jonathan: joining us are kathy jones, gargi chaudhuri, and gershon distenfeld.undred 40 basis points in timing in a single month. do think that data this money validates that or do you it will disrupted? gershon: i'm not sure one data point will change it. i look at the overall picture and let's assume we are going through recession downturn, whatever you want to call it. this is the first time in recorded history that has happened with the previous year or two, companies were delivered, not levering -- no buy shares making acquisitions and the reason was simple, the cycle was not long enough. covid scared everyone. people thought we might be ahead of the gmc but they did not take that aggressive action. inflation tends to be delivering for companies. to the extent we try to pass on the top line and many companies are able to do that. nominal debt stays the same, that is a deleveraging event. finally, -- i lost my train of thought. jonathan: that's ok. people want to buy credit, that is for sure. gershon: securities, very important, most the time causes a defaul