still with us at the roundtable is matthew hornbach, greg staples, and iain stealey. ahead to next week. what are you looking for from chairman powell? iain: what will be interesting is his take and reading on inflation. because i think that is the shift we have seen over the past few months. it is all about inflation. that is the fed's mandate now. they know the growth side is ok. and really to me, what is the lower bound, what will be low enough to knock them into cutting rates at this stage? jonathan: matt? matthew: the idea of an insurance rate cut is definitely something people are going to be interested in hearing about. depending on what he says in his prepared remarks, hopefully some enterprising reporters will ask him about the concept of an insurance rate cut. jonathan: there might be some here at bloomberg that might ask that question. nod, nod, wink wink to michael mckee. can you walk me through this concept of an insurance rate cut? matthew: when you go back and look at the first rate cuts in each of the previous several cycles, the word insurance came up

matthew hornbeck, greg staples, and iain stealey are still with me. gh-yield market, do you still get the feeling that this is wide open for issuance? iain: i think so. we saw that in europe. very little supply over the course of the year. eight or so deals came about after the easter break. investors have been snapping them up. there has been a thirst for supply, cash on the sidelines. people came into the year slightly defensive. i think supply can come. the good news from the european standpoint, a lot of it was for refinancing, so we are not seeing a pickup in leverage. greg: absolutely a demand for high-yield coming from retail, institutional investors. we are 150 basis points tighter in high-yield than the getting -- the beginning of the year. jonathan: the team at bloomberg intelligence spent some time breaking down the spread return of leverage. on historical measure in terms of the average, not great. iain: within the high-yield market, you could maybe argue for the investment grade space. high-yield leverage does not look too bad, coming down