sonali: for more insight, we are bringing in peter orszag of lazard. during the obama administration, he served as the director of the office of management and budget. what a great person to talk to. both about the markets, the impact of higher interest rates. when you are talking to clients across corporate america in the globe, how are the rates impacting them? peter: this is clearly the central story. going forward, it is going to be how quickly does the disinflationary process play out , because that drives liquidity in the market, it drives rates, a sense of optimism. so this is the fundamental driver of a lot of those discussions. sonali: how much trouble are some companies in right now? to what extent are you seeing restructuring talks pick up, but also the possibility of bankruptcies into the end of this year and early next year? peter: there is some of that, obviously there is a waiver of refinancing expected as we move into 2024 and 2025. right now, most of the discussions are about how quickly inflation will come down and what implication th