keith lennar of truest is taking caution amid a potential recession. >> our main messages keep extentncome say. triple bees have collapsed so the market is pricing in a soft landing. you are not even baking in any of that so we see the spreads widening later this year and we would keep it simple. katie: our guests are still with it and weeks, investors have been telling me they favor ig over high-yield and yet you see the riskiest parts of the bond markets rallying. how do you explain that? >> part of it is supply. in the high-yield markets, going into the end of last year, we didn't have as much supply. part of it can be explained by that and this year has also been this goldilocks pricing taking place. we had the weak cpi number and most everyone immediately started rejoicing about there being too fed rate cuts by the end of this year. i think it still too early, it's just january. i think we are going to see a significant slowdown in the second quarter and third quarter which will have an impact on high-yield spreads which will have an impact on perhaps where the equity market is a