d labarre, mark lindbloom, and sam dunlap are still with us. have to say, guy, i'm looking at yields, the bond yields are at their lowest ever. certainly at the top tier of junk bonds. is this looking a little frothy? guy: spreads are tight. what we tend to see in a high-yield market is that spreads can remain tight for a long time. they spend most of their life in the bottom quartile of tightness and then explode higher based on outside catalyst. yes, they are tight. they will probably remain absent any outside catalyst. but that is a pretty lousy risk reward opposition, particularly if you're an investor in securities. lisa: sam, agreed? sam: we agree credit spreads are historically tight. some concerns in corporate credit that scott pointed out. the increased leverage we have seen in corporate america, some of those fundamentals from a high-level appeared to be a concern. it is worth noting, if you look back to 2019, bbb corporate's one of the most disdained asset classes on the planet going into the year. the powell pivot, balance sheet exp

guy lebas, mark lindbloom, and sam dunlap are still with us.ng to see how going forward, we will be looking at what is going on with central banks, and everyone expects them to stay put. is there anything that could change that? do you think the fed could cut by the end of the year? mark: it's possible. we don't expect them to do anything in 2020, but more likely a cut than increase. i think it's a very high bar for them to increase interest rates this year. based upon what chairman powell has said in terms of higher and persistent inflation, even if we saw stronger growth and inflation percolating toward 2%, we don't think they are likely to move quickly. our high probability thought is they do nothing in 2020. sam: completely agree with everything mark said. i would just underscore the point that he made about seeing persistently high inflation before the fed actually tightens. that is really important for market participants as we look ahead. the fed wants to see very high inflation, in my view, to run things much hotter than where they've b