barry knapp of ironsides still with me.fallen angel story that is so prevalent right now? barry: you know, it has been a fascinating one. my broader perspective on fixed income markets and credit markets in particular was if youth think about where we were last week, for me, there were two really prevalent issues, and they weren't even in credit so much. they were in the fact that as rates started to rise, it was really being led by real rates, which is the part of the treasury market that the fed generally tries to push lower. inflation breakevens were just collapsing. part of that is expectations of deflation and deflationary risk, tippart of that was securities. that was a real significant issue. more importantly, the mortgage market was behaving terribly. as you know by the beginning of this week, bloomberg was filled with stories about liquidation, mortgage reads not being able to make margin calls and the like. when the fed expanded buying programs, you saw that the stuff that they were buying rallied sharply. investm

thanks steve, let's bring in barry knapp, managing partner at iron sides. barry, let's -- how do you see things playing out at this point? we haven't spoken in a while >> good morning, everyone. a couple of -- a couple things come to mind in listening to your conversation with steve look, there's been three stages to this panic. the first one was supply chain disruptions and the delay in the global manufacturing and trade recession. it moved on to then the consumer demand shock, which we're clearly now in the midst of. and then the financial panic and i'm now on -- the thing that i would point everyone to that really was overlooked last week, and you guys, you know, andrew and steve's conversation just hinted around this a bit, which is really what kind of went haywire last week was the mortgage market. there's lots of discussions about the function of the treasury market but you had reportedly the single biggest creation of mortgage supply since the financial crisis on tuesday, some $19 billion in mortgages were created because of the burgeoning refi boom.