we came from a level that was very depressed and we've had that recovery process. And then the other thing I would emphasize has to do with the big trends that we have going on in global fixed income.