If the economy slows, everyone’s going to take a hit. It’s just some are going to have their legs cut off, and some will walk away with a scab.

This is still a prime opportunity if companies need the money.

I don’t think we’ll get there. As long as housing is slowing, the economy will slow, and that takes inflation off the table.

There’s just not enough of a risk premium built into the longer end of the curve.

We are putting our eggs into the two- to five-year spot on the curve.

We still think inflation will be contained. The reality is the economy is going to slow sharply over the next three to six months, and that should keep the Fed from hiking beyond May.

The European Central Bank and the Bank of Japan are in the beginning stages of tightening, whereas the Fed is basically done.