marilyn watson, matt hornbach, and subadra rajappa are still with us. ra, which rate decision will be the most important to keep an eye on? subadra: with all of the brexit developments, i would pay attention to what is coming from the bank of england. we have seen a collapsing on breakevens in the u.k. we will see what we get from them. i think there is more room for policy accommodation coming out of the u.k. matt: i completely agree with subadra. i think 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? marilyn: we think that brexit will remain on hold the next week. next year 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. potentially leaving the eu, looking at the underlying data, events next year will be c

us is marilynth watson, matt hornbach, subadra rajappa.you read it is time to lighten up on high-yield debt, ilyn? marilyn: going into next year when we have a moderate growth environment, i think it's really important to focus on the underlying fundamentals. we will see increasing dispersion tween the performance of individual corporate bronze. this year, that should be interesting. we have seen a higher number of upgrades and downgrades. 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, carrie. really understanding the underlying fundamentals will be important. lisa: so you are punting. 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 expect another range bound year for investment-grade credit spreads. because we expect a range bound year for treasury yields. when you are looking for high-

marilyn watson, matt hornbach, and subadra rajappa are still with us. e decision will be the most important to keep an eye on? subadra: with all of the brexit developments, i would pay attention to what is coming from the bank of england. we have seen a collapsing on breakevens in the u.k. we will see what we get from them. i think there is more room for policy accommodation coming out of the u.k. matt: i completely agree with subadra. i think 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? marilyn: we think that brexit will remain on hold the next week. next year 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. potentially leaving the eu, looking at the underlying data, events next year will be crucial. but n

constance hunter of kpmg, subadra rajappa of socgen.ator of inflation and breakevens, or is that not really part of the story anymore? a spike orif you saw fall in oil prices, that is going to impact headline inflation, but that is one of the reasons we don't always look at that. economists look at core inflation, the fed looks at core inflation. nothing cures high prices like high prices. if you see high prices, you see a fall in demand, and eventually those prices come back into line. subadra: generally speaking, there shouldn't be a correlation. if you look at 10 year breakevens in oil, you do see a correlation between oil prices and breakevens. that shouldn't exist, and that is why we look at five-year forwards, five year breakevens. but generally speaking, there is some impact from higher oil prices on breakevens. -- it's beenis more volatile in the range. they haven't broken out any meaningful way. if you do see a breakout, there is a spike in oil prices, you definitely see breakevens higher. alix: i want to get your take on do yo