greg lippman told us about the next correction.ar is when the next recession is coming and whether we have a liquidity-driven correction first like we saw in february. erik what does it feel like to you? everyday we are closer by definition. greg: a lot depends on what happens with interest rates, what happens with wages and cost pressures, what happens with trade. you are seeing incidents already that some of the states with most exposure to steel prices have moderating employment growth. things will china could get sorted out. i had the pleasure of watching secretary rusk this morning and he was on his way to -- secretary ross this morning and he was on his way to china after being with us at milken. i'm confident that the next correction is not super imminent, but it is on the horizon and we are wary for it. erik: one of the things you hear a lot about from hedge-fund managers is to need as they need to invest in data and data signs. formarkets in which operate the quantitative approach -- or structured products more broadly sti

atx: that was greg lippman the milken institute global conference. in new york is joe amato and said haidar. credithave construction and corporate credit, where is the bigger risk? market,think the credit people are very bearish on credit because they are worried about rates rising. we have seen on a total return basis, credit outperforming government securities, and we will see that for a while because it looks pretty good, and i think growth will rebound a little after a slight week patch in the first quarter. hasrest coverage is low, even if debt levels are high, interest rates are quite low so that means the corporates in terms of interest expenses, is not that troubling. unless you are expecting a very fast increased in interest rates, i think credit will outperform government securities. alix: one of the issues comes in the covenants that we have seen, particularly in the clo market where you get exposure to the floating rates. those leveraged loans will not and that is seen as a particular risk. progressee a lot of behavior going on in credit