with me, diana amoa and greg peters, and andrew chorlton in london.know the story of the price action. greg: they've given companies the benefit of the doubt the past five years. there's been a slowdown of cash flow growth, it's manifest in earnings. this is somewhat of a topping off. i don't view this as a really horrible trend per se. it is a little slow to react as quite frankly in years prior, there has been so much leverage put onto the balance sheets that they quite possibly did not deserve the ratings in the first place. jonathan: when you hear things like the most down grades relative to upgrades since 2009, people worry when they hear the number 2009. should they be concerned about the credit ratings for some of these come in his relative to where they are priced currently? andy: i think the pricing is the issue opposed to the fundamentals. the pricing is way ahead of the fundamentals because of the qe and the search for yield. you saw this in high-yield last year where the ccc's didn't do so well. i think you will see companies that are on t

jonathan: joining me around the table, diana amoa, gregory peters, and in london, andrew chorlton.ndy, your thoughts on the threshold to bring the fed back to the table in 2020. andy: i think if we put aside what happened overnight, because i think that is much more complex, otherwise, i don't think the fed is coming back to the table anytime soon. i think the same can be said of basically all central banks in the g7. no one is expecting anything from anyone. we are in a very benign period, absent to political issues. jonathan: diana, is that your take? diana: for the first half of the year we are likely to see the fed remain on hold. in the second half of the year, we could see them come back into play, especially because we don't see much follow-through on growth in the u.s. and the pressures remain contained. jonathan: greg? greg: i think consensus is right that the fed is on hold but a year is a long time, so a lot can change and we learned that overnight. i think the base case is right but i think it is important to retest the base case and not get too comfortable. jonathan: s