lisa: still with us is marilyn watson, matt hornbach, subadra rajappa. you agree it is time to lighten up on high-yield debt? marilyn: going into next year when we have a moderate growth environment, i think it's really important to focus on the underlying fundamentals. i think we will see increasing dispersion between the performance of individual corporate bonds. this year has been very interesting. we have seen a higher number of upgrades than downgrades. a number of corporate focusing on deleveraging a little bit. in this environment, given the supply and demand dynamics, we still have a huge amount of demand compared to supply, so there is a huge focus on income, carry, but really understanding the underlying fundamentals will be incredibly important. lisa: so you are punting. marilyn: we will be very selective. matt: our global head of credit strategy is of the similar view, we continue to like being up in quality in credit, particularly investment-grade. we are expecting another range bound year for investment-grade credit spreads. because we expec

marilyn watson, matt hornbach, and subadra rajappa are still with us.rate decision will be the most important to keep an eye on? subadra:marilyn watson, matt ho, and subadra rajappa are still with us. with all of the brexit developments, thing attention to what is coming from the bank of england. we have seen a collapsing on breakeven in the u.k. we will see what we get from them. there is more room for policy accommodation coming out of the u.k. i completely agree with subadra. that is a place to focus on. i would say it gets more interesting the deeper into 2020 we get. next week may not be much of an event. lisa: marilyn, will anything be much an event coming up? think that they will remain on hold the next week. next week will be important because we will also learn who will be nominated to replace mark carney as the head of the bank of england as well. next year not only will you have someone else heading the bank of england, but as we go into brexit negotiations, the u.k. eu,ntially leaving the looking at the underlying data, events next year will

lisa: still with us is marilyn watson, matt hornbach, subadra rajappa. is time to lighten up on high-yield debt? marilyn: going into next year when we have a moderate growth environment, i think it's really important to focus on the underlying fundamentals. i think we will see increasing dispersion between the performance of individual corporate bonds. this year has been very interesting. we have seen a higher number of upgrades than downgrades. a number of corporate focusing on deleveraging a little bit. in this environment, given the supply and demand dynamics, we still have a huge amount of demand compared to supply, so there is a huge focus on income, carry, but really understanding the underlying fundamentals will be incredibly important. lisa: so you are punting. marilyn: we will be very selective. matt: our global head of credit strategy is of the similar view, we continue to like being up in quality in credit, particularly investment-grade. we are expecting another range bound year for investment-grade credit spreads. because we expect a range bou