a quote from giese they are of socgen, he has low expectations for the u.s.redit market compared to europe saying, in 6-9 months i expect europe to trade tighter than the u.s. things will get worse faster in u.s. credit market than in european credit market. walk us through that. is that your view when you are taking that global linzie? matt: yeah. we have pockets of construction view of u.s. market, where much broader constructive on europe. there's no debt ceiling issue in europe. the credit suisse situation was of a just bank that has been pushed into ubs. that is off the table but minimize. the energy crisis that was going on there post-russian invasion of ukraine appears to be under control. you get wider credit spreads and you do not have three major issues, two's issues that are huge in u.s. possible issue you have a ecb is still hiking versus we think the fed is at the end of the road. katie: that is a fair point. we start to see central banks move out of lockstep and when you look at the ig market in u.s., where is the most opportunity at this point?