Credit Spreads on Corporates

Ten year yields have been pressing higher, but it so has been the two in the five yearno shorter dur ones do have a very big influence on corporate det because of the duration matching. But what is interesting is that we have not seen any movement in the credit spread. Some day there's going to be a moment of reckoning where people are going to realize that junk bonds got named junk bonds for a reason,. and that they're not worthwhat people pay for them.