sonali: fairpoint. what he think about investors who are piling into riskier credits right now? do you think some might be aborting some of the risks out there? >> for sure. if you look at the market and the market construct, the incentive to take risk has been taken out, particularly in the liquid markets. if you look at the loan markets, triple c's, big part is insurance markets that can belie -- can't buy below bb. incentives have been pulled out. there are more more dispersions in the market. as i mentioned people are focused on spreads, but there's a lot of dispersion. it is a credit picking market. i'm not saying you should buy all lower rated triple c risk, but there's a lot of interesting opportunities if you can underwrite and differentiate yourself on some of that lower rated risk. sonali: to the extent you see dispersion, where are the most mispriced opportunities worth picking at right now? >> right now and as we mentioned in our letter, the cee-lo machine start again. you're seeing a ton of resets happening. people are trying to bring their triple c baskets down. yo

lisa: fairpoint. jonathan: put them on the spot. brent crude, wti, 76.70.metable for production cuts with supply reductions that can come to an end starting in october. however, voluntary cuts from key members like saudi arabia and russia are expected to continue into next year. a bit of give-and-take. lisa: i always try to go over to rbc for insight, because i didn't know what to make of this. bullish? harish? she said she saw the decision as potentially providing a backdrop for the u.s. saudi grand bargain negotiations that open up the door to more diplomacy between a white house watching the price of oil carefully and the timeframe, think about october. and the desire to keep some stability here. this is not an opec that wants $100 per barrel or trying to job every thing higher. they want stability and diplomacy, which i thought was an interesting take away. jonathan: triple digit crude, that was the opinion coming in from overnight. chinese manufacturing activity growing at its fastest pace in two years, boosting sentiment out of the country on top of i

lisa: fairpoint. jonathan: we have the fed decision this afternoon. lisa: that was good. too early for this. two-year, ten-year, 30-your looks like this. some wild swings following cpr yesterday. you look at the chart. the two-year had a big move. it just unwound a lot of that as the session progressed. the fed decision came out. a bit more hawkish than expected. chairman powell starts talking. ok. did you see cpi? some of us did but most of us didn't. we went up a little bit more. lisa: is basically did not have the same dovish tilt somewhere expecting and the cpi print came back to the lowest of august of 22 anyone. --2021. his reticence could not outdo what we saw for cpi because it was confusing. there was a hawkish tilt may be under the hood depending on different members. there was not a lot of conviction. we felt like the fed was confused. jonathan: i certainly was after some of those explanations. i want to turn to the euro. we had a lot of euro strength. much more dollar weakness in yesterday's session. closed the session about 108.09. that's about where we are r