Steve Saretsky

That's the second, third, fourth move.

Not in the U.S.

dramatically.

So again, the Canadian corporate bond world is very small.

But in the U.S.

Yes, but they'll bail out the government side first.

Remember, the pandemic is an incredibly different experience than what's happening now.

You have demand versus supply for the whole world.

So it's like a mirrored image of what took place, what's happening now.

So back then, supply got squeezed because people weren't allowed to work, but everyone still got paid.

So the demand stays incredibly high.

And now you sort of have the opposite happening.

People aren't getting paid as much to work as they were before.

Layoffs are happening.

We've had this week in the tech world in the US, like tens of thousands of layoffs were announced.

And prices are going higher.

So it's just a different experience.

But the initial reaction, you know, again, for everyone, the initial reaction, the central bank will bail out the government bond market.

But risk is going to shift over to the corporate bond world.

So if you're holding your private credit fund and you think you're going to have 5% liquidity,