Will JP Morgan Issue High Yield Credit in a Recession?

We are focusing on high quality. You know, when we look across the opportunity set with risk free rates significantly higher, you don't have to extend into those sectors to get the yield that you want to. So they are going to have to continue to issue, but generally banks have two or banks as well as the rest of the IG universe have turned out their balance sheets and they've put themselves in a very good position. Going into an expected recession, we've never seen corporate fundamentals to be better. And our expectation is that with the most aggressive central bank tightening that you have seen since the 1980s, eventually this is going to bite.