lisa h: clearly, risk premium is elevated.e look at valuations across the board and we see that they are much closer to the middle of their historical range. on the high-yield side in particular, it is actually outperformed versus investment grade credit. while there is the benefit of having more energy exposure in the high-yield market, we lean a bit more towards investment grade given the uncertainties around the ramifications for the u.s. economy, given what is going on on the geopolitical side. lisa a: is high-yield debt actually pricing in the slow down would have to ensue if you believe some of the stagflationary headwinds, and frankly, if you believe a lot of the wall street notes that are getting updated? lisa h: i think u.s. high-yield is discounting still a reasonable growth rate in the u.s. european high-yield looks may be a bit more interesting, where you are seeing much higher default rates priced in north of 30%. you are seeing much lower growth rates. for a u.s. dollar-based investor look myself, u.s. high-yield

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h has to be to stockholm, milan, istanbul. you have to fly north andover russia to get there. you don't go straight east-west. they can't. jonathan: russia increasingly isolated. lisacally saying they are sticking to their guns. at what point the rank-and-file and the oligarchs start to say enough is enough? jonathan: coming up, emily rowland, co. chief investment strategist at john hancock. with equities up 0.6 percent and crude approaching $110 on wti, from new york, this is bloomberg. ♪ ♪ if you're a small business, there are lots of choices when it comes to your internet and technology needs. but when you choose comcast business internet, you choose the largest, fastest reliable network. you choose advanced security for total peace of mind. and you choose fiber solutions with speeds up to 10 gigs to the most small businesses. that's virtually everywhere we serve. the choice is clear: make your business future ready with the network from the most innovative company. comcast business. powering possibilities™. ♪ jonathan: yeah to date on the s&p, down almost 10% coming into wednesday. on the nasdaq, down 14%. here's a bounce, a small one. up 0.6%. the moves in the