haidi: sean callow, currency senior strategist at westpac here in sydney.s incoming co-ceo says rising rates are taking trading. he told us exclusively white debt markets are at a major inflection point. >> the liquid in the market is lower today than what it was pre-covid or even in 2021. we are not seeing a lot of trade volume and high issuance in high-yield bond spork in senior loans and part of that is because they just are not willing borrowers. in the case of m&a activity, we are not seeing willing sellers. it is really because at this point there has been a massive inflection point around rates where we have had the inversion or the reversal of 40 years of downward movement in rates and about 12 or 13 years of easy money in the markets. with the rapid inflation have seen in the economy, the fed have said as much, the fed is very much of the opinion that it needs to raise rates for battle inflation, to get to the point where we actually have real rates. in other words, rates in excess of nominal inflationary picture. >> we have seen extraordinary happ