The Tension Between the Equity Market and the Bond Market

We have a deeply inverted deal curve, somewhat of an indicator recession. Beyond that, we see spreads widening for corporate credits and in particular sub segments of the corporate credit market are essentially shut down. And so the bond market on the one hand is saying inflation is set to return to normal. On the other hand, I think it's implying that the path to get there could be more challenging than the equity market is pricing at this point in time.