marilyn: yeah, the hawks and seeing the positive -- inflation is high. that lowers the bar for the ecb starting to move, possibly raising rates as well.owever it is very difficult. you look at the periphery, the underlying economic growth, the labor markets, when you look at consumption, also sentiment have decreased significantly -- that has started to decline rapidly. not only in peripheral europe but also in core europe as well, we are in a difficult position at the moment where given the geopolitical risk, it is difficult to tell where we will be in three months time in terms of growth, expansion and what position the ecb will be in, whether it can raise rates are not. certainly, in terms of inflation, the ecb would like to move now. in the underlying growth, the situation in europe is far more uncertain than it is in the u.s. now. kailey: i want to pick it up from sovereign to corporate. credit spreads widened dramatically in the run-up to the fed decision. we get a hike, more hawkish rhetoric. spreads have tightened aggressively. how do you make sense of what we are seeing in credit? is that the reaction the fed would like to se