jonathan: jim caron? >> i think it is interesting right now because it was a lot easier when we could blame the decline in risky asset prices based on higher interest rates. we could always blame higher interest rates for all the problems. today it is getting a little more difficult. what it is suggesting is the markets are saying the supply shock and the fed's response to inflation is now creating a demand shock. that is weakening growth, growth expectations are coming down and that translates into earnings and earnings growth rates and potentially higher default risks. i would argue and i agree with what frances is saying, the worst is probably still ahead. as we think about deterioration of demand going forward, that is going to hurt fixed income prices probably more in terms of spread and credit riskiness. jonathan: george bory? >> what could be topping out is inflation, at least the right of it and maybe a bit of pause. pause would be good. what you've seen of weeks, fixed income markets starting to