The Negative Narrative Shift in the Credit Markets

Jeff Rosenberg: It seems like there's been a narrative shift over the past couple of weeks where higher for longer is more acceptable as well as a soft landing type of scenario. How much are you leaning into this and adjusting your expectation of yields being higher for longer, but also risk assets continuing to chug along in the meantime? Yeah, I mean, part of the problem with adjusting too much is that the market pricing for so many risky assets is already there. There is an opportunity. But it's really about carry rather than price appreciation because a lot of that price appreciation already happened off of the November lows of last year.