debtooking at spreads on the lowest since july 2017. are there opportunities? >> that is right. if you look at hard currency lurk -- versus local currency debt, duration presents the most value. the starting real rates are high. coming into this year. because of what the fed is doing, the orientation between december of last year and now has opened the window to cut rates and we are seeing everybody lined up. any major emerging market central bank, they have cut rates aggressively in the past three months. that presents an opportunity. lisa: i want to tie this together. unable point is the fed to stimulate risk assets, at what point do we reach a time when the fed is reserving -- is cutting rates as low as people can imagine but you see the spreads widening because people think that is an indication of a slowing global economy and global recession, are we there? scott: i don't think we are quite there. the fed demonstrated they are willing to go to zero lower bound as a policy and add further stimulus. a sizable gapbe away from being out of pricing themselves and pushing risk as